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

SATS 1QFY13/14

Revenue                                    = $434.5m
Operating Profit                        = $40.7m
PATMI                                     = $46.3m
Underlying Profit From Ops     = $47.9M
Underlying Net Margin             = 11%
PATMI Margin                         = 10.6%
Debt-to-Equity                          = 0.09
EPS                                           = 4.1 cents
NAV                                         = $1.31
Cash & Cash Equiv                   = $490.7m
FCF                                           = $59m

Key costs are Staff Costs ($198m) and Raw Materials (87.8m)

StarHillGlobalReit 2QFY2013

Gross Revenue                            = $49.1m
NPI                                             = $39.1m
DPU Available For Distribution   = $26.7m
DPU                                           = 1.19 cents
Total Debt                                   = $858m
Gearing                                       = 30.3%
Interest Cover                             = 5.3
Avg Interest Rate                        = 3.03%
Unencumbered Asset Ratio        = 79%
NAV (Ajusted)                          = 0.88 cents
Total Assets                               = $2,835,822,000
Total Liabilities                          = $946,911,000
Net Assets                                 = $1,888,831,000
Free Float                                  = 61% (exclude YTL &AIA)

AscendasIndiaTrust 1QFY13/14

DPU                                                      =  1.14 cents
Total Property Income                          =  $31,250,000
NPI                                                        = $18,314,000
Income Available For Dist                    = 1.14 cents
NAV                                                      = 0.60 cents
Interest Cover                                         = 5.2
Gearing                                                   = 24%
Percentage Fixed Rate Debt                    = 100%
Average Cost Of Debt                             = 5.9%
Debt Headroom (40% Gearing)               = $200m

Currently at S$1 to INR 44.5

SuntecReit 2QFY2013

DPU                                            =    2.249cts
Net Property Income                    =    $27.956,000
Income Available For Distribution =    $50,857,000

Total Assets  =   $7,854,213,000
Total Debts   =   $3,058,838,000
Net Assets     =  $4,795,375,000
EPS               = 2.441 cents (diluted)
NAV              = $2.06
Ajusted NAV = $2.037

Outstanding Debt     = $2,905,000,000
Debt-to-Asset Ratio = 36.5%
Interest Cover          = 3.4

Corporate Rating = "Baa2"
Average All-in Financing Cost  = 2.68%

SPH 3QFY13

Operating Revenue                           $324,951K
Newspaper & Mag Revenue            $259,271K
Property Revenue                             $50,160K
Others Revenue                                $15,520K
Net Profit After Tax                         $189,790K
Operating Profits                              $91,535K
Total Assets                                     $5,528,903,000
Total Liabilities                               $1,698,003,000
Net Assets                                        $3,830,901,000
CAsh Equiv at End Of Period          $348,582,000
EPS                                                  12cents
NAV                                                 $2.33

PS:Advertising revenue fall by $8.8m (4.3%) to $197.8m. Circulation revenue contracted by $1.2m (2.3%) to $50.7m. other operating expenses rose to $24.4m (79.2%) mainly due to impairment of overseas magazine subsidiary of $15.6m.Change of accounting policy in investment property resulted in fair value gain of $111.4m this quarter.

K-Green 2QFY13

Revenue                                        $16,767K
Net Profits                                     $3,857K
Net Assets                                     $640,224K
Cash & Cash Equiv                       $34,663K
EPS                                                0.61 cents (FY2012 : 0.69 cents)
1H FY13                                        1.12 cents
Adjusted NAV                               $0.99
DPS                                                3.13 cents