CRCT 3Q2013

 Gross revenue                                                   = RMB 191,720,000
 NPI                                                                    = RMB 121,115,000
 Distributable Income                                         = $17,081,000
DPU                                                                    = 2.26 cents (SG)
Gearing                                                               = 25.8 %
Nett Debt/EBITDA                                             = 5.1
Interest Coverage                                                = 8.4
Avg Term To Maturity                                        = 2.01
Avg Cost Of Debt                                                = 2.60%
NAV                                                                     = $1.45

K-Green 3QFY2003

Revenue                                        $17,082K
Net Profits                                     $3,796K
Net Assets                                     $624,308K
Cash & Cash Equiv                       $28,453K
EPS                                                0.60 cents (FY2012 : 0.56 cents)
1H FY13                                        1.72 cents
Adjusted NAV                               $0.99

SPH FY2013

Operating Revenue                                        = $1,239,452,000
Operating Profit                                             = $369,288,000
Fair Value Gain on Investment Properties    = $111,407,000
Investment Income                                        = $13,971,000
Net Profit Attributable to Shareholders         = $430,954,000
EPS                                                                = 27 cents (include 7 cents from Change in Fair Value)
NAV                                                              = $2.19

Operating EPS is only 20 cents for FY2013 so need to monitor this to see if there is deterioration in SPH's fundamentals. Advertisement revenues declined by $31.7m and circulation revenue declined by $7.2m. Operating expenses increased by $40.4 due to impairments and set up costs.

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)