FY16

Despite lacklusture topline, this S-chip’s FY16 performance shone in more ways than one

SINGAPORE (April 5): CIMB Research is maintaining its “add” recommendation on Tianjin Zhongxin Pharmaceutical Group with an unchanged target price of US$1.30 ($1.82) as it continues to like the S-share as a “cheap proxy for China’s growing pharmaceutical demand”.

In a Tuesday note, analysts Roy Chen and William Tng note that Tianjin Zhongxin’s S-share is trading at a heavy 63% discount to the group’s A-share, while also reporting the highest dividend yield of 3.4% for FY16 as compared to its peers.

Singapore eDevelopment auditors’ cast doubt on group’s ability to continue as going concern

SINGAPORE (April 3): Singapore eDevelopment says its independent auditor, Ernst & Young LLP, has included an emphasis of matter in its report on the audit of the financial statements of the group for the FY16 ended Dec.

The auditors noted that the group incurred a loss of $7.1 million and negative operating cash flow of $24.8 million for the FY16 ended Dec and as at that date, the group has a net undiscounted financial liabilities of $34.9 million due within the next 12 months.

Trek 2000 swings back into the black in FY16 with $8.5 mil earnings

SINGAPORE (March 29): Trek 2000 International, the technology company that owns the patent to the ThumbDrive, posted US$6.1 million ($8.5 million) in earnings for the year ended Dec 2016, compared to losses of US$6.6 million in FY15.

Revenue grew 11.4% to US$165.7 million from US$148.8 million in the previous year, driven by the group’s Interactive Consumer Solutions (ICS) division which accounted for 98.4% of the overall revenue.

Strategic review to determine if Q&M will rise again

SINGAPORE (March 6): Maybank Kim Eng Research has downgraded its rating on Q&M Dental from “buy” to “hold”, lowering its target price on the stock to 71 cents from $1 previously on the group’s FY16 core earnings miss.

To recap, Q&M last Wednesday posted full year earnings of $28.3 million, which was more than double as compared to the previous financial year on a one-off gain from its spin-off of Aidite, the group’s manufacturing arm.

Continued earnings disappointments has this stock gnashing its teeth

SINGAPORE (March 3): CIMB has downgraded its rating on Q&M Dental Group from “hold” to “reduce”, lowering its target price on the stock to 60 cents from 77 cents on growing concerns about the group’s continued earnings disappointments and goodwill impairment.

Although Q&M closed FY16 with earnings of $28.3 million, which was more than double that of $11.4 million a year ago, analyst Jonathan Seow underscores the group’s core net profit as “a big miss” as it formed only 79% of CIMB’s full-year forecasts.

Mandarin Oriental posts 38% decline in FY16 earnings to $77.9 mil

SINGAPORE (March 2): Mandarin Oriental, a member of the Jardine Matheson Group, has declared FY16 earnings of US$55.2 million ($77.9 million), 38% down from its earnings of $89.3 million in the previous year on weak demand in a number of its key cities.

For the full year ended Dec 31, the group’s combined total revenue of hotels under management declined by 1% to US$1.3 billion.

Could a strong earnings outlook lead Indofood Agri to surprise on the upside?

SINGAPORE (March 2): DBS Vickers Securities continues to keep its “hold” recommendation on Indofood Agri Resources while lowering its target price on the stock by one cent to 56 cents.

In a Thursday report, analyst Ben Santoso says he expects the agribusiness company’s earnings to recover meaningfully in FY17 thanks to improving fresh fruit bunch (FFB) yields, maturing estates and relatively stable palm oil prices.

Thriving growth outlook makes this developer a ‘buy’

SINGAPORE (March 2): DBS Vickers Securities is maintaining its “buy” call on Yanlord Land Group with a higher target price of $2.21 compared to $1.46 previously, after the China-based property developer posted a strong FY16 set of results last Friday.

In a Monday report, DBS notes a rebound in FY16 margins to 31% from 28% in the previous year, a trend they believe should continue into the current financial year with its strong average selling price (ASP) growth in its recent sales.

This property stock was built to weather through the tough times

SINGAPORE (March 2): RHB is remaining “neutral” on Centurion with a target price of 39 cents after its 4Q16 results came in line with the research house’s estimates.

The owner and operator of dorms for students and workers on Wednesday posted a 16% decline in FY16 earnings to $28.7 million after being impacted by a one-off revaluation loss that exceeded $10 million, although its core business’ net profit rose 8% y-o-y to outperform its peers in the industry despite downwards pressures on dormitory rent.

Advance SCT’s FY16 losses narrow to $8.3 mil on restructuring efforts

SINGAPORE (March 1): Advance SCT, the metal trader and recycling & waste management company, saw FY16 losses narrow by a third to $8.3 million from $12.3 million a year ago.

Placed on the SGX watchlist since March 4, 2015, Advance SCT says it has managed to terminate its 2011 scheme of arrangement and restructure itself into a “leaner entity, with much reduced debt and lower operating expenses”.

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