Thursday, October 30, 2014

DBS Bank 3QFY14 Results

A quick summary of the above.

Total Assets                       = $424,383m
Total Liabilities                 = $385,110m
Net Assets                          = $39,273m

It can be seen that banks are highly leverage business. In DBS case, it leverage approximately   $10 for every dollar of net asset.

Net Book Value                 =$14.36
Common Equity Tier 1      = 13.4%
ROE                                   = 11.2%
ROA                                   = 0.95
NPL  ratio                           = 0.9
Cost/Income Ratio              = 44.1
Loan/Deposit Ratio             = 85.8%
SP/Avg Loan (bp)               = 22

NPL                                   = $2,525m
Breakdown
Singapore                          = $414m
HongKong                         =$251m
Greater China                    =$318m
South & South East Asia  =$944m
ROW                                 =$98m

It can be seen that NPL for South & South East Asia is quite high relatively.

Customer Deposit (in Currency)
Singapore  $                         =$137,256m
US$                                      =$88,016m
HKG$                                  =$29,499m
Yuan                                    =$18,952m
ROW                                   =$31,529m

Customer Loan (in Geography)
Singapore                           =$125,145m
HongKong                          =$46,848m
South & South East Asia    =$23,573m
Rest Of Greater China        =$49.097m
ROW                                   =$20,538m

It can be seen that approximately half of the loans are outside Singapore. So, DBS would be a good proxy to bet on the Asia ex Japan growth.

StarHillGlobal Reit 3QFY14

Gross Revenue                            = $48.6m
NPI                                             = $39.6m
DPU Available For Distribution   = $28.6m
DPU                                           = 1.27 cents
Total Debt                                   = $859m
Gearing                                       = 29.1%
Interest Cover                             = 5.1
Avg Interest Rate                        = 3.15%
Unencumbered Asset Ratio        = 80%
Avg Debt To Maturity               = 3.6 years
NAV (Adjusted)                          = $0.92 cents
Total Assets                               = $2,946,513,000
Total Liabilities                          = $938,642,000
Net Assets                                 = $2,007,871,000
Free Float                                  = 55% (exclude YTL &AI

Monday, October 27, 2014

CDL Hospitality Trust 3QFY14

Revenue                         = $40,113m
NPI                                 = $33,823m
Debts/Asset Ratio          = 30.2%
Total Assets                   = $2,316m
Interest Cover                = 8.3
DPU                               = 2.61 cents (3QFY13 2.63 cents)

Singapore Hotels
Occupancy          92%
ARR                    $209
RevPAR              $192

AscendasIndiaTrust 2QFY14/15

Total Property Income                          =  Rupee 1,553m
NPI                                                        =  Rupee 929m
Income Available For Dist                   =  $12.9m
DPU                                                      =  1.25 cents
NAV                                                      = 62 cents
Interest Cover                                         = 4.3
Gearing                                                   = 22% (taken acct of adjusted computation Gross Borrowing  +/- derivative financial instruments assets or liabilities)
Percentage Fixed Rate Debt                   = 100%
Average Cost Of Debt                            = 6.5%
Effective Borrowings                             = $236m

Currently at S$1 to INR 48.

Friday, October 24, 2014

CapitalRetail China Trust 3QFY2014

Revenue                                         = RMB 253,708,000
NPI                                                 = RMB 159,326,000
Income Available For Dist            =  $19,484,000
DPU                                               = 2.35 cents (2.13 cents for 2Q2013)
NAV                                               = $1.47 (net of dist)
Gearing                                           = 30.8%
Net Debt/EBITDA                          = 5.9
Interest Cover                                  = 5.4
Avg Term To Maturity                   = 2.16
Avg Cost Of Debt                           = 3.47%

Tuesday, October 21, 2014

SoilBuild 3QFY2014

Revenue                                 = $16,916,000
NPI                                         = $14,193,000
Distributable Income              = $12,539,000
DPU                                        = 1.546 cents
Borrowings                              = $289m
NAV                                        = 80 cents
Aggregate Leverage                = 30.3%
All-In Interest Rate                  = 3.08%
Interest Cover                          = 5.1
Weighted Avg Debt Maturity  = 2.0 years
S&P Ratings                            = BBB-

SuntecReit 3QFY2014

Gross revenue                                  = $71.5m
Net Property Income                       = $48.8m
Income Available For Distribution  =$58.3m
DPU                                                  = 2.328 cents

Total Assets  =   $8,365m
Total Debts   =   $3,087m
Net Assets     =  $5,144m
NAV              = $2.033

Outstanding Debt     = $2.907b
Debt-to-Asset Ratio = 34.4%
Interest Cover          = 4.6

Corporate Rating = "Baa2"
Average All-in Financing Cost  = 2.42%