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  1. #11
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    26 August 2015 3-month SOR jumps to 1.4%, level not seen since Jan 2009

    26 August 2015 3-month SOR jumps to 1.4%, level not seen since Jan 2009 The 3-month swap offer rate (SOR) has jumped again, it was quoted at 1.40236 on Tuesday, a level last seen in January 2009.
    Used typically to price commercial loans, the 3-month SOR has risen sharply since China stunned the market with its yuan devaluation on August 11. The 3-month SOR stood at 1.07461 on August 11.
    "Most of the SOR moves are fx (foreign exchange) related," said Eugene Leow, DBS Bank economist.
    "Increasingly, the market is coming to terms that the RMB will be on a weakening trajectory. As the RMB weakens, the market is speculating that there would be further Asia fx (including the Singapore dollar) declines versus the dollar," said Mr Leow.
    "This development is putting upward pressure on Singapore dollar rates."
    The Singapore dollar on Wednesday was quoted at S$1.4012 to the greenback. It was at S$1.3881 on August 10.
    "SORs have been caught up in a negative feedback loop between emerging market weakness and fear of outflows," said Victor Yong, United Overseas Bank rates strategist.
    In such an environment, sentiments on Singapore dollar invariably gets caught up with regional woes, said Mr Yong.
    "Downgraded currency expectations have since resulted in higher SORs, with overshooting by forced US dollar hedging further exacerbating the moves," he said.
    Another key local interest rate, the 3-month Sibor or Singapore interbank offer rate, typically used to price home loans was unchanged at 1.00208 per cent on Wednesday.

  2. #12
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    26 August 2015 China interbank liquidity crunch eases, but relief may be fleeting

    26 August 2015 China interbank liquidity crunch eases, but relief may be fleeting [SHANGHAI] Rising short-term funding stress in the interbank market, which has complicated Beijing's efforts to support the stock market, appears to have eased after Tuesday's aggressive policy easing.
    The central bank cut interest rates and bank reserve ratios late on Tuesday to shore up the economy.
    Cheaper borrowing could help buttress Chinese stocks, which fell around 20 per cent in the last 10 days. For most of 2015, short-term borrowing rates and China's margin-fuelled equity markets have proven highly correlated. From March to July, benchmark money rates and weekly equity movements had a near perfect inverse correlation of -0.77.
    But traders and analysts cautioned that any support from lower rates could prove transient unless the central bank arrests capital outflows as investors brace for the prospect of more yuan depreciation and slowing growth. "Interest rates will go down in the next few days," said a trader at a Chinese bank in Beijing. "But because of the downward pressure on the currency in the foreign exchange market, the central bank may slow down this process. I think it will benefit some long-term bonds but the ultimate effect on short rates remains to be seen." The weighted average of the benchmark seven-day repurchase agreement (repo) rate was down 18 basis points as of late afternoon on Wednesday to 2.37 per cent. The one-day yield was down 13 points at 1.73 per cent.
    Particularly welcome for now is lower overnight borrowing costs, which had crept up by nearly 70 basis points (bps) following the initial stock rescue in early July.
    The rapid rise in overnight rates against the one week benchmark is indicative of short-term funding stress and may have been a factor in the recent equity sell-off.
    The elephant in the room remains the surprise devaluation of the yuan in early August, which seems to have intensified capital outflows.
    From mid-August until the rate cut on Tuesday, benchmark repo rates ignored central bank open market injections netting over 150 billion yuan and instead marched higher. "It is clear to us that regardless of what China does with the renminbi, capital outflows will accelerate in the short-term," said Oliver Barron of NSBO Beijing, the macro consultancy. "No matter what PBOC says about the level of RMB, the market believes it should be weaker." Tuesday's 50-basis-point cut to large banks' reserve ratio requirements will release much more liquidity, and therefore may be enough to keep short rates down.
    However the central bank also injected 140 billion yuan into banks through short-term liquidity operations (SLO) on Wednesday in a sign it would like to see short-term rates fall even further. REUTERS

  3. #13
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    26 August 2015 Serrano plans

    26 August 2015 Serrano plans one-for-one rights issue to tap $10 million for expansion Singapore (Aug 26): Serrano will make a one-for-one rights issue of up to 150 million shares, doubling its existing shareholding base, to raise up to $10 million for a new factory and to expand its interior fit-out business in Singapore and Southeast Asia.
    The company, which has an issued and paid-up capital of $24.8 million comprising 150 million shares, says the rights issue is priced at 7 cents per rights share.
    The rights issue price represents a discount of 44% to the ex-rights price of 12.5 cents based on the closing price of 18 cents on June 29, the last trading day prior to its announcement, or a 61% discount to the closing price.
    The rights issue is tied to loans amounting to $3.9 million that several shareholders made to the company on June 29.
    Depending on the level of subscription, the company will raise some $8.5 million or as much as $10 million.
    The company plans to use the funds raise to buy a new property to expand its manufacturing capability and supply chain productivity. It also plans to use the funds to expand its business into the home retail, commercial and hospitality sectors in Singapore and Southeast Asia.

  4. #14
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    26 August 2015 Dyna-Mac Holdings clinches $12 million contract

    26 August 2015 Dyna-Mac Holdings clinches $12 million contract SINGAPORE (Aug 26): Dyna-Mac Holdings, which provides fabrication and assembly of topside modules for floating, production, storage and offloading (FPSO) vessels, says it has secured a $12 million contract from a first-time customer.
    The contract involves the construction of 13 pre-assembled racks, 2 pre-assembled units and 1 pre-assembled structure for the multinational company which is based in Singapore.
    Under the deal, Dyna-Mac will provide the supply and installation of structural steel, piping installation, mechanical and equipment installation, electrical and instrument works, insulation, painting and coating, as well as fireproofing works and pre-commissioning.
    The project will be undertaken at Dyna-Mac’s yard in Tanjung Kupang, Malaysia and the modular units are scheduled to be delivered progressively to the owner with the last unit delivered by May 2016.
    With this new contract, Dyna-Mac says its year-to-date net order book stands at $305 million.
    The contract is not expected to have any material impact on the net tangible assets and earnings per share of the group for the current fiscal year, it adds.
    Dyna-Mac’s shares closed 3.5% higher at 15 cents.

  5. #15
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    26 August 2015 Union Steel swings into the red in Q4 and FY15

    26 August 2015 Union Steel swings into the red in Q4 and FY15 Union Steel Holdings Limited swung to a net loss of S$8.4 million for the fourth quarter ended June 30, 2015 from a net profit of S$2.1 million a year ago.
    This was due to a sharp fall in revenue as well as a S$6.7 million impairment of inventory.
    Revenue fell by 37.2 per cent to S$27.8 million, as revenue from the recycling and trading business segments slipped and sales activities from the group's Malaysian entity shrunk.
    Gross profit margins - falling to 6.1 per cent in the quarter from 12.5 per cent in a year-ago period - were squeezed by lower selling prices and higher cost of sales in the recycling and trading business segments.
    The group recorded other operating expenses of S$9.8 million, compared to S$2.4 million in a year-ago period, mainly due to a S$6.7 million impairment of inventory arising from the depressed metal price environment, as well as a S$0.9 million write-down of the value of an investment property.
    For the full fiscal year, the group inked a net loss of S$7.5 million from a net profit of S$4.5 million in the preceding year; revenue fell 8.2 per cent S$133.7 million, mainly dragged down by the fall in revenue in the final fiscal quarter.
    "Across the board, the steel industry has been affected by adverse market conditions," said group executive chairman and CEO Ang Yu Seng. "We shall attempt to weather these extremely challenging times as best as we can, and smoothly integrate our recent Gee Sheng acquisition with our current operations so that the synergies within the group can be harnessed effectively."
    The Group recently acquire an 85.2 per cent stake in Gee Sheng Machinery & Engineering Pte Ltd ("Gee Sheng"), which carries out civil construction & engineering work and the manufacture of motor vehicle bodies (coachwork), trailers and semi-trailers.

  6. #16
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    26 August 2015 IEV unit files writ against Indonesian company

    26 August 2015 IEV unit files writ against Indonesian company IEV Holdings Limited said its 95 per cent-owned subsidiary, PT IEV Gas, had on Aug 4 filed a writ and statement of claim in the Bekasi Court of Indonesia against PT Indonesia Pelita Pratama.
    The suit is in relation to losses and damages suffered by IEV Gas arising from PT IPP unilaterally erecting a barrier/portal closing the only accessible common road between the industrial area where IEV Gas' mother station is located and the main exit road.
    "PT IPP's actions have prevented and continue to prevent IEV Gas from operating from its existing mother station and having to resort to alternative CNG supply sources to ensure the continuous and timely delivery of CNG to its customers," IEV Holdings said.
    IEV Gas is claiming at least 25.2 billion rupiah (S$2.52 million) for loss and damage, material and associated costs, and other related losses.
    The group said the outcome of the suit is not expected to have any material impact on its consolidated earnings per share and/or net tangible assets per share for the current financial year ending Dec 31, 2015.

  7. #17
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    26 August 2015 Hupsteel swings into the red for Q4, full-year

    26 August 2015 Hupsteel swings into the red for Q4, full-year Hupsteel Limited reported a net loss of S$9.3 million for the fourth quarter ended June 30 owing to an inventory write-down, a goodwill write-off and provision for doubtful debts. The group had recorded a net profit of S$1.13 million in the same quarter last year.
    This brought the group to a net loss position of S$7.95 million for the full fiscal year, down from a net profit of S$3.55 million in fiscal 2014.
    Hupsteel explained that fierce competition and sliding market demand led the group to review the carrying value of its inventory holdings, resulting in a S$3.3 million of provision for inventory write-down during the quarter.
    It also decided to write off the goodwill of S$4.6 million associated with the acquisition of the structural steel business as the evaluated net present value of its future cashflow generated by the unit could not support the carrying value of its net assets after taking into consideration the dim outlook for the middle term.
    The group had made a provision for doubtful debts of S$1.9 million and a large proportion of the amount was provided against overseas customers.
    As demand for steel products continued to soften throughout the fiscal year, the group reported a 36.3 per cent drop in revenue to S$17.4 million.
    The board is proposing a final dividend of 0.1 cent per share, down from 1 cent per share in the preceding financial period.

  8. #18
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    26 August 2015 Hupsteel swings into the red for Q4, full-year

    26 August 2015 Hupsteel swings into the red for Q4, full-year Hupsteel Limited reported a net loss of S$9.3 million for the fourth quarter ended June 30 owing to an inventory write-down, a goodwill write-off and provision for doubtful debts. The group had recorded a net profit of S$1.13 million in the same quarter last year.
    This brought the group to a net loss position of S$7.95 million for the full fiscal year, down from a net profit of S$3.55 million in fiscal 2014.
    Hupsteel explained that fierce competition and sliding market demand led the group to review the carrying value of its inventory holdings, resulting in a S$3.3 million of provision for inventory write-down during the quarter.
    It also decided to write off the goodwill of S$4.6 million associated with the acquisition of the structural steel business as the evaluated net present value of its future cashflow generated by the unit could not support the carrying value of its net assets after taking into consideration the dim outlook for the middle term.
    The group had made a provision for doubtful debts of S$1.9 million and a large proportion of the amount was provided against overseas customers.
    As demand for steel products continued to soften throughout the fiscal year, the group reported a 36.3 per cent drop in revenue to S$17.4 million.
    The board is proposing a final dividend of 0.1 cent per share, down from 1 cent per share in the preceding financial period.
    26 August 2015 GuocoLand Q4 profit plunges 42% GuocoLand Limited reported a 42 per cent slump in net profit for the fourth quarter ended June 30 to S$107.31 million, dragged by lower revenue and fair value gain on investment properties.
    Revenue, which fell 48 per cent to S$254.7 million during the quarter, took a hit from lower revenue recognised for China projects as Seasons Park in Tianjin was almost fully sold in current year.
    But despite the drop in revenue, gross margin rose to 41 per cent in the fourth quarter, up from 30 per cent in the year-ago period arising from a change in sales-mix.
    Other income marked a 37 per cent drop year on year to S$81.1 million mainly due to lower fair value gain recognised for investment properties in current quarter.
    The share of results of associates and joint ventures also swung to a S$40,000 loss from a S$14.35 million profit in the year-ago period. GuocoLand explained that this is due to lower profit recognised for completed developments in Malaysia where sale revenue is recognised on completion basis.
    The group ended the financial year with a 26 per cent drop in net profit to S$226.4 million on the back of a 7 per cent fall in revenue to S$1.16 billion.
    Singapore continues to be the main contributor of the group's revenue and profit for the year ended June 30, accounting for S$714.7 million of revenue, similar to the previous financial year.
    "The group expects operating conditions to remain challenging and will continue its focus on sales and leasing of its current projects while remaining watchful of investment opportunities," GuocoLand said in its financial statement.
    In Singapore, the broad property market remains subdued; in Malaysia, the property market has softened as political and economic uncertainty weigh down on the sector, it added. Meanwhile, new home prices in China rose for a third consecutive month in July.
    The Board proposed a first and final dividend of 5 cents per ordinary shares, unchanged from a year ago.
    GuocoLand had in July entered into a conditional share sale agreement for the proposed RM189 million (S$62.52 million) sale of a Malaysian subsidiary that owns a 33-storey office building, located within the on-going integrated development project Damansara City Kuala Lumpur.
    In August, it announced that its wholly-owned unit, GuocoLand (China) Limited, had entered into a master transaction agreement with China Cinda Asset Management Co to dispose all the equity, contractual and loan interest in Beijing Dongzhimen project (DZM project), an integrated mixed-use development, for 10.5 billion yuan (S$2.3 billion). The transaction is expected to generate a net gain of about S$480 million in the quarter ending Sept 30, 2015

  9. #19
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    26 August 2015 Imperium Crown's net profit rises to S$11.98m for year ended June

    26 August 2015 Imperium Crown's net profit rises to S$11.98m for year ended June Catalist-listed Imperium Crown, which was formerly known as Communication Design International, has posted S$11.98 million net profit for the year ended June 30, 2015, up from a S$3.06 million net profit in the previous year.
    The latest net profit figure was on the back of net fair value gains of S$19.2 million on the group's investment properties in Japan.
    "Excluding the fair value gains and deferred tax related to the fair value gains, the group would have a net loss of S$2.4 million due mainly to the once-off costs incurred during the financial year ended June 30, 2015.
    "These once-off costs include professional fees and expenses related to the fundraising exercise completed in November 2014 and the acquisition costs related to the purchase of three Japanese properties earlier this year," Imperium Crown said on Wednesday.
    There will be no dividend for FY2015 as was also the case for FY2014.
    Earnings per share rose to 3.02 cents for FY2015 from 1.78 cents in FY2014. The group's net asset value per share rose to 11.55 cents as at June 30, 2015 from 6.68 cents a year earlier.
    The counter closed at 7.5 cents on Wednesday, up 0.3 cent.
    During the year under review, the group saw maiden contributions of S$1.7 million in revenue from its first three investment properties - Green Forest Kuramae, Green Forest Itabashi and Hatchobori Place - all in Tokyo and which were acquired in January this year.
    Last month, the group added another two residential properties to its portfolio through the acquisition of New City Apartment Minowa and New City Apartment Kuramae for S$19.6 million. All five properties have been substantially or fully leased.
    Looking ahead, the group aims to build up a portfolio of conveniently-located properties in Tokyo and other major Japanese cities that cater to local corporates and residents.

  10. #20
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    26 August 2015 Malaysia's Genting posts lowest quarterly earnings in 6-1/2 years

    26 August 2015 Malaysia's Genting posts lowest quarterly earnings in 6-1/2 years [KUALA LUMPUR] Genting Bhd, a Malaysian-based gaming-to-plantations conglomerate, on Wednesday posted a sharp drop in quarterly net profit to its lowest level in 6-1/2 years.
    The group, controlled by Lim Kok Thay, Malaysia's fourth richest man according to Forbes, said net profit for the April-June period slumped 81.7 per cent to 67.9 million ringgit (S$22.5 million) from 372.1 million the same quarter a year ago.
    The outcome, its weakest result since December 2008 when it made a quarterly loss, partly reflected "fair value" adjustments on derivative instruments as well as other impairment charges, the company said.
    Revenue dropped 5.5 per cent to 4.17 billion ringgit.
    The results were announced after the Kuala Lumpur stock exchange closed with the stock down 1.48 per cent at 6.64 ringgit.
    Genting shares have dropped 24 per cent year to date, mainly hurt by softer gaming and plantations businesses, underperforming a 11.2 per cent drop in the Kuala Lumpur benchmark index over that period. REUTERS

 

 

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