China Merchant Pacific FY2013

Revenue                                 = HKD 1.9b
Profit (attributable to shr)      = HKD 614m
EPS                                        = HKD 61.34 cents
NAV                                      = HKD  5.98
Total Borrowings                  = HKD 3,668m
Net Borrowings                     = HKD 2,220m
Cash from Ops Activities      = HKD 1,208m
Cash & Cash Equiv               = HKD 1,448m

Note: Net borrowings fell from HKD 3,175m (FY2012) to HKD 2,220m (FY2013).

CityDev 4QFY2013

Revenue                    = $774m
PATMI                     = $221m
DPU                         = 8 cents(final)
EPS                           = 23.6 cents
NAV                         = $8.63
Gearing                     = 20%
Interest Cover           = 15.2x
Cash & Cash Equiv  = $2,871m
Net Borrowing         = $1,968m

Historical NAV
2007 - $5.72
2008 - $5.97
2009 - $6.57
2010 - $7.03
2011 - $7.51
2012 - $8.03
2013 - $8.63

SembCorp 4QFY2013

Revenue                       = $2,974M
Net Profit                     = $224M
EPS                             =  12.4 cents (Annualized 45.7 cents)

Profit From Operations
Utilities                         = $93.1M
Marine                          = $186.4M
Urban Dev                    = $39.3M
Other Businesses          = $7.1M
Corporate                    = ($4.3M)
Total                            = $321.6M

Financial Indicators
NAV                             = 2.93
Interest Cover               = 12
ROE                             = 17.1%
Gearing Ratio               = NET CASH
Free Cash Flow            = $1,429M

Wilmar 4QFY13

Revenue                    = $11,622m
EBITDA                   = $694m
Net Profits                = $369m
EPS                           = US5.8 cents

PBT by Segments
Palm & Laurics           =$220.6m
Oilseeds & Grains       =$115.6m
Consumer Products     =$74.7m
Plantation & Palm Oil = $87m
Sugar                           = $19.3m
Associates                   = $17.6m

Adjusted Net Debt/Equity = 0.36
Net Debt/EBITDA             = 5.1
NAV                                   = US234.5 cents
NTA                                   = US165.4 cents

AsiaPay TV Trust

Subscribers                                                       ARPU (TWD)
Basic Cable TV                        755K               537  
Premium Cable TV                  123K               207
Broadband                                180K               543

Revenue                          $78,693K
APTT EBITDA               $51,790K
 Nett Assets                     $1,321,058K
NAV                                92 cents
Total Borrowings            $943m
Total Interest Rate Cost  4%
Gearing                            38.9%
Interest Cover                  4
Gross Debt/EBITDA       4.8X
Sing$ to NT (1:23.578)

Facebook vs Tencent

Facebookis acquiring WhatApps for a cool amount of US19b whereas Tencent develop their popular version of mobile messaging WeChat inhouse. Based on this metric alone, I think facebook grossly underperform vs tencent.

In any case, I never buy the story of social networks companies that you get the users first and then figure on later how to monetise the users. In facebook case, they are quickly losing the users attention (especially the young) to mobile messaging platforms that forces the to make this huge acquisition.I believe there are tons of users on facebook that are either inactive or will never spent any significant amount of monies on the platform.

The real winner in this deal is Sequoia Capital, the primary early investor in WhatsApp!!!!Another is co-founder Anton who was earlier rejected at work interviews with twitter and facebook!!!!

SingTel 3QFY14

Revenue                      = $4263m
EBITDA                     = $1,264m
Net Profit                    = $872m
Underlying Net Profit = $910m
FCF                             = $712m
Associates PBT           = $506m
Net Debt                      = $7.1b
Gearing                        = 24.1%
Net Debt/(EBITDA+Associates Pre-Tax Profits) = 1.0x
(EBITDA+Associates Pre-Tax Profits)/Net Interest Expense = 28x

SAT 3QFY13/14

Revenue                                    = $465.5m
Operating Profit                        = $42.0m
PATMI                                     = $42.9m
Underlying Profit From Ops     = $42.9m
Underlying Net Margin             = 9.2%
PATMI Margin                         = 9.2%
Debt-to-Equity                          = 0.08
EPS                                           = 3.8 cents
NAV                                         = $1.22
Cash & Cash Equiv                   = $353.5m
FCF                                           = $78.9m

Key costs are Staff Costs ($204.1m) and Raw Materials (103.6m)

SingPost 3QFY2013

Revenue                                        = $222.6m
Operating Expenses                      = $182.2m
Operating Profit                            = $40.2m
Net Profit                                      = $39.5m

Mail  Revenue                             = $133.2m  (Profit $37.8m)
Logistics Revenue                       = $101.2m    (Profit $6.2m)
Retail Revenue                            = $22.6m    (Profit $2.6m)

Borrowing                                  = $228.1m
EBITDA/Interest                       = 35.2x
Cash & Cash Equiv                   = $362.5m
EPS                                            = 1.867 cents
NAV                                          = 36.43 cents