Tag Archive | "Hyflux"

Hyflux downgraded to ‘hold’ by DBS

DBS Vickers Securities in an Aug 5 research report says: “In tandem with weaker than expected sales of $111 million, PATMI of $14.5 million (-47% y-o-y, 97% q-o-q) came in significantly below our $27 million forecast. Hyflux maintained interim dividend perp share of 0.67 cents.

“In addition to higher costs and taxes, the Magtaa fire will delay some EPC recognition. Hence, we have cut FY2011F earnings by 24% and push up FY2012F by 17%. For 2H, drivers include continued execution of China projects, start of Tuaspring (15% recognition) in 4Q11 and some O&M flow through from Tlemcen.

“Notwithstanding higher earnings in FY2012, our SOTP-based target price is reduced to $2.07, in line with lowered market valuations and delayed O&M receipts for Magtaa too. DOWNGRADE TO HOLD.”

Adapted from The Edge & i3investor.com

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Singapore Stocks: Hyflux, Noble, Venture Corp., Tiger Airways

Singapore’s Straits Times Index (FSSTI) sank 3.4 percent to 3,001.05 as of 12:19 p.m. local time, having fallen as much as 3.6 percent earlier, the most since March 2009. All stocks in the index of 30 companies dropped. The measure is poised for a 5.8 percent slump this week, the biggest weekly drop since February 2009.

Shares on the measure trade at an average 13.8 times estimated earnings, compared with about 15.6 times at the end of 2010, according to data compiled by Bloomberg.

The following shares were among the most active in the market. Stock symbols are in parentheses after the company name.

Commodity suppliers: The Thomson Reuters/Jefferies CRB Index, which tracks prices of 19 commodities from copper to corn, declined 2.8 percent in New York yesterday, extending its drop for a second day. Noble Group Ltd. (NOBL) , a Hong Kong- based supplier of energy, food and mining commodities, plunged 6.6 percent to S$1.63. Olam International Ltd. (OLAM) , a Singapore-based supplier of agricultural commodities, fell 5.3 percent S$2.51.

Hyflux Ltd. (HYF) , Singapore’s biggest water treatment company, slipped 3.6 percent to S$1.88. The company said first- half net income dropped 35 percent from a year earlier to S$21.9 million.

Tiger Airways Holdings Ltd. (TGR) , the budget carrier partly owned by Singapore Airlines Ltd. (SIA SP), tumbled 9.1 percent to S$1.045. The company said it had a first-quarter net loss of S$20.6 million, compared with S$1.9 million profit a year earlier, hurt by fuel costs and flight disruptions from volcanic ash.

Venture Corp. (VMS SP), Singapore’s biggest publicly traded provider of electronics manufacturing services provider, lost 0.8 percent to S$7.21. The company said second-quarter net income slid 8.4 percent from a year earlier to S$42 million.

Adapted from Bloomberg (By Jonathan Burgos).

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Hyflux to offer preference shares at S$100 each

Hyflux to offer preference shares at S$100 each
SINGAPORE: Water treatment firm Hyflux said it plans to offer up to S$200 million preference shares at an issue price of S$100 a piece.

Preference shares are hybrids that have the properties of both equity and debt instruments.

They usually carry a preferential dividend, and are senior to ordinary stocks, but subordinate to bonds, in case of liquidation of the issuer.

Hyflux said the Class A Preference Shares, to be listed on the mainboard of Singapore Exchange, carry a dividend rate of 6 per cent per annum and will be cumulative, non-convertible and non-voting and also non-dilutive to existing ordinary shreholders.

The dividend, if declared, will be paid semiannually subject to certain conditions, mainboard-listed Hyflux said in a statement.

Hyflux said it has the option to increase the size of the offering to S$400 million if applications or indication of interest received exceed the offer size.

The shares could be be redeemed by Hyflux on or after April 25, 2018 at the option of Hyflux.

If they are not redeemed, the dividend rate will step up to 8 per cent per annum.

DBS Bank is the sole lead manager and bookrunner of the offer, while Stamford Law Corporation will advise the company.

Group Chief Financial Officer Mr Cho Wee Peng said the net proceeds from the issue will be used primarily to fund the water and infrastructure projects of the company.

Ms Olivia Lum, Group President & CEO said; “Hyflux currently has a number of large-scale water projects in our key markets in Singapore, China and the Middle East and North Africa.”

Hyflux recently signed a 25-year water purchase agreement with state water agency PUB, for Singapore’s second and the largest seawater reverse osmosis desalination plant.

Mr Choo said; “What we are looking to do is to continually source for good projects as well as to be able to deploy large amounts of capital to these projects with the ultimate aim of creating value for our shareholders.”

adapted from Channel News Asia

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