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  Bookmark this page   Wednesday, 04 Mar 2015
 
Today's Headlines
KS Energy: Ceasing coverage

KS Energy reported a 40.5% increase in revenue to S$227.3m and a net profit of S$30.1m in FY14 vs net profit of S$23k in FY13. Excluding one-off items such as disposal gains and impairment losses on PPE and non-trade receivables, we estimate recurring net profit to be about S$8.8m for the year vs our forecast of S$3.6m, higher than expectations. However, with the oil price rout, the group could potentially see lower charter rates during contract renewals or maybe even more rig impairments later. If the rig market turns out to be worse than expected, certain units may be left idle as well. Looking ahead, the outlook for the offshore services sector continues to be affected by lower oil prices, and with a re-allocation of resources, we are ceasing coverage on KS Energy.

 
  Market Pulse
Market Pulse: Midas, Tat Hong (3 Mar 2015)
Market Pulse: ThaiBev, Yangzijiang, Venture, Libra, Hyflux, Golden Agri, CSE Global, Midas, Kim Heng, KS Energy, Swiber (2 Mar 2015)
Market Pulse: Sheng Siong, UOL, Noble, Petra, YZJ, Thai Bev, STE, CSE, Golden Agri (27 Feb 2015)
Market Pulse: HPL, Wheelock, StarHub, Sheng Siong, Petra, Noble (26 Feb 2015)
Market Pulse: Genting, Dyna-Mac, HPL, Petra, Wheelock SG, SGX (25 Feb 2015)
Market Pulse: S-REITS, SG Budget 2015 (24 Feb 2015)
Market Pulse: Libra Group (23 Feb 2014)
Market Pulse: Sembcorp Industries, NOL, Capitaland, Breadtalk, Noble, POSH (18 Feb 2015)
Market Pulse: CWT, Raffles Med, Roxy, Cosco, Olam, Noble, A-REIT, Capland, KSH, SG Economy (17 Feb 2015)
Market Pulse: NOL, OUE, Tat Hong, Raffles Medical, Ezion, CityDev (16 Feb 2015)
  Research
KS Energy: Ceasing coverage
KS Energy reported a 40.5% increase in revenue to S$227.3m and a net profit of S$30.1m in FY14 vs net profit of S$23k in FY13. Excluding one-off i ...
Midas Holdings: Remain cautious as outlook still uncertain
Midas Holdings Ltd’s (Midas) FY14 results performed better than expected on lower tax expense. For FY14, revenue grew 14.8% to RMB1317.9m driven b ...
Thai Beverage PLC: Dividend surprise on lower gearing achieved
Thai Beverage PLC’s (ThaiBev) FY14 results were largely in line with expectations. FY14 revenue was up 4% at THB162.0b, driven by increased sales ...
Kim Heng Offshore & Marine: 2015 to be volatile and challenging
Kim Heng Offshore & Marine reported a weak set of 4Q14 results. Excluding one-off items, we estimate core net profit to be S$1.9m in the quarter, ...
Hyflux: Upgrade to HOLD with S$0.96 FV
Hyflux Ltd ended FY14 on a pretty muted note as expected, with revenue down 40% at S$321.4m. Although reported net profit grew 31% to S$57.5m, it ...
Golden Agri-Resources: Upgrade to HOLD
Golden Agri-Resources (GAR) reported a pretty weak set of FY14 earnings as expected. Going forward, management expects near-term volatility to rem ...
 
 Strategy
Singapore REITs: Overhang on tax incentives lifted
All 22 S-REITs under OIR’s coverage have announced their 4QCY14 results. With the exception of Ascendas REIT, which missed our estimates slightly, ...
SG Budget 2015: Building blocks for the future
The Singapore government has unveiled the 2015 Budget, which it hopes will set up the nation’s next phase of development and, at the same time, ad ...
Oil and Gas: Ways to play the bounce (or not) in crude
With recent volatile movements in crude oil prices, investors may wish to gain a better understanding of some available crude oil plays. The two m ...
Singapore REITs: Better prepared for volatility ahead
2014 has been a relatively solid year for the S-REITs sector in terms of both share price and financial performance. Looking ahead, market expecta ...
Consumer Sector: Upgrade to NEUTRAL
In view of expected stimulus in emerging ASEAN countries such as Indonesia, Philippines and Thailand, regional consumption growth is likely to imp ...
Aviation & Shipping Sectors: Gloomy weather to persist
In 2014, airlines continued to face intense competition and as a result of overcapacity, yields remained depressed, affecting profitability. The a ...
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