Friday, March 17, 2017

M1 Halted, SPH Halted, KTT Halted??


Today, I see something that I do not see often in the SGX. The trio of M1, SPH and KTT all have halted the trading of their shares. Both SPH and KTT are two of the three major shareholders in M1 with Axiata as the third major shareholder.

So what is in the offing?? I bet a sale of M1 is in the process to consolidate the ownership of M1 into a single majority shareholder.

It is be clear by next week!

Wednesday, February 22, 2017

CityDev 4QFY2016

Revenue                       $1,167m
PATMI                         $244m
EPS                              26.1 cents
NAV                             $10.22
ROE                             7.03%

Recurring Income Segment comprises of 55% EBITDA and 52% Total  Assets
International Income Segment comprises of 58% EBITDA and 45% Total Assets

Net Borrowings            $1865m
Gearing                         16%
Interest Cover Ratio     12.5X

CityDev has a gearing of 16% without taking into consideration fair value gains on investment properties!!!! It is one of the least geared companies in STI, I think.

Monday, February 20, 2017

Wilmar - FY2016


                                                       Dec 2016    Dec 2015
Debt/Equity (x)                              0.81            0.82
- Net Debt                                      $11,692m   $11,817m
- Shareholders' funds                     $14,435m   $14,394m
Adjusted Debt/Equity (x)               0.35            0.41
- Liquid working capital                $6,706m     $5,933m
- Adjusted Net Debt                       $4,986m    $5,884m
Net debt/EBITDA (x)                    5.21           5.63
Adjusted Net Debt/EBITDA (x)    2.23           2.80
EPS                                                15.4           16.1
NTA                                               159.4         158.6
NAV                                                228.5         227.6

Friday, February 17, 2017

Ezion - Profit Warning Q4FY2016 & FY2016

Ezion issued the following statement on Fri 17/2/2017:-

"As the market conditions of the global oil and gas industry remains uncertain, the Group has carried out an assessment on the impairments of its assets. While the value of the impairments are yet to be determined, the Group is expected to record a net loss for 4Q2016 and 12M2016 from this exercise. "

The turbulence in the O&G industry remains unabated.

Wednesday, February 15, 2017

SAT

I recently divested my investment in SAT at a price of $5.25/shr. Not that I think SAT is a  company that do not deserved holding on but it is more a case of valuation. The recent quarter and YTD 9 month earning are 5.8 cents/shr and 17.2 cents/shr corresponding. At a price of $5.25, this give a PE of about 22 if you take the anualized earnings. Although SAT has low or virtually no debt (debt/equity = 0.07) ,  is in a business area where entry of new competitors is not so easy and there may be potential growth oppotunities, I think the valuation has outrun the fundamentals of the company.

This in part I think is due to the inclusion of SAT into the STI last year.ETF funds who track the STI will automatically trigger buy into SAT leading to its higher valuation vis-a-vis earnings.

As such,  I decided to let go of my holdings at $5.25 but if a buying opportunity come up later, I will definitely consider again.

LMIRT 4QFY2016

Revenue                                 = $48,706,000
NPI                                         = $44,566,000
Distributable Income             = $24,335,000
DPU                                       = 0.87 cents
NAV                                       = 39 cents
Gearing                                   = 31.5%
Occupancy                              = 94.3%
Total Debt                               = $650.7m