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.

APTT 3QFY2013

Subscribers                                                       ARPU (TWD)
Basic Cable TV                        754K               537   
Premium Cable TV                  121K               208
Broadband                                180K               545

Revenue                          $78,614K
APTT EBITDA               $46,501K
 Nett Assets                     $1,307,833K
NAV                                91 cents
Total Borrowings            $916,867,000
Total Interest Rate Cost  4%
Gearing                            38.6%
Interest Cover                   Greater than 3
 Gross Debt/EBITDA       4.7X
Sing$ to NT (1:23.578)

CMPF 3QFY2013

Revenue                                 = HKD 486 m
Profit (attributable to shr)      = HKD 145.8m
EPS                                        = HKD 14.64 cents
NAV                                      = HKD  5.87
Interest Bearing Liabilities (curr)         = HKD 256m
Interest Bearing Liabilities (non curr)  = HKD 3,443m
Cash from Ops Activities                     = HKD 352m
Cash & Cash Equiv                              = HKD 1,533m

LMIR 3QFY3013

Results released on 6/11/2013.

Gross Revenue                                  = $38,956,000
NPI                                                    = $37,144,000
Distributable Amount                       = $19,136,000
EPS                                                   = 1.10 cents
DPU                                                  = 0.87 cents
Total Assets                                      = $1,512m
Total Debt                                         = $472.5m
Other Liabilities                                = $208.9m
NAV                                                  = 45 cents
Gearing                                              = 28.2%
Portfolio (Valuation)                         = $1,753.3m (31th Dec 2012)

SATS 2QFY13/14

Revenue                                    = $452.1m
Operating Profit                        = $46.6m
PATMI                                     = $48.7m
Underlying Profit From Ops     = $48.7m
Underlying Net Margin             = 11%
PATMI Margin                         = 10.3%
Debt-to-Equity                          = 0.09
EPS                                           = 4.3 cents
NAV                                         = $1.24
Cash & Cash Equiv                   = $394.58m
FCF                                           = $60.1m

Key costs are Staff Costs ($197.5m) and Raw Materials (96.4m)