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SPH REIT’s 3rd Quarter Update for FY2019/20 – A Summary and My Thoughts (Guest Post)

SPH REIT’s 3rd Quarter Update for FY2019/20 – A Summary and My Thoughts (Guest Post)

Time flies, the first half of 2020 is beyond us. We’re now into the second half of the year. Hope you’ve had a great one so far. Starting July till the end of August, as investors, we can look forward to another round of updates by Singapore-listed companies, with most of them reporting their performances for the first half of the year ended 30 June 2020.

SPH Reit to extend reliefs for tenants; SPH allows students in UK ...

This post was originally posted here. The writer, Lim Jun Yuan is a veteran community member and blogger on InvestingNote, with username known as ljunyuan and has 1241  followers.

SPH REIT (SGX:SK6U) provided a business update for the third quarter ended 31 May 2020 (the REIT has a financial year ended 30 August 2020), and as a unitholder, I went through the REIT’s presentation slides to learn about the latest updates.

In the REIT’s latest updates, there weren’t any financial statistics being reported. They only provided updates on its portfolio occupancy and debt profile, along with distribution for the quarter, all of which you can find below (with my personal thoughts to share):

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Suntec REIT’s Annual Report 2019: A Quick Summary

Suntec REIT’s Annual Report 2019: A Quick Summary

Some insights of Suntec REIT’s portfolio, Tenants and Net Property Income from their annual report and key pointers to take note.

This post was originally posted here. The writer, Jun Yuan Lim is a veteran community member and blogger on InvestingNote, with username known as ljunyuan and has 886 followers.

Fountain of Wealth – Suntec City , Singapore | PLACES-CITY

 

Suntec REIT (SGX:T282U), another long-term investment of mine, released their annual report for the financial year ended 31 December 2019 last Thursday (09 April 2020.)

I have gone through the report, identify key pointers to take note of, and am going to present them in today’s post for the benefit of those who do not have the time to go through it:

Suntec REIT’s Key Figures in FY2019 at a Glance:

  • Net Property Income: Decreased 2.0% year-on-year (y-o-y) to S$236.2mil due to the sinking fund contribution from Suntec City upgrading works (excluding it, the Net Property Income would be 1.3% higher y-o-y)
  • Distributable Income from Operations: Increased 3.9% y-o-y to S$236.7mil due to increase in contributions from Suntec City, Southgate Complex (Australia), MBFC properties, and contribution from 55 Currie Street (Australia)
  • Distributable Income to Unitholders: Down by 1.5% y-o-y to S$262.7mil as increase in distributable income from operations was offset by lower capital distribution
  • Distribution Per Unit: Decreased by 4.8% y-o-y to 9.507 Singapore cents/unit due to the enlarged unit base and lower capital distribution
  • Portfolio Occupancy: 98.7% (office), 99.1% (retail)
  • Aggregate Leverage: 37.7% (31 December 2018: 38.1%)
  • All-In Financing Cost: 3.05% per annum, with approximately 75.0% of their debt fixed or hedged
  • Weighted Average Debt Maturity: 3.1 years

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Possible Movements of 30 Blue Chip Companies in the Week Ahead(between 13 – 17 April 2020) (Guest Post)

Possible Movements of 30 Blue Chip Companies in the Week Ahead(between 13 – 17 April 2020) (Guest Post)

If you have been following my weekly posts, you probably would be aware that I’ve mentioned before that, should the STI for the week closed above 2,560 points, we could see a possible change in trend.  That said, is an uptrend in sight? In my post today, I’d be sharing with you my personal thoughts on how the STI, as well as all the 30 blue chip companies’ share price may move in the week ahead based on a weekly timeframe…

This post was originally posted here. The writer, Jun Yuan Lim is a veteran community member and blogger on InvestingNote, with username known as ljunyuan and has 858 followers.

If you have been following my weekly posts on the possible movement of STI and all 30 blue chip companies’ share price movements, you probably would be aware that I’ve mentioned before that, should the STI for the week closed above 2,560 points, we could see a possible change in trend (from a downward moving one to an upward moving one.)

When trading for the week ended last Thursday (09 April 2020), STI was at 2,571 points (above the 2,560 points.) That said, is an uptrend in sight? In my post today, I’d be sharing with you my personal thoughts on how the STI, as well as all the 30 blue chip companies’ share price may move in the week ahead (between 13 – 17 April 2020) based on a weekly timeframe…

 

1. Straits Times Index
Straits Times Index’s Movements on a Weekly Timeframe

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Mapletree Commercial Trust – Why Did I Invest in the Blue Chip REIT? (Guest Post)

Mapletree Commercial Trust – Why Did I Invest in the Blue Chip REIT? (Guest Post)

Mapletree Commercial Trust had been in my “shopping list”, and a drop in its unit price of late presented a golden opportunity for me to add it to my long-term investment portfolio – which I did last Friday (03 April 2020) when the REIT’s unit price fell to my intended entry price of S$1.57.

This post was originally posted here. The writer, Jun Yuan Lim is a veteran community member and blogger on InvestingNote, with username known as ljunyuan and has 834 followers.

Where to shop in Harbourfront and Sentosa - Visit Singapore ...

 

Mapletree Commercial Trust (SGX:N2IU) was one of the “casualties” of the ongoing Covid-19 outbreak in Singapore, where its unit price took a huge tumble by 34% at the time of writing (it fell from its 52-week high of S$2.48 to S$1.64.)

This “blue chip REIT” had been in my “shopping list”, and a drop in its unit price of late presented a golden opportunity for me to add it to my long-term investment portfolio – which I did last Friday (03 April 2020) when the REIT’s unit price fell to my intended entry price of S$1.57.

In my post today, I will be sharing with you reasons why I’ve invested in the REIT.

Let’s get started…

 

Brief Introduction to Mapletree Commercial Trust

Mapletree Commercial Trust was listed on the Singapore Exchange Securities Trading Limited (“SGX-ST”) on 27 April 2011, and subsequently joining the benchmark Straits Times Index (STI) on 23 September 2019 (taking the place of Hutchison Port Holdings Trust.)

At the time of writing, the REIT’s properties in its portfolio are all located in Singapore, and they are:

  • Vivocity
  • Mapletree Business City
  • PSA Building
  • Mapletree Anson
  • Bank of America Merrill Lynch Harbourfront

 

Historical Financial Results of Mapletree Commercial Trust between FY2011/12 and FY2018/19

One of the first things I look at before I invest in any company or REIT is to first study its historical financial results (for at least the past 5 years.)

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Koufu Limited (SGX:VL6) – My Analysis of the F&B Company (Guest Post)

Koufu Limited (SGX:VL6) – My Analysis of the F&B Company (Guest Post)

Some insights for Koufu business, its financial results between FY2018 and FY2019, dividend payout history, catalysts and threats which I feel may positively or negatively affect the company’s growth ahead, and finally, its current vs. historical valuations.

This post was originally posted here. The writer, Jun Yuan Lim is a veteran community member and blogger on InvestingNote, with username known as ljunyuan and has 797 followers.

Photos for Cookhouse by Koufu - Yelp

I have received a number of requests from fellow community members in InvestingNote over the past couple of months asking me to do a company analysis of Koufu Limited (SGX:VL6).

In my writeup about the F&B company today, you’ll learn more about the companies businesses, its financial results between FY2018 and FY2019, dividend payout history, catalysts and threats which I feel may positively or negatively affect the company’s growth ahead, and finally, its current vs. historical valuations to find out whether or not at its current share price, Koufu is considered cheap or expensive.

Let’s get started…

A Brief Introduction to Koufu Limited

Koufu is a brand familiar to Singaporeans – the company operates foodcourts/coffeeshops under its namesake brand. At the time of writing, there are a total of 37 Koufu foodcourts in Singapore.

Apart from its namesake foodcourts, the company also operates foodcourts/coffeeshops under the following brand names (with the number of outlets at the time of writing in brackets):

  • Cookhouse by Koufu (5 outlets)
  • Rasapura Masters (1 outlet)
  • Fork & Spoon (2 outlets)
  • Happy Hawkers (18 outlets)
  • Gourmet Paradise (2 outlets)

The company has also businesses in the following:

F&B Kiosks & Stalls:

  • R&B Tea (27 outlets)
  • 1983 – A Taste of Nanyang (3 outlets)
  • Supertea (1 outlet)

Cafes & Restaurants:

  • 1983 – Coffee & Toast (3 outlets)
  • elemen 元素 (4 outlets)
  • Grove 元素 (1 outlet)

Shopping Mall:

  • Punggol Plaza – a 4-storey development comprising about 50 retail outlets. The mall is managed by Abundance Development Pte Ltd, a subsidiary of Koufu Pte Ltd

Overseas:

Besides Singapore, Koufu also have business operations in Malaysia and Macau, where they operate under the following brand names (with the number of outlets at the time of writing in brackets):

  • 1983 – A Taste of Nanyang (2 outlets in Macau)
  • Koufu (2 outlets in Macau)
  • R&B Tea (1 outlet in Malaysia, 1 outlet in Macau)

 

Financial Performance of Koufu Ltd between FY2018 and FY2019

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A Look into the Possible Share Price Movements of Singapore’s Blue Chip Companies in the Week Ahead (30 Mar – 03 Apr 2020) [Guest Post]

A Look into the Possible Share Price Movements of Singapore’s Blue Chip Companies in the Week Ahead (30 Mar – 03 Apr 2020) [Guest Post]

During the course of last week, the STI fell to a low of 2,208 points, before rebounding up strongly to finish the week at 2,528 points. In my opinion, in order for the trend to be considered as reversed (i.e. from a downtrend to an uptrend), it must close above 2,560 points when trading for the week closes this Friday (i.e. 03 April.) Otherwise, in my opinion, the overall trend is still a downward one.

This post was originally posted here. The writer, Jun Yuan Lim is a veteran community member and blogger on InvestingNote, with username known as ljunyuan and has 772 followers.

The share prices of quite a number of blue chip companies rebounded last week – but in my opinion, the trend is still a bearish one.

Before I proceed to analyse the share price movements of each of the 30 blue chip companies last week, and possible movements in the week ahead (for the trading week between 30 March and 03 April 2020) based on a weekly timeframe, here’s the share price movement of the STI on a weekly timeframe:
STI’s Movements on a Weekly Timeframe

During the course of last week, the STI fell to a low of 2,208 points, before rebounding up strongly to finish the week at 2,528 points. In my opinion, in order for the trend to be considered as reversed (i.e. from a downtrend to an uptrend), it must close above 2,560 points when trading for the week closes this Friday (i.e. 03 April.) Otherwise, in my opinion, the overall trend is still a downward one.

Now, let us take a look at how each of the 30 blue chip companies performed last week, and how they are likely to perform in the week ahead:

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How COVID-19 Had Impacted SMEs, Startups And Our Daily Lifestyle (Guest Posts)

How COVID-19 Had Impacted SMEs, Startups And Our Daily Lifestyle (Guest Posts)

The unique thing about this problem,the COVID-19 is that commerce came to a screeching halt. In other crises, the problem was a lack of liquidity. Banks could not lend and small and large firms have to tighten their belt. Those who cannot will default and this ends up as non-performing loans on the balance sheet of banks. Increasing unemployment rates.

This post was originally posted here. The writer, Kyith Ng is a veteran community member and blogger on InvestingNote, with username known as Kyith and has 953  followers.

Image result for bakeries closing ntice on doors

What we are going to talk about today is on SMEs, Lack of Financial Slack, Re-calibration of Risk, Priority in Life and Impact to Blogging

The Little Shops Are Going to Suffer

The unique thing about this problem is that commerce came to a screeching halt.

In other crises, the problem was a lack of liquidity. Banks could not lend and small and large firms have to tighten their belt. Those who cannot will default and this ends up as non-performing loans on the balance sheet of banks. There are more unemployed. Providing liquidity to the banks lubricates commerce.

The shit thing about what we are facing now is that you can provide all the liquidity to you to facilitate spending, but if you cannot go out and carry out some services, it is very tough to lubricate.

The world comes to a standstill for a while because the manufacturing base of the world, China, couldn’t function. Your company does not have spare parts, and therefore cannot ship.

Now that they can ship, the demand drops off because other countries are on locked down. Commerce comes to a halt.

What kind of crisis does this other than the great depression?

The toughest folks are the small and medium-sized companies. They usually depend on their peers or the big companies to give them business. A hit in demand on a wide scale hurts them the most.

My friend Caveman said the working capital for these firms is usually very challenging. The government’s main support package’s job is to ensure that these companies do not fire their workers but sometimes you wonder whether they have operated a small business before.

JD Roth over at Get Rich Slowly has a good piece asking how Coronavirus has affected your life. I like that he explores a lot of the impact on his recreational and financial life.

But what captures my attention was his description of his friend’s experience:

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Singapore Airlines Ltd (SGX: C6L) Is In Deep Trouble And Rights Issue Call Is Imminent (Guest Post)

Singapore Airlines Ltd (SGX: C6L) Is In Deep Trouble And Rights Issue Call Is Imminent (Guest Post)

The Covid-19 situation has hit the aviation industry really hard and in particular the airlines, SIA, since they are highly capitalized business which needs constant cashflow to fund their operating costs, capex and fixed costs. In the scenario where they have to cut capacity like where we are in this situation now, the company may be able to “save” on their operating costs since they do not have to incur charges like handling and ground charges that are related to the operating business.

This post was originally posted here. The writer, Brian Halim is a veteran community member and blogger on InvestingNote, with username known as 3Fs and 2068+ followers.

Image result for sg airline

Singapore Airlines Ltd (SGX: C6L) Is In Deep Shit And Rights Issue Call Is Imminent

The Covid-19 situation has hit the aviation industry really hard and in particular the airlines since they are highly capitalized business which needs constant cashflow to fund their operating costs, capex and fixed costs.

In the scenario where they have to cut capacity like where we are in this situation now, the company may be able to “save” on their operating costs since they do not have to incur charges like handling and ground charges that are related to the operating business.

But, they do have to continue paying for parking charges to the airport, levies as well as fixed costs such as salaries and rental that will continue to bleed the business.

Cashflow Simulation Run
I’ve run a simulation run where the left hand side shows their latest Q3 results for the year ending 31 Dec 2019, while the middle portion reflects what the situation is today. On the right side, I’ve accounted for movement that is related to cashflow, so things like depreciation is taken out of context because they are non-cashflow related items.

The middle portion reflects the current scenario we have today.

For example, the topline sees a 95% capacity cut which was announced just a few days ago since Singapore is on semi-lockdown situation. Consequently, I’ve adjusted the same for operating costs related such as fuel, inflight meals and handling charges.

For staff costs, I’ve used a 20% haircut across the payroll while for other fixed costs I’ve taken a 50% haircut.

The resulting loss coming in from this simulation is a negative $(1,998m) for the quarter. If we divide this by months, it means incurring a net loss of $(666m) / month.

What this means from a cashflow point of view is that should the situation prevails, the company is burning approximately $1,461m in cash every quarter, or $487m every month.

Now, this might look okay if you are in a good standing order in terms of your balance sheet but let’s see what they have today.

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Why OCBC Q3FY19 Profit Results Might Fall Double-Digit Percentage YoY (Guest Post)

Why OCBC Q3FY19 Profit Results Might Fall Double-Digit Percentage YoY (Guest Post)

OCBC is scheduled to announced its results on the 5th Nov (Tuesday morning) before the start of market trading.

This post was originally posted here. The writer, Brian Halim is a veteran community member and blogger on InvestingNote, with username known as 3Fs and 1800+ followers.

UOB announced its Q3 results this morning which gives a big hint of what is to come for the other two banks.

The drop in NIM and increase in NPA is worst than expected, and if not for the loan growth segment in the Singapore that helps, it might look like a worsen Q3.

This is 5 reasons why I think OCBC Q3 FY19 profit results are going to fall double-digit in terms of percentage year on year.

1) Net Interest Margin Compressed QoQ and YoY

In FY18, OCBC’s Net Interest Income contributes 60% to their total revenue while Non-Interest Income contributes the rest of the other 40%, so we’ll approximately use that as a gauge.

Q2FY19 Net Interest Income came in at $1,588m while Q3FY18 Net Interest Income came in at $1,505m.

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Live Trading Hour – Serving Up Opportunities at Lunchtime by SGX

Live Trading Hour – Serving Up Opportunities at Lunchtime by SGX

The SG Active Trading Tournament is ongoing!

Looking for good trades for make it to the leaderboard of the tournament? SGX is having a Live Trading Hour with Phillip Teo, on the Monday 21 Oct from 12.30pm – 1.30pm!

screen-shot-2019-10-15-at-1-05-52-pm

In this seminar, Philip will share with us how he sets up his trading plans using certain strategies, and by analysing the current market conditions:

✔How do you apply price action strategies to identify the broad market trend?

✔How do you utilise the trading setups to trade at the most optimal time?

✔And how do you analyse current market conditions and trending stocks to best suit your trades? Find out more at this seminar.

Register for the seminar here.

If you’ve not registered for the upcoming trading tournament, register here for free: http://bit.ly/SGATT2019


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