Browsed by
Tag: fundamentalanalysis

Frasers Centrepoint Trust’s Q1 FY2022/23 Business Update

Frasers Centrepoint Trust’s Q1 FY2022/23 Business Update

Frasers Centrepoint Trust’s Q1 FY2022/23 Business Update

This post was originally posted here. The writer, Jun Yuan Lim is a veteran community member and blogger on InvestingNote, with a username known as @ljunyuan and has close to 2100 followers.

Frasers Centrepoint Trust (SGX:J69U) is a pure-play Singapore REIT, where its portfolio comprises 9 retail malls (all located in heartland locations across the country), along with an office property.

Following the conclusion of REIT’s annual general meeting (AGM) last Tuesday (17 January) for the financial year ended 30 September 2022 (i.e. FY2021/22), it have made available its business update for the first quarter of the financial year 2022/23 ended 31 December 2022 shortly after market hours this evening (26 January 2023.)

As the REIT have switched to half-yearly reporting of its financial statements, for the current quarter under review, it only made available its portfolio occupancy and debt profile – both of which I will be looking at in this post, along with my thoughts.

Let’s begin:

Portfolio Occupancy Profile (Q4 FY2021/22 vs. Q1 FY2022/23)

When it comes to reviewing a REIT’s portfolio occupancy, I always review the statistics reported for the quarter under review against that reported in the previous quarter 3 months ago.

Hence, in this section, you’ll find my review of Frasers Centrepoint Trust’s portfolio occupancy profile for Q1 FY2022/23 ended 31 December 2022, compared against the previous quarter ended 30 September 2022 (i.e. Q4 FY2021/22) to find out if it has continued to remain strong:

…

Read More Read More

Will SATS Pay a Dividend Ever Again?

Will SATS Pay a Dividend Ever Again?

SATS will go ahead to buy Worldwide Flight Services – a global cargo handling business with presence across 18 countries in five continents.

This post was originally posted here. The writer, Willie Keng is a veteran community member and blogger on InvestingNote, with a username known as @Willie and has close to 130 followers.

At first glance, I thought this acquisition made much sense — SATS/WFS deal would push the combined companies to become a global cargo handling player.

In fact, SATS would eventually diversify revenues across Asia, Europe, the Middle East and Africa, and North America.

key trade routes and network coverage of the SATS Group and WFS Group

Source: SATS/WFS Prospectus 3 Jan 2023

Yet SATS shares have fallen more than 30%.

And even after the deal was approved last week, shares were still stuck in the bargain bin.

If the SATS/WFS deal had so much growth potential, why is the market still undervaluing its SATS shares?

And more importantly, will SATS still pay a dividend ever again?

…

Read More Read More

COSCO Shipping Holdings Co., Ltd – What You Need to Know

COSCO Shipping Holdings Co., Ltd – What You Need to Know

Listed on the Stock Exchange of Hong Kong since 30 June 2005 (under the ticker symbol SEHK:1919), and subsequently on the Shanghai Stock Exchange since 26 June 2007 (under the ticker symbol SHA:601919), COSCO Shipping Holdings Co., Ltd ($COSCO SHIP HOLD(1919.HK)) is in the business of providing container shipping, managing, and operating container terminals, along with other terminal-related businesses. 

This post was originally posted here. The writer, Jun Yuan Lim is a veteran community member and blogger on InvestingNote, with a username known as @ljunyuan and has close to 2100 followers.

Photo by Anja Bauermann on Unsplash

…

Read More Read More

HRnetGroup: What to Like and Dislike About its 6.5% Dividend Yield

HRnetGroup: What to Like and Dislike About its 6.5% Dividend Yield

Okay, at first glance, I never thought much about this Singapore stock.

This post was originally posted here. The writer, Willie Keng is a veteran community member and blogger on InvestingNote, with a username known as @Willie and has close to 130 followers.

Except for the fact it currently pays a 6.5% dividend yield.

Other than Singapore banks and REITs, you typically won’t see many Singapore stocks paying you that kind of dividend yield.

Yet, I was amazed how much cash HRnetGroup has. And almost zero debt.I mean, for a S$780 million market cap company, this is quite impressive.

Let’s take dive in, shall we?

HRnetGroup — a Background

HRnetGroup is an unassuming name.It’s easy to look pass this company. What struck me though, as I looked deeper, was how fast they grew.

Now, HRnetGroup was founded in 1992, then quickly expanded to Malaysia in 1994, and eventually got listed in 2017 — having raised S$174 million in an IPO. Even Temasek also took a stake during its pre-IPO.

Today, the recruitment giant has a stable of well-established businesses – including HRnetOne, Recruit Express, PeopleSearch, RecruitFirst , SearchAsia and PeopleFirst.

Even though it’s not a blue-chip, I found it remarkable HRnetGroup could dominate its market way before its IPO – beating other more prestigious recruitment companies.

Singapore-only revenues of key players in Singapore in FY2015 (in S$ million)
…

Read More Read More

Tencent – Dishing Out Another Special Dividend This Quarter

Tencent – Dishing Out Another Special Dividend This Quarter

I wanted to quickly run through my thoughts on the Tencent latest Q3 earnings announced yesterday.

This post was originally posted here. The writer, Brian Halim is a veteran community member and blogger on InvestingNote, with a username known as @3Fs and has close to 2500 followers.

First up, operating metrics – monthly active users (MAU) is still up year on year and quarter on quarter for both Weixin + Wechat as well as Mobile QQ but as you can see, they are approaching the matured 1.3b numbers so inevitably growth is slowing down on this front.

…

Read More Read More

SEA Limited’s Q3 & 9M FY2022 Results

SEA Limited’s Q3 & 9M FY2022 Results

Unless you have been living under a rock, I’m sure you should know about all the negativity surround SEA Limited (NYSE:SE) at the moment – as a result of the economic headwinds, and with the company sinking deeper into a net loss position, it has made the painful decision to undergo a few rounds of retrenchment exercises.

The company’s top management have also made the decision to forgo their salaries until it achieves ‘self-sufficency.’ Additionally, the CEO Mr Forrest Li, also said the company will be changing its focus from growth to achieving net profit.

This post was originally posted here. The writer, Jun Yuan Lim is a veteran community member and blogger on InvestingNote, with a username known as @ljunyuan and has close to 2100 followers.

Yesterday evening (15 November), the company have made available its results for the 3rd quarter, as well as for the first 9 months of the financial year 2022, and as a shareholder of the NYSE-listed company (with my average price at US$191.87), you will find my review (where I will be highlighting the good and bad) about its latest financial performance, cash flow statement, along with comments from its CEO. 

SEA Limited derives its revenue from 3 business segments:

i. Digital Entertainment – Through Garena, a leading online games developer and publisher with games such as League of Legends, Call of Duty, Arena of Valor, Free Fire, and Speed Drifters;

ii. E-commerce & Other Services – Through Shopee, a leading e-commerce platform in Southeast Asia and Taiwan, along with SeaMoney, a leading digital payments and financial services provider in Southeast Asia (one of them is Shopee Pay.)

iii. Sales of Goods – Where revenue is generated from the sales of products on the Shopee platform which SEA Limited purchases from manufacturers and third parties. 

Financial Performance (Q3 FY2021 vs. Q3 FY2022)

SEA's Q3 FY2021 vs FY2021 Financial Performance
SEA’s Q3 FY2021 vs FY2021 Financial Performance
…

Read More Read More

Manulife REIT: Buy at 14% Dividend Yield?

Manulife REIT: Buy at 14% Dividend Yield?

Manulife REIT (MUST) shares tanked 43% since the start of this year, which makes this “pure-play” US office Singapore REIT really attractive.

This post was originally posted here. The writer, Willie Keng is a veteran community member and blogger on InvestingNote, with a username known as @Willie and has close to 120 followers.

What’s more today, MUST’s market cap trades at just half of what its assets are truly worth – MUST shares trade at just 0.55x P/NAV.

Why are investors so bearish about this Singapore REIT? Because of COVID? Because of rising rates? I mean, MUST shares trade like investors don’t want to be in US offices anymore.

Is that really the case? Let’s find out.

My previous article on Manulife REIT can be found here.

Background — What is Manulife REIT?

At US$666 million market cap, Manulife REIT (MUST) was the first US office REIT to be listed in Singapore, during 2016.

MUST owns freehold, class-A office assets across prime areas of US cities, including Washington DC, Los Angeles, Atlanta and so on. Back then, MUST overall occupancy rate was 96.5% — which was above average US offices’ occupancy rate.

Manulife REIT's Asset Under Management (AUM)
Manulife REIT’s Asset Under Management (AUM)
…

Read More Read More

Is SATS Playing a Dangerous Game?

Is SATS Playing a Dangerous Game?

This is bad. I mean, the SATS/WFS buyout was just poor communication to shareholders.

This post was originally posted here. The writer, Willie Keng is a veteran community member and blogger on InvestingNote, with a username known as @Willie and has close to 120 followers.

SATS’ shares plunged 20% in a day after announcing that the WFS deal was an “all-equity financing” deal in Sep.

This meant SATS shareholders would have to fork out the entire S$1.7 billion sum.

Well, it turned out that wasn’t the case. Later on, SATS clarified the buyout would be a mix of equity, debt and cash.

The funny thing is though, why hasn’t SATS shares recovered?

Disclaimer — I’m no longer a shareholder of SATS as shared in Diligence.

At first glance, I thought SATS made a good acquisition. But I realized there’s something more about the deal.

Anyway, let’s find out what exactly happened.

SATS/WFS deal timeline — What happened?

  • 28 September: SATS announced to buy Worldwide Flight Services (WFS) for an “all-equity” funding of S$1.7 billion. Later, shares plunged 20% in a day.
  • 6 October: SATS clarified how it plans to fund the deal – mix of rights issue, debt and using its own cash.
  • 7 November: The Competition and Consumer Commission of Singapore (CCCS) accepted the SATS/WFS deal application. Now assessing if the buyout would breach anti-competition laws.
  • 9 November: SATS said rights issue will not exceed S$800 million.
…

Read More Read More

Which Singapore-Listed Bank Had the Most Resilient Set of Q3 Results for FY2022?

Which Singapore-Listed Bank Had the Most Resilient Set of Q3 Results for FY2022?

All 3 Singapore-listed banks (in DBS, UOB, and OCBC) have already released their business updates for the third quarter ended 30 September 2022. As I have investments in them, I have posted reviews when their business updates were made available and you can find them in the respective posts below:

This post was originally posted here. The writer, Jun Yuan Lim is a veteran community member and blogger on InvestingNote, with a username known as @ljunyuan and has close to 2100 followers.

My focus in this post is to put the 3 banks’ results side-by-side to find out which one reported the most resilient set of results both on a quarter-on-quarter (Q3 FY2021 vs. Q3 FY2022) and on a year-on-year (9M FY2021 vs. 9M FY2022), as well as which is currently the ‘cheapest’ (based on their current valuations.)

Before I begin, a quick recap on the 3 banks’ performance for the 2nd quarter, as well as for the first half of the financial year – both UOB and OCBC stood out in terms of improvements in its financial results, as well as in its key financial ratios, with OCBC being ‘cheapest’ among the three.

…

Read More Read More

My Review of OCBC’s Q3 FY2022 Business Update

My Review of OCBC’s Q3 FY2022 Business Update

Early this morning (05 November 2022), Overseas-Chinese Banking Corporation Limited (SGX:O39), or OCBC for short, is the last of the 3 Singapore-listed bank to release its business update for the third quarter of FY2022 ended 30 September 2022 (you can check out my review of UOB’s Q3 FY2022 business update here, and DBS’ Q3 FY2022 business update here.)

This post was originally posted here. The writer, Jun Yuan Lim is a veteran community member and blogger on InvestingNote, with a username known as @ljunyuan and has close to 2100 followers.

Just to recap – in the previous quarter (i.e. Q2 and 1H FY2022), the performance of its non-performing loans ratio (where it saw a 0.1 percentage point, or pp for short, decline to 1.3%, despite the economic headwinds) stood out. Also, the 12.0% increase in its interim dividend payout to 28.0 cents/share was also a pleasant surprise (do note that for the current quarter under review, there are no dividend payouts declared as the bank pays out dividends on a half-yearly basis.)

Will its results this time round spring up any more pleasant surprises? Let us find out in this post, where you’ll read about my review of the Singapore-listed bank’s latest Q3 and 9M business update (as the bank have also changed to reporting its full financial statements on a half-yearly basis, it only provided a snippet of its financial performances this time round) in terms of its key financial performances and ratios:

…

Read More Read More