CapitalRetail China Trust 4QFY2013

Revenue                                         = RMB 202,592,000
NPI                                                 = RMB 126,546,000
Income Available For Dist            = RMB 17,737,000
DPU                                               = 2.2 cents (4.33 cents for 2nd half of 2013)
NAV                                               = $1.43
Gearing                                           = 32.6%
Net Debt/EBITDA                          = 7.5
Interest Cover                                  = 8.1
Avg Term To Maturity                   = 2.38
Avg Cost Of Debt                            = 2.6%

CDL Trust 4QFY3013

Revenue                                                      = $39,424,000
NPI                                                              = $36,460,000
Income Available For Dist                          = $31,644,000
Occupany                                                     = 87%
ARR                                                             = $215
RevPAR                                                       = $187
Gearing                                                         = 29.7%
NAV                                                             = $1.63
EPS                                                               = 2.92 cents
DPU                                                              = 4.63 cents (1th Jul 2013 - 31th Dec 2013)

StarHillGlobal 4QFY2013

Gross Revenue                            = $49.1m
NPI                                             = $38.8m
DPU Available For Distribution   = $27.2m
DPU                                           = 1.23 cents
Total Debt                                   = $853m
Gearing                                       = 29.0%
Interest Cover                             = 5.4
Avg Interest Rate                        = 3.03%
Unencumbered Asset Ratio        = 80%
NAV (Ajusted)                          = $0.92 cents
Total Assets                               = $2,943,153,000
Total Liabilities                          = $933,009,000
Net Assets                                 = $2,010,144,000
Free Float                                  = 55% (exclude YTL &AIA)

KeppelCorp 4QFy2013

Revenue                                        = $3,598m
Operating Profit                            = $474m
Net Profit                                      = $332m
EPS                                                = 18.4 cents
NTA                                               =$5.32
Gearing                                           = 0.11X

Revenue by Segments
Offshore & Marine                        = $2,071m
Infrastructure                                 = $975m
Property                                         = $538m
Investments                                    = $14m

Net Profit by Segments
Offshore & Marine                         = $270m
Infrastructure                                   = ($111m)
Property                                           = $156m
Investments                                      = $17m

Obviously, Infrastructure is pulling down Keppelcorp down in 2013 by costs overrun in two major EPC projects.

SuntecReit 4QFY2013

Gross revenue                                  = $71.6m
Net Property Income                       = $49.8m
Income Available For Distribution  =    $58.2m
DPU                                                  = 2.562 cents

Total Assets  =   $8,322m
Total Debts   =   $3,337m
Net Assets     =  $4,844m
NAV              = $2.108

Outstanding Debt     = $3.198b
Debt-to-Asset Ratio = 38.0%
Interest Cover          = 3.7

Corporate Rating = "Baa2"
Average All-in Financing Cost  = 2.5%

AscendasIndia Trust 3QFY13/14

Total Property Income                          =  $28.976,000
NPI                                                        = $18,409,,000
Income Available For Dist                   = 1.22 cents
DPU                                                      =  1.10 cents
NAV                                                      = 58 cents
Interest Cover                                         = 4.9
Gearing                                                   = 22% (taken acct of adjusted computation Gross Borrowing  +/- derivative financial instruments assets or liabilities)
Percentage Fixed Rate Debt                   = 100%
Average Cost Of Debt                            = 6.0%
Debt Headroom (40% Gearing)              = $266m

Currently at S$1 to INR 47.6

SoilBuild Trust 4QFY2013

Revenue                            = $16,333,000
NPI                                    = $13,693,000
Distributable Income         = $12,150,000
DPU                                   = 1.51 cents
Borrowings                        = $275,331,000
NAV                                  = 80 cents
Aggregate Leverage           = 29.3%
All-In Interest Rate             = 3.12%
Interest Cover                     = 5.5
S&P Ratings                        = BBB-

KGreen FY2013

Revenue                                        $67,113K
Net Profits                                     $14,183K
Net Assets                                     $627,636K
Cash & Cash Equiv                       $43,143K
EPS                                                2,25 cents
DPS 2HFY2013                            4.69 cents
Adjusted NAV                               $0.95

KReit 4QFY2013

Property Income                               = $47,492K
Net Property Income                        = $37,350K
Share Of Results Of Associates        = $15,764K
Income Available For Distribution   = $54,920K
DPS                                                    = 1.97 cents
All-In Interest Rate                            = 2.15%
Weighed Avg Term Of Expiry          = 3.6 years
Interest Cover                                     = 5.5
Percentage Fixed Of Debt                  = 70%
Total Borrowing                                 = $3,031m
NAV                                                   = $1.38
Aggregate Leverage                            = 42.1%

FirstReit 4QFY13

NAV                              = 96.64 cents
DPU                               = 1.97 cents
Annualized DPU            = 7.52 cents
Total Assets                   = $1,108,533,000
Total Liability                = $425,634,000
Total Borrowing            = $357,800,000
Gearing                          = 32.3%
Net Property Income      = $21,653,000
Distributable Income       = $13,955,000
Cash & Cash Equiv        = $29,331,000

SPH 1QFY2014

Operating Revenue                                        = $328,475,000
(Newspaper & Magazine)                              = $255,869,000
(Properties)                                                     = $50,787,000
(Others)                                                          = $21,819,000
Operating Profit                                             = $116,873,000
 Profit Before Taxation                                  = $118,499,000
Profit After Taxation                                      = $97,696,000
Cash & Cash Equiv                                        = $815,245,000
Investment Income                                        = $5,119,000
Net Profit Attributable to Shareholders         = $88,815,000
EPS                                                                = 5 cents
NAV                                                              = $2.10

PS: This quarter incurred a financing cost of $4.2m for SPHReit. Display Adv which form 60% of Adv revenue for Newspaper & Magazine experience a smaller 1.7% YoY decline compare to previous past few quarters.

DBS Vs OCBC

Recently DBS surge a bit whereas OCBC retreated since news of OCBC impending bid for HK Wing Hang Bank. Banking sector in HK is low ROE akin to Singapore due to the intense competition and developed nature of the market unlike for example Indonesia where there could be ample untapped potential. For OCBC to buy into Wing Hang at around twice book value is going to be expensive if you consider that the business is not going to be terrific. Just look at DBS's acquisition of Dao Hang. All three Singaporean banks trade between 1-1.5 book value despite operating in an environment similar to HK.

Hence, I see the event triggering a rotation of some investors out of OCBC to DBS since DBS is trading at a slightly lower PE/BV ratio than OCBC's. Previously OCBC justify a higher PE/BV ratio due to a more solid operating profile but that will also change if the acquisition of Wing Hang go through.

All said but if OCBC managed to secure a deal at around 1.6 PE/BV of Wing Hang, it may be worth it since it allow them to expand into China at a reasonable price relative to its current PE/BV ratio.

A Picture to Remember Human Ingenuity and Creativity

What a wonderful way to start the new year by remembering the greatest minds that forge the foundations of modern physics.

 

I have the greatest respect for all of the above gentlemen. However, I admire Paul Dirac the most, followed by Einstein.