SATS – BT
Family could be why SATS CEO quit
Clement Woon desires to be closer to family
Clement Woon’s decision to resign as the CEO of SATS could have been largely due to his desire to be closer to his family.
While Mr Woon did not elaborate or directly address the reasons for his sudden resignation last Friday, when asked by shareholders at the company’s AGM yesterday, he alluded to the fact that he had spend too much time away from his family who are living in Switzerland.
Mr Woon’s resignation, coming just four years after he took over at the helm of the airport ground services company, then expanded and diversified its business quickly, shocked many market insiders, coming as it did at a critical time for SATS. Besides facing a significant cost crunch which is shaving its profit margins, the company will soon be facing off against a new competition on its home ground with the impending arrival of a third ground services operator, American ground services giant Aircraft Service International Group.
Mr Woon joined SATS in November 2007, after 10 years in Switzerland with spatial surveying company Leica Geosystems.
At the time, he said that part of his reason for returning to Singapore was to be with his son, who was due to serve national service. He would have completed NS by now.
He and his wife, a homemaker, also have three daughters aged 18, 16 and 11. The plan was for the family to reunite when the children finish their schooling. Mr Woon has said before that leaving them behind in Kanton St Gallen – a village in Heerbrugg, Switzerland – had been very tough.
Addressing shareholders yesterday, SATS chairman Edmund Cheng said that the company had put out a global search for a new CEO, and assured them that the search would cover both external and internal candidates.
SATS’ foods business veteran Tan Chuan Lye has been appointed the interim CEO.
On Tuesday, SATS disappointed with a lower-than-expected first-quarter profit of $42.5 million, 4 per cent down from the previous year. This would have been even lower at $37 million if not for a $10.1 million writeback for lower pension obligations for its Japan based unit, TFK.
Analysts are cautious about the outlook for the company. Kim Eng maintained a ‘hold’ with a reduced target price of $2.46.
SingPost – BT
SingPost Q1 profit dips 3.5% to $39.24m
Revenue goes up 3% to $142.3m for the quarter
SINGAPORE Post (SingPost) saw net profit dip 3.5 per cent to $39.24 million while revenue climbed 3 per cent to $142.3 million for the first quarter ended June 30, 2011.
Underlying net profit – which excludes one-off items – was flat at $37.37 million. Earnings per share for the quarter were 2.042 cents, compared to 2.111 cents in the corresponding quarter a year ago.
Contributions from its various business segments were mostly higher with revenue from its mail segment increasing 1.6 per cent to $97.24 million.
Logistics revenue, which grew the strongest, was up 10.7 per cent to $51.24 million. Retail revenue increased 1.5 per cent to $16.56 million due to higher retail product contributions, which offset the decline in financial services revenue after the sale of its SpeedCash business in March this year.
Rental and property-related income rose 5.1 per cent to $10.6 million while miscellaneous income increased 7.9 per cent to $4.5 million.
Meanwhile, total expenses for the group were up 6 per cent to $109.3 million. However, net cash from operating activities also came in higher at $37.7 million in Q1 FY11/12, compared to $29.1 million in the corresponding quarter last year.
The board has declared an interim quarterly dividend of 1.25 cents per ordinary share, payable on Aug 31.
‘The group continues to face formidable challenges in the postal industry arising from e-substitution, competition and rising operating costs and is accelerating efforts to diversify and grow its businesses,’ SingPost said. ‘Besides driving organic growth in Singapore and in the regional markets through Quantium Solutions, the group will continue pursuing acquisition opportunities in the Asia-Pacific region.’
Shares in SingPost closed at $1.10 yesterday, unchanged.
SingPost – BT
SingPost Q1 profit dips 3.5% to $39.24m
Revenue goes up 3% to $142.3m for the quarter
SINGAPORE Post (SingPost) saw net profit dip 3.5 per cent to $39.24 million while revenue climbed 3 per cent to $142.3 million for the first quarter ended June 30, 2011.
Underlying net profit – which excludes one-off items – was flat at $37.37 million. Earnings per share for the quarter were 2.042 cents, compared to 2.111 cents in the corresponding quarter a year ago.
Contributions from its various business segments were mostly higher with revenue from its mail segment increasing 1.6 per cent to $97.24 million.
Logistics revenue, which grew the strongest, was up 10.7 per cent to $51.24 million. Retail revenue increased 1.5 per cent to $16.56 million due to higher retail product contributions, which offset the decline in financial services revenue after the sale of its SpeedCash business in March this year.
Rental and property-related income rose 5.1 per cent to $10.6 million while miscellaneous income increased 7.9 per cent to $4.5 million.
Meanwhile, total expenses for the group were up 6 per cent to $109.3 million. However, net cash from operating activities also came in higher at $37.7 million in Q1 FY11/12, compared to $29.1 million in the corresponding quarter last year.
The board has declared an interim quarterly dividend of 1.25 cents per ordinary share, payable on Aug 31.
‘The group continues to face formidable challenges in the postal industry arising from e-substitution, competition and rising operating costs and is accelerating efforts to diversify and grow its businesses,’ SingPost said. ‘Besides driving organic growth in Singapore and in the regional markets through Quantium Solutions, the group will continue pursuing acquisition opportunities in the Asia-Pacific region.’
Shares in SingPost closed at $1.10 yesterday, unchanged.
SMRT – BT
SMRT posts 8.9% fall in Q1 net profit
Company cites higher energy and staff and related costs
HIGHER energy costs were instrumental in SMRT Corp’s net profit falling 8.9 per cent to $34.8 million for the first quarter ended June 30, 2011.
Singapore’s biggest rail operator was also affected by higher staff and related costs, repairs and maintenance, and other operating expenses, although these were partially offset by lower depreciation.
Operating profit was 8.1 per cent lower at $42.4 million from a year ago even as Q1 revenue increased 7.5 per cent to $253.1 million mainly on higher rail and bus ridership.
The company also enjoyed higher contributions from the Circle Line, stronger taxi rental revenue as well as higher rental and advertising revenue, even as these were offset by a lower average fare for MRT and buses.
Earnings per share fell to 2.3 cents from 2.5 cents previously. No dividend will be declared for Q1.
Revenue from train operations rose 4.2 per cent to $135.0 million on higher ridership but operating profit slipped 18.6 per cent to $22.6 million mainly due to increased energy costs and staff and related expenses.
The group’s electricity and diesel costs in Q1 had surged 32.7 per cent to $40.0 million, while staff and related costs rose 10.9 per cent to $84.6 million with the bigger headcount for Circle Line operations, increased train runs and the absence of Jobs Credit.
As for bus operations, Q1 revenue rose 3.4 per cent to $54.3 million mainly on higher ridership. But operating losses ballooned to $4.4 million from $770,000 in the corresponding period the previous year due to higher diesel cost.
Taxi operations fared better with rental revenue up 15 per cent to $21.0 million mainly with a larger average hired-out fleet.
But operating profit was down 36.8 per cent to $414,000 from $655,000 previously because of higher depreciation and insurance costs.
Q1 rental revenue was stronger, increasing 10.8 per cent to $19.2 million and enjoying a 10.9 per cent hike in operating profit to $15.0 million.
Meanwhile, revenue from SMRT’s engineering and other services jumped 54.2 per cent to $14.0 million with the higher revenue from fleet maintenance and diesel sold to taxi hirers.
This included payment of $0.7 million received for Palm Jumeirah and recognised as revenue in the quarter.
Engineering’s Q1 operating profit of $3.3 million is in contrast to the operating loss of $1.1 million in the previous corresponding quarter’s, due mainly to the fact that no revenue was recognised in Palm Jumeirah while costs for the operation and maintenance there continued to be incurred.
SMRT shares closed half a cent higher at $1.88 yesterday.
July 2011
Results Announcement
- 12 Jul 11 : SPH (Q311) – EPS 7ct (todate 18ct)
- 14 Jul 11 : M1 (Q211) – EPS 4.7ct (todate 9.4ct) ; Div 6.6ct
- 25 Jul 11 : STI ETF (1H11) – Div 4.5ct
- 26 Jul 11 : SATS (Q112) – EPS 3.8ct
- 27 Jul 11 : SingPost (Q112) – EPS 2.042ct ; Div 1.25ct
- 27 Jul 11 : SMRT (Q112) – EPS 2.3ct
- 10 Aug 11 (AM) : MIIF (1H11)
- 11 Aug 11 : SBSTransit (1H11)
- 12 Aug 11 : ComfortDelgro (1H11)
- 4 Aug 11 : StarHub (Q211)
STI = 3189.85 (-3.69)
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
SPH |
FY10 (Aug) |
31 |
27 |
$3.95 |
6.835% |
12.74 |
Interim 7ct ; Final 9ct + 11ct (Special) |
|
SingPost |
FY11 (Mar) |
8.369 |
6.25 |
$1.10 |
5.682% |
13.14 |
Q1, Q2, Q3 1.25ct ; Q4 2.5ct |
|
STI ETF |
Jun-11 |
— |
4.5 |
$3.22 |
2.795% |
— |
Jun11 4.5ct ; Dec10 3.5ct |
|
SATS |
FY11 (Mar) |
17.4 |
17 |
$2.53 |
6.719% |
14.54 |
Final 6ct + Special 6ct ; Interim 5ct |
|
ST Engg |
FY10 (Dec) |
16.21 |
14.55 |
$3.00 |
4.850% |
18.51 |
Final 4ct + 7.55ct (Special) ; Interim 3ct |
Transport
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
SBSTransit |
FY10 (Dec) |
17.63 |
8.80 |
$1.87 |
4.718% |
10.58 |
Interim 4.5ct ; Final 4.3ct |
|
ComfortDelGro |
FY10 (Dec) |
10.95 |
5.50 |
$1.44 |
3.819% |
13.15 |
Interim 2.7ct ; Final 2.8ct |
|
SMRT |
FY11 (Mar) |
10.6 |
8.5 |
$1.86 |
4.582% |
17.50 |
Interim 1.75ct ; Final 6.75ct |
TELCO
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
SingTel |
FY11 (Mar) |
24.02 |
25.8 |
$3.31 |
8.157% |
13.78 |
Interim 6.8ct ; Final 9ct + Special 10ct |
|
M1 |
FY10 (Dec) |
17.5 |
17.5 |
$2.62 |
6.679% |
14.97 |
Interim 6.3ct ; Final 7.7ct + Special 3.5ct |
|
StarHub |
FY10 (Dec) |
15.34 |
20 |
$2.85 |
7.018% |
18.58 |
Q1 5ct ; Q2 5ct ; Q3 5ct ; Q4 5ct |
Funds / Infrastructure
|
Stock |
Period |
DPS cts |
Mkt |
Yield |
NAV |
Div Breakdown |
|
SPAus |
2H11 (Mar-11) |
A4.0 (Gross) |
$1.205 |
8.829% |
A$0.89 |
2H11 A4.0ct ; 1H11 A4.0ct |
|
MIIF |
2H – Dec10 |
1.50 |
$0.565 |
5.310% |
$0.82 |
2H10 1.5ct ; 1H10 1.5ct |
* SPAus DPU in A$. Yield is Calculated Using Latest Exchange Rate (1.3298) fm Yahoo
NOTES :
- Mkt Price is as on 28-Jul-11
- SingPost : Q112 (Jun11) – 1.25ct
- M1 : 1H11 (Jun) – Interim 6.6ct
- SATSvcs : Q411 (Mar11) – Final 6ct + Special 6ct ; Q211 (Sep10) – Interim 5ct
- SPAus : 2H11 (Mar11) – A4ct (before tax) / A3.7721ct (after tax) ; 1H11 (Sep10) – A4ct (before tax) / A3.7772ct (after tax)
- SingTel : 2H11 (Mar11) – Final 9ct + Special 10ct ; 1H11 (Sep10) – Interim 6.8ct
- StarHub : Q111 (Mar) – 5ct
- SMRT : Q411 (Mar) – Final 6.75ct ; Q211 (Sep10) – Interim 1.75ct
- SPH : 1H11 (Feb) – 7ct
- MIIF : 2H10 (Dec) – 1.5ct ; 1H10 (Jun) – 1.5ct
- ST Engg : 2H10 (Dec) – 4ct (Final) + 7.55ct (Special) ; 1H10 (Jun) – 3ct
- ComfortDelgro : Q410 (Dec) – 2.8ct ; Q210 (Jun) – 2.7ct
- SBSTransit : Q410 (Dec) – 4.3ct ; Q210 (Jun) – 4.5ct
- StarHub : FY11 Div Guidance – 5ct/Q