First quarter 2014 results (Part 4)

Companies were reporting their financial results for the last quarter covering 1 January to 31 March 2014 (First Quarter 2014).

The following table provides information on net profit attributable to shareholders for the quarter and year-on-year change between current period in 2014 against corresponding period of 2013. The dividends are the ones declared for the current quarter.

Net Profits Y-o-Y Change NAV/RNAV Dividend
DBS $1231.0 m + 30.0 $14.14 Nil
OCBC $899 m + 29.0 $8.75 Nil
UOB $788 m + 9.2 $18.57 Nil
SGX + $75.8 m – 22.0 78.7 cents 4 cents
SPH + $81.3 m + 7.5 $2.17 7 cents
SIA * $359.5 m ** – 5.3 $11.26 36 cents
Keppel Corp $338.6 m – 5.1 $5.51 Nil
Sembcorp Ind $184.8 m + 4.5 $3.04 Nil
Sembcorp Marine $122.4 m + 3.1 $1.33 Nil
Singtel * $898.3 m + 3.5 $1.50 10 cents
StarHub $84.2 m – 7.7 9.8 cents ++ 5 cents
M1 $42.8 m + 4.4 48.2 cents Nil
UOL $120.8 m + 69.0 $8.93 Nil
CapitaLand $182.7 m – 1.7 $3.86 Nil
Keppel Land $87.7 m – 9.2 $4.58 Nil
City Developments $119.6 m – 13.1 $8.63 Nil
Comfort Delgro $63.3 m + 9.7 $1.04 Nil
SBS Transit $3.2 m + 16.8 $1.12 Nil
SMRT * $61.9 m ** – 25.7 52.7 cents 1.2 cents

+ different quarter end other than first quarter
* Year end of 31 March 2014
** Full year results
++ at Group Level
NAV/RNAV = Net Asset Value or Revalued Net Asset Value.

Local transport space

Comfort Delgro’s net profit increased 9.7% for the quarter. SBS Transit (75% owned by Comfort Delgro) surprised on the upside when its net profit rose 16.8% for the quarter. Net profit of SMRT for the last quarter was $16.9 million reversing a loss (-$11.9 million) in the corresponding quarter of the previous financial year. For the full year, its net profit declined 25.7% year-on-year to $61.9 million. In terms of net assets per share, SMRT was just 52.7 cents, whereas Comfort Delgro and SBS Transit was more than a dollar.

Property developers

Of the four property developers tracked, UOL’s net profit jumped 69%. “The increase was due mainly to the sale of land in Malaysia, which netted a one-off attributable gain of $44.3 million.” (Source: UOL’s announcement to SGX) Without this one-off gain, its net profit increased 6.8% over the same quarter last year. UOL’s performance for the quarter was still ahead of three major property developers. City Developments fared the worst with a 13.1% decline in net profit.

Telcos

StarHub’s net profit declined whereas M1’s net profit increased. Singtel held on to a positive gain in net profit, rising 3.5% for the latest quarter. Final dividend proposed was 10 cents and together with interim dividend paid out of 6.8 cents, the dividend payout ratio was 74% of underlying net profit. This is near the upper end of 60% to 75% dividend payout ratio policy of the company.

As for the other sectors, please refer to my earlier posts on the subject.

Copyright © 2014, limkimtong for Living Investment

The material presented is intended to be general and written in layman’s language as much as it is possible. The author shall not be liable for any direct or consequential loss arising from any use of material written. Please seek professional advice from your financial advisor or financial institutions on material written covering financial matters.

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