Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Asia’s leading multi-asset exchange

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Equity Bottom-Up

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<p><em><strong>These equity research reports are not written by the SGX.</strong>&nbsp;SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.</em></p>
<h2>SPECIAL REPORT</h2>
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<p><strong>LIAN BENG GROUP LIMITED</strong></p>
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<p>Lian Beng has just released their full year results for the financial year ended 31 May 2020 (FY2020).</p>
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<p>The Group recorded revenue of S$556.0 million for FY2020, an increase of 43.8% from S$386.8 million for FY2019. This was mainly due to higher revenue generated from their Construction Segment. The higher revenue from the Construction Segment was due to the progressive revenue recognition of construction projects for approximately the first 10 months of FY2020. The Group did not record much revenue for the months of April and May as a result of Circuit Breaker (“CB”) measures implemented by the Singapore government to combat the COVID-19 pandemic.</p>
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<p>Other operating income increased to S$20.9 million in FY2020, from S$11.1 million in FY2019, mainly due to S$6.7 million in government grant received through the various supplementary budgets, along with an increase of S$1.6 million in interest income from loans to associates and a S$0.6 million gain on disposal of a subsidiary which holds the development site at 50 Lorong 21 Geylang.</p>
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<p>Marketing expenses fell significantly with the completion of T-Space @ Tampines in FY2019, offset by the marketing expenses recognised from Mactaggart Foodlink and INSPACE in FY2020. This led to a 35.8% decline in distribution expenses from S$3.9 million in FY2019 to S$2.5 million in FY2020.</p>
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<p>In FY2020, share of loss of associates was S$10.9 million, compared to S$0.2 million in FY2019. The share of loss was mainly due to the share of fair value loss of investment properties held by associates of S$13.8 million, offset by the increase in development profits recognised from Riverfront Residences and Affinity @ Serangoon as the projects progress.</p>
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These equity research reports are not written by the SGX.&nbsp;SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.
SPECIAL REPORT




LIAN BENG GROUP LIMITED




Lian Beng has just released their full year results for the financial year ended 31 May 2020 (FY2020).




The Group recorded revenue of S$556.0 million for FY2020, an increase of 43.8% from S$386.8 million for FY2019. This was mainly due to higher revenue generated from their Construction Segment. The higher revenue from the Construction Segment was due to the progressive revenue recognition of construction projects for approximately the first 10 months of FY2020. The Group did not record much revenue for the months of April and May as a result of Circuit Breaker (“CB”) measures implemented by the Singapore government to combat the COVID-19 pandemic.




Other operating income increased to S$20.9 million in FY2020, from S$11.1 million in FY2019, mainly due to S$6.7 million in government grant received through the various supplementary budgets, along with an increase of S$1.6 million in interest income from loans to associates and a S$0.6 million gain on disposal of a subsidiary which holds the development site at 50 Lorong 21 Geylang.




Marketing expenses fell significantly with the completion of T-Space @ Tampines in FY2019, offset by the marketing expenses recognised from Mactaggart Foodlink and INSPACE in FY2020. This led to a 35.8% decline in distribution expenses from S$3.9 million in FY2019 to S$2.5 million in FY2020.




In FY2020, share of loss of associates was S$10.9 million, compared to S$0.2 million in FY2019. The share of loss was mainly due to the share of fair value loss of investment properties held by associates of S$13.8 million, offset by the increase in development profits recognised from Riverfront Residences and Affinity @ Serangoon as the projects progress.





























Non-SGX Report: Special Report:  LIAN BENG GROUP LIMITED