SembCorp 2QFY2013

Revenue                       = $2,499M
Net Profit                     = $165M
EPS                             =  9.3 cents

Profit From Operations
Utilities                         = $170.5M
Marine                          = $155.4M
Urban Dev                    = ( $4.4M)
Other Businesses          = $4.4M
Corporate                    = (28.11.0M)
Total                            = $297.8M

1HFY2013 Financial Indicators
NAV                            = 2.54
Interest Cover               = 10
ROE                             = 14.6%
Gearing Ratio                = 0.10
Free Cash Flow            = $828M

CDL Q2FY2013

Revenue                                      = $802m
PATMI                                       = $204m
EPS                                             = 21.7 cents
NAV                                           = $8.30 (1HFY2013)
Net Borrowings                          = $2087m
Interest Cover                             = 15X
Cash & Cash Equiv                    = $2518m
Gearing                                       = 22%

Segment                             Revenue                                  Profit/Loss
Property Development       $303,236,000                          $61,645,000
Hotel Ops                           $391,897,000                          $54,769,000
Rental Properties                $77,420,000                            $160,330,000
Others                                 $29,057,000                            ($3,774,000)

Big bulk of the profit came from the sale of an industrial site at 100G Pasir Panjang. Investment properties are stated at cost less accumulated depreciation and accumulated impairment.

SingPost 1QFY13/14

Revenue                                        = $201.3m
Underlying Net Profit                   = 36.6m
Operating Profit                            = $48.7m
Net Profit                                      = $38.1m

Mail  Revenue                             = $114.7m  (Profit $36.8m)
Logistics Revenue                       = $93.8m    (Profit $3.3m)
Retail Revenue                            = $20.8m    (Profit $2.8m)
Others                                          = ($27.8m) (Profit $5.6m)

Domestic Mail                             = $62.5m (+3.1%)
International Mail                        = $40.6m (+25.0%)
Hybrid Mail                                 = $10.8m (+57.8%)
Philatelic                                      = $0.7m   (-19.2%)

Borrowing                                  = $227.6m
EBITDA/Interest                       = 32.1X
Cash & Cash Equiv                   = $383.1m
EPS                                            = 1.768 cents
NAV                                          = 35.17 cents

LMIR 2QFY2013

Results released on 1/8/2013.

Gross Revenue                                  = $40,070,000
NPI                                                    = $37,859,000
Distributable Amount                       = $20,462,000
EPS                                                   = 1.02 cents
DPU                                                  = 0.93 cents
Total Assets                                      = $1,950m
Total Debt                                         = $472.5m
Other Liabilities                                = $231.9m
NAV                                                  = 56.7 cents
Gearing                                              = 24.2%
Portfolio (Valuation)                         = $1,753.3m (31th Dec 2012)

DBS 2QFY2013

Net Interest Income                                  = 1,382m
Net Fee & Comms Income                       = 477m
Other Non-Fee Income                             = 450m
Net Profit                                                  = $887m
DPS                                                           = 28 cents (1H)

NIM                                                           = 1.62
Non-Interest/Total Income                        = 40.1
Cost/Income Ratio                                     = 42.7
ROA                                                           = 0.94
ROE                                                           = 10.9
Loan/Deposit Ratio                                    = 89.8
NPL                                                            = 1.2
EPS (diluted)                                              = 1.44
Net Book Value                                          = 13.12
SP/Avg Loan                                              = 22
Tier 1 Capital Adequacy Ratio                   = 12.9
Total Capital Adequacy Ratio                    = 15.5

I am curious why the Net Book Value in 2QFY3013 is less than 1QFY2013 ($13.25)????Also, I see a limit to Loan/Deposit Ratio stretching now to almost 90%. Increase in net profit come basically from the more volatile Non-Interest Income segment.

SBS & SMRT

I divested out of SBS and SMRT early this year as I am not convinced that the deteriorating fundamentals can be arrested and improved upon over time.The fact that both companies are currently being run by ex-SAF personnel is also a major source of concern as they lack the business acumen and sensitivity to minority shareholders interests.Operating in a climate where raising fare is politically sensitive and with foreign drivers clamouring for equal treatment with local drivers, I do not think operating margin can improve but will definitely deteriorate. I also see no sign that management is willing to share the pain with minority shareholders in instituting pay reform at management levels.Looking at the current set of results from SMRT, I feel vindicated in my decision to get out early this year. I am a buy and hold investor but will divest when business fundamentals no longer warrant holding the stocks.
I incurred a small loss on both stocks on my divestment without including the dividends. With dividends, I would probably have a made a small profit.

FirstReit 2QFY2013

Results for Q2FY2013 released on 26/7/2013

NAV (as at 30/6/2013)  = 89.65 cents
DPU                               = 0.86 cents (22/5/2013 to 30/6/2013)
Annualized DPU            = 7.24 cents
Total Assets                   = $1,070,869,000
Total Liability                = $439,653,000
Total Borrowing            = $357,800,000
Gearing                          = 33.4%
Net Property Income      = $19,696,000
Distributable Income       = $12,700,000
Cash & Cash Equiv        = $22,103,000