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CapitaLand Mall Trust’s Q3 and 9M FY2020 Results – A Summary and My Thoughts

CapitaLand Mall Trust’s Q3 and 9M FY2020 Results – A Summary and My Thoughts

REIT CapitaLand Mall Trust (SGX:C38U) released its 3Q results, as well as for the first 9-months of the financial year 2020 (ended 30 September) early this morning.

CapitaLand sells Bedok Mall to CapitaLand Mall Trust

The post was originally posted here. The writer, Lim Jun Yuan is a veteran community member and blogger on InvestingNote, with a username known as @ljunyuan and has 1412 followers.

This is also the last time the REIT will be reporting its results under CapitaLand Mall Trust – it will be renamed as CapitaLand Integrated Commercial Trust with effect from 03 November 2020 (you can read the news report about this in full here.)

Apart from its financial results, debt and occupancy profile, and distribution payout to unitholders, I’m also interested to find out whether or not there are any improvements compared to the second quarter (ended 30 June 2020) where its results were badly affected due to the two-month circuit breaker period.

Let’s begin…

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GOOD WEEK for iFast – Paying Tribute To Lim Chung Chun

GOOD WEEK for iFast – Paying Tribute To Lim Chung Chun

This will be another GOOD WEEK for iFast.

iFast leads Chinese partners with bid for Singapore digital wholesale bank licence, Banking News & Top Stories - The Straits Times

This post was originally posted here. The writer, Swee Swee Lai is a veteran community member and blogger on InvestingNote, with a username known as @Sweeswee and has 315 followers.

I would like to pay tribute to Lim Chung Chun (Lim CC), CEO of iFAST Corporation.

Lim CC: “You need to PUT YOUR MONEY where your CONVICTION is, and iFast is a stock that I know better than anybody else in the world and is within my control to ENSURE its SUCCESS”.

1. He is an engineer by training but built a career in investment research in the 1990s which culminated in a Head of Research position in a foreign financial institution. He could have just stay content with this high paying, cushy job. But he decided to step out of his comfort zone and become an entrepreneur, in the aftermath of the Asian Financial Crisis. Perhaps those PMETs who have been retrenched now can be inspired by him to become an entrepreneur.

2. iFast has been in business for more than 20 years, during which it has overcome several crises and emerged stronger each time: dotcom bust (2000), SARS (2003), Global Financial Crisis (2008), and Covid-19 (2020). This shows that the iFast business model and its management team have proven track record in navigating crises and business cycles. Several of its key management staff have been with the company since the beginning. I heard the office culture is good and Lim is a good boss.

3. True to the entrepreneurial spirit, he put in the bulk of his personal wealth into the business, even during difficult times. He demonstrated strong conviction and commitment. From that, he also attracted genuine investors who believed and supported him especially during tough times. True to his investment philosophy, he builds the business for the long term.

4. iFast started only as an online distributor of funds, unit trusts in Singapore. But it gradually expanded its products and services, as well as geographically into 5 other countries. That’s why if iFast wins the digital banking license, it opens up a lot more opportunities for it to expand into related products and services. It is the network effect of the new economy. He also wants iFast to run a truly “GLOBAL BUSINESS MODEL”.

This is a great interview conducted in Jun 2020:
https://zuuonline.sg/business/c-suite/leading-the-evolution-of-a-finte…

We ought to support, respect, and celebrate the success of our homegrown entrepreneurs like Lim CC. The other person is Tan Ming Liang of Razer Inc. He quit his lawyer profession to start Razer Inc, which has a market cap of about S$3.27 billion now.

Lim CC is on the way to building a multi-billion market cap company.
People like them are well educated but not scholarly type. No need to work for others. No need to be helicoptered into a top post in a big organization.
They take the risk and create scalable, forward-looking businesses which in turn generate many jobs for others. They deserve to be extremely successful. Next could be Grab and Carousell.

So, MAS:

There is every reason for you to award iFast a wholesale digital banking license.
It will do SINGAPORE proud!

Once again, this article is a guest post and was originally posted on Swee Swees profile on InvestingNote.

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MM2 Asia Stock Review – Potential Beneficiary from Economy Reopening?

MM2 Asia Stock Review – Potential Beneficiary from Economy Reopening?

Will MM2 Asia benefit from the reopening of the economy?

mm2 Asia to acquire Cathay Cineplexes for $230m after failed bid for Golden Village, Companies & Markets News & Top Stories - The Straits Times

This post was originally posted here. The writer, James Yeo is a veteran community member and blogger on InvestingNote, with a username known as @Smallcapasia and has 905 followers.

MM2 Asia is benefiting from the latest announcement of the Government’s green light to allow more patrons in cinemas. On 23 September 2020, the government announced that from Oct 1, large cinema halls with more than 300 seats will be allowed to admit up to 150 patrons in three zones of 50 patrons each.

On the other hand, smaller cinema halls will also be allowed to increase their capacity to 50 percent of their original operating capacity or maintain the current limit of up to 50 patrons per hall, subject to safe management measures.

For Cathay Cineplexes’ parent company – MM2 Asia, it would have breathed a sigh of relief that the worst is probably over as they can welcome more customers.

But that being said, the Cathay cinema is just 1 division of MM2 Asia as the latter owns many more integrated businesses across the content, immersive media, event, and concert industries across Asia.

Mm2 Asia Profile

mm2 Asia is a leading producer of films and TV/online content in Asia. As a producer, mm2 provides services over the entire film-making process – from financing and production to marketing and distribution, and thus has diversified revenue streams.

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SPH REIT’s 2H and Full-Year Results for FY2019/20 – The Good and The Bad

SPH REIT’s 2H and Full-Year Results for FY2019/20 – The Good and The Bad

SPH REIT’s 2nd Half and Full-Year Results (FY 2019-20) – The Good and The Bad

SPH REIT just slashed its dividends. Will other retail REITs follow suit?, Money News - AsiaOne

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 1405 followers.

Time flies. We are now into the final quarter of the calendar year 2020. With that, we are into another round of earnings season, where, over the next couple of weeks, we await for companies to release their updates for the quarter ended 30 September 2020. SPH REIT however, has already released its financial results.
Just like in the previous quarters, I will be providing updates on companies in my long-term investment portfolio (you can check out all the companies I’ve invested in here) as and when the management makes available the latest updates.

SPH REIT (SGX:SK6U) was the first company that released its financial results for the second half of the financial year 2019/20 (the period between 01 February and 30 August 2020), as well as for the full-year 2019/20 yesterday evening (06 October 2020) after market hours.

In this post, you will find key components of the retail REIT’s latest results to take note of, along with my personal thoughts…

Financial Results (2H FY2018/19 vs. 2H FY2019/20, and FY2018/19 vs. FY2019/20)

In this section, you will find the REIT’s financial performance for the second half of the financial year 2019/20 compared against the same period last year (i.e. 2H FY2018/19), as well as the REIT’s full-year results for FY2019/20 compared against its results for the previous financial year 2018/19:

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Key Summary of Frasers Centrepoint Trust’s (FCT) EGM on 28 September 2020

Key Summary of Frasers Centrepoint Trust’s (FCT) EGM on 28 September 2020

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 1394 followers.

This morning, retail REIT Frasers Centrepoint Trust (SGX:J69U) held its extraordinary general meeting (EGM) to seek unitholders’ approval on the REIT’s proposed acquisition of the remaining 63.1% stake in AsiaRetail Fund Limited (whose portfolio consists of Tiong Bahru Plaza, White Sands, Hougang Mall, Century Square, Tampines 1, and Central Plaza), proposed equity fundraising, as well as the proposed divestment of Bedok Point.

I have attended the EGM as a unitholder of the REIT and for the benefit of those who weren’t able to attend, in this post, you’ll find a summary of the presentation by Mr Richard Ng (the CEO of the REIT) on how the acquisition of AsiaRetail Fund Limited is beneficial for the REIT and its unitholders, results of the resolutions that were put to vote, along with responses to some of the questions raised by unitholders…

Benefits of the Proposed Acquisition of AsiaRetail Fund Limited

The following are some of the key benefits of the REIT’s proposed acquisition of the remaining 63.1% stake of AsiaRetail Fund Limited to highlight:

  • From 7 malls in the REIT’s portfolio currently, post-acquisition, its portfolio will have 11 malls. Some of the other key statistics include REIT’s portfolio net lettable area increasing from 1.4m sq ft to more than 2.3m sq ft, along with the number of leases increasing from 800 to more than 1,500.
  • The proposed acquisition is a DPU-accretive one, and based on its DPU for FY2019, after the acquisition of AsiaRetail Fund Limited, as well as after the divestment of Bedok Point, the REIT’s DPU will be increased to 13.02 cents/unit (from 11.99 cents/unit) – this represents an increase by 8.59%.
  • Post-acquisition, Frasers Centrepoint Trust will become 8th largest S-REIT (in terms of market capitalization), as well as being the 8th largest S-REITs by free-float – this will result in a higher index weightage in the FTSE EPRA/NAREIT index, and this will also expand the REIT’s outreach to new investors.
  • The enlarged portfolio will also see a reduced concentration risk from any single asset (from around 30% now to no more than 22% post-acquisition.)
  • In terms of tax leakages, Mr Ng share that currently, the REIT is incurring costly tax leakages of approximately S$4.7m annually as a partial owner of AsiaRetail Fund Limited. However, post-acquisition, it will be able to reduce its tax by approximately $400k to $500k a month.
  • While post-acquisition, the REIT will see its gearing ratio increased to 39.3% (from 35.0% currently), but Mr Ng highlighted that its average cost of debt will be reduced to 2.3% (from 2.5%), and at the same time, its weighted average debt maturity will be extended to 4.3 years (from 2.3 years at present.)


Results of the Resolutions

The following are results of the 5 resolutions proposed at the EGM:

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Our Recent Investment-Themed Webinars (July 2020)

Our Recent Investment-Themed Webinars (July 2020)

With the success of the Regional Investors Online Summit 2020, our team has been using webinars to provide investment talking points and live market commentaries for both audiences in Singapore and Malaysia.

webinar-blog

In Malaysia, we have launched the post-summit webinar series, which dwells deeper into some of the topics which KOLs have discussed during the summit. This series of webinars aim to help our Malaysian users gain an in-depth understanding about key investment topics.. Our previous webinar which covered on REITS attracted more than 200 live attendees from Zoom and Facebook.

Rewatch the webinar here: 如何利用REITs来赚取稳定的收入?

my-webinar-blog

In Singapore, monthly live market commentaries are held over zoom webinars to provide an insight of popular stocks, market movements and interesting trades to look out for in the coming months. This is often done in partnerships with KOLs as well as special guest appearances ranging from financial institutions to listed companies. Earlier this week, a webinar was conducted with Investment Specialist Dan Chang, with special guest Alvin Li, Vice President of Societe Generale where they shared about the market outlook for 2H 2020, live during trading hours.

Rewatch the webinar here: Live Market Commentary With Dan Chang

sg-webinar-blog

We’d be having more webinars frequently. Do check our website to stay up to date for more upcoming exciting webinars!

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InvestingNote Malaysia

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4 SINGAPORE DIVIDEND STOCKS WITH INCREASING DIVIDENDS FOR THE LAST 10 YEARS. THIS STREAK COULD CONTINUE IN 2020 (Guest Post)

4 SINGAPORE DIVIDEND STOCKS WITH INCREASING DIVIDENDS FOR THE LAST 10 YEARS. THIS STREAK COULD CONTINUE IN 2020 (Guest Post)

It is pretty rare for Singapore stocks to have a consistent track record of paying dividends. Unlike in the US where there are hundreds of companies classified as Dividend Aristocrats (companies that have increased their dividend payments for 25 consecutive years or more) and a handful of Dividend Kings (companies that have increased their dividend payments for 50 consecutive years or more), Singapore stocks typically do not have a good track record of consistent dividend payments.

4 Singapore dividend stocks with increasing dividends for the last 10 years. This streak could continue in 2020

This post was originally posted here. The writer, Royston Tan is a veteran community member and blogger on InvestingNote, with username known as Royston_Tan.

https://newacademyoffinance.com/singapore-dividend-stocks/

(For those interested, you can check out the site for the graphical representation of their dividend track record)

It is pretty rare for Singapore stocks to have a consistent track record of paying dividends. Unlike in the US where there are hundreds of companies classified as Dividend Aristocrats (companies that have increased their dividend payments for 25 consecutive years or more) and a handful of Dividend Kings (companies that have increased their dividend payments for 50 consecutive years or more), Singapore stocks typically do not have a good track record of consistent dividend payments.

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Singapore REIT Fundamental Analysis Comparison Table – 12 August 2019 (Guest Post)

Singapore REIT Fundamental Analysis Comparison Table – 12 August 2019 (Guest Post)

Technical Analysis of FTSE ST REIT Index (FSTAS8670)

5bc0e13fe5e56a4b3c7af09361f5071310eb49f4

This post was originally posted here. The writer, Kenny Loh is a veteran community member and blogger on InvestingNote, with username known as marubozu and 700+ followers.

FTSE ST Real Estate Investment Trusts (FTSE ST REITIndex)broke outfrom the 10 years resistance at 875 with significant increase in trading volume. The REIT index is currently retracing from the high 941.77 to 895.14 (-4.95%). Next immediate support zone is between 870 to 875 for a healthy correction. Previous chart on FTSE ST REIT index can be found in the last postSingapore REIT Fundamental Comparison Tableon July 1, 2019.

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A Tale of Two REITS (Guest Post)

A Tale of Two REITS (Guest Post)

There are investors who like to base their Reit selection on two criterias: Price to Book Value and Dividend yield.
real-estate-singaporeThis post was originally posted here. The writer, D Wong is a community member on InvestingNote, with username known as Pizzaprata.

M Reit: $Mapletree Ind Tr(ME8U.SI)
S Reit: $Sabana Reit(M1GU.SI)

Based on the latest quarter’s results and closing prices:
M Reit’s P/B is 1.41 and yield is 5.7%
S Reit’s P/B is 0.76 and yield is 6.9%

From the above M Reit looks overpriced and S Reit looks attractive. Both Reits had their IPOs just one month apart in Oct/Nov 2010 with similar IPO prices of 0.93 and 0.917 respectively. That’s where the similarity ends, from the price performance chart below you can see that M Reit has doubled it’s share price since IPO while the other has dropped to less than half.

The reason is simple, M Reit has consistently improved it’s DPU every year whereas S Reit had to cut it’s DPU over the years. Therefore a good management track record is a more important criteria. So quality reits don’t come cheap and if you are hung up about P/B ratios you would never have bought M Reit as it has never dropped below its book value since IPO. Including dividends, M Reit’s total return is more than 200% so you would have missed a 3 bagger.

However past performance is no guarantee for future performance. You need to look at the Reits results in detail to see if the distributions are sustainable and what projects they are doing to increase DPU. Tomorrow I will reveal the Reits and why I accumulated M Reit last week although seasoned investors would have guessed which Reits I am talking about.

 

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The Permanent Portfolio Might Do Worse in Retirement than the Traditional Equity Bond Portfolio (Guest Post)

The Permanent Portfolio Might Do Worse in Retirement than the Traditional Equity Bond Portfolio (Guest Post)

When it comes to wealth accumulation, many are a fan of Harry Browne’s Permanent Portfolio. Recently I wrote about it here.

money-in-jar

This post was originally posted here. The writer, Kyith is a veteran community member and blogger on InvestingNote, with username known as Kyith and 700+ followers.

One of the main take away from my article yesterday on how do you make $500,000 last for 60 years by withdrawing an initial amount of 5% of the portfolio was that high volatility is not very desirable when it comes to spending down our wealth.

So naturally, the permanent portfolio comes to mind a portfolio that is made up of components very uncorrelated that reduce the overall volatility.

If we revisit the table of portfolios recommended by famous experts the PERM and Risk P have the lowest standard deviation, lowest maximum draw down (MaxDD), good risk adjusted returns (Sharpe).

So how would they do in Timeline App?

I try to fix as much of the variables as yesterday’s base case, with only modification to the portfolio allocation:

1. I have a wealth of $500,000 that I wish to live off of

2. I want to see if I can start off spending $25,000 for the first year of my financial independence. This is 5% of my initial wealth of $500,000 (we call this an initial withdrawal rate of 5% versus the 4% withdrawal rate)

3. For subsequent years, I increase and decrease the $25,000/yr based on the inflation rate. If inflation is +4%, it will be the previous years’ spending x (1-0.04) and if inflation is -2%, then it is previous years’ spending x (1-(-0.02)). I will maintain my purchasing power (inflation adjusted)

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