CHC Trial

I read the updates to the ongoing trial. For a start, I will reserve comment on the verdict as to let the long arms of the law take its natural course. Whether the accused six are guilty or not is for the law to decide and not individuals like me despite our preferences, inclinations whatever.

However, one point is quite clear to me. The justification from the church for spending all these monies is for the crossover project to reach out to more secular people out there.I think it has gotten the opposite effect. Due to the trial, perceived excesses and the people's perception of the 'china wine' video, my personal opinion is that the secular world is going to be even more sceptical and difficult to reach after this episode.

I am not vested in CHC or anything related.

CitySpring Q1FY14

Cash Earnings                                   = $16m
(City Gas = $13.1m, SingSpring= $3.5m, Basslink = A$1.4m)
Net Loss After Income tax                = $1,525,000
City Gas (Customers)                        = 673,320
Net Assets                                          = $358,524,000
Borrowings                                        = $1,244,082,000
Cash & Cash Equiv                            = $157,105,000
DPU                                                    = 0.82 cents

Asia Pay TV Trust 2QFY2013

Subscribers                                                       ARPU (TWD)
Basic Cable TV                       753K                538    
Premium Cable TV                  118K               209
Broadband                                179K               547

Revenue                          $122,681,000
Distributable  FCF          $53,076,000
Nett Assets                      $1,354,810,000
NAV                                94 cents
Total Borrowings            $915,830,000
Total Interest Rate Cost  4%
Gross Debt/EBITDA       4.8X
DPS                                  4.8 cents (1H FY2013)

Remarks: currently, the bulk of the assets is intangible assets which refer to cable TV licenses. APTT management classify them as having indefinite value lives thus no amortisation charge made against the carrying value. I personally do not agree to this approach as it is too optimistic.

China Merchant Pacific 2QFY2013

Revenue                                                   = HK$479,763,000
PAT (shr)                                                 = HK$175,738,000
Total Assets                                             = HK$13,455,542,000
Total Current Liabilities                          = HK$1,708,451,000
Total Non-Current Liabilities                  =HK$4,379,869,000
Interest Bearing Liabilities (current)        = $271,167,000
Interest Bearing Liabilities (non-current) = $3,680,901,000
Net Assets                                                 = HK$7,367,222,000
Net Asset Value                                        = HK$5.64 (Assume RCPS Conversion)
EPS                                                           = 17.42 HK cents
Cash Flow from Ops                                = HK$411,477,000
Cash & Cash Equiv                                  = HK$1,603,352,000
Convertible Bonds                                    = HK$1,163,000,000 (convert price 0.84 HK cents & about 30% of issue shr capital)

Wilmar 2QFY2013

Revenue                                       = $10,426m
EBITDA                                       = $427m
Nett Profit                                     = $219m
EPS                                               = 3.4 cents ($US)
ROE                                              = 9.8%
ROA                                              = 3.4%
Return On Invested Capital           = 5.8%
Return on Avg Capital Employed = 5.6%

NTA                                  = 157.9 cents (US cents)
NAV                                 = 227.0 cents (US cents)

Interest Coverage              = 15.4
Nett Debt/EBITDA           = 5.0
Nett Debt/Equity               = 0.86
Adjusted Debt/Equity        =0.40

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)