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  1. #11
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    13 August 2015 Overseas Education posts 4.9% decline in 2Q earnings

    13 August 2015 Overseas Education posts 4.9% decline in 2Q earnings
    SINGAPORE (Aug 13): Overseas Education, which operates private foreign system school Overseas Family School, reported a 4.9% decrease in 2Q earnings to $5.2 million.
    Group revenue fell 4.8% to $25 million on the back of lower revenue recognition from tuition fees, school bookshop sales and enrichment programmes.
    Tuition fees decreased by $1.1 million to $24.2 million with the decline in enrolment in the junior schools, and school bookshop sales were $40,000 lower. Enrichment programme revenue also decreased from $180,000 in 2Q2014 to $160,000 in the quarter.
    The group also incurred one-off expenses of $320,000 from the relocation of the Paterson Road school to the new school at Pasir Ris.
    Overseas Education says that the recent global economic contraction appears to be reducing the pool of students for foreign system schools in Singapore, while an increasing number of new places are being provided at new competitor schools.
    The withdrawals of junior students transferring to other Singapore schools were within expectations, while the withdrawal of students due to family relocation away from Singapore was higher than expected, it says.
    The group’s cost containment measures and increased tuition fees are expected to partly mitigate lower enrolments, however, it adds.
    The group did not declare any dividends for the current financial period. Overseas Education’s shares closed 2.7% higher at 77 cents.

  2. #12
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    13 August 2015 Update: Genting Singapore

    13 August 2015 Update: Genting Singapore swings into the red in Q2 amid 'downturn' in Asia gaming
    CASINO giant Genting Singapore swung into the red with a net loss of S$16.9 million in the second quarter ended June 30, 2015, from a profit of S$102.3 million in the year-ago period.
    Including S$29 million apportioned to holders of perpetual securities, the gaming firm made a net profit of S$12.5 million, down 91 per cent from S$131.7 million a year ago.
    Revenue fell sharply by 23 per cent to S$578.1 million, which the firm attributed to a "downturn of the gaming industry in Asia".
    Resorts World Sentosa contributed a revenue of S$577.8 million, 23 per cent lower year on year due to the unfavourable global VIP premium business and rolling win percentage. This led gaming revenue to fall 28 per cent. Genting Singapore posted a loss per share of 0.14 Singapore cent in Q2 2015 against an earnings per share of 0.84 Singapore cent previously. No dividend was recommended.

  3. #13
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    13 August 2015 OUE Hospitality Trust's Q2 revenue up 4.6% at S$29.6m

    13 August 2015 OUE Hospitality Trust's Q2 revenue up 4.6% at S$29.6m
    OUE Hospitality Trust on Thursday posted a 2.2 per cent uptick in net property income to S$25.8 million for the second quarter ended June 30, 2015, compared to the same period last year.
    Gross revenue increased 4.6 per cent to S$29.6 million for the quarter, on the back of contributions from Crowne Plaza Changi Airport which was acquired on Jan 30.
    Distributable income decreased 6.6 per cent to S$20.2 million and distribution per stapled security fell 7.3 per cent to 1.52 Singapore cents. The book closure date has been set as Aug 21 and the distribution payment is on Sept 15, 2015.

  4. #14
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    13 August 2015 Singapore banks sees benefits as yuan devaluation boosts rates

    13 August 2015 Singapore banks sees benefits as yuan devaluation boosts rates
    [SINGAPORE] Singapore's two largest banks said they stand to benefit from higher local interest rates and the weakening in the city's currency that followed the recent devaluation of the Chinese yuan.
    Executives from DBS Group Holdings Ltd and Oversea-Chinese Banking Corp said the drop in the Singapore dollar should support local interest rates, which in turn is positive for the banks' earnings.
    The Chinese yuan recorded its biggest two-day slump in 21 years this week amid concerns about a further economic slowdown in Asia's biggest economy, where the biggest Singaporean banks have been growing their business. The lenders' share prices fell sharply on Wednesday, after news of the devaluation, before rebounding on Thursday.
    "Negative sentiments" regarding the impact of a China slowdown on Singapore bank earnings are "overdone," Kevin Kwek, an analyst at Sanford C. Bernstein in Singapore, wrote in a report Thursday. "Further weakness on the Singapore dollar should have been expected and poses offsetting implications." DBS rose 2 per cent on Thursday to close at S$19.02 after plunging 5.5 per cent Wednesday, the most since October 2011. OCBC gained 1.9 per cent after slumping 5.8 per cent. United Overseas Bank Ltd, Singapore's third-largest bank, climbed 1.9 per cent after dropping 4.2 per cent Wednesday. The benchmark Straits Times Index rose 1 per cent on Thursday.
    The Singapore dollar has dropped 1.3 per cent since the Chinese devaluation, while the three-month Singapore interbank offered rate, or Sibor, extended its gains on Thursday.
    For DBS, the "positive translation effects" of appreciating US and Hong Kong dollars against Singapore's currency "will more than outweigh the negative impact of a depreciating renminbi," DBS Chief Financial Officer Chng Sok Hui said in an e-mail. "A weaker Singapore dollar could also be supportive of Sibor and swap-offer rates, which will be beneficial to earnings," she said.
    Higher local interest rates "would be supportive" to OCBC's earnings, said the bank's Chief Financial Officer Darren Tan, in an e-mail.
    Singapore's three largest banks have been expanding in China. DBS took over Royal Bank of Scotland Group Plc's retail and commercial banking customers in China in a deal agreed in December 2010. The Singaporean lender now has more than 100 branches in Hong Kong, China and Taiwan.
    OCBC spent US$5 billion buying Wing Hang Bank in Hong Kong last year as part of its strategy to expand in Greater China. The region contributed about a fifth of the lender's pretax profit in the first half of this year.
    UOB's Chinese unit has more than 10 branches and sub- branches, according to the bank's 2014 annual report. Greater China accounted for about 11 per cent of its first-half pretax profit.
    Ms Chng at DBS said the yuan's depreciation "will have some small translation impact" on the bank's earnings in China. At the same time, the weaker yuan "may lead to a pickup in China exports, and this could be helpful to loan growth," she added.
    "The recent events in China reflect ongoing uncertainties in the global economy," said Jimmy Koh, UOB's head of investor relations in an e-mail. "Notwithstanding near-term uncertainties, we believe the growth drivers for Asia remain intact," he added. UOB didn't respond to a request for comment on the impact of the China devaluation on its earnings. BLOOMBERG

  5. #15
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    13 August 2015 China's gold demand seen holding up as yuan declines: WGC

    13 August 2015 China's gold demand seen holding up as yuan declines: WGC
    [MANILA] China's gold demand this year is expected to at least hold steady with last year at just under 1,000 tonnes and will not likely be dented by this week's currency devaluation, the World Gold Council (WGC) said.
    Yuan-denominated gold prices in China, the world's top consumer of the metal, spiked nearly 6 per cent this week, boosted in part by investors seeking a secure store of value as their currency weakened, traders said. "(Investors) realise the special role of gold as a hedging tool against the devaluation of the currency," Roland Wang, managing director for WGC in China, told Reuters by phone on Thursday.
    He played down the possibility that the relative rise in local prices due to the devaluation would dampen buying and result in a net drop in demand. "I don't think they will see this as too expensive to buy gold," Mr Wang said, adding that gold would also benefit as investors diversify their asset allocation after the recent tumble in equities markets. "We still have the confidence that consumption of gold in China will remain at similar levels as last year," he said.
    Spot gold touched a three-week high of US$1,126 an ounce on Thursday as a weaker Chinese yuan raised doubts about the pace of expected US interest rate hikes.
    China's central bank said on Thursday that there was no basis for further depreciation in the yuan given strong economic fundamentals.
    China consumed 973.6 tonnes of gold last year and the WGC has forecast demand this year at between 900 and 1,000 tonnes.
    Chinese demand was around 497 tonnes in the first half of 2015, with second-quarter demand down 3 per cent year-on-year at 216.5 tonnes on slower jewellery buying.
    Mr Wang said there have been signs of a recovery in demand for both jewellery and investment since mid-July after gold prices dropped, and he hopes the trend will continue in the last two quarters of the year. China and India, the world's top two gold buyers, account for about half of global demand, which the WGC said slid to a six-year low in the second quarter. REUTERS

  6. #16
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    13 August 2015 Standard Chartered's bad loans to soar in Asia:

    13 August 2015 Standard Chartered's bad loans to soar in Asia: Jefferies
    [LONDON] Standard Chartered Plc's losses on bad loans will climb faster than expected in the second half, hurt by falling commodity prices and a devaluation in the Chinese yuan, according to Jefferies International Ltd.
    Loan impairments will increase to US$3.3 billion both this year and in 2016, about a third higher than the analysts previously predicted, following a 70 per cent jump in losses to US$1.7 billion in the first half. Jefferies also cut its 2015 profit estimate by 15 per cent to US$2.6 billion as the bank's revenue falls faster than it can sell assets.
    "We expect credit quality to worsen in the second half," Joseph Dickerson, who has an underperform rating on the stock, said in a report on Thursday. Southeast Asian loans "started to deteriorate markedly in the first half and we expect pressures on the commodity side to continue. The recent yuan devaluation will have negative consequences for Malaysia and Indonesia."
    Chief Executive Officer Bill Winters, 53, last week cut the bank's dividend by half to save US$1 billion and stave off the immediate need to raise money as he grapples with dwindling profit. Some analysts had forecast a capital gap of as much as US$10 billion. Standard Chartered, which makes most of its earnings in Asia, has been cutting its exposure to commodities and has said it remains "watchful" as bad loans surge in India and China.
    Winters took over as CEO from Peter Sands in June, sparking a rally in the shares after they plummeted 29 per cent in 2014.
    Malaysia and Indonesia are the next Asian markets that could generate losses for Standard Chartered because their largest trading partner is China, where demand is "decelerating," Dickerson said. The Chinese central bank intervened to support the currency in mainland trading on Wednesday, causing panic selling that sparked the biggest rout since 1994. Southeast Asia is the bank's largest market after China, accounting for 26 per cent of the bank's customer loans.
    Revenue at Standard Chartered will fall to US$16.8 billion in 2016 from an estimated US$17.1 billion this year, Jefferies said. All four of the lender's divisions reported a drop in revenue in the first half, led by a 19 per cent slump in the commercial clients business, the bank reported Aug 5. "Loans are shrinking faster than we had expected as the company appears to have stepped up de-risking activity in a move to generate capital and improve returns," Dickerson said. "The earnings power of Standard Chartered is well below what the consensus expects." BLOOMBERG

  7. #17
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    13 August 2015 Wing Tai posts lower Q4, full-year earnings

    13 August 2015Wing Tai posts lower Q4, full-year earnings
    PROPERTY developer Wing Tai Holdings on Thursday reported a 19 per cent drop in net profit to S$115.9 million for its fourth quarter ended June 30, 2015.
    Revenue rose 20 per cent to S$215.9 million.
    For the full year, net profit fell 41 per cent to S$150.3 million, while revenue fell 16 per cent to S$676.7 million.
    This revenue was mainly from the progressive sales recognised from The Tembusu, the additional units sold in Le Nouvel Ardmore, Foresque Residences and Helios Residences in Singapore, and The Lakeview in China.
    Earnings fell in line with the lower revenue as well as a lower share of profits of associated and joint-venture companies, which fell 23 per cent to S$119.3 million due to lower contribution from Wing Tai Properties in Hong Kong.
    The developer announced an ordinary dividend of three Singapore cents per share and no special dividend.
    A year ago, it had paid out a three-cent ordinary dividend per share and a three-cent special dividend per share.
    Queried on the absence of a special dividend at the analyst briefing, its chairman Cheng Wai Keung said: "We have a payout rate of about 30-35 per cent each year. This year, in fact we are already paying almost 50 per cent of our profit this year, so I think it's prudent not to pay more than what we have made this year."
    Queried by another analyst on the same topic again afterwards, he added: "First of all, I think as in any business, we must find a consistent financial discipline. We cannot just pay out more than what we normally have.
    "Secondly, even if we pay three cents, we are giving a dividend yield of 1.6 per cent, given our average price is about S$1.90. We think that it is sufficient, and on top of it. . . The three cents is our normal dividend. In the past, only when we make more money, then we will pay out a special dividend. If we had strictly followed the 35 per cent payout policy, it would have been two cents. But we believed we wanted a consistent dividend payout. So it is a balancing decision. And we think that three cents, given all the considerations, is actually justified." Wing Tai closed three cents higher at S$1.875 on the stock market on Thursday.

  8. #18
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    13 August 2015 Metro Holdings' Q1 FY2016 profit jumps 270%

    13 August 2015 Metro Holdings' Q1 FY2016 profit jumps 270%
    DESPITE strong headwinds in the retail sector, mainboard-listed Metro Holdings achieved a 269.9 per cent increase in net profit to S$37.6 million for the three months ended June 30, 2015, from S$10.15 million in the corresponding period last year.
    The property development and investment group backed by established retail operations in the region saw a 36.8 per cent climb in revenue from S$31.2 million to S$42.7 million over the same period, mainly due to higher turnover driven by the retail division's new Metro Centrepoint store in Singapore, which commenced operations in the third quarter of FY2015, and strong support for Metro Sengkang's closing-down sale.
    This helped to reduce the retail division's losses, which declined to S$1.2 million in Q1 FY2016 from S$1.6 million in Q1 FY2015.
    The group's profit before tax climbed to S$42.6 million in Q1 FY2016, from S$11.2 million in Q1 FY2015. The increase was led by higher share of results of joint ventures, which rose to S$47 million in Q1 FY2016 from S$7.4 million in Q1 FY2015, driven mainly by a S$41.7 million gain on the disposal of EC Mall in Beijing. Earnings per share improved from 1.2 Singapore cents in Q1 FY2015 to 4.5 Singapore cents in Q1 FY2016

  9. #19
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    13 August 2015 Singapore Airlines says scraps talks on buying stake in Jeju Air

    13 August 2015 Singapore Airlines says scraps talks on buying stake in Jeju Air

    [SINGAPORE] Singapore Airlines Ltd said on Thursday it had scrapped talks with South Korea's Jeju Air on buying a stake in the budget airline.
    Singapore Airlines did not give a reason for its decision. In March, it said it was in talks with Jeju Air over a possible deal, which would have been the the Singapore carrier's first foray into North Asia, where rising demand from Chinese passengers is fuelling growth. REUTERS

  10. #20
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    13 August 2015 SIA buys back 446,600 shares during Wednesday's selloff

    13 August 2015 Singapore Airlines says scraps talks on buying stake in Jeju Air
    [SINGAPORE] Singapore Airlines Ltd said on Thursday it had scrapped talks with South Korea's Jeju Air on buying a stake in the budget airline.
    Singapore Airlines did not give a reason for its decision. In March, it said it was in talks with Jeju Air over a possible deal, which would have been the the Singapore carrier's first foray into North Asia, where rising demand from Chinese passengers is fuelling growth. REUTERS

 

 

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