Technics Oil & Gas - Jialat

Just read that Technics Oil & Gas has applied to the courts to be placed under judicial
management. This is quite jialat. Luckily I am not vested in this counter but I am vested
in Soilbuild Trust where Technics Oil & Gas has a leasing agreement on its current premises.

OUE Comm Reit 1QFY2016

Revenue                          $42.9m
NPI                                  $33.3m
Amount Avail For Dist   $17.0m
DPU                                1.32 cents
NAV                                91 cents
Gearing                            40.5%
Avg Cost Of Debt            3.56%
Avg Term Of Debt           2.04 years
Interest Cover                   3.4 years

APTT 1QFY2016

Subscribers
Basic Cable TV                       759K (ARPU: NT$ 528)
Premium Digital TV                149K (ARPU: NT$173)
Broadband                                195K (ARPU: NT$493)

Revenue                                    $77,832,000
EBITDA                                    $46,014,000 (EBITDA Margin: 59.1%)
Gearing                                      46.5%
Interest Cover                            Greater than 4
NAV                                           82 cents

China Merchant Pacific - Buyout Offer $1.02/shr

China Merchant Group has launched a conditional voluntary cash offer of $1.02/shr for
China Merchant Pacific. the price will not be adjusted for the dividend to be paid on 19th May( 3.5 cents /shr).

The offer represent a premium of 22.9% over the last traded price of 83 cents on 5th May before trading halt pending news release.The Offeror current own 75.9% of the shares and intend to privatise and delist the company.

Frankly, I sort of saw this coming since last year when the the Offeror (through Easton Holding) took up all the rights issue at $1/shr when the share price was trading below $1.You list a company so that you can raise capital but if you cannot effectively raise capital and you own more than 75% of the company then it will make better sense to delist. Maybe their intention is to delist and then relist on HKEx later on.

As for me, I had the fortune to bought an additional 10 lots at 76 cents two months earlier
on top of what I already own. All in all, my average purchase price/shr is around 60 cents (exclusive of dividends). So the current buyout offer is attractive to me. The only remorse is that there is less one good company to invest in SGEx.

SembCorp 1QFY16

Summary of Sembcorp’s 1Q2016 Financial Results
 Turnover at S$1.9 billion, down 19%



 Profit from Operations* at S$237.5 million, down 6%

 Net Profit at S$107.0 million, down 25%

 EPS at 5.5 cents

 ROE (annualised) at 6.7%

Group Net Profit

  (S$M) 1Q16 1Q15 Δ%

Utilities 75.2  74.5 1

Marine 33.5  64.7 (48)

Urban Development 1.2 1.1 14

Other Businesses 9.1 9.7 (7)

Corporate* (12.0) (7.8) (54)

 

TOTAL NET PROFIT 107.0 142.2 (25)

  *
 

LMIRT 1QFY16

Revenue                                 = $45,524,000
NPI                                         = $40,832,000
Distributable Income             = $23,178,000
DPU                                       = 0.83 cents
NAV                                       = 38 cents
Gearing                                   = 35.7%