Daily SGX Market News by EPIC RESEARCH 24th February 2014

ASCOTT Residence Trust has entered into a conditional agreement with Winner Sight Investments Ltd to acquire its first serviced residence in Dalian for 571 million yuan (S$118.6 mn). On a pro forma basis, the accretive acquisition is expected to increase its FY2013 distribution per unit by 1.5 per cent from 8.40 Singapore cents to 8.53 Singapore cents. Earnings per unit are also expected to rise after acquisition to 16.3 Singapore cents from 16.2 Singapore cents previously.

HIGHER revenue recognized from construction and engineering projects caused construction group BBR Holdings to post a net profit of S$21.8 mn for its financial year ended Dec 31, 2013, 68 per cent higher than a year ago. Revenue was up 55% to S$426.3 mn. NOBLE Group’s 2013 earnings tumbled 48 per cent to US$243 million, as losses on supply chain assets and from associates spiked.

Net profit attributable to shareholders fell to US$243.5 million, from US$471.3 million a year ago. This translates to earnings of 3.4 US cents per share, compared with 7.06 US cents before.

BUY JARDINE CYCLE ABOVE 38.700 TG 39.000, 39.400, 40.000 SL 38.390

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