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Hidden Multibagger: Starco
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Joelton
Supreme |
23-Nov-2024 13:46
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Singapore Flyer operator Straco Corp posts lower revenue, profit for 3QFY2024 and 9M2024
 
Tourism attraction operator Straco Corporation S85 has posted revenue of $31.4 million for 3QFY2024 ended Sept 30, down 11.4% y-o-y.
 
According to a Nov 22 bourse filing, further weakening of the renminbi weighed on the group&rsquo s profitability with an exchange loss of $1.2 million recorded in 3QFY2024, compared to an exchange gain of $0.23 million recorded in 3QFY2023.
 
Operating profit, meanwhile, fell nearly 25% to $17.8 million, while profit after tax fell 27.7% y-o-y to $12.5 million in 3QFY2024. 
 
Profit attributable to shareholders of the Mainboard-listed company fell 28.6% y-o-y to $11.7 million during the quarter.  
 
Financial metrics for 9M2024 were flatter y-o-y, with revenue down 0.3% y-o-y to $67.3 million, operating profit down 4% to $33.3 million, profit after tax down 1.7% y-o-y to $23.6 million and profit attributable to shareholders down 2.5% y-o-y to $22.2 million. 
 
Straco Corporation, listed on the Singapore Exchange S68 in 2004, operates assets such as the Shanghai Ocean Aquarium Lixing cable car service at Mount Lishan in Shaanxi province Underwater World Xiamen and the Singapore Flyer.
 
For the quarter under review, the group&rsquo s businesses in China recorded profitable performance and contributed positively. 
 
&ldquo While the cable car operation in Xian reported improvement in revenue and profitability over that of [the] corresponding period in 2023, both aquariums in Shanghai and Xiamen registered drops in revenue and profit, due to reduced spending among Chinese tourists and heightened competition,&rdquo says the company. 
 
Meanwhile, the Singapore Flyer reported higher revenue and profit in 3QFY2024 compared to the corresponding period last year, amid an increase in international visitors and support from local residents. Straco did not provide a breakdown by geography. 
 
Net cash generated from operating activities amounted to $21.44 million in 3QFY2024, 15% lower y-o-y. 
 
The group&rsquo s financial position &ldquo remains strong&rdquo with net cash holdings of $172.51 million as at Sept 30. 
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PhillipTan
Supreme |
12-Aug-2021 03:51
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Straco' s office units in International Plaza, set for collective sale, valued above bookTourism attractions operator Straco Corp has received a notice from the collective sale committee (CSC) of International Plaza Singapore, where the company owns two office units.In a bourse filing on Wednesday, Straco said that the units, which are for its own use, span about 4,218 square feet in total. The indicative independent third-party market valuation of the two units was around S$7.5 million, based on the information memorandum prepared by the CSC for illustrative purposes. That is roughly quadruple the two units' total carrying value of close to S$1.9 million in Straco' s unaudited financial statements for the half year ended June 30, 2021. Straco, which operates the Singapore Flyer, said it received the collective sale notice on Aug 6. The notice stated that as at July 7, owners of 791 units out of 962 units, representing 80.33 per cent of the total share value and 83.58 per cent of the total strata area in the development, have signed the collective sale agreement. The 50-storey International Plaza will soon be put on the market in what may potentially be Singapore' s largest collective sale in history, in terms of the number of units and value, Edmund Tie & Company said last Friday. Another Singapore-listed company, A-Sonic Aerospace, said this week that it has office units in the building. The CSC' s information memorandum stated that A-Sonic' s 3,810 square feet of office space there was valued at about S$6.6 million and may fetch approximate gross sales proceeds of S$9.3 million. Shares in Straco fell 1 per cent or 0.5 Singapore cent to finish Wednesday at 51.5 cents, before its announcement.   |
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ysh2006
Supreme |
10-Jun-2021 08:32
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Can get free ride for awarded of insurance claim $8.2 M ?
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WhereI
Master |
03-Dec-2020 08:41
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Long to spend your Singapore vouchers
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WhereI
Master |
30-Nov-2020 23:57
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Singapore Flyer Ready to fly again! | ||
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St.Maximus
Supreme |
20-Oct-2020 23:54
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Agreed. Been holding this since IPO when it was listed at 26 cents. It is cash rich and has good profitability. Not sure locals will use their tourist dollars to go on the Singapore Flyer
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Ricky2020
Member |
18-Aug-2020 09:43
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Straco corporation is the only SGX listed, tourism companies which will benefit from yesterday' s $320M additional funding announced to boost local tourism. With China opened and our Singapore Flyer also operational, this scrip could be one of the hidden multibagers. Yesterday volume was 10X daily volume.  Thoughts? |
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