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|Wheelock Properties: 2Q15 earnings of S$17.74m. Despite
more than trebling second-quarter revenue from a year ago, Wheelock Properties
(Singapore) posted an 85.3% slump in net profit for the three months ended 30 June to
S$17.74m. This was mainly because the year-ago corresponding quarter carried a
negative goodwill of S$109m. "The provisional negative goodwill included in the group's
share of results of associates for the period ended 30 Jun 14 was mainly due to the
share price of Hotel Properties Ltd being traded at a discount to its fair value of net
assets at the time of the mandatory conditional cash offer," said Wheelock. Revenue for
2Q15 surged to S$80.1m from S$24.1m as the group recognised sales from residential
project The Panorama based on the percentage of completion and the sales from
Scotts Square, partially offset by lower rental income from Scotts Square Retail.
However, cost of sales ballooned to S$55.3m from S$7.4m. Wheelock said that this
was in line with the increase in revenue from property development.
|Ezion Holdings- 2Q15: Weak earnings on unanticipated
setback in Australia and rig inter-changing.
(EZI SP/BUY/S$0.725/Target: S$1.40)
FY15F PE (x): 5.5
FY16F PE (x): 3.4
Ezion reported a net profit of US$29m for 2Q15, down 36.3% yoy. 1H15 net profit was
US$70.0m, representing 32% of our 2015 forecast of US$218m. Gross margin fell from
51% in 2Q14 to 35% in 2Q15. Australia remains a great-potential frontier. Despite 2Q15
setback in Australia, the oil & gas sector there offers great business potential beyond
the initial teething problems. We understand Sunrise is the first liftboat to be deployed to
Australia. Maintain BUY but lower target price to S$1.40. While the oil services sector is
awash with reported corporate losses and marginal profits for 2Q15, in our view, Ezion
is faring relatively well. We lower our target price from S$1.52 to S$1.40, based on
1.01x 2016F P/B and premised on Brent oil price at US$70/bbl.
|Olam International- 2Q15: Core net profit of S$95.2m
(+26% qoq, +96% yoy) and 1H15 core net profit
of S$224m (+48% yoy).
(OLAM SP/HOLD/S$1.80/Target: S$1.95)
FY15F PE (x): 15.2
FY16F PE (x): 13.9
Olam International (OLAM) reported 2Q15 core net profit of S$95.2m (+25.9% qoq,
+96.2% yoy) and 1H15 core net profit of S$224m (+48.4% yoy). 1H15 earnings make up
66% of our and 58% of consensus full-year forecasts. Results were above expectations
on better-than-expected performance from the Food Staple & Packaged Food segment.
We raise our net core profit forecast for 2015 by 10% to factor in higher EBITDA margin
at the Food Staples & Packaged Foods segment of S$34/tonne vs S$25/tonne
previously (2014: US$33.1/tonne). However, this is offset by one-off expenses of
S$50m. Management did not provide guidance for the one-expenses related to the
Uruguay dairy farm restructuring. Our new 2015 net profit forecast is S$323.3m
(previously S$339.2m). Our 2016 and 2017 forecasts remain unchanged. Maintain
HOLD with a lower target price of S$1.95.
|ST Engineering 2Q15: In line with expectations but
guidance for a better 2H should generate interest.
(STE SP/HOLD/S$3.27/Target: S$3.50)
FY15F PE (x): 19.3
FY16F PE (x): 19.1
Earnings broadly in line with expectations but management guides for a better 2H. ST
Engineering’s (STE) 1H15 net profit forms about 50% of consensus full-year estimate
and 46% of our estimate. Operating profit growth improved qoq from an 18% decline to
a 1.5% improvement; the comparison is relevant given earlier concerns about cost
overruns at the marine division as well doubtful debt provisions. Improved margin at the
Marine division led to yoy improvement for the group but a S$6.4m charge on cross
currency swaps resulted in higher finance charges. Consequently, both pre-tax profit
and net profit were lower yoy. STE also raised interim dividend payout to 6 cents from 5
cents in 1H14. Orderbook improved by S$0.2b to S$12.4b. During the analyst meeting,
STE guided for a strong 2H due to higher orderbook recognition.Maintain HOLD.
§Thai Beverage - Growth intact despite hiccups; maintain BUY, TP: S$0.81
§Ezion – 2Q hit by unexpected loss of income and cost; expect better 2H. Reiterate BUY, TP lowered to S$1.00