Sunday, April 29, 2012


Results released on 30/4/2012.

Gross Revenue                                    = $45,565K
NPI                                                    =$30,857K
Distributable Amount                           =$15,008K
EPU                                                    =0.82 cents
DPU                                                   = 0.69 cents
Total Assets                                        =$1,607,707K
Total Liabilities                                    =$374,827K
NAV                                                   = 56.62 cents

Friday, April 27, 2012

SingPost Q4 FY2011/2012

Results released on 27/4/2012.

Underlying Profit                    = $26.8 M
EPS (Q4 FY2011/2012)         = 1.553
DPU Q3 FY2011/2012           = 2.5 cents
Net Gearing                            = 0.766x
EBITDA to Interest Expenses = 17.2x
Total Liability                           = $770.4M
Borrowing                               = $505.7M
Cash & Cash Equiv                 = $617.4M
Net Assets                               = $659.8M
NAV  (as at 31th Dec 2011)    = 34.93 cents

Domestic Mail                         = $96,370,000
Logistic                                   = $53,959,000
Retail                                       = $18,154,000

Ascendas India Trust Q4 FY2011/2012

Results released on 27/4/2012

Total Property Income                         = INR 1353m ($34.3m)
Net Property Income                           = INR 765m ($19.4m)
Profit Before Tax                                 = INR 554m ($14m)
Distributable Income                            = INR 442m ($11.2m)
DPU                                                    = INR 57.5 (1.46 cents)
SGD/INR FX Rate = 39.5

Interest Cover                      = 4.0
% Of Fixed Debt Rate          = 100%
Gearing                                 = 29%
Weighted Abg Cost Of Debt = 6.2%
NAV                                     = 0.71 cents

CMPH - Q1FY2012

Results released on 27/4/2012.

Revenue                                         = HK$370,127K
Net Profit After Tax                        = HK$179,502K
Net Profit Attributable to Company = HK$112,184K
Non-controlling Interest                   = HK$67,318K
EPS                                                = HK 13.13 cents
NTA                                               = HK$5.02

Thursday, April 26, 2012

StarHill Global Reit Q1FY2012

Results released on 26/4/2012.

Gross Revenue                            = $46m
NPI                                            = $37.3m
DPU Available For Distribution   = $23.3m
DPU                                           = 1.07 cents
Total Debt                                   = $859m
Gearing                                       = 30.4%
Interest Cover                             = 4.8
Avg Interest Rate                        = 3.26%
Unencumbered Asset Ratio        = 42%
NAV                                         = 0.94 cents
Net Assets                                 = $1,859,927,000
Free Float                                  = 60% (exclude YTL &AIA)

Tuesday, April 24, 2012

Suntec Reit Q1FY2012

Results of Q1FY2012 released on 24/4/2012

DPU (Q4FY2011)                       =    2.453cts
Net Property Income                    =    $49,000,000
Income Available For Distribution =    $54,877,000

Total Assets  =   $7,500,419,000
Total Debts   =   $2,941,490,000
Net Assets     =  $4,558,929,000
NAV              = $1.987

Debt-to-Asset Ratio = 37.4%
Interest Cover          = 4.2

Corporate Rating = "Baa2"
Average All-in Financing Cost  = 2.78%

Suntec Reit is trading far below is NAV.

Saturday, April 21, 2012

First Reit Q1FY2012

Results for Q1FY2012 released on 20/4/2012.

NAV (as at 31th 2011)  = 79.99 cents
DPU (Q4FY2011)         = 1.93 cents (include 0.34 cents from divestment of Adam Road Property)
Annualized DPU            = 7.76 cents
Total Assets                   = $654,773,000
Total Liability                = $151,557,000
Total Debt                      = $97,373,000
Net Property Income      = $13,867,000
Distributable Income       = $12,138,000
Debt to Property Valuation Ratio = 16%
Number Of Units in Usse             = 629,104,828

Based on $8.7m gain in the Adam Road Property divestment, it amount to approx to $1.30 per shr.So, $1.30/0.34 is about 4. Hence, expect the gain to be distributed in 4 quarters starting from 3QFY2011.

Monday, April 16, 2012

K-Green Q1 FY2012

Profit After Tax                 = $3.5million
EPS                                   = 0.56 cents
NAV (at 31 March 2012)  = $1.07
Cash Generated from Ops = $11.7 million
Revenue                             = $19 million
Net Assets                          = $671,186K
Net Liability                       = $15,005K

Friday, April 13, 2012

SPH Q2FY2012

Revenue                           = $302,786K
Revenue (Newspaper & Magazine) = $234,534K
Net Profit After Taxation = $83,864K
Total Assets                     = $3,690,750K
Total Liabilities               = $1,463,212K
Net Assets                        = $2,227,538K
Cash & Cash Equiv          = $244,324K
EPS                                  = 0.05 cents
NAV                                 = $1.34

Monday, April 2, 2012

DBS-Danamon Dilution Estimate

I did a quick calculation on the impact of dilution on DBS share price for the other shareholders other than Temasek. Since Temasek own 29.5% of DBS and will receive its 67% stake in Danamon entirely in stock at $14.07 apiece, we can ignore Temasek in our calculation as it is a matter of transferring ownership from right hand to left hand. The stock dilution for the other shareholders is around 1.07B for the excess paid over market price in DBS stock to Temasek (2/3 of (4.8-3.2)).

For the other shareholders of Danamon, they will receive cash for the remaining stake for a sum of $2.2B. Since this value is calculated at a premium of 56% over the last trading price of Danamon before the announcement, the excess value paid over the market price is 0.77B. The market capitalisation of DBS (excluding Temasek) is around 20B (estimate at $14.18 before announcement).

If we will to assume that the excess value is shared by the remaining shareholder of DBS (excluding Temasek) is 0.77*2/3 = 0.52, then the total dilution is estimated to be around (0.52+1.07)/20 = 8%.

Sunday, April 1, 2012

DBS to buy Bank Danamon

This is the big announcement today. As I hold DBS shares, of course I am interested in the details of the deal. From what I gathered, two thirds of the deal will be financed by issuance of new shares and one thirds through internal cash and senior debt issuance. I have serious reservations about the price of the deal as I think Temasek may be the main beneficiary at the expense of other shareholders. The proposed purchase price at a book value of 2.62 is too high although lower than the Dao Heng's 3.33 (which was evidently overpriced). However, since the major portion of the deal is financed in stock at a share price of $14.07, it may provide some support to the share price at around $14.

DBS, controlled by Singapore’s state-run Temasek Holdings Pte , said it will pay its parent company 45.2 trillion rupiah ($4.9 billion) in new shares for its 67 percent stake and buy the remaining stock from other shareholders for 21.2 trillion rupiah in cash. Temasek will increase its stake in DBS to 40.4 percent from 29.5 percent.
DBS will issue 439 million new shares at S$14.07 apiece to buy the stake from Temasek. DBS will offer to buy the remaining shares at 7,000 rupiah each, a 52 percent premium from Danamon’s closing price of 4,600 rupiah on March 30. That amounts to 2.62 times Danamon’s book value, higher than the median of 2.2 for deals worth more than $1 billion in the global banking industry over the past five years, according to data compiled by Bloomberg.

The transaction would be DBS’s biggest purchase, eclipsing the $5.4 billion it paid for Hong Kong’s Dao Heng Bank Group Ltd. in 2001. In that deal it paid 3.33 times book value, according to Bloomberg data.

In June 2003, Temasek and Deutsche Bank AG (DBK), Germany’s biggest bank, through Asia Financial Indonesia, paid 3.08 trillion rupiah for a 51 percent stake in Danamon. Temasek now owns all of Asia Financial through Fullerton Financial.