1Q earnings

Accretive acquisition and long WALE keeps EC World REIT at 'buy'

SINGAPORE (May 29): Phillip Capital is keeping its “buy” call on EC World REIT (ECW REIT) with a higher target price of 87.2 cents from 85 cents previously.

This came on the back of the REIT announcing that its 1Q19 earnings have increased by 2.2% y-o-y to 1.501 cents, while distribution to unitholders saw a 3.1% y-o-y increase to $11.9 million.

Accumulate ComfortDelGro on dips given good track record: UOB

SINGAPORE (May 28): UOB Kay Hian recommends investors "buy" ComfortDelGro (CDG) on dips with a target price of $2.77 following the group’s results announcement.

See: Brokers shift gear to 'hold' for ComfortDelGro after good run

CDG on May 14 announced that its 1Q19 earnings have increased by 6.2% y-o-y to $70.4 million, due to higher revenue, driven by strong contributions from recent acquisitions made in 2017 and 2018.

Kingsmen posts 47.4% drop in 1Q earnings to $0.2 mil on higher expenses

SINGAPORE (May 15): Kingsmen Creatives saw earnings decline 47.4% to $234,000 in 1Q19 from $445,000 in 1Q18 on higher expenses.

This was despite a 25.7% increase in revenue to $76.7 million from $61.0 million a year ago.

The Exhibitions & Thematic division saw an 11.9% y-o-y increase in revenue to $33.4 million, with the key contributors including major event and projects, such as Changi Experience Studio, Shenzhen Binhai Tencent Exhibition Centre, Singapore Bicentennial Event, Singapore Motorshow 2019, SMBC Singapore Open 2019 and thematic projects in the region.

UMS posts 38% drop in 1Q earnings to $7 mil on lower revenue

SINGAPORE (May 15): UMS Holdings reported 1Q19 earnings fell 38% to $7.0 million from $11.4 million in 1Q18.

This came on the back of a 24% declined in revenue to $28.6 million from $37.5 million a year ago, due to a 27% y-o-y drop in the group’s semiconductor business to $27.0 million.

Within the semiconductor segment, revenue from its integrated systems business decline 32% y-o-y to $12.5 million, while revenue from component sales fell by 22% y-o-y to $14.5 million.

Delfi posts 21.6% growth in 1Q earnings to $12.6 mil on higher revenue

SINGAPORE (May 14): Delfi reported 1Q19 earnings ended March increased 21.6% to US$9.2 million ($12.6 million) from US$7.6 million in 1Q18.

Revenue for 1Q19 was 19.5% higher at US$128.2 million from US$107.3 million a year ago, with higher revenue contribution from both Indonesia and regional markets.

Building on the positive momentum from FY18, the group’s Own Brands sales increased by 25.7% y-o-y with growth driven by the strong demand for its products in the premium format category mainly in Indonesia.

EC World REIT's positive 1Q earnings and accretive acquisition of Fuzhou E-Commerce keep it at 'buy'

SINGAPORE (May 14): EC World REIT (ECW REIT) on May 10 announced a 2.2% increase in its 1Q19 DPU to 1.501 cents, compared to 1.469 cents in 1Q18.

Distribution to unitholders was $11.9 million, 3.1% higher compared to the same quarter last year.

Gross revenue came in 0.3% lower y-o-y at $23.9 million, bringing net property income (NPI) to $21.2 million, 1.4% lower y-o-y. These were mainly due to exchange rate differences. In RMB terms, the gross revenue and NPI were 3.0% and 1.9% higher respectively compared to same quarter last year.

Tiong Seng posts 73% drop in 1Q earnings to $1.3 mil

SINGAPORE (May 13): Tiong Seng Holdings announced that its 1Q19 earnings have dropped by 73% to $1.3 million, compared to $4.9 million in 1Q18.

Total revenue for the period dropped 37% to $89.3 million from $140.8 million a year ago, this was mainly due to lower revenue contributions from all of the group’s business segments – construction contracts, sales of development properties and rental income.

Fragrance Group sinks into the red with 1Q loss of $3.7 mil on lower revenue, higher finance costs

SINGAPORE (May 13): Fragrance Group recorded a loss of $3.7 million in 1Q19, compared to earnings of $8.5 million in 1Q18.

This came on the back of a 78% fall in revenue to $14.5 million from $65.7 million a year ago, mainly due to lower revenue contribution from the group’s property development and commercial investment segments.

The group’s property development segment saw revenue drop 96.3% y-o-y to $2.0 million while revenue from the commercial investment segment declined 5.7% y-o-y to $5.5 million.

Food Empire posts 6.6% increase in 1Q earnings to $10.5 mil on lower expenses

SINGAPORE (May 10): Food Empire announced that its 1Q19 earnings rose 6.6% to US$7.7 million ($10.5 million) from US$7.2 million in 1Q18.

Revenue was 2% lower at US$70.7 million from US$72.1 million a year ago.

Sales from Russia dropped 4.4% y-o-y to US$29.2 million, mainly due to the depreciation of the RUB against the USD, despite revenue increasing in local currency terms.

Sales from Indochina increased by 15.2% y-o-y to US$14.5 million due to higher sales volume.

UOL posts 5% decrease in 1Q earnings to $72.4 mil

SINGAPORE (May 10): UOL Group reported 1Q19 earnings of $72.4 million, 5% lower from $76.1 million in 1Q18, supported by a higher proportion of overseas profits with higher taxes and profits with higher non-controlling interests.

However, excluding the accounting reversal of $31.9 million relating to UIC consolidation, earnings would have increased by 27% to $104.3 million.

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