STEng – CNA
ST Aerospace clinches S$148m contract from Spring Airlines
ST Aerospace, a unit of ST Engineering, has clinched a S$148 million contract from Spring Airlines.
This comes hot on the heels of a S$1 billion maintenance deal signed with Jet Airways on March 31.
The latest agreement will see ST Aerospace expanding support services to Spring Airlines’ fleet from 15 to 78 aircraft.
It will cover mainly component services and also the setting up of a new warehouse at Spring Airlines’ base at the Pudong International Airport in Shanghai.
The new contract will commerce in April 2010 and stretches over eight years.
StarHub – CNA
StarHub reduces price for sports channels from June this year
Cable TV operator, StarHub’s sports channels will be cheaper from June this year.
The sports group channels will cost S$12 a month, more than 50 per cent lower than the S$25 subscribers currently pay.
StarHub lost its bid to screen the prized English Premier League to rival SingTel last year for the 2010 to 2013 seasons.
Since then, sports fans have clamoured for a cut in the price of its sports package and it’s been heard that from June they will pay S$12 a month, much lower than the S$25 they are paying now.
Tan Ting Hai, chief operating officer, StarHub, said: “We believe that this will not only help to retain our existing sports subscribers but also attract those subscribers who’ve left us. In the past, when we increased the price, a large group of sports subscribers left us. So, we welcome them to join us back.”
Revenue will be affected but StarHub said new subscribers will make up for this.
It’s also hoping to attract more subscribers with a range of fresh content and new sports channels.
It will show ‘LIVE’ NBA playoffs and final games on its in-house SuperSports channel and all this is good news for sports fans.
One sports fan said: “It’s very attractive. You’re talking about 50 per cent. Now I’m paying quite a lot for three different groups of channels. But if they come in with S$12 and sports channels like basketball, I will definitely consider.”
Other new sports channels StarHub will introduce are NBA TV, Racquet Channel, Ten Sports and PGA Tour on demand.
Thomson Medical – CNA
Thomson Medical Centre’s H1 net profit up 22% to S$7.2m
Thomson Medical Centre on Thursday said its half-year profit rose 22 per cent on-year to S$7.2 million.
Revenue for the six months to February rose about 18 per cent to some S$38 million.
Thomson Medical said the improvement in its performance was driven by higher deliveries, inpatient admissions and demand for outpatient services.
It also saw higher revenues from its Thomson Women’s Clinics, Thomson Women Cancer Centre and Thomson Paediatric Centre.
Going forward, Thomson Medical sees its growth drivers coming from its satellite clinics, and new paediatric and women’s cancer centres.
On the regional front, the soft opening of its hospital consultancy and management project in Vietnam’s Binh Duong Province has been delayed to September.
But Thomson Medical said the delay will not affect its financial results this year.
The Group said its second hospital consultancy project in Hanoi, Vietnam, will commence once a suitable site has been identified.
Allan Yeo, group chief executive, said: “We will probably be one of the so-called chain of hospitals for women and children, probably one of the larger chains, and we intend to bring our expertise with us to Vietnam, and to work with our Vietnam partner to look at the local culture, and to deliver the best of both worlds.”
In the second quarter, Thomson Medical’s net profit rose 19.1 per cent to S$3.64 million on revenues of S$18.9 million.
Thomson Medical
All the data are extracted from the results,
|
|
FY08 |
Q1 (Nov08) |
Q2 (Feb09) |
Q3 (May09) |
Q4 (Aug09) |
FY09 |
Q1 (Nov09) |
Q2 (Feb10) |
|
Revenue |
60,264 |
16,393 |
15,599 |
17,408 |
17,994 |
67,394 |
18,789 |
18,872 |
|
GP |
26,571 |
7,093 |
6,753 |
7,439 |
7,797 |
29,082 |
8,082 |
7,882 |
|
PBT |
13,757 |
3,605 |
3,679 |
4,204 |
4,194 |
15,682 |
4,330 |
4,433 |
|
Net Profit |
11,155 |
2,842 |
3,052 |
3,417 |
3,404 |
12,715 |
3,554 |
3,636 |
|
NPM |
18.51% |
17.34% |
19.57% |
19.63% |
18.92% |
18.87% |
18.92% |
19.27% |
|
Cash |
15,400 |
21,605 |
14,468 |
15,169 |
20,567 |
<- |
24,785 |
20,806 |
|
Loan – NCL |
2,720 |
2,380 |
2,040 |
1,700 |
1,360 |
<- |
1,020 |
680 |
|
Loan – CL |
1,360 |
1,360 |
1,360 |
1,360 |
1,360 |
<- |
1,360 |
1,360 |
|
NAV (ct) |
37.47 |
38.49 |
36.70 |
36.92 |
38.12 |
<- |
39.38 |
38.80 |
|
EPS (ct) |
3.84 |
0.98 |
1.05 |
1.18 |
1.17 |
4.38 |
1.21 |
1.21 |
|
DPS (ct) |
1.5 + 1.0 |
– |
1.00 |
– |
1.8 |
<- |
– |
1.2 |
Notes :
- All figures in S$,000 unless otherwise stated
- FY is End-Aug
SMRT – CIMB
On track
• Maintain Outperform; target price raised. On Tuesday, we attended a conducted tour of the Circle Line (CCL) Stages 1 & 2, which will officially open on 17 Apr. Although SMRT’s stock price has gone up 27% since our upgrade in 4Q09, we believe there is further upside as the opening of Marina Bay Sands in mid-2010 is likely to give its MRT ridership another jolt. YTD MRT ridership has exceeded our expectations. We raise our FY10-12 earnings estimates by 1-3% to account for the higher ridership, which lifts our DCF-derived target price from S$2.26 to S$2.41 (WACC: 9%, terminal growth: 2%).
• CCL expected to break even by 2011. Train ridership for Stage 3 now stands at 49,000-50,000/day. Officially, LTA is expecting CCL to directly benefit 200,000 commuters daily, once Stages 1 and 2 are opened. However, SMRT is more optimistic, and expects ridership to exceed LTA’s targets. SMRT expects CCL to break even once the last two stages (4 and 5) open in 2011.
• SMRT has more to gain than ComfortDelgro, we believe. As a bigger train operator than CD, SMRT should be a bigger beneficiary of higher tourist arrivals in Singapore and population growth. We also believe its rental revenue will grow as its commercial space increases with the new CCL. More than 80% of the 2,500-plus sq m commercial space available has been snapped up.