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Centurion Corporation

Limited Lease Extension For Westlite Tuas


What is in the news?

Centurion Corporation Limited has been offered by the Ministry of National Development to extend the lease of Westlite Tuas for 9 months from 29 April 2017, being the expiration date of the existing lease. How do we view this? The 9 months short term extension will expire on 29 January 2018 with no certainty of a renewal. We estimate the Westlite Tuas generates a quarterly gross revenue of c.SGD6mn per quarter so we have revised our FY17F revenue from SGD113mn to SGD131mn to reflect the additional three quarters of contribution by Westlite Tuas.


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Del Monte Pacific

3QFY17: DMFI continues to disappoint

■ 9MFY17 reported net profit was below expectations at 59% of our FY4/17 forecast due to sales decline in the US and higher-than-expected interest expense.

■ Gross margin contracted to 14.7% in 3QFY17 due to lower pricing in non-retail channels. DMFI incurred net loss of US$14.6m in 3QFY17 (3Q16: US$17.3m profit).

■ However, DMPL continued to gain strength with 3QFY17 net profit of US$21.2m, an 81% yoy gain.

■ Preference share issuance has been postponed again. We estimate the earliest that the issuance will take place is 2QCY17.

■ Maintain Hold with lower target price of S$0.35


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LionelLim8.16Check out our compilation of Target Prices

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AEM Holdings7.220-0.140
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Avi-Tech Electronics0.5100.005
Best World Int.1.790-0.060
China Sunsine1.450-0.020
DISA Limited0.009-
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Federal Int. (2000)0.385-
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Geo Energy0.2250.005
Golden Energy0.3800.005
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Heeton Holdings0.575-
KSH Holdings0.6900.005
Lian Beng Group0.660-0.005
Nordic Group0.580-
Oxley Holdings0.510-0.005
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Sing Holdings0.425-
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