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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:

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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?

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ComfortDelGro sinks to 14-year low! Will it go lower? (19 Jan 2023)

ComfortDelGro sinks to 14-year low! Will it go lower? (19 Jan 2023)

On 11 Jan, Comfort (CD) closed at $1.21, the lowest close since 31 Oct 2008. The next day, to the horror of CD’s shareholders, it broke $1.21 with volume expansion and closed at $1.18. At the time of this write-up, CD closed today at $1.14, the lowest close last seen 29 Oct 2008.

This post was originally posted here. The writer, Ernest Lim is a veteran community member and blogger on InvestingNote, with a username known as @el15 and has close to 550 followers.

‌Will CD fall more? Or will this be a comfortable trade at current level? Let’s read on for more.‌

Possible reasons to be bullish

A) Still a recovery play

CD with its operations in Australia, China, Singapore, UK etc. should gradually benefit as economies re-open. China’s abrupt easing of its Covid measures will likely facilitate more commuting and travelling in China and outside China.

‌Based on Bloomberg, the consensus from analysts is still projecting CD to post a year-on year (“y-o-y”) net profit growth of 30% in FY22F; 16% in FY23F; 7% in FY24F. Thus, suffice to say that CD is still a recovery play and is likely to post year on year profit growth. Much cannot be said for some companies as they may report a y-o-y drop in net profit in FY23F especially if their FY22F is an exceptional year.‌

B) Valuations are incredibly low; 2.0x standard deviations below its average 10Y P/BV

Based on Bloomberg, CD trades at 2.0x standard deviations below its average 10Y P/BV of 1.9x. With net profit expected to rise in FY22F, FY23F and FY24F (see point A above), it does not seem justifiable to trade at such depressed valuations.

C) Net cash $647m; easily can finance M&A & 5-6% dividend yields

Based on some of the analyst reports which I have read, CD’s balance sheet has emerged stronger after the pandemic. CD has net cash amounting to $647m in 3QFY22 vs $520m in 4QFY21. In other words, 26% of market cap is backed by net cash. Such strong balance sheet should be able to support its dividends and any acquisitions. Furthermore, generally speaking, in a rising interest rate environment, having net cash is better than being in debt.

D) 14-year low price since 29 Oct 2008

During the height of the pandemic, CD traded to a low of around $1.30 – 1.31. At that time, the economy and human traffic come to an almost standstill and plagued with uncertainties on how the pandemic will pan out. It is difficult to see how its operations can be worse now compared to the pandemic. Granted that analysts have cut their profit estimates for CD, the consensus net profit still expects CD to post a 30% rise in FY22F; 16% in FY23F; 8% in FY24F.

E) Total potential upside is around 43% if the consensus is right

Based on Bloomberg, average analyst target price is $1.56; FY23F estimated div yield is at 6.0%. If the consensus is right, CD presents a total potential return of around 43%.

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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)

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Is The Worst Over For SG Tech Stocks AEM, UMS And Frencken?

Is The Worst Over For SG Tech Stocks AEM, UMS And Frencken?

With inflation figures finally showing signs of cooling in the last few days, we have seen a spike in many share price of technology stocks that have been heavily sold down since beginning of the year.

What about AEM, UMS and Frencken which are some of the most popular stocks in Singapore?

Is the worst really over? Or can it be just a dead cat bounce?

This post was originally posted here. The writer, Joey Choy is a veteran community member and blogger on InvestingNote, with a username known as @JoeyChoy and has close to 5300 followers.

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SGX drops for 12th consecutive day, longest losing streak since IPO! (20 Oct 22)

SGX drops for 12th consecutive day, longest losing streak since IPO! (20 Oct 22)

Since 4 Oct 2022, SGX has fallen for 12 consecutive sessions, logging its longest losing streak since IPO in 2000! Over the past 12 sessions, SGX has lost a total of 12.5%, or $1.19 to close at $8.33 on 20 Oct 2022. It is noteworthy that STI has only fallen 3.7% over the same period. In addition, SGX’s RSI closed 13.3, the lowest since 2008!

This post was originally posted here. The writer, Ernest Lim is a veteran community member and blogger on InvestingNote, with a username known as @el15 and has close to 600 followers.

Some noteworthy points below

a) Average analyst target: $10.08

Based on Bloomberg (see Fig 1 below), average analyst target price is around $10.08. If consensus is right and assuming that analysts do not change their target prices, SGX offers a potential capital upside of around 21%. Coupled with an estimated dividend yield of around 3.9%, total potential return is around 25%.

For the eagle eye readers, you will have noticed that since 10 Oct, there have been mixed analyst calls. To some extent, the recent decline can be attributed to the recent sell calls on SGX with target prices ranging from $8.00 – 9.25.

Figure 1: Bloomberg compilation of analyst target prices for SGX

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Upcoming LIVE Webinar: Are Old Economy Stocks Back In Favour?

Upcoming LIVE Webinar: Are Old Economy Stocks Back In Favour?

As global vaccines are being rolled out, the possibility of a speedy recovery of the global economy and life returning to ‘normal’ increased. This has stirred up interest in the long-ignored value stocks. Hence, investments have started to rotate from the new economy to the old economy. For example, the MSCI China banks index has outperformed the MSCI China index by 25%-pts over the last two months.

However around Asia, there is a resurgence in COVID-19 cases, are we really out of the woods?
What are the bright spots and potential dark ones investors should look at and avoid on the back of the vaccine hope?

Join us for this exclusive LIVE webinar happening on 25th May, 8 – 9 PM.

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This time, we have 2 distinguished guests:

Chi-man Wong is the Head of Research at China Galaxy International (CGI). He focuses on strategy research and covers the building materials and brokerage sectors.Industry Experience: He has 18 years of experience in the equity research industry. Prior to joining CGI in 2012, he worked as an analyst in both Chinese and foreign investment banks, including Phillip Securities,Everbright Securities, and Piper Jaffray Asia.

Adrian Chew is the Vice President, Sales and Product Strategy (S.E.A) at CSOP. At CSOP Asset Management, Adrian oversees ETF investment solutions for Brokers, Wealth Managers, and Family Offices in Singapore. Adrian is also part of a team responsible for developing sales strategy and strategic partnerships with institutions in South East Asia. Prior to joining CSOP Asset Management, he worked for RHB Asset Management where he was a Business Development Manager for mass and affluent Investors, Wealth Managers, and Intermediaries. Before that, Adrian was working for Phillip Securities and CGS-CIMB Securities in various roles, including equity advisory sales and trading, Business and Product Development.

Register now!

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InvestingNote is the first and largest social network for investors in Singapore. Find out more about us here.

Download our free app here:

apple android

Also, join our telegram channel here: t.me/investingnoteofficial

We’re here to keep you in touch with the latest investing & stock-related news, happenings, and updates!

A Look into DBS Group Holdings’ Q4 and FY2020 Results (Guest Post)

A Look into DBS Group Holdings’ Q4 and FY2020 Results (Guest Post)

DBS Group Holdings (SGX:D05) is the first of the three Singapore-listed banks to release its results for the fourth quarter, as well as for the financial year 2020 ended 31 December 2020 early this morning (10 February 2021) – the other two banks will be releasing its results on the final week of February (OCBC on 24th February, and UOB on 25 February – both before market hours.)

In my post today, let us take an in-depth look into DBS’ latest ‘report card’ – particularly its key financial results, key financial ratios, as well as its dividend payouts to shareholders, along with my personal opinions as a shareholder of Singapore’s biggest bank to share.

Image result for dbs

This 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 close to 2,000 followers.

Key Financial Results (Q4 FY2019 vs. Q4 FY2020, and FY2019 vs. FY2020)

In this section, you will find the bank’s results on a quarter-on-quarter (q-o-q) basis (i.e. Q4 FY2019 vs. Q4 FY2020), as well as on a year-on-year (y-o-y) basis (i.e. FY2019 vs. FY2020):

Q4 FY2019 vs. Q4 FY2020:

Q4 FY2019 Q4 FY2020 % Variance
– Net Interest
Income (S$’mil)
$2,426m $2,120m -12.6%
– Net Fee & Commission
Income (S$’mil)
$741m $747m +0.8%
– Other Non-Interest
Income (S$’mil)
$294m $396m +34.7%
Total Income
(S$’mil)
$3,461m $3,263m -5.7%
Total Expenses
(S$’mil)
$1,600m $1,580m -1.3%
Net Profit
(S$’mil)
$1,508m $1,012m -32.9%

Total income (which consisted of 3 components: net interest income, net fee and commission income, as well as other non-interest income) fell 5.7% on a q-o-q basis to S$3,263m, as a decline in its net interest income (due to a 37 basis point q-o-q drop in its net interest margin to 1.49%), cushioned by an increase in its net fee and commission income (attributed by an improvement in its wealth management fees), as well as in its other non-interest income (as a result of an increase in its trading income.)

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12.12 Special Promo: The TAP Method: An Analyst’s Essentials by TradingAnalystPlaybook (TAP)

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InvestingNote is the first and largest social network for investors in Singapore. Find out more about us here.

Download our free app here:

apple android

Also, join our telegram channel here: t.me/investingnoteofficial

We’re here to keep you in touch with the latest investing & stock-related news, happenings, and updates!

Upcoming Webinar: HOT TECH TRENDS: RIDING ON THE NEXT BIG WAVE OF CHINESE TECH COMPANIES

Upcoming Webinar: HOT TECH TRENDS: RIDING ON THE NEXT BIG WAVE OF CHINESE TECH COMPANIES

Big tech names with the likes of Tencent, Alibaba, Meituan, Xiaomi, Sunny Optical, JD, PA-GoodDoctor and more! How can investors ride on the hot tech trends of our era?

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This exclusive webinar will touch on the following:
✔ What’s the next wave in the Chinese Tech ecosystem?
✔ Will China’s regulation dampen or strengthen the growth of Chinese Big Tech firms?
✔ Which firms will seek to benefit more than others?
✔ How can investors ride on the trends?

Join us as we have 2 special guests, Adrian and Benjamin in this exclusive webinar on Chinese Tech companies!

Benjamin Chan is a technical and quantitative analyst with CGS-CIMB Research. Benjamin writes for the “HK Trendspotter”, CGS-CIMB’s regional technical analysis publication, and assists in the development & management of in-house quantitative trading/ investment models and strategies. Building on over 5 years of FX and financial markets experience, he also work alongside our Chief Investment Officer Lim Say Boon, researching the main FX pairs, contributing to our FX Weekly – a macro-economic background piece with outlook on the currency pairs, supported by technical analysis.

Adrian Chew is the Vice President, Sales and Product Strategy (S.E.A) at CSOP. At CSOP Asset Management, Adrian oversees ETF investment solutions for Brokers, Wealth Managers, and Family Offices in Singapore. Adrian is also part of a team responsible for developing sales strategy and strategic partnerships with institutions in South East Asia. Prior to joining CSOP Asset Management, he worked for RHB Asset Management where he was a Business Development Manager for mass and affluent Investors, Wealth Managers, and Intermediaries. Before that, Adrian was working for Phillip Securities and CGS-CIMB Securities in various roles, including equity advisory sales and trading, Business and Product Development.

Date: December 17th, Thursday
Time: 8PM – 9PM

Register now, come later! https://bit.ly/5GChinaTech

button_register-here

 

 


InvestingNote is the first and largest social network for investors in Singapore. Find out more about us here.

Download our free app here:

apple android

Also, join our telegram channel here: t.me/investingnoteofficial

We’re here to keep you in touch with the latest investing & stock-related news, happenings, and updates!