tag:blogger.com,1999:blog-51295352243024936312024-03-14T06:22:14.021+08:00SGFinanceMusingsMusings, ramblings... oh, and some finance stuffsgfinancemusingshttp://www.blogger.com/profile/09986726862930508745noreply@blogger.comBlogger76125tag:blogger.com,1999:blog-5129535224302493631.post-21611663033571596092020-09-06T23:04:00.002+08:002020-09-06T23:04:30.660+08:00blows dust off... hello again<div class="separator" style="clear: both; text-align: center;"><a href="https://media1.tenor.com/images/f376b48c6640cae3e5da9360643e236c/tenor.gif?itemid=5220609" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: helvetica;"><img border="0" data-original-height="284" data-original-width="498" src="https://media1.tenor.com/images/f376b48c6640cae3e5da9360643e236c/tenor.gif?itemid=5220609" /></span></a></div><span style="font-family: helvetica;"><br /></span><p><span style="font-family: helvetica;"><span style="font-size: large;">Hello</span> all, after my last post in 2016, somehow something piqued my interest and I decided to write a post.</span></p><p><span style="color: #0b5394; font-family: helvetica; font-size: medium;"><b>So much has changed in the markets since 2016</b></span></p><p><span style="font-family: helvetica;">So much has happened in the stock market since. We saw the 2016 stock market route, the 2018 trade war crash, and of course the 2020 pandemic crash which was all regained back.... in the US.</span></p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhXvWiV0uqncRctp1_b9Fl2RJ5XPfIxT_WbgIaFzuyQsR_pDYxUKgQ5mhZ-zq3W9taVMYM9i4UaEhU76A0VjNFdhCdc6LOvlj9Iw3RExnNLfS8PoDqfrxWbrQI7Q-6n8WkP55Cd0U7Qr-Y/s630/106668251-1597759313849-20200818_new_all_time_high_morning.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: helvetica;"><img border="0" data-original-height="409" data-original-width="630" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhXvWiV0uqncRctp1_b9Fl2RJ5XPfIxT_WbgIaFzuyQsR_pDYxUKgQ5mhZ-zq3W9taVMYM9i4UaEhU76A0VjNFdhCdc6LOvlj9Iw3RExnNLfS8PoDqfrxWbrQI7Q-6n8WkP55Cd0U7Qr-Y/s0/106668251-1597759313849-20200818_new_all_time_high_morning.png" /></span></a></div><span style="font-family: helvetica;"><br /></span><b style="caret-color: rgb(11, 83, 148); color: #0b5394; font-family: helvetica;">Much of my portfolio has evolved too (I have to... or else...)</b><span style="font-family: helvetica;"><br /></span><p><span style="font-family: helvetica;">I'd like to believe I'm growing as an investor too. Imagine if I stuck with my holdings from 2016, oh golly my returns would be as abysmal as the STI.</span></p><p><span style="font-family: helvetica;">Back in Aug 2016, these was my portfolio:</span></p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEitja9l6RhDMJ3WJ7VmcEIrDdydxXk-ZsLfjTElwCAR8i8XJD7sdlURr7DW4SPLB71YgQNKp6cZXXj9TOqCGalVgl-Vndz5v73y9tmnhpAcvU73W8kwfi918VcKWB9JPZQiTcUTnZLKYgM/s526/Screen+Shot+2016-08-27+at+4.37.09+pm.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: helvetica;"><img border="0" data-original-height="526" data-original-width="447" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEitja9l6RhDMJ3WJ7VmcEIrDdydxXk-ZsLfjTElwCAR8i8XJD7sdlURr7DW4SPLB71YgQNKp6cZXXj9TOqCGalVgl-Vndz5v73y9tmnhpAcvU73W8kwfi918VcKWB9JPZQiTcUTnZLKYgM/s1600/Screen+Shot+2016-08-27+at+4.37.09+pm.png" /></span></a></div><span style="font-family: helvetica;"><br />I've evolved my portfolio throughout the years. My portfolio now lost many of the "old economy", and gained more "new economy". </span><p></p><p><span style="font-family: helvetica;">What is now gone? Hmmm, let's see what old holdings are left in my portfolio instead.</span></p><p></p><ol style="text-align: left;"><li><span style="font-family: helvetica;">Parkway Life REIT</span></li><li><span style="font-family: helvetica;">Sheng Siong</span></li><li><span style="font-family: helvetica;">DBS</span></li><li><span style="font-family: helvetica;">CMT</span></li></ol><p></p><p><span style="color: #0b5394; font-family: helvetica; font-size: medium;"><b>Used to focus "only" on dividend</b></span></p><p><span style="font-family: helvetica;">Because cash is king right? Kinda, but also not. If I'm young and have a long road ahead, the goal should also include growing the capital base. </span></p><p><span style="font-family: helvetica;">I've branched out to the US markets for capital growth to complement my SG dividend stocks.</span></p><p><span style="font-family: helvetica;">See how my dividend kind of stagnated? That's because part of my portfolio is now having little or no dividend. </span></p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEibIYeyPgoHRnayJgsGE5kE9oPl0h3_Dmtxov5Q2ASlHmeGKAAW_i-zGwmfo9EcXw7F1pJCdHnaS7RJ2GoEdVYvH1yS_6cgt7kC_AdnHSAmakvrKBw8oOPkK-MEgHjqYiXEU9y0aYw-7EU/s1106/Screenshot+2020-08-30+at+12.39.17+AM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: helvetica;"><img border="0" data-original-height="298" data-original-width="1106" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEibIYeyPgoHRnayJgsGE5kE9oPl0h3_Dmtxov5Q2ASlHmeGKAAW_i-zGwmfo9EcXw7F1pJCdHnaS7RJ2GoEdVYvH1yS_6cgt7kC_AdnHSAmakvrKBw8oOPkK-MEgHjqYiXEU9y0aYw-7EU/s640/Screenshot+2020-08-30+at+12.39.17+AM.png" width="640" /></span></a></div><p><b style="color: #0b5394; font-family: helvetica;">I'm glad I made the pivot</b></p><p><span style="font-family: helvetica;">The main pivoting point was in 2019. SG stocks now takes up about half of my portfolio size now (mainly REITs). </span></p><p><span style="font-family: helvetica;">Every time I look at my total returns vs STI vs S&P... phew.</span></p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiltQr6WZFN_a8hFRIuI7Sdqeiet1xMkjX8A05KPUQUqBftlVcxnzOQ8oNeWrJ6H26NQ67lvvEg2w9BNn3j5FGG93kxUsguwQl5b2-HpVvQIysYi8jMMCRpaCoL8EP8amghM8dh68N8jzs/s1151/Screenshot+2020-08-30+at+12.47.55+AM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: helvetica;"><img border="0" data-original-height="567" data-original-width="1151" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiltQr6WZFN_a8hFRIuI7Sdqeiet1xMkjX8A05KPUQUqBftlVcxnzOQ8oNeWrJ6H26NQ67lvvEg2w9BNn3j5FGG93kxUsguwQl5b2-HpVvQIysYi8jMMCRpaCoL8EP8amghM8dh68N8jzs/s640/Screenshot+2020-08-30+at+12.47.55+AM.png" width="640" /></span></a></div><p><span style="font-family: helvetica;">I cannot imagine how much money will be left on the table if I stuck to what I had and refused to change...</span></p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://media.giphy.com/media/Vgldw2H2uRLRXTtWhS/giphy.gif" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: helvetica;"><img border="0" data-original-height="400" data-original-width="480" src="https://media.giphy.com/media/Vgldw2H2uRLRXTtWhS/giphy.gif" /></span></a></div><span style="font-family: helvetica;"><br /><br /></span><p></p><p></p><p><span style="color: #0b5394; font-family: helvetica; font-size: medium;"><b>Thoughts around my portfolio</b></span></p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi9GmDzK1jIlYmtxCPtsYI2ddRl3eSdKh09QbyLpCbmnis3TUkcfzlUPyAx05JFVGANmrDrwkauM4KHpHky_uqC610j3XtoX134jbdhDUNXQa4v-elQLtr_nhXJFA-sDZHaDazfzrJdnCI/s347/Screenshot+2020-08-30+at+12.51.05+AM.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: helvetica;"><img border="0" data-original-height="347" data-original-width="268" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi9GmDzK1jIlYmtxCPtsYI2ddRl3eSdKh09QbyLpCbmnis3TUkcfzlUPyAx05JFVGANmrDrwkauM4KHpHky_uqC610j3XtoX134jbdhDUNXQa4v-elQLtr_nhXJFA-sDZHaDazfzrJdnCI/s0/Screenshot+2020-08-30+at+12.51.05+AM.png" /></span></a></div><span style="font-family: helvetica;"><br />These are the top 10 stocks. 7 of them are leaders in their own space.</span><p></p><p></p><ul style="text-align: left;"><li><span style="font-family: helvetica;">Alphabet is king in Search</span></li><li><span style="font-family: helvetica;">DBS is the financial leader here in SG</span></li><li><span style="font-family: helvetica;">Microsoft, Windows & Office being almost monopolising the office and personal laptop industry</span></li><li><span style="font-family: helvetica;">Sea - Shopee is now first in most of South East Asia</span></li><li><span style="font-family: helvetica;">Amazon is king in USA e-commerce, AWS is number one in market share</span></li><li><span style="font-family: helvetica;">Alibaba - king China</span></li><li><span style="font-family: helvetica;">Netlink - fibre monopoly for residential households. </span></li></ul><div><span style="font-family: helvetica;">Most of them are in healthy unrealised profit positions (no prizes for what are the laggards!)</span></div><div><span style="font-family: helvetica;"><br /></span></div><div><span style="font-family: helvetica;">But all in all, I'm rather alright with my portfolio. </span></div><div><span style="font-family: helvetica;"><br /></span></div><div><span style="font-family: helvetica;">My Port YTD returns <span style="color: #38761d;">+9.70%</span></span></div><div><span style="font-family: helvetica;">STI YTD returns <span style="color: red;">-19.08%</span></span></div><div><span style="font-family: helvetica;">S&P YTD returns <span style="color: #38761d;">+11.24%</span></span></div><div><span style="font-family: helvetica; font-size: x-small;"><i>*these are total returns (including dividends)</i></span></div><div><span style="font-family: helvetica;"><br /></span></div><div><span style="font-family: helvetica;">Alright. First post since a long time. Shall leave it at here. My musings stop here for now.</span></div><div><span style="font-family: helvetica;"><br /></span></div><div><span style="font-family: helvetica;">Take care and stay healthy.</span></div><div><div class="separator" style="clear: both; text-align: center;"><a href="https://media.giphy.com/media/TGXdPOgaor8CSrm42F/giphy.gif" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="204" data-original-width="352" src="https://media.giphy.com/media/TGXdPOgaor8CSrm42F/giphy.gif" /></a></div><br /><span style="font-family: helvetica;"><br /></span></div><p></p>sgfinancemusingshttp://www.blogger.com/profile/09986726862930508745noreply@blogger.com0tag:blogger.com,1999:blog-5129535224302493631.post-74831180588290599452016-12-03T15:18:00.000+08:002016-12-03T15:24:55.432+08:00The difference between SPH REIT and CMT's response tells a lot<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjqsfKFwf1EmcPOv0ZzIEjM0LBmbb8kZ9sScYnBWqh-nTd32ZxJOijz5IXrzzPnyggQKi0Wd7NPHCU_1QVw8jk8wc67lN8b2dy9NvwcPwwiSEiCPVsXuOMcq1p79LPCDlzNTUsavjhLzJ0/s1600/img3687_01122011110231.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><img border="0" height="384" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjqsfKFwf1EmcPOv0ZzIEjM0LBmbb8kZ9sScYnBWqh-nTd32ZxJOijz5IXrzzPnyggQKi0Wd7NPHCU_1QVw8jk8wc67lN8b2dy9NvwcPwwiSEiCPVsXuOMcq1p79LPCDlzNTUsavjhLzJ0/s640/img3687_01122011110231.jpg" width="640" /></span></a></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Retail REITS have this huge overhang for years - online shopping. Naturally, REIT managers have to consistently address this "disruption" or risk their business falling behind.</span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">One could simply look at how different REIT managers respond to these questions to tell you if you should be confident about their management skills or not.</span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b><span style="color: #073763;">SPH REIT</span></b> recently concluded their AGM and Business Times reported the following:</span><br />
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<span style="background-color: white;"><i><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><span style="color: #333333;">As for questions on the rise of online shopping and e-commerce, Dr Leong said while this trend is getting more prominent, </span><span style="color: #073763;"><u>brick-and-mortar stores are still relevant, given that consumers still prefer to feel and look at the actual product before purchase.</u></span></span></i></span></blockquote>
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<span style="background-color: white;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><span style="color: #333333;">Contrast this with </span><b><span style="color: #073763;">Capitaland Mall Trust's</span></b><span style="color: #333333;"> respond back in 2015:</span></span></span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><span style="background-color: white; color: #333333;">The mall has a two-prong appr</span><span style="background-color: white;">oach: Loyalty program (CAPITASTAR) and testing online delivery platform at Raffles City. </span></span><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><span style="background-color: white;"><br /></span></span><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><span style="background-color: white;">Also, their redevelopment of Funan is aimed at being a "</span><span style="background-color: white; text-align: justify;">experiential creative hub in a technology-enabled environment"</span></span></blockquote>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><span style="background-color: white;"><span style="color: #333333;">Also, the up and coming SingPost Centre by </span><b><span style="color: #073763;">SingPost</span></b><span style="color: #333333;"> is not your typical run of the mill mall. </span></span></span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><span style="background-color: white; color: #333333;">It will </span><span style="background-color: white; color: #333333;">be a mall that combines both online and offline shopping. For instance, a consumer could browse in-store, purchase the product and arrange for delivery of the product directly to their home. The consumer could then continue shopping, watch a movie or have a meal in the mall without having to carry bulky shopping bags. The retailer, on the other hand, could save on storage space in the store as fulfilment would be done at the backend of the warehouse</span></span></blockquote>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">You could easily tell that which management is still deceptive of the fact that change is real, and which are the ones that accept the challenge, and uses this as an opportunity and not a threat. </span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">And it's no secret that if I feel that management is not doing as good as a job as they should be, then no matter what moat they might possess is kind of useless.</span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Good businesses + great management = great businesses to invest and hold.</span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">For example, I blogged about how one <a href="http://letsgetrichtogethersg.blogspot.com/2016/11/divested-on-starhub-as-their-management.html" target="_blank">company</a> I used to be vested in seems to be in a defensive mode and trying to pacify shareholders instead of owning the issue at hand and tackle it.</span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Need hints?</span>sgfinancemusingshttp://www.blogger.com/profile/09986726862930508745noreply@blogger.com0tag:blogger.com,1999:blog-5129535224302493631.post-81588460475681523182016-11-20T16:24:00.002+08:002016-11-20T16:31:54.972+08:00Divested on StarHub as their Management skills are not as strong as before.<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEixQrwerO3WKlLxfbaxcfif337S9-bMNBpn22DsQZloIHOt5V5RnUEr5oRN-QNcOM7GpYWHZHettVx3s_FQ58riInMS-Bgx7zPbSpcJzNXbcnzxX8gz9nRqRC57zg0B6gjRuXFW4_RlK0I/s1600/starhub3_0_4.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><img border="0" height="211" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEixQrwerO3WKlLxfbaxcfif337S9-bMNBpn22DsQZloIHOt5V5RnUEr5oRN-QNcOM7GpYWHZHettVx3s_FQ58riInMS-Bgx7zPbSpcJzNXbcnzxX8gz9nRqRC57zg0B6gjRuXFW4_RlK0I/s400/starhub3_0_4.jpg" width="400" /></span></a></div>
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<span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b>Divested</b></span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">I've divested StarHub before their 3Q16 results announcement after considering various points and thought it'll be a good time to do so before their announcement.</span></div>
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<span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b>Weak outlook on Mobile</b></span></div>
<span style="line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Mobile segment outlook is very weak, and especially so for StarHub and M1. This is affirmed by their 3Q announcement vis a vis Singtel's announcement.</span></span><br />
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<span style="line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Pricing pressure from the impending 4th Telco arrival has took a toll on M1 and StarHub.</span></span><br />
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<span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b>Defensive Mode</b></span></div>
<span style="line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">StarHub's management has been on a defensive mode with regards to their earnings call.</span></span><br />
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<span style="line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">They attributed their fall in Mobile earnings to </span></span><br />
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<li><span style="line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">IDD and International Roaming calls (as usual) </span></span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b style="line-height: 18px;">Not </b><span style="line-height: 18px;">pricing pressure from their data upsize</span><span style="line-height: 18px;"> point of view. </span></span></li>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><span style="line-height: 18px;">An analyst even </span><b style="line-height: 18px;">questioned on their need for such aggressive move </b><span style="line-height: 18px;">on the data front, given that the fall in voice revenue is larger than the data upside.</span></span><br />
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<span style="line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Management's response was that their <b>move was not aggressive.</b> They even attempted to assured investors by saying that what they're seeing is that consumers are not downgrading their plans but instead, increasing their subscription to the Plus 3 option due to increase in data consumption.</span></span><br />
<span style="line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span></span>
<span style="line-height: 18px;"><b><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Now, these are all nice to hear. But it's essentially useless if their revenue does not show otherwise.</span></b></span><br />
<span style="line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span></span>
<span style="line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Singtel, meanwhile, has managed to stabilised their Mobile revenue despite falling voice revenue with strong data growth. They've put their money where their mouth is.</span></span><br />
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<span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b>Weak PayTV vs Singtel</b></span></div>
<span style="line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">StarHub's and Singtel's PayTV subscribers are lowering quarter on quarter. However, the similarity stops here.</span></span><br />
<span style="line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span></span>
<span style="line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Singtel has managed to increase their revenue while StarHub's PayTV revenue is falling together with its smaller subscribers' base.</span></span><br />
<span style="line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span></span>
<span style="line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">In response to analysts' question, StarHub is again on the defensive mode saying</span></span><br />
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<ol>
<li><span style="line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Working hard on content</span></span></li>
<li><span style="line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">StarHub Go is there</span></span></li>
<li><span style="line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Netflix and other illegal options are there all along</span></span></li>
</ol>
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<span style="line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Again, these are nice to hear until your revenue shows otherwise.</span></span></div>
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<span style="line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Meanwhile, Singtel has somehow managed to increase their PayTV revenue even when excluding BPL subscriptions. </span></span></div>
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<span style="line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span></span>
<span style="line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Also, I remember them saying this on their previous earning calls in response to analysts</span></span><br />
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<ol>
<li><span style="font-family: helvetica neue, arial, helvetica, sans-serif;"><span style="line-height: 18px;">Cutting the cord in other countries will not be seen on the same scale here</span></span></li>
<li><span style="font-family: helvetica neue, arial, helvetica, sans-serif;"><span style="line-height: 18px;">StarHub has local contents that prevents consumers from cutting cords (as the OTT options do not have significant asian content)</span></span></li>
<li><span style="font-family: helvetica neue, arial, helvetica, sans-serif;"><span style="line-height: 18px;">Netflix via VPN is already available long before, together with illegal setup box, and StarHub has been unfazed.</span></span></li>
<li><span style="font-family: helvetica neue, arial, helvetica, sans-serif;"><span style="line-height: 18px;">StarHub Go will address the OTT options</span></span></li>
</ol>
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<span style="font-family: helvetica neue, arial, helvetica, sans-serif;"><span style="line-height: 18px;">Yet now, look at their PayTV segment. They must be eating their words.</span></span></div>
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<span style="font-family: helvetica neue, arial, helvetica, sans-serif;"><span style="line-height: 18px;"><br /></span></span></div>
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<span style="font-family: helvetica neue, arial, helvetica, sans-serif;"><span style="line-height: 18px;">Meanwhile, Singtel:</span></span></div>
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<ol>
<li><span style="font-family: helvetica neue, arial, helvetica, sans-serif;"><span style="line-height: 18px;">Partnered with Netflix</span></span></li>
<li><span style="font-family: helvetica neue, arial, helvetica, sans-serif;"><span style="line-height: 18px;">Has VIU, CAST to countered the OTT options</span></span></li>
<li><span style="font-family: helvetica neue, arial, helvetica, sans-serif;"><span style="line-height: 18px;">BPL is really helping their revenue (although their profitability on BPL remains questionable).</span></span></li>
</ol>
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<span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b>Hubbing (their Trump Card) is weakening as well</b></span></div>
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<span style="line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Even their Hubbing households (which Management has been trumpeting forever, is falling for the second or third quarter).</span></span><br />
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<span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b>No competitive advantage left</b></span></div>
<span style="line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">In summary, why i decided to divest before their 3Q announcement</span></span><br />
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<ol>
<li><span style="line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Unable to stem the falling of their PayTV business (unlike Singtel)</span></span></li>
<li><span style="line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Unable to manage their Mobile revenue fall (unlike Singtel)</span></span></li>
<li><span style="line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Enterprise growth seemed to have stalled</span></span></li>
<li><span style="line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Price points are not the cheapest (vs M1), yet not the most expensive (for investor's benefit).</span></span></li>
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<span style="line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">When you're neither here nor there, and have no clear competitive advantage, I'm not comfortable being your long-term shareholder as I've no confidence in your management skills. </span></span></div>
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<span style="line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">For now, I'm still closely monitoring M1, and will divest if need be. At least now, they're the "cheapest" in the market.</span></span></div>
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sgfinancemusingshttp://www.blogger.com/profile/09986726862930508745noreply@blogger.com0tag:blogger.com,1999:blog-5129535224302493631.post-55918446556924218022016-08-27T16:39:00.003+08:002016-08-27T16:39:37.594+08:00August has been a good month!<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhKI66yoN-RM8gY0ljlzroreUd1SwT0syCgcp4vvOvjTSYJSdAmSGncsoCXdMmiOIC0gcQKYtGkEkA9Pnq-vWbOUsnlOATpE_wBoxWYlxuN3O0jw4nLetmanF1xq6tyAWwDpEqP4nWgE9Y/s1600/Screen+Shot+2016-07-28+at+11.43.12+pm.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"></span></a></div>
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<span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b>What changed?</b></span></div>
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<li style="color: #444444; line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><div class="MsoNormal">
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Monthly dividend at $338/month</span></div>
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</span></li>
<li style="color: #444444; line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Dividend yield maintained at <b>4.40%</b></span></li>
<li><span style="color: #444444; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif; line-height: 18px;">No sale or purchase of shares</span></li>
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<span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><span style="line-height: 18px;"><b>My star performers in percentage terms</b></span></span><br />
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<span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><span style="line-height: 18px;">Current month</span></span></div>
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<div style="font-weight: normal;">
<ul>
<li><span style="line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">SATS @ +55.93%</span></span></li>
<li><span style="line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Sheng Siong @+46.25%</span></span></li>
<li><span style="line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Colex @+44.95%</span></span></li>
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<span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><span style="line-height: 18px;">Last month</span></span></div>
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<ul>
<li><span style="line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">SATS @ +42.43%</span></span></li>
<li><span style="line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Sheng Siong @+37.89%</span></span></li>
<li><span style="line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Colex @+34.04%</span></span></li>
</ul>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">SATS & SS soared during this month as evident above!</span><br />
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<span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b>Next steps</b></span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Like DK, I will continue to "Future proof" my current holdings. I'm also continuing my focus on counters that will perform on good and bad times.</span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">1. Healthcare (Plife, RMG)</span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">2. Data and infocom (ST, SH, M1)</span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">3. Supermarkets (SS)</span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">4. Cleaning/Stewarding (Advancer, Colex)</span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Unfortunately, I was unable to accumulate Parkway Life when prices retreated early this week. It has since climbed back up. Hope to accumulate soon!</span></div>
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sgfinancemusingshttp://www.blogger.com/profile/09986726862930508745noreply@blogger.com0tag:blogger.com,1999:blog-5129535224302493631.post-91177078768813662882016-08-03T22:53:00.001+08:002016-08-03T22:55:14.012+08:00My under appreciated stock bore fruits!!<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMspmGVMOYiXNHd2dAm9YPotAGtp7wG_nPRxuQW64qFk5O1AHRpM3vNX3A5t03mYeKd5KtZYdAZoKWe46m_mGq4XGm8l0kUg5kFisZ7yNOo00UcWSwjoLdLCu8p3oLNCkLMqr9xRl_RPM/s1600/Screen+Shot+2016-08-03+at+10.31.49+pm.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMspmGVMOYiXNHd2dAm9YPotAGtp7wG_nPRxuQW64qFk5O1AHRpM3vNX3A5t03mYeKd5KtZYdAZoKWe46m_mGq4XGm8l0kUg5kFisZ7yNOo00UcWSwjoLdLCu8p3oLNCkLMqr9xRl_RPM/s1600/Screen+Shot+2016-08-03+at+10.31.49+pm.png" /></span></a></div>
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<span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b>I last wrote about the company here</b></span></span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><a href="http://letsgetrichtogethersg.blogspot.com/2015/11/exactly-how-defensive-is-this-under.html" target="_blank">Here</a> <a href="http://letsgetrichtogethersg.blogspot.com/2015/11/this-under-appreciated-stock-is-wow-ing.html" target="_blank">here</a> and <a href="http://letsgetrichtogethersg.blogspot.com/2015/08/the-under-appreciated-stock.html" target="_blank">here</a>. I mentioned that the growth in share prices have yet to reflect the growth in the company's earnings. Well, a look at the table above will show that share prices seemed to be at fair value now!</span><br />
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<span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b>Solid 1st half results again!</b></span></span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">As the results are rather stable quarter on quarter, I've annualised their 2016 results in the table above.</span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Although their earnings is expected to slow down to <span style="color: #38761d;">"only" 24% growth</span> for 2016 (from mid 30%), it is still fantastic by any measure. This is especially so in such economic environment that see so many large caps and blue chips reporting bad results.</span></span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Is this one of the safer options for investment in this current economic climate?</span><br />
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<span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b>Gushing Free Cash Flow with potential increase in dividend again</b></span></span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Management has a lot of room for growth in dividends. </span><br />
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<span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b>Low debt (almost no debt)</b></span></span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">They entered in a finance lease arrangement for the purchase of their assets. Their total <i>outstanding debt stands at $949k vs their cash pile of $10,394k</i>.</span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Technically they can fully pay off their debt RIGHT NOW if they want.</span></span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">In fact, their total liabilities is $9,389k vs the cash of $10,394k. <b><span style="color: #38761d;">Strong balance sheet anyone?</span></b></span></span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5g9GuYUSav3FnCrshbRlHZ-r14CKY5WTJ1wSR_TRYZALBpf0Xwh_t54IVyqy0airowMCBl8qUsG4iAz3AcUe4_NopYlTnuW4WSaYiZ3rs8RqKo_A8Q41YwTycn2GTiXP558SLS0gAO64/s1600/images.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5g9GuYUSav3FnCrshbRlHZ-r14CKY5WTJ1wSR_TRYZALBpf0Xwh_t54IVyqy0airowMCBl8qUsG4iAz3AcUe4_NopYlTnuW4WSaYiZ3rs8RqKo_A8Q41YwTycn2GTiXP558SLS0gAO64/s1600/images.jpg" /></span></a></div>
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<span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b>It's one of my STAR counter</b></span></span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Giving me a capital gain of 34%. Although Colex is not yielding "high" dividend, it was under appreciated back then and I love the fact that its business and balance sheet was so strong.</span><br />
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<span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b>No longer attractive to accumulate more for now</b></span></span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">YoY growth of 24% yet its share price soared 41%. This plays out when over a 5 year horizon though (30% CAGR of EPS vs 31% CAGR of share price)</span><br />
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<span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b>It is fine if it continues to be unloved</b></span></span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">It is fine if there are people who may think it's not a good business to invest in. The more Colex falls out of the radar, the better chances of its share price being unappreciated.</span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Remember how Raffles Medical started out, and became a monster now? </span></span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">In the long run, the <i>Market will act like a weighing machine</i>. Share prices will eventually reflect its earnings and results.</span></span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Stay strong when people try to dissuade you. Have patience, foresight and trust!</span></span>sgfinancemusingshttp://www.blogger.com/profile/09986726862930508745noreply@blogger.com5tag:blogger.com,1999:blog-5129535224302493631.post-59509259752318076112016-07-30T13:36:00.000+08:002016-07-30T15:33:56.584+08:00THREE YEAR ANNIVERSARY and I think I'm doing well<b style="color: #0b5394;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif; font-size: large;">July marks my third year of investing</span></b><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">And I think I've done not too bad. Looking at the chart below, I can see that my dividends are slowly but surely growing exponentially.</span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Also, I've <b>not panicked</b> and sold my positions when I fell into unrealised losses.</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjgGrYuS1dr9I0CBvRv0NgiVRU-wtKsQo8gUpevm0IWOzRbUoNRZgECrtKtiinwXtYNKFKGgTWvEh7o5ctY3v2qNJEXFr-gEBh69VRnNL1Zyp6dT_Vq7bAj2T3IkMQK77hNLfKsNQtcs84/s1600/Screen+Shot+2016-07-30+at+1.18.06+pm.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjgGrYuS1dr9I0CBvRv0NgiVRU-wtKsQo8gUpevm0IWOzRbUoNRZgECrtKtiinwXtYNKFKGgTWvEh7o5ctY3v2qNJEXFr-gEBh69VRnNL1Zyp6dT_Vq7bAj2T3IkMQK77hNLfKsNQtcs84/s1600/Screen+Shot+2016-07-30+at+1.18.06+pm.png" /></span></a></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif; font-size: large;"><b style="color: #0b5394;">3 year CAGR of 3.95%</b></span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Could be higher, but that's fine given that it has only been 3 years and my CAGR is also dependent on equity price movements despite my dividend income being my main focus.</span><br />
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<b style="color: #0b5394; font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><span style="font-size: large;">Outperformed the index</span></b><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Also, STI's 3 year CAGR is -0.47% and their 10 year CAGR is 4.71%. Given that, I'm glad I've beaten the index, if not I should have just bought the index right?</span>sgfinancemusingshttp://www.blogger.com/profile/09986726862930508745noreply@blogger.com2tag:blogger.com,1999:blog-5129535224302493631.post-2271626900601225002016-07-28T23:59:00.000+08:002016-07-28T23:59:59.971+08:00Relook at my portfolio after a 6 months hiatus!<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhKI66yoN-RM8gY0ljlzroreUd1SwT0syCgcp4vvOvjTSYJSdAmSGncsoCXdMmiOIC0gcQKYtGkEkA9Pnq-vWbOUsnlOATpE_wBoxWYlxuN3O0jw4nLetmanF1xq6tyAWwDpEqP4nWgE9Y/s1600/Screen+Shot+2016-07-28+at+11.43.12+pm.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhKI66yoN-RM8gY0ljlzroreUd1SwT0syCgcp4vvOvjTSYJSdAmSGncsoCXdMmiOIC0gcQKYtGkEkA9Pnq-vWbOUsnlOATpE_wBoxWYlxuN3O0jw4nLetmanF1xq6tyAWwDpEqP4nWgE9Y/s1600/Screen+Shot+2016-07-28+at+11.43.12+pm.png" /></span></a></div>
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<span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b>What changed?</b></span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Monthly dividend increased 19% to $328 (from $284 back in Jan 2016)</span></div>
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<li style="color: #444444; line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Dividend yield maintained steady at 4.40%</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><span style="line-height: 18px;"><span style="color: #38761d;">SOLD</span><span style="color: #444444;">: SIIC and Old Chang Kee (previously small holdings)</span></span></span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><span style="line-height: 18px;"><span style="color: #38761d;">BOUGHT</span><span style="color: #444444;"> </span></span><span style="color: #444444; line-height: 18px;">more DBS, Raffles Medical and Sheng Siong</span></span></li>
<li><span style="color: black; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif; line-height: normal;"><span style="line-height: 18px;"><span style="color: #38761d;">BOUGHT</span><span style="color: #444444;"> </span></span></span><span style="color: #444444; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><span style="line-height: 18px;">Accordia Golf Trust and Advancer Global </span></span></li>
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<b style="color: #0b5394;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">What was my goal back then?</span></b></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><span style="color: #444444;">The goal was to increase my monthly dividend to $300. Seems like I've met it! Next goal, </span><b><span style="color: red;">$500!</span></b></span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b style="color: #0b5394; line-height: 18px;">Basically, there was not much </b><span style="color: #0b5394;"><span style="line-height: 18px;"><b>trading done</b></span></span></span></div>
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<span style="color: #444444; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">I managed to get Advancer Global during IPO as the fundamentals were good and valuations were cheap. </span></div>
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<span style="color: #444444;"><span style="color: black; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><span style="line-height: 18px;">Sold off for 70% profit during the first day and bought them again when prices started to fall. I'm now holding it for long term.</span></span></span></div>
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<span style="color: #444444;"><span style="color: black; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><span style="line-height: 18px;">RMG was accumulated as the market wasn't loving it after the "lacklustre" results stemming from Holland Village's pre-startup costs.</span></span></span></div>
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<span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><span style="line-height: 18px;"><b>My star performers in percentage terms</b></span></span></div>
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<li><span style="line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">SATS @ +42.43%</span></span></li>
<li><span style="line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Sheng Siong @+37.89%</span></span></li>
<li><span style="line-height: 18px;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Colex @+34.04%</span></span></li>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Colex earnings should be released in a few weeks time, and I'm looking to further accumulate before the earnings announcement if the price is right!</span></div>
sgfinancemusingshttp://www.blogger.com/profile/09986726862930508745noreply@blogger.com2tag:blogger.com,1999:blog-5129535224302493631.post-41886242321443015262016-01-25T02:07:00.000+08:002016-01-25T02:07:01.819+08:00What I wrote about Sembcorp Industries then and how it differs now<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">The last article about SCI was written during May 2015 <a href="http://letsgetrichtogethersg.blogspot.sg/2015/05/sembcorp-industries-should-you-be.html" target="_blank">here</a></span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgHrSg6VUFTpdqOds_po957bsGhOd7JkQu9sDTRi8wD5uxKksGSJ3_asX9YS5JrvgUcJiYZO05dVEe4fMu1O1KugqanTRZ0YaZiiURnFGvO-D6qGfg76WXhQUJ2vl2QbODNYWspxriucEE/s1600/About4.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><img border="0" height="168" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgHrSg6VUFTpdqOds_po957bsGhOd7JkQu9sDTRi8wD5uxKksGSJ3_asX9YS5JrvgUcJiYZO05dVEe4fMu1O1KugqanTRZ0YaZiiURnFGvO-D6qGfg76WXhQUJ2vl2QbODNYWspxriucEE/s320/About4.jpg" width="320" /></span></a></div>
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Then, I said that I believed SCI is a solid blue chip. The pipeline for the utilities is superb and I believe it'll rebound from this crisis.</span><br />
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<b><span style="color: #0b5394; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Have I differed?</span></b><br />
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">To say the least, yes. Yes not because SCI fell from $4.20 all to way to $2.50, but because developments happened and news emerged.</span><br />
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Sete Brasil has changed the fundamentals of SMM, a 60% owned subsidiary of SCI.</span><br />
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">To be honest, this Sete Brasil thing has changed the fundamentals from May 2015 when I still had much confidence in a near term rebound in SCI/SMM price.</span><br />
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<b><span style="color: #0b5394; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Why I changed my mind?</span></b><br />
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Firstly, Oil prices fell, and it fell hard. Additionally, the oversupply of oil doesn't seem to be disappearing anytime soon. That's different in May 2015 when people are still expecting OPEC to convene a meeting soon to cut supply. [no supply was cut, more supply was granted!]</span><br />
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Sete Brasil had to have that corruption scandal and face bankruptcy risk. Over 40% of SMM's book order is from Sete Brasil and this changes the fundamental of SMM.</span><br />
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Iran's sanction lifting wasn't announced back then.</span><br />
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<b><span style="color: #0b5394; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Did I sell SCI then?</span></b><br />
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">No. No and I'm not sure if I'm making the right or wrong decision. My decision is to not sell or buy SCI despite the current attractive price.</span><br />
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">I'm doubting myself over not selling SMM because my motto has always been to "sell when the business fundamentals change materially". It indeed has, perhaps its the huge loss that's preventing me from realising the loss.</span><br />
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">On the other hand, I like the utilities segment of the company. Also, I do not require these money in the short term and so I can afford to wait it out (hoping for a miracle I know).</span><br />
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">In any case, should the utilities segment also face a structurally decline in business, I promise myself to sell out this position and serve as a reminder to myself in the future.</span><br />
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">*fingers crossed*</span>sgfinancemusingshttp://www.blogger.com/profile/09986726862930508745noreply@blogger.com2tag:blogger.com,1999:blog-5129535224302493631.post-90793136150611056532016-01-23T00:31:00.001+08:002016-01-23T01:55:36.534+08:00Should you really brush off the Oil rout just because you're not invested in the sector?<div style="text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5LvErlQ6jiCnSZKu1WjbQjnw4KB0EVNgeaTTPDxscj83dQ8gTmWpc_lzbTgzHZ7Z0-64gLazNNER74IPRD_-3JczdWgwJVse702YUCUDtfp57U5ZD4TdGW-BYkbJ0LM8HqGZwL633fqo/s1600/Screen+Shot+2016-01-23+at+12.10.29+am.png" imageanchor="1"><span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><img border="0" height="243" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5LvErlQ6jiCnSZKu1WjbQjnw4KB0EVNgeaTTPDxscj83dQ8gTmWpc_lzbTgzHZ7Z0-64gLazNNER74IPRD_-3JczdWgwJVse702YUCUDtfp57U5ZD4TdGW-BYkbJ0LM8HqGZwL633fqo/s400/Screen+Shot+2016-01-23+at+12.10.29+am.png" width="400" /></span></a></div>
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<b><span style="color: #0b5394; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Oil rout like never before?</span></b></div>
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Oil prices fell from $100 to sub $30, this I'm sure many know. After all, the Oil industry is known for its cyclical natural; rise and fall of the oil price is part and parcel of the cycle.</span></div>
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">However, this time round, are things different?</span></div>
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<b><span style="color: #0b5394; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Why the fall?</span></b><br />
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Oil prices fell due to 2 key reasons:</span><br />
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span>
<ol>
<li><span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Over supply of oil</span></li>
<li><span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Slowing demand from China (the largest demand driver of oil)</span></li>
</ol>
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">China could very well turn their economy around by a stroke of luck or some incredible policy by CCP, but the over supply problem is really tricky.</span><br />
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">I last wrote a piece on the falling oil prices <a href="http://letsgetrichtogethersg.blogspot.com/2015/12/this-oil-situation-is-different-from.html" target="_blank">here</a>. In it, I mentioned how there seems to be no light at the end of the tunnel in bringing the oil supply back down in the near to mid future. Adding to the article, Saudi has just announced that it will not cut supply in order prop up oil prices.</span><br />
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<b><span style="color: #0b5394; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">I'm not invested in the Offshore & Marine industry, that's none of my business right? </span></b><br />
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Perhaps that's true when oil fell from $100 to $50.</span><br />
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Yet, oil fell at the way to sub $30, and the rout lasted a tad too long.</span><br />
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><b><span style="color: #0b5394;"><br /></span></b>
<b><span style="color: #0b5394;">I don't get it, cheaper oil boosts the economy right?</span></b></span><br />
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">When oil gets ridiculously cheap, Oil majors like Shell & Chevron starts slashing projects and CAPEX. In turn, less headcount is required by the majors [read: less jobs]</span><br />
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Then rig builders like Keppel recently announced that they've cut close to 6000 jobs in 2015 to amidst the arduous outlook for their marine industry. [read: retrenchment].</span><br />
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Gearing ratio for these O&M companies starts shooting up, some even may fall into negative cash flow. Debt repayment ability starts becoming a larger and larger problem [read: banks starts having higher NPL, and touch wood, write off debts].</span><br />
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Countries with moderate inflation rates suddenly faces the risks of a <u>deflation</u>, like Singapore.</span><br />
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">When more and more people get retrenched, either from the O&M sector or subsequently the Financial sector, the problem will start being more evident. I believe this will become a matter of <b>"when" not "if"</b> should the current oil rout continues and continues slowly, dragging out the pain.</span><br />
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Even the commonly defensive consumer segment like retail may eventually get hit if the situation plays out long enough to damage the economy.</span><br />
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<b><span style="color: #0b5394; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Yet I believe somebody will eventually cry surrender and bring back the equilibrium.</span></b><br />
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">As with any "crisis", things recover. Everyday when I see the market bleeding in red, I get more and more tempted to scoop up bargain chips.</span><br />
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">At the same time, I'm wary to enter too soon, knowing that this situation could be a long and painful one. Friday's stock market showed a strong rebound in both the oil prices and share prices. But I'm still wary, because nothing fundamentally has changed: oil supply continues to be sky high, demand continues to be falling (at most stagnant).</span><br />
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Iran hasn't even started flooding the market with their massive oil reserves!</span><br />
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">I'm staying patient. I'd rather miss a few cuts and still get the majority of the meat than to hop in too early and get killed by the butcher.</span>sgfinancemusingshttp://www.blogger.com/profile/09986726862930508745noreply@blogger.com0tag:blogger.com,1999:blog-5129535224302493631.post-55569561585730778622016-01-13T06:30:00.000+08:002016-01-13T06:30:01.458+08:00Will my CPF ever be enough when I reach 55?<b><span style="color: #0b5394; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">2014</span></b><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhbogGeW9J1uySFbgRCmllFYeMeJSXGkSmPcA5ii0cb39Qx-mUkG_LT9mpngCi7ABoxAHeT9e7ORHSknjJabtDad4ZMqokvq5-JMcwwAcFi5DbPX3uce5SCh74j5d29YT8HQXF5cl0FUwI/s1600/Screen+Shot+2016-01-10+at+5.28.02+pm.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhbogGeW9J1uySFbgRCmllFYeMeJSXGkSmPcA5ii0cb39Qx-mUkG_LT9mpngCi7ABoxAHeT9e7ORHSknjJabtDad4ZMqokvq5-JMcwwAcFi5DbPX3uce5SCh74j5d29YT8HQXF5cl0FUwI/s1600/Screen+Shot+2016-01-10+at+5.28.02+pm.png" /></span></a></div>
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<b><span style="color: #0b5394; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">2015</span></b></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1vgZbNudzkIgEWftdhnY0pXKIOvhdyENct4Hi1uiba97NM-Wp9VvvXhxWRCw7WPeBEGEWHG2_zPJpoBbIsFFHUWBQqNKyDbYde874z-FVfX1Ib2K_YadwvFljFf0mBnSlYMeWuA1oCvs/s1600/Screen+Shot+2016-01-10+at+5.27.34+pm.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1vgZbNudzkIgEWftdhnY0pXKIOvhdyENct4Hi1uiba97NM-Wp9VvvXhxWRCw7WPeBEGEWHG2_zPJpoBbIsFFHUWBQqNKyDbYde874z-FVfX1Ib2K_YadwvFljFf0mBnSlYMeWuA1oCvs/s1600/Screen+Shot+2016-01-10+at+5.27.34+pm.png" /></span></a></div>
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Inspired by AK, I've decided to take a look at my CPF's interest for 2015 compared to 2014.</span><br />
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><b>Key to note:</b></span><br />
<br />
<ul>
<li><span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">I did not use any CPF sums for investments.</span></li>
<li><span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">I am using my CPF to finance my (co-owned, parent's) house currently.</span></li>
<li><span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">I transferred a small sum from OA to SA during 2015</span></li>
</ul>
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Interest for OA and MA increased moderately year on year, but SA's interest exploded by <span style="color: #38761d;">60%</span>.</span></div>
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">With $23k in my SA now, and a constant contribution from now until age 55 (assuming no pay increase or special bonus),</span></div>
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">My SA will hit $205k when I am 55 years old.</span></div>
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">If I compound the BRS at $80,500 at 3% increase annually, it'll be $165k when I'm 55.</span></div>
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">If I compound the FRS at $161,000 at 3% increase annually, it'll be $330k when I'm 55.</span></div>
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
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<u><span style="color: #38761d; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Just my SA alone will allow me to achieve the BRS (not including my OA amounts).</span></u></div>
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">And I'm expecting to withdraw at least $40k when I reach 55 years old. Wooaaahh.</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjDopwHg-hkSLaamUXrhHyVScAupxfYiyeiCy9hBPS-nTntgBX95c1ZZqjDEUgODjOViW4RLg0dH8RogPZlOlx4fJlOTyCImmIYMr4rUKUGOQyJijqKsXOI9J_DLje59jUmw59uFw1wH2Y/s1600/Screen+Shot+2016-01-10+at+6.08.36+pm.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="169" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjDopwHg-hkSLaamUXrhHyVScAupxfYiyeiCy9hBPS-nTntgBX95c1ZZqjDEUgODjOViW4RLg0dH8RogPZlOlx4fJlOTyCImmIYMr4rUKUGOQyJijqKsXOI9J_DLje59jUmw59uFw1wH2Y/s320/Screen+Shot+2016-01-10+at+6.08.36+pm.png" width="320" /></a></div>
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<b><span style="color: #0b5394; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">So, what about the average Singaporeans? </span></b></div>
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">If you are a graduate (age 24) earning $3.2k, and buy a house after getting married (zero OA left), can you hit the BRS? Assume there's 1 month bonus and no pay increase.</span></div>
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">At age 55, <b><i>your SA will have $154k versus BRS of $165k.</i></b></span></div>
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div>
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Remember, this is assuming there is zero pay increase from 24 years old until 55 years old, and that you only get 1 month bonus until 55 years old.</span></div>
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div>
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">I've also excluded the extra 1% interest in the SA amount for the first $60k. That and the effect of compounding should easily allow you to exceed the BRS at age 55.</span></div>
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">I've also assumed you've stretched yourself and max out your OA for housing purposes.</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhInWxKh1kLPyjPssIcmpHgPSeIqmbOvANLyqh73vJNqmX8ooqp8UgnjW7tMwS0qY6hCWXhoQ5X1bUG72gPrA1bZG7ILnVULsBygOXoIZtCEE-R5GVfl5DuatsCk28o9h25Ne99_v34nOA/s1600/Screen+Shot+2016-01-10+at+6.04.00+pm.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="250" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhInWxKh1kLPyjPssIcmpHgPSeIqmbOvANLyqh73vJNqmX8ooqp8UgnjW7tMwS0qY6hCWXhoQ5X1bUG72gPrA1bZG7ILnVULsBygOXoIZtCEE-R5GVfl5DuatsCk28o9h25Ne99_v34nOA/s320/Screen+Shot+2016-01-10+at+6.04.00+pm.png" width="320" /></a></div>
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<b><span style="color: #0b5394; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">It's not that bad after all</span></b></div>
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">There're so many people misguided and think that CPF is a ponzi scheme. That CPF has a goal post that is ever moving away from commoners like us and we'll never see our money even when we die.</span></div>
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">But think about it, is it that hard to achieve that sum? Perhaps so. But is the sum too excessive? If you think setting aside $161k now is too much, then perhaps you'll have to adjust your lifestyle to make sure you can live comfortably with a monthly payout <b><span style="color: red;">less</span></b> than $1,200.</span></div>
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Is $1,200 a month enough for you and your retirement needs? If not, then why are we saying that the sums are too high.</span></div>
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">It's really not magic. It's math, and there's no running away from it.</span></div>
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">If we don't constantly increase our retirement monies now, then be prepared to be gobbled up by inflation and regret when it's too late.</span></div>
sgfinancemusingshttp://www.blogger.com/profile/09986726862930508745noreply@blogger.com5tag:blogger.com,1999:blog-5129535224302493631.post-37009363533513837502016-01-11T06:30:00.000+08:002016-01-11T06:30:03.724+08:00That's what they all SAY!<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMMxEc-Ohv1UGKtaxva0AS7kr75da8dClSXEBH8-zpDGE_6I__woS4u9CFCEq-zIIITGzQr_6rrb3WKWZWynvy7rICXYAvbhY7fOLo2VLhQqAHy9KzsZ0kAoN0UVi5BdVr_DsxxUh01dM/s1600/Screen+Shot+2016-01-10+at+6.02.51+pm.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="317" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMMxEc-Ohv1UGKtaxva0AS7kr75da8dClSXEBH8-zpDGE_6I__woS4u9CFCEq-zIIITGzQr_6rrb3WKWZWynvy7rICXYAvbhY7fOLo2VLhQqAHy9KzsZ0kAoN0UVi5BdVr_DsxxUh01dM/s320/Screen+Shot+2016-01-10+at+6.02.51+pm.png" width="320" /></a></div>
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<span style="color: #0b5394; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><b>"XXX is now at 2011 levels. I don't think it'll reach 2008 levels. Can buy now!"</b></span><br />
<div>
<span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">Low can go lower. There were many who said STI 3000 was a super solid support. Well, we're at 2800s now.</span><br />
<span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">Many thought M1 will never go below $3 as it is not the GFC now, well, looked what happened. Mr Market <b><u>never cared</u></b> about what we think the support level should be. </span></div>
<div>
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div>
<span style="color: #0b5394; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><b>"Those who think the stock market will recover please buy the stock. Those who think there's more to fall, please short. Put the money where your mouth is"</b></span></div>
<div>
<span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">Except, it isn't. Just because I support multi-racial marriage doesn't mean that I'll have to marry a person of another race now to prove my point.</span></div>
<div>
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div>
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">I may wait on the sidelines despite the massive rout because:</span></div>
<div>
<ol>
<li><span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">I've yet to hit my planned levels to deploy my ammunition</span></li>
<li><span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">I may not have enough war chest to deploy now</span></li>
<li><span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">The stocks I'm interested in may not be attractive yet.</span></li>
<li><span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">I may have hit my preferred invested percentage. Some may prefer to be 100% invested while others prefer some buffer in case shit hits the fan and they have more to average down.</span></li>
</ol>
<div>
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Not buying any stock during this period doesn't mean I've to short. There're fifty shades of grey.</span></div>
</div>
<div>
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiy3dm1-4WQCLVMtOW4C8kLMTDILeZynV6xLmJmvWMLrW3phJwQ3KtBE8RsFNmpS-IfDCQD1YFFw2Wk56WwfgwjaMYnQPoXq1iCQIKpdDaNnNtKQZGyRO2kyLnwo1It2e58fV5r__tdrV4/s1600/Screen+Shot+2016-01-10+at+6.05.54+pm.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="198" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiy3dm1-4WQCLVMtOW4C8kLMTDILeZynV6xLmJmvWMLrW3phJwQ3KtBE8RsFNmpS-IfDCQD1YFFw2Wk56WwfgwjaMYnQPoXq1iCQIKpdDaNnNtKQZGyRO2kyLnwo1It2e58fV5r__tdrV4/s200/Screen+Shot+2016-01-10+at+6.05.54+pm.png" width="200" /></a></div>
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div>
<b style="color: #0b5394; font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">"XXX will never fall! Ah gong will definitely rush in a bail out. You think they'll let XXX fall?"</b></div>
<div>
<span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">Yup, definitely, the possibility of some support from G may be high, but that doesn't mean that it's a good buy.</span></div>
<div>
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div>
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Sembcorp Industries may be saved by the G, <span style="color: #cc0000;">but at what levels? </span></span><span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">What if G steps in and aid when the price falls to $1, but what about those who bought SCI at $3-4?</span></div>
<div>
<span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><br /></span></div>
<div>
<span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">What if they didn't step in to help? There's no 100% assurance they will.</span></div>
<div>
<span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><br /></span>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjbKXtOP0qXi1yW2vqPL-yHt8jcwFu117K0eY3KZX8EGifpFW3gxaHHTcgAOa0Qg_LwJ5s1TuwqRb7fMhBurO1kUAvrWLxIgrCH2rA9xSTFlnq1xx6TtWsJFYh1srhVMpEzOkZZ-NbcLXI/s1600/Screen+Shot+2016-01-10+at+6.06.57+pm.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="233" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjbKXtOP0qXi1yW2vqPL-yHt8jcwFu117K0eY3KZX8EGifpFW3gxaHHTcgAOa0Qg_LwJ5s1TuwqRb7fMhBurO1kUAvrWLxIgrCH2rA9xSTFlnq1xx6TtWsJFYh1srhVMpEzOkZZ-NbcLXI/s320/Screen+Shot+2016-01-10+at+6.06.57+pm.png" width="320" /></a></div>
<span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><br /></span></div>
<div>
<div>
<b style="color: #0b5394; font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">"STI fell 15% during 2015. Now 2016 began with an ugly start. See la, more kudos to the 70% who voted"</b></div>
<div>
<span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">I'm sorry. You may want to make friends with Mr Ngeng. If you're having those mindsets, then perhaps the world of investment may be too daunting for you to comprehend.</span></div>
<div>
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span>
<b><span style="color: #0b5394; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">"I'm buying whatever XXX is having now! They/He made money, I'll never go wrong!"</span></b><br />
<div>
<span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">If you're following buy calls merely by mimicking others, then you may be in for a wild ride; one that may never bring you back safely.</span></div>
<div>
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Whatever someone buys may be a great company, but it may not be a great buy now (<b>read: valuation</b>).</span><br />
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">You need to always, always do your homework. Following Temasek or any other bloggers may not necessarily be good calls. Your risk appetite is different from the rest, don't just follow blindly.</span><br />
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">If you want to follow blindly, then don't blame anyone when the traffic lights turn red and you still follow blindly behind.</span></div>
</div>
</div>
sgfinancemusingshttp://www.blogger.com/profile/09986726862930508745noreply@blogger.com0tag:blogger.com,1999:blog-5129535224302493631.post-61287280169950542042016-01-08T23:09:00.002+08:002016-01-08T23:09:34.438+08:00What stocks to look for and 2015 report card.<table border="1" cellpadding="0" cellspacing="0" class="MsoTableLightListAccent1" style="border-collapse: collapse; border: none; mso-border-alt: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-table-layout-alt: fixed;"><tbody>
<tr><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<br /></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<b>Name</b><span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;"><o:p></o:p></span></div>
</td><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<b>Portfolio %</b><span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;"><o:p></o:p></span></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<b>Average price ($)</b><span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;"><o:p></o:p></span></div>
</td><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<b>Div Yield on cost<o:p></o:p></b></div>
</td></tr>
<tr><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">1<o:p></o:p></span></div>
</td><td style="border: none; padding: 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">Singtel<o:p></o:p></span></div>
</td><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">14.42%<o:p></o:p></span></div>
</td><td style="border: none; padding: 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">3.70<o:p></o:p></span></div>
</td><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">4.73%<o:p></o:p></span></div>
</td></tr>
<tr><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">2<o:p></o:p></span></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">M1<o:p></o:p></span></div>
</td><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">14.18%<o:p></o:p></span></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">3.63<o:p></o:p></span></div>
</td><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">5.20%<o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">3<o:p></o:p></span></div>
</td><td style="border: none; padding: 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">Raffles Medical<o:p></o:p></span></div>
</td><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">9.11%<o:p></o:p></span></div>
</td><td style="border: none; padding: 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">4.13<o:p></o:p></span></div>
</td><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">1.09%<o:p></o:p></span></div>
</td></tr>
<tr><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">4<o:p></o:p></span></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">SATS<o:p></o:p></span></div>
</td><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">8.57%<o:p></o:p></span></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">3.11<o:p></o:p></span></div>
</td><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">4.50%<o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">5<o:p></o:p></span></div>
</td><td style="border: none; padding: 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">Parkway Life<o:p></o:p></span></div>
</td><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">6.45%<o:p></o:p></span></div>
</td><td style="border: none; padding: 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">2.34<o:p></o:p></span></div>
</td><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">4.83%<o:p></o:p></span></div>
</td></tr>
<tr><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">6<o:p></o:p></span></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">Sembcorp Industries<o:p></o:p></span></div>
</td><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">6.28%<o:p></o:p></span></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">4.56<o:p></o:p></span></div>
</td><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">3.51%<o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">7<o:p></o:p></span></div>
</td><td style="border: none; padding: 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">Colex<o:p></o:p></span></div>
</td><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">5.83%<o:p></o:p></span></div>
</td><td style="border: none; padding: 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">0.321<o:p></o:p></span></div>
</td><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">1.56%<o:p></o:p></span></div>
</td></tr>
<tr><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">8<o:p></o:p></span></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">StarHub<o:p></o:p></span></div>
</td><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">5.58%<o:p></o:p></span></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">4.05<o:p></o:p></span></div>
</td><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">4.94%<o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">9<o:p></o:p></span></div>
</td><td style="border: none; padding: 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">Design Studio<o:p></o:p></span></div>
</td><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">5.44%<o:p></o:p></span></div>
</td><td style="border: none; padding: 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">0.54<o:p></o:p></span></div>
</td><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">12.01%<o:p></o:p></span></div>
</td></tr>
<tr><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">10<o:p></o:p></span></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">CapitaMall Trust<o:p></o:p></span></div>
</td><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">5.36%<o:p></o:p></span></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">1.95<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
</td><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">5.59%<o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">11<o:p></o:p></span></div>
</td><td style="border: none; padding: 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">Vicom<o:p></o:p></span></div>
</td><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">4.16%<o:p></o:p></span></div>
</td><td style="border: none; padding: 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">6.04<o:p></o:p></span></div>
</td><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">4.35%<o:p></o:p></span></div>
</td></tr>
<tr><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">12<o:p></o:p></span></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">Sheng Siong<o:p></o:p></span></div>
</td><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">3.56%<o:p></o:p></span></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">0.68<o:p></o:p></span></div>
</td><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">4.48%<o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">13<o:p></o:p></span></div>
</td><td style="border: none; padding: 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">UOB<o:p></o:p></span></div>
</td><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">3.18%<o:p></o:p></span></div>
</td><td style="border: none; padding: 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">23.05<o:p></o:p></span></div>
</td><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">3.90%<o:p></o:p></span></div>
</td></tr>
<tr><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">14<o:p></o:p></span></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">Perennial Bond<o:p></o:p></span></div>
</td><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">2.68<o:p></o:p></span></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">$1.00<o:p></o:p></span></div>
</td><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">4.65%<o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">15<o:p></o:p></span></div>
</td><td style="border: none; padding: 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">DBS<o:p></o:p></span></div>
</td><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">2.38%<o:p></o:p></span></div>
</td><td style="border: none; padding: 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">23.06<o:p></o:p></span></div>
</td><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">3.38%<o:p></o:p></span></div>
</td></tr>
<tr><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">16<o:p></o:p></span></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">Old Chang Kee<o:p></o:p></span></div>
</td><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">2.32%<o:p></o:p></span></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">0.87<o:p></o:p></span></div>
</td><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">1.73%<o:p></o:p></span></div>
</td></tr>
<tr><td style="border-top: none; border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">17<o:p></o:p></span></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border: none; mso-border-bottom-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">SIIC Environment<o:p></o:p></span></div>
</td><td style="border-top: none; border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">1.34%<o:p></o:p></span></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border: none; mso-border-bottom-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">0.20<o:p></o:p></span></div>
</td><td style="border-top: none; border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">0%<o:p></o:p></span></div>
</td></tr>
</tbody></table>
<br />
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b>
<span style="color: #0b5394;">Expected Annual Dividends</span>: </b>$<o:p></o:p></span><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">3,407 ($284/month)</span></div>
<br />
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b><span style="color: #0b5394;">Dividend Yield</span>: </b>4.43%<span style="font-size: 16pt;"><o:p></o:p></span></span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b><span style="color: #0b5394;">Actions during Dec 15</span></b>:</span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Bought Parkway Life REIT when the price corrected slightly.</span><br />
<br />
<ul>
<li><span style="font-family: helvetica neue, arial, helvetica, sans-serif;">Resilient: Will not be significantly affected by any global recession and the likes</span></li>
<li><span style="font-family: helvetica neue, arial, helvetica, sans-serif;">Gives me a piece of mind when I sleep!!</span></li>
</ul>
<br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><span style="color: #0b5394;"><b>Others</b></span>:</span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">The STI fell to 15% during 2015 while my portfolio was down 0.03% (including capital gains and dividends received). January 2016 didn't start off too well, with many of the stocks falling drastically.</span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">That just screams "<b><span style="color: #cc0000; font-size: large;">BUFFET</span></b>" to me. I'm standing on the sides, looking closely and waiting for my target price before pouncing onto some stocks.</span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b><span style="color: #0b5394;">Targets</span></b>: </span><br />
<br />
<ul>
<li><span style="font-family: 'helvetica neue', arial, helvetica, sans-serif;">Singtel - for its resilient nature and stable dividends</span></li>
<li><span style="font-family: 'helvetica neue', arial, helvetica, sans-serif;">Parkway Life (again) - if prices fall even more</span></li>
<li><span style="font-family: 'helvetica neue', arial, helvetica, sans-serif;">CMT - I'll look at it if it corrects more. I've to factor in the loss of Funan contribution in 2016.</span></li>
<li><span style="font-family: 'helvetica neue', arial, helvetica, sans-serif;">DBS - ONLY if it shows sign of bottomming. Yes the valuations of DBS is very enticing now, but</span><span style="font-family: 'helvetica neue', arial, helvetica, sans-serif;"> </span><b style="font-family: 'helvetica neue', arial, helvetica, sans-serif;"><i>low can always become lower</i></b><span style="font-family: 'helvetica neue', arial, helvetica, sans-serif;">. Banks are the most hit when the commodity rout goes too force.</span><span style="font-family: 'helvetica neue', arial, helvetica, sans-serif;"> </span><b style="font-family: 'helvetica neue', arial, helvetica, sans-serif;"><i>Never be too complacent and always have sufficient margin of safety</i></b><span style="font-family: 'helvetica neue', arial, helvetica, sans-serif;">.</span></li>
<li><span style="font-family: 'helvetica neue', arial, helvetica, sans-serif;">Sheng Siong - It'll have to go lower than the band of $0.82-0.85 for me to scoop more. I love the defensive nature and growth story though.</span></li>
</ul>
<br />
<span style="font-family: helvetica neue, arial, helvetica, sans-serif;">Past performance is a good guide but <u>never</u> a representation of future performance. So don't say things like "P/B is now as low as 2011, it'll never go lower".</span><br />
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sgfinancemusingshttp://www.blogger.com/profile/09986726862930508745noreply@blogger.com0tag:blogger.com,1999:blog-5129535224302493631.post-3572411568576157192015-12-05T00:13:00.000+08:002015-12-05T00:13:52.249+08:00This Oil situation is different from 2008's<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Since mid 2014, Oil prices has been on a decline from $115 to $42 now. There're only two real reasons:</span><div>
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div>
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">1. Over supply</span></div>
<div>
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">2. Weakening demand</span></div>
<div>
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div>
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Reason number 1 is really the bigger reason rather than reason 2.</span></div>
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
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<b><span style="color: #0b5394; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Supply will likely remain high, worsening the glut</span></b></div>
<div>
<ul>
<li><span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">OPEC raises output <a href="http://www.bloomberg.com/news/videos/2015-12-04/opec-agrees-to-increase-daily-production-target" target="_blank">limit</a> despite record low oil prices, despite protests from struggling OPEC members (from 30 to 31.5m barrels/day, EXCLUDING Indonesia)</span></li>
<li><span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Russian Energy Minister say output cuts "<a href="http://www.bloomberg.com/news/articles/2015-12-03/russian-energy-minister-says-cutting-oil-output-isn-t-viable" target="_blank">isn't viable</a>"</span></li>
<li><span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Russia's output is close to <a href="http://www.bloomberg.com/news/articles/2015-12-02/russian-oil-output-stays-near-record-level-as-opec-set-to-meet" target="_blank">record level</a> now</span></li>
<li><span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Iran will bring more supply once sanctions are lifted in 2016, and its output won't be <a href="http://www.bloomberg.com/news/articles/2015-12-03/iran-says-it-won-t-curb-crude-output-below-pre-sanctions-level" target="_blank">below pre-sanction levels</a>, worsening the supply glut</span></li>
</ul>
<b><span style="color: #0b5394; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Oil in 2008 fell to $40 too</span></b></div>
<div>
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Well really, except this time it's different.</span></div>
<div>
<span style="color: black; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div>
<span style="color: black; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Back in 2008, when demand plummeted due to the financial crisis, Saudi Arabia brought OPEC to cut production in a bid to lift oil prices. (read: supply cut).</span></div>
<div>
<span style="color: black; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div>
<span style="color: black; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">At the same time, the central banks have been cutting interest rates and boosting the economy (read: demand catalyst).</span></div>
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<span style="color: black; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div>
<span style="color: black; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Also, China in 2008 was growing at a faster rate than now, in 2015. Their demand for oil is much higher than 2015. (read: demand was higher back then).</span></div>
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<span style="color: black; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div>
<span style="color: black; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">And so, you could really see oil prices recovering within a year as there were really positive catalysts and actions that helped its recovery.</span><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqYpw_FKgxUPLWWAVGzQ8Q_ltHjqz1cLI4qNYNbdsoR5edWMivjK6swKn4Dql-922Z4eNAUSm78iwkS3KLqeahjbrxUW52G2Zr_AzlDG3MctdYZ9vDYjMpQnM4F4BsDNoxrMQrclu_WJE/s1600/Capture.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><img border="0" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqYpw_FKgxUPLWWAVGzQ8Q_ltHjqz1cLI4qNYNbdsoR5edWMivjK6swKn4Dql-922Z4eNAUSm78iwkS3KLqeahjbrxUW52G2Zr_AzlDG3MctdYZ9vDYjMpQnM4F4BsDNoxrMQrclu_WJE/s640/Capture.JPG" width="640" /></span></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Source: Bloomberg</span></td></tr>
</tbody></table>
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span>
<b><span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Yet, now, nobody is really doing anything to bring oil prices back up.</span></b><br />
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">OPEC wants to defend market share.</span><br />
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Russia doesn't want to cut output.</span><br />
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">If OPEC and Russia does cut output, US Shale oil supply will increase again when oil prices recover, bringing to status quo.</span><br />
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">And we have Iran joining the oil glut situation. Hurray!!</span><br />
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span>
<b><span style="color: #0b5394; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Dangerous to assume </span></b><br />
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">So, it is very dangerous to assume.</span><br />
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Assume that just because a stock is a blue chip, that it'll survive this oil crisis like how they survived 2008 (except the situation is vastly different).</span><br />
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Assume that just because its a blue chip, it's price will definitely recover. SMRT/Noble/NOL anyone?</span><br />
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">We must therefore not simply assume. If we believe in a stock, believe so because we know that the <b><u>management will be capable</u></b> of driving the company out of this crisis.</span><br />
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span>
<span style="color: #741b47; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Not <i>just because</i> it's a blue chip, or just because they've survived 2008.</span><br />
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span>
<b><span style="color: #0b5394; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Surviving 2008 doesn't mean will survive now </span></b><br />
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">It all boils down to fundamentals.</span><br />
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Just because the 3 local telco survived 2008, does it mean that they'll definitely survive any subsequent obstacle?</span><br />
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">But, back in 2008, there wasn't a threat of a 4th telco. Things were different.</span><br />
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Just because Sembcorp Utilities survived 2008, does it mean they'll remain equally profitable now?</span><br />
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">But back in 2008, vesting contracts levels set by EMA was much higher than in 2015. Things were different.</span><br />
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">So please, let us always remind ourselves to think about the fundamentals, and not simply generalise the situation and mislead ourselves.</span></div>
sgfinancemusingshttp://www.blogger.com/profile/09986726862930508745noreply@blogger.com0tag:blogger.com,1999:blog-5129535224302493631.post-72141501257240334602015-12-01T23:12:00.001+08:002015-12-01T23:12:21.394+08:00My view on SembMarine's Profit Guidance<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">As we know, Sembmarine issued a profit guidance for Q4 2015 stating that the quarter will likely see a net loss with the full year result affected accordingly.</span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">I'm vested in SCI, naturally this becomes a concern for me. I did some quick research on SMM.</span></div>
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<b><span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">First ever net loss quarter for SMM</span></b></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">This would be a first ever net loss for SMM. A quick check on their quarterly showed that SMM has always registered a profit for each quarter.</span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">I'm guessing a large part of this net loss is attributable to the reversal of profits pertaining to Marco Polo (either on a prudent basis or with consultation with their auditors on the accounting treatment).</span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span></div>
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<b><span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">SMM closed $2.06 and is heading for trouble</span></b></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Looks like SMM will definitely open below $2 on Wednesday morning (3 December 2015) and possible heading to the $1.60-1.80 range. </span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span></div>
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<b><span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">"I will buy it when it hits the price levels of 2008!"</span></b></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">I won't be so quick to say that (even if I'm interested in an all-marine counter). This time round, it's different.</span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">I've mentioned previously that SMM actually registered healthy profits since being listed (including the 2008/09 period). We must always remember to look back at the fundamentals.</span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Oils prices were trading around $40 but quickly recovered to above $80 and later $100 as there was the Iraq war and Libyan uprising. </span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Now, however, oil prices are depressed due to oversupply and low demand. Sanctions for Iran was lifted and more oil will be pouring in the market. Shale oil is producing more oil than it was during 2008. Demand is slowing due to the China. I could go on and on, but my point is, there situation is quite different now from 2008.</span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Just because 2008 was the lowest price for SMM doesn't mean it can't go lower.</span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span></div>
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<b><span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">My take on the whole Marco Polo saga</span></b></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">SMM has been in the rig building business for so long and it earns a good reputation. As with any engineering work, there'll always been "defects" and imperfections. It'll be inconceivable to think that SMM's work is so "bad" that it'll affect the main function of the rig. <i style="font-weight: bold;">If you nit pick, you'll bound to find something. </i>If Marco Polo is looking for a perfect rig, they might as well not.</span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Marco Polo is either too new to the rig industry to know that those "cracks" are the norm or they're simply finding an easy way to wiggle out of the contract after the oil market crashed. </span></div>
</div>
<div>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">SMM didn't deny the allegations on the "cracks" probably because those cracks really exist but they are also deemed to be reasonable. It's anyone's guess really.</span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span></div>
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<b><span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">What about SCI?</span></b></div>
<div>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">SCI owns about 60% of SMM. For the 9 months ending September 2015, profits from Utilities stands about $300m with Marine taking about $150m.</span></div>
</div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">For the full year, I'm expecting profits from Utilities to be about $400m and Marine about $100m (worse case). This would result in about 26 EPS and with $3 share price, that'll be about <u>P/E of 11.5</u></span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span></div>
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<b><span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Forward P/E?</span></b></div>
<div>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">I don't have the crystal ball. But just to be on the conservative side, let's assume the following profit: </span></div>
<div>
<span style="color: #38761d; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Utilities: $450m 10% growth (India in GROWING).</span></div>
</div>
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<span style="color: #38761d; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Marine: $50m halved profits</span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">This would roughly give a comparable profit year on year. I'm bull on utilities as Singapore contributions have levelled out and overseas contribution is expected to be the main uplift.</span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">That'll mean full year EPS for next year might be 26cents as well.</span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span></div>
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<b><span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">If given a chance, would I still buy SCI?</span></b></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Quick answer is no. No, because I don't like the fact that there's no clear positive catalyst insight for the Marine industry. But now that I'm already vested, would I realise my loss? No. My gut tells me that SMM will ride out this storm. It just needs a little more time.</span></div>
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sgfinancemusingshttp://www.blogger.com/profile/09986726862930508745noreply@blogger.com0tag:blogger.com,1999:blog-5129535224302493631.post-79877837173021200782015-11-30T23:35:00.000+08:002015-11-30T23:35:53.151+08:00LGRT Nov 15 Report Card - STI continues downward fall<table border="1" cellpadding="0" cellspacing="0" class="MsoTableLightListAccent1" style="border-collapse: collapse; border: none; mso-border-alt: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-table-layout-alt: fixed;"><tbody>
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<br /></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<b><span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">Name</span></b><span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;"><o:p></o:p></span></div>
</td><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<b><span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">Portfolio %</span></b><span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;"><o:p></o:p></span></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<b><span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">Average price ($)</span></b><span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;"><o:p></o:p></span></div>
</td><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<b><span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">Div Yield on cost<o:p></o:p></span></b></div>
</td></tr>
<tr><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">1<o:p></o:p></span></div>
</td><td style="border: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">Singtel<o:p></o:p></span></div>
</td><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">15.26%<o:p></o:p></span></div>
</td><td style="border: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">3.69<o:p></o:p></span></div>
</td><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">4.74%<o:p></o:p></span></div>
</td></tr>
<tr><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">2<o:p></o:p></span></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">M1<o:p></o:p></span></div>
</td><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">15.56%<o:p></o:p></span></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">3.63<o:p></o:p></span></div>
</td><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">5.20%<o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">3<o:p></o:p></span></div>
</td><td style="border: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">Raffles Medical<o:p></o:p></span></div>
</td><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">9.11%<o:p></o:p></span></div>
</td><td style="border: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">4.13<o:p></o:p></span></div>
</td><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">1.09%<o:p></o:p></span></div>
</td></tr>
<tr><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">4<o:p></o:p></span></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">SATS<o:p></o:p></span></div>
</td><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">8.57%<o:p></o:p></span></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">3.11<o:p></o:p></span></div>
</td><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">4.50%<o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">5<o:p></o:p></span></div>
</td><td style="border: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">Parkway Life<o:p></o:p></span></div>
</td><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">6.45%<o:p></o:p></span></div>
</td><td style="border: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">2.34<o:p></o:p></span></div>
</td><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">4.83%<o:p></o:p></span></div>
</td></tr>
<tr><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">6<o:p></o:p></span></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">Sembcorp Industries<o:p></o:p></span></div>
</td><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">6.28%<o:p></o:p></span></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">4.56<o:p></o:p></span></div>
</td><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">3.51%<o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">7<o:p></o:p></span></div>
</td><td style="border: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">Colex<o:p></o:p></span></div>
</td><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">5.83%<o:p></o:p></span></div>
</td><td style="border: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">0.321<o:p></o:p></span></div>
</td><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">1.56%<o:p></o:p></span></div>
</td></tr>
<tr><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">8<o:p></o:p></span></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">StarHub<o:p></o:p></span></div>
</td><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">5.58%<o:p></o:p></span></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">4.05<o:p></o:p></span></div>
</td><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">4.94%<o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">9<o:p></o:p></span></div>
</td><td style="border: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">Design Studio<o:p></o:p></span></div>
</td><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">5.44%<o:p></o:p></span></div>
</td><td style="border: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">0.54<o:p></o:p></span></div>
</td><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">12.01%<o:p></o:p></span></div>
</td></tr>
<tr><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">10<o:p></o:p></span></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">CapitaMall Trust<o:p></o:p></span></div>
</td><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">5.36%<o:p></o:p></span></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">1.95<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
</td><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">5.59%<o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">11<o:p></o:p></span></div>
</td><td style="border: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">Vicom<o:p></o:p></span></div>
</td><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">4.16%<o:p></o:p></span></div>
</td><td style="border: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">6.04<o:p></o:p></span></div>
</td><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">4.35%<o:p></o:p></span></div>
</td></tr>
<tr><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">12<o:p></o:p></span></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">Sheng Siong<o:p></o:p></span></div>
</td><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">3.56%<o:p></o:p></span></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">0.68<o:p></o:p></span></div>
</td><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">4.48%<o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">13<o:p></o:p></span></div>
</td><td style="border: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">UOB<o:p></o:p></span></div>
</td><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">3.18%<o:p></o:p></span></div>
</td><td style="border: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">23.05<o:p></o:p></span></div>
</td><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">3.90%<o:p></o:p></span></div>
</td></tr>
<tr><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">14<o:p></o:p></span></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">Perennial Bond<o:p></o:p></span></div>
</td><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">2.68<o:p></o:p></span></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">$1.00<o:p></o:p></span></div>
</td><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">4.65%<o:p></o:p></span></div>
</td></tr>
<tr><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">15<o:p></o:p></span></div>
</td><td style="border: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">DBS<o:p></o:p></span></div>
</td><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">2.38%<o:p></o:p></span></div>
</td><td style="border: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">23.06<o:p></o:p></span></div>
</td><td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">3.38%<o:p></o:p></span></div>
</td></tr>
<tr><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">16<o:p></o:p></span></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">Old Chang Kee<o:p></o:p></span></div>
</td><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">2.32%<o:p></o:p></span></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">0.87<o:p></o:p></span></div>
</td><td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">1.73%<o:p></o:p></span></div>
</td></tr>
<tr><td style="border-top: none; border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">17<o:p></o:p></span></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border: none; mso-border-bottom-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">SIIC Environment<o:p></o:p></span></div>
</td><td style="border-top: none; border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">1.34%<o:p></o:p></span></div>
</td><td style="border-bottom: solid #4F81BD 1.0pt; border: none; mso-border-bottom-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">0.20<o:p></o:p></span></div>
</td><td style="border-top: none; border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">0%<o:p></o:p></span></div>
</td></tr>
</tbody></table>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b>
<span style="color: #0b5394;">Expected Annual Dividends</span>: </b>$<o:p></o:p></span><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">3,767 ($274/month)</span></div>
<br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b><span style="color: #0b5394;">Dividend Yield</span>: </b>4.42%<span style="font-size: 16pt;"><o:p></o:p></span></span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b><span style="color: #0b5394;">Actions</span></b>:</span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">None! I'm holding on still and steady.</span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b><span style="color: #0b5394;">SIIC</span></b>:</span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">SIIC registered a double digit growth in its results but its stock price continue to fall. Probably there's negative sentiment for China-related stock.</span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><span style="color: #0b5394;"><b>Others</b></span>:</span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">The STI fell to 2855 on 30 November from 2988 on the beginning of the month. STI has been performing weakly for the past few months mainly due to:</span><br />
<br />
<ol>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Slowing China</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Weak Singapore GDP (narrowly avoiding technical recession)</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Stronger US dollar</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Higher rates (expected)</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Weaker regional economy (Malaysia, Indonesia)</span></li>
</ol>
<div>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Unexpectedly, the financial stocks and O&G have taken a beating on the back of weaker outlook. Certainly I hope Singapore can bounce back and get roaring again. Banks are getting very attractive with the recent fall in prices.</span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">I've been accumulating funds for a proper firing in the near future. Hopefully the right time is soon.</span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Slow and steady!</span></div>
</div>
sgfinancemusingshttp://www.blogger.com/profile/09986726862930508745noreply@blogger.com0tag:blogger.com,1999:blog-5129535224302493631.post-41779784288458259732015-11-22T18:10:00.003+08:002015-11-24T22:23:43.443+08:00Exactly how defensive is this under-appreciated stock?<span style="background-color: white; line-height: 18px; text-align: justify;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">I last wrote about this company <a href="http://letsgetrichtogethersg.blogspot.com/2015/11/this-under-appreciated-stock-is-wow-ing.html" target="_blank">here</a></span></span><br />
<span style="background-color: white; line-height: 18px; text-align: justify;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span></span>
<br />
<div style="text-align: justify;">
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><span style="background-color: white;"><span style="line-height: 18px;">Fellow blogger DK left me a comment and I thank him for that :)</span></span></span></div>
<blockquote class="tr_bq">
<span style="background-color: white; line-height: 18px; text-align: justify;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Even though this company is in a defensive sector, its survival depends on winning contracts. There is no guarantee that the contracts will be awarded to them. Competitors include 800Super and SembCorp. Revenue growth is very much dependent on the quotation of the contracts.</span></span></blockquote>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b>How defensive?</b></span><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjcUq9Qo8dZLvIHGxioLdYE0djNdDxIs5iNCTn0CeD1t1td2mN0GMdJfpcehyhtzk4msJ26cEH9HPwY3s_ZI-3UipPXJjWJKhGdZkReL6WsT0WHLL7yIy3ArTs3RfajRzJeIilOZdixzGM/s1600/images.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjcUq9Qo8dZLvIHGxioLdYE0djNdDxIs5iNCTn0CeD1t1td2mN0GMdJfpcehyhtzk4msJ26cEH9HPwY3s_ZI-3UipPXJjWJKhGdZkReL6WsT0WHLL7yIy3ArTs3RfajRzJeIilOZdixzGM/s1600/images.jpg" /></span></a></div>
<b style="color: #0b5394;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span></b>
<b style="color: #0b5394;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span></b>
<b style="color: #0b5394;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Remaining contract years - 5</span></b><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Colex covers the western part of Singapore, with a 7 year contract awarded by NEA starting from 1 April 2013 to 31 March 2020. Investors have about 5 more years of certainty and that's rather great news for me. </span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span>
<b style="color: #0b5394;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Re-awarded contracts</span></b><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Since the new scheme has been in placed, NEA has re-awarded the contracts to the respective 4 Public Waste Collectors (PWC) in Singapore. Each of them have accordingly retained their "seats".</span><br />
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<b style="color: #0b5394;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Uniform Fee</span></b><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Yes, the waste collection service in Singapore is privatised (not all privatised schemes are "bad" and "costly", but I digress).</span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">The Uniform Fee is set by the NEA in discussion with the 4 PWCs and is fixed for all households in Singapore (no price differentiation amongst the PWCs). The UF is fixed until the next review (something like transport fares?).</span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">The next UF review is on January 2017 and once every 2 years thereafter.</span><br />
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<b style="color: #0b5394;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Renewal of the next contract?</span></b><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">I tried googling for the criteria of the renewal of contracts to no avail. What I do know is that the Waste industry in Singapore practices the Uniform Fee scheme.</span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">It seems unlikely that the award of contract to the PWCs will be based on price but rather service standards. I can only imagine NEA considering the service standards of the PWCs in considering their renewal applications.</span></div>
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<b style="color: #0b5394;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Everyone is defending their own turf</span></b><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">From the last renewal exercise, it is quite evident that all 4 PWCs are focused on defending their own turf and not "expanding" their reach. After all, there are only 6 sectors in Singapore and it is only likely that NEA would want to inject competition into this industry.</span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">To say otherwise is quite unlikely, given how the government lately is more keen on injecting competition into various industries (Transport, Telco etc).</span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">But of course, nothing is certain! I'm only hoping for Colex to control its costs and enjoy the remaining 5 years of service in the Jurong sector.</span></div>
sgfinancemusingshttp://www.blogger.com/profile/09986726862930508745noreply@blogger.com0tag:blogger.com,1999:blog-5129535224302493631.post-89861615870688587932015-11-19T23:50:00.000+08:002015-11-19T23:50:00.295+08:00StarHub's conference call sheds light on their PayTV business<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjvs8WFteQmpvXOMxIWd_eGiqdyvb_zXmF6MeCB3NkVpu5jodXo0GBHJe1Tn22ZXZPrNyESXBCZkoxXiOUWJwQjOzR17313ABTXXf_uBFUUcTdtibqW_P5hM8EVNZlsZqCdRupnmrAYeDM/s1600/starhub3_0_4.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><img border="0" height="169" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjvs8WFteQmpvXOMxIWd_eGiqdyvb_zXmF6MeCB3NkVpu5jodXo0GBHJe1Tn22ZXZPrNyESXBCZkoxXiOUWJwQjOzR17313ABTXXf_uBFUUcTdtibqW_P5hM8EVNZlsZqCdRupnmrAYeDM/s320/starhub3_0_4.jpg" width="320" /></span></a></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">StarHub is one of the few companies who conducts a conference call after their quarterly earnings announcement.</span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">I didn't realise the significance of such calls until I've sat through them.</span><br />
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<b><span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Financial Highlights 3Q 2015</span></b><br />
<ul>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Total Revenue up 2% (helped by sale of handsets)</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Service (what I deem core/recurring) revenue up 1%</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">EBITDA up 4% helped by controlled (marketing, staff costs)</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Hubbing scorecard continues to be good (uptick in multi-hubbing)</span></li>
</ul>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b>My favourite part of such earnings call is always the Q&A. So here's what I found interesting this time:</b></span></div>
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<b><span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Rationalising expenditures</span></b><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Marketing and promotion expenses were down quarter on quarter due to tapping of data analytics which enabled StarHub to manage their spend and rationalise such costs. I think we can expect their marketing costs to be kept low following the positive impacts of their data analytics.</span><br />
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<span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b>Netflix!!!</b></span><br />
<ul>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Expectedly, they were bombarded by questions surrounding Netflix. </span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Expectedly, StarHub cannot comment too much as discussions are still carrying on with Netflix.</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Netflix partnered with Softbank in Japan. Under the deal, Softbank will allow customers to sign up Netflix via their sales channel. Payment for Netflix will also be consolidated with their existing Softbank bills. Softbank also pre-installs Netflix app onto smartphones (I'd assume this excludes iPhones).</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">They're really quite tight-lipped on Netflix. But I got a feeling they're rather positive on the development with Netflix on the partnership and this might put StarHub in a better position.</span></li>
</ul>
<span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b>Growth driver: Fixed Services</b></span><br />
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<ul>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">StarHub, apparently, is aggressively pursuing growth in their Fixed services (serving mainly the corporate customers). </span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">StarHub has been building their own fibre networks (apart from NGN) as they've deemed owning their own networks to be crucial in getting corporate customers and also retaining them. (According to them, better quality than NGN it seems.</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">This fibre network also helps strengthen their mobile segment to "better backhaul"</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Management seems bullish about this segment and has coined it their new "growth driver".</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">StarHub aims to be the alternative provider for the Smart Nation vision. They do not think relying on 1 provider (Singtel) is the way forward and they're really building the foundation for the long-term now.</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Has already overtaken PayTV in terms of revenue contribution (2nd largest now, after Mobile)</span></li>
</ul>
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<span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b>What about your flat revenue for the past 3 years?</b></span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Ouch, that hurts. Yet, StarHub seemed to have handled this well and provided some insights:</span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Overall, yes it looks flat, but underlying they see growths in the right segments</span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><i>Mobile</i></span><br />
<ul>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Post-paid mobile customer base has been growing. StarHub views this as something that provides them with long-term loyalty. </span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Offset by lower pre-paid sales due to less foreign workers.</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">New SIM-only plan hopes to bring some prepaid customers over.</span></li>
</ul>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><i>PayTV and more Netflix!!</i></span></div>
<ul>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Resilient numbers for quite a while despite having OTT being present. (vs a drop in PayTV revenue in other countries like US)</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">AppleTV/Netflix is available for a while now (via VPN) and StarHub managed to keep their PayTV services resilient.</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Attributed to wide content: Asian and Sports content that isn't available from OTT. Netflix alone is able to substituted the English content in places like US. </span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Singapore being a multi-racial country, has customers that has different needs. That's currently what's defending the PayTV business.</span></li>
</ul>
</div>
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<span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b>63% of mobile customers are on tiered plans, ONLY</b></span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">And they can't seemed to get that percentage to move up for a while now. StarHub alluded that it's tough and they will continue to do all they can to entice customers over to the tiered plans.</span><br />
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<span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b>Chairman provided a further insight on StarHub's plan for the challenges</b></span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Challenges:</span><br />
<br />
<ul>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Regulatory policies (looks at IDA hehe)</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Wifi substitution (very true, I've been seamlessly connected to Wireless @ SGX and CapitaLand Mall Wifi as well)</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Facebook/Google/Apple by passing mobile operator (very possible. Even had rumours of Apple creating their own SIM card and Google rolling out its own Wifi network)</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">OTT players (Global and more localised ones)</span></li>
</ul>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Their strategy:</span></div>
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<ul>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Move from Household Hubbing to Personalised Hubbings (through data analytics)</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Engage more on Enterprise segment given the small market share</span></li>
</ul>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">I'm quite interested in their "new" Hubbing strategy and how it pans out. Good to know management is actively looking to prepare for the challenges ahead. This is especially when a lot of those may eventually come true, sooner rather than later.</span></div>
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sgfinancemusingshttp://www.blogger.com/profile/09986726862930508745noreply@blogger.com2tag:blogger.com,1999:blog-5129535224302493631.post-86111532985195842012015-11-17T22:51:00.000+08:002015-11-17T22:51:00.177+08:00This under appreciated stock is wow-ing me again<span style="color: #38761d; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif; font-size: large;"><b>Revenue increased 13.6%</b></span><br />
<span style="color: #38761d; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif; font-size: large;"><b>Segmental profits increased 33.1%</b></span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">That was all that's announced via SGX. But it's good enough to let me know that their business is still stable (contracted) and their profits are still surging quarter by the quarter.</span><br />
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<span style="color: #38761d; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif; font-size: large;"><b>It's smelly and shunned by others. Yet, I'm loving it!</b></span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Since this stock is out of the radar for most investors, it's share price hasn't reacted according to their results.</span><br />
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<td align="right" class="xl69" style="width: 65pt;" width="65"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">May-15</span></td>
<td align="right" class="xl70" style="width: 65pt;" width="65"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Oct-15</span></td>
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<td class="xl64" height="15" style="height: 15.0pt;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Share price</span></td>
<td align="right" class="xl65"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">$0.25</span></td>
<td align="right" class="xl71"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">$0.31</span></td>
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<td class="xl64" height="15" style="height: 15.0pt;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Share price % change</span></td>
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<td align="right" class="xl72"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">24%</span></td>
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<td class="xl67" height="16" style="height: 16.0pt;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Profits % change</span></td>
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<td align="right" class="xl73"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">33%</span></td>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">This may be a smelly business, but I love it for its value it holds. Although Colex doesn't have a high dividend yield, which is contrary to what my other portfolio is, I'd find it hard to pass this opportunity to grab this value stock.</span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">What do you think?</span></div>
sgfinancemusingshttp://www.blogger.com/profile/09986726862930508745noreply@blogger.com1tag:blogger.com,1999:blog-5129535224302493631.post-3067043758401550412015-11-15T15:29:00.000+08:002015-11-15T15:29:00.074+08:00Design Studio's 11% yield to be maintained?<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjVnAr5jTFO0KTFPtU_dnwgE-jUxSFkGMZRxmsvEX4strVF9GUZJRnXd6QjOzfG1Hu9fe7PGs-1BRVV2z89onMA_OElSIwkD3MXVmXwLqvgDmAu3xdLlUN5_0ecN2WQSusXcjCX5ivsrA0/s1600/equarius-3.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="222" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjVnAr5jTFO0KTFPtU_dnwgE-jUxSFkGMZRxmsvEX4strVF9GUZJRnXd6QjOzfG1Hu9fe7PGs-1BRVV2z89onMA_OElSIwkD3MXVmXwLqvgDmAu3xdLlUN5_0ecN2WQSusXcjCX5ivsrA0/s320/equarius-3.jpg" width="320" /></a></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Design Studio released its 3rd Quarter financial results. Being in this industry, it's expected that revenue and profit recognition would be lumpy. Thus, any one quarter's result is not going to tell us too much about the full year's performance.</span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Nonetheless, since we're already 9 months into the year, we're left with the remaining 3 months for DS.</span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span>
<b><span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">For 6 months ending June 2015</span></b><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Revenue up 62.7%</span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">PBT up 49.0%</span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span>
<b><span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">For the 9 months ending September 2015</span></b><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Revenue up 23.5%</span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">PBT up 3.1%</span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">PBT is now at $13.1million.</span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">2014 full year PBT is at $23.8m while 2013 full year PBT is at $15.3m</span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Looking at how lump the profit recognition are, it is hard to say if DS will miss matching 2014's PBT for sure. However, to be conservative, let's assume they'll miss 2014's PBT but match 2013's instead.</span></div>
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<b><span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Maintain Dividend yield?</span></b><br />
<b><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Profits</span></b><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">2013 and 2014 saw the Directors declaring a 6.5 cent DPS. Assuming DS matches 2013's profit (which is not a tall order), it is likely that the Directors will continue to declare 6.5 cent of dividend.</span><br />
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<b><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Cash Flow</span></b><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><i>Cash</i> </span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">2013: $44.8m </span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">2014: $48.4m</span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">9M2015: $56.4m</span></div>
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<i><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">FCF</span></i></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">2013: $25.5m</span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">2014: $20.3m</span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">9M2015: $26.8m</span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><i>Assuming</i> cash flow status for DS is the <b>same</b> for 9 months and full year, the dividend declared for 2015 should be easy to maintain.</span></div>
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<span style="color: #38761d; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b>At 6.5 cent per share, this gives DS a 12% Dividend Yield at $0.54 price.</b></span></div>
sgfinancemusingshttp://www.blogger.com/profile/09986726862930508745noreply@blogger.com2tag:blogger.com,1999:blog-5129535224302493631.post-63354829429651995862015-11-13T22:39:00.000+08:002015-11-13T22:39:00.306+08:00Parkway Life built to last<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPG3j9PLCezd9WgjWrhm2fkchMT7PPd2k_jo0qegD72xJzrSmgggI8UrV5Z4SsImgHSo8PYRW-zPmFctFz03fmkNvMFMCIBZiviXX4ZqjZo6-Tb-a_uJTBU3w3YVi42-qRVgUBchqAj2Q/s1600/Screen+Shot+2015-05-24+at+11.44.57+pm.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><img border="0" height="235" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPG3j9PLCezd9WgjWrhm2fkchMT7PPd2k_jo0qegD72xJzrSmgggI8UrV5Z4SsImgHSo8PYRW-zPmFctFz03fmkNvMFMCIBZiviXX4ZqjZo6-Tb-a_uJTBU3w3YVi42-qRVgUBchqAj2Q/s400/Screen+Shot+2015-05-24+at+11.44.57+pm.png" width="400" /></span></a></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Recurring DPU growth for Q3 is stable at 2.5%. Plife is really stable and steady!</span></span><br />
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<b><span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Competitive advantage remains</span></b></span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Singapore Hospitals</span><br />
<ul>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Suuuuuuuuuper long master leases (15+15 years, from 2007)</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Fully committed (Gleneagles, Mount Elizabeth, Parkway East)</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Downside protection: CPI + 1% rent review <i>guarantees a minimum 1% upside</i> even if CPI is negative</span></li>
</ul>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Japan nursing homes</span><br />
<ul>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">70% of revenue with "up-only" rental revision</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">5.9% of revenue with annual revision linked to Japan CPI (downside protection like Singapore)</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">5.3% of revenue with fixed rental for 9 years (from 2007)</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Japan = aging population</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Properties covered with earthquake insurance</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Protected from forex risk (hedged)</span></li>
</ul>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b>Revenue segmental breakdown</b></span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Singapore 61% Japan 38%</span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b>Downside Protection risk</b></span></span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">93% of revenue with protection scheme in place</span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b>Good debt management</b></span></span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Gearing ratio: 35.8%</span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Cost of debt: 1.5%</span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">No debt financing until 2017</span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">78% of debts are interest rate hedged</span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span>
</span><br />
<span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b>Looooong WALE</b></span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"></span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">9.9 years. YUP. That long!</span><br />
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<span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b>Acquisition coming up?</b></span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"></span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"></span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Since the last asset recycling done (and the yummy special dividends distributed equally in 2015), it's likely that Plife REIT will look for new opportunities in Japan and diversify their asset class (apart from Hospitals & Nursing home).</span><br />
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<span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b>Sleep well at night</b></span></div>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Parkway Life is one of the few counters I have which I've almost ZERO worries. It's stable, the competitive lease structures are strong, the distributable income received from them is "recurring". There's great visibility in their earnings and earnings will be in line with inflation of Singapore.</span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">One of the few gems left in the stock exchange.</span>sgfinancemusingshttp://www.blogger.com/profile/09986726862930508745noreply@blogger.com0tag:blogger.com,1999:blog-5129535224302493631.post-29929368600501178982015-11-11T15:57:00.000+08:002015-11-11T15:57:00.179+08:00Investing in a REIT for a start?<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">A reader asked what's my view on vesting in a REIT for a start (of the investing journey)? This was posted on the article where I revealed that CapitaLand Mall Trust (CMT) was my first stock back when I began my investing journey.</span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: helvetica neue, arial, helvetica, sans-serif;">I can't say "yes" or "no" to the question, but I can <i>try</i> to discuss some points about REIT.</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0fE2hbDjcPNb0AX8-4xgm70GwxQgy5QQlJSEenSm1aTy1nJbs2Yjg6ORwWzpt4euRAfpBj7YfIim6i9zZ8miu1MU55M2OU4LiGmQzGwqOmMCDbwkDO8yq0LFdsyy1FL_plsqdd7qdVjY/s1600/reit-coins.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="130" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0fE2hbDjcPNb0AX8-4xgm70GwxQgy5QQlJSEenSm1aTy1nJbs2Yjg6ORwWzpt4euRAfpBj7YfIim6i9zZ8miu1MU55M2OU4LiGmQzGwqOmMCDbwkDO8yq0LFdsyy1FL_plsqdd7qdVjY/s320/reit-coins.jpg" width="320" /></a></div>
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<b><span style="color: #0b5394;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">REITS must distribute 90% of their distributable income</span></span></b><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">This is mandated by MAS. Distributable income is not the same as net profit. Distributable income is more like cash earnings (so a valuation loss will not affect it's distributable income of a REIT).</span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Most REITs distribute dividends quarterly, this <i>somewhat</i> gives investors a steady stream of dividends. </span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Somewhat is key, because REITs are <b><span style="color: #cc0000;">not</span></b> fixed deposits/bonds. Dividends are <b>not guaranteed</b>.</span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b><span style="color: #0b5394;">You could lose your capital invested</span></b></span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">As REITs are not fixed deposits, your capital is not protected. Instead, the share price of the REIT will fluctuate like your normal companies.</span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">A recession could put your REIT in distress. A rise in interest rates could wipe out your value of the capital injected.</span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b><span style="color: #0b5394;">REITs are highly geared</span></b></span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">So watch out for the gearing of REITs. Anything that's on the high side (>45%) should be deliberated carefully.</span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b>Any rise in interest rates could easily cause their finance cost to jump, thereby reducing your Distribution per Unit (DPU).</b></span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Look out for REITs with relatively lower gearing, evenly spread out debt maturity (CMT & PLife), low debt costs (Parkway Life is amazing with only 1.5% all in cost).</span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b><span style="color: #0b5394;">Not all REITs are equal</span></b></span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">There're different industries that the REITs are in. Some hold industrial, commerical and hospitality properties (which tend to be cyclical), some hold retail buildings (I tend to view shopping malls as somewhat resilient), some are healthcare related (Parkway Lift & First REIT), some properties are in Singapore whilst others are out of Singapore.</span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">You'll have to consider the following:</span><br />
<br />
<ul>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Industry risk: Cyclical, resilient?</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Country: Any risk in foreign currency fluctuations, regulatory risks?</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Quality: Different REITs' buildings have different quality. Some are viewed to be of higher quality (therefore they tend to be traded at a premium above their peers).</span></li>
<ul>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">e.g: Plaza Singapura vs Wisma Atria vs Paragon</span></li>
</ul>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Maturity profile of their tenants: Are they concentrated or well spread out?</span></li>
</ul>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Dividend Yield is important, but this criteria would only be considered after all other factors. After all, the we don't want to be caught in the yield trap.</span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b><span style="color: #0b5394;">Most people invest in REITs for income, not capital gains</span></b></span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">So don't expect too much of a share price movement. This ain't your Jumbo share.</span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">I won't say a straight out "Yes" or "No" to this question. But do consider the following, do your homework, and make the decision for yourself. Only you know yourself best, so let you make the best decision for yourself.</span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b><span style="color: #0b5394;">Consider if you're ready for rights issue</span></b></span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"></span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Sometimes, a REIT may require additional funding and they may issue rights to the private and/or public investors. Similar to what AK says, I've always preferred REITs that conducts rights issue for the public (this way, we won't have our holdings diluted).</span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Some may delude that rights issue is "getting back the dividends paid out previously to you". Well, it depends.</span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">If a REIT issues rights for expansion plans, to acquire yield accretive projects, I'll be happy to take part in it. But do consider if you've the financial capability to take part in it.</span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">If a REIT issues rights to "beef up their balance sheet", "pay down loans", and for "working capital purposes", then sorry, that's a huge red flag and I'll reconsider my decision to hold that REIT.</span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Hope this helps? :)</span></div>
sgfinancemusingshttp://www.blogger.com/profile/09986726862930508745noreply@blogger.com6tag:blogger.com,1999:blog-5129535224302493631.post-82714425487490647952015-11-09T22:10:00.000+08:002015-11-12T23:21:33.016+08:00SATS soaring higher and higher<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Less than 2 weeks ago, I wrote about SATS <a href="http://letsgetrichtogethersg.blogspot.com/2015/10/the-little-things-that-sats-do-to.html" target="_blank">here</a> and predicted that Q2 would be an excellent quarter. I'm happy to say I'm right =D</span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b>This dragon has soared to the skies!</b></span><br />
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhaKHPJaVi73E_S2zXkKf_Qy5zyEolxGbiP6AebyR3fuOr-g49bYYRWhFd_UXVFhc68g3crCyg5OXbw117ui2zcoLoJHJGEfFCL4Eb88fmS3VXAG_sVpzO-YOeDigutTq_frhK2ot45p_E/s1600/Screen+Shot+2015-11-06+at+9.40.11+pm.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><img border="0" height="207" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhaKHPJaVi73E_S2zXkKf_Qy5zyEolxGbiP6AebyR3fuOr-g49bYYRWhFd_UXVFhc68g3crCyg5OXbw117ui2zcoLoJHJGEfFCL4Eb88fmS3VXAG_sVpzO-YOeDigutTq_frhK2ot45p_E/s400/Screen+Shot+2015-11-06+at+9.40.11+pm.png" width="400" /></span></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Credit: SATS quarterly presentation slides</span></td></tr>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhTkU-kZsFHSfqpfmX0APvEPyyDsvsBvrFryheiELxAFdrQKy5jevNyN5HdOsrfSGYYrD2xPnwCh8o4Wwul-iUq6PZOCuAPWUpHeO_BwzQAZlquzG32fytUUlIk4My8p_oWDjFsqMCY77o/s1600/Screen+Shot+2015-11-06+at+9.43.18+pm.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><img border="0" height="339" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhTkU-kZsFHSfqpfmX0APvEPyyDsvsBvrFryheiELxAFdrQKy5jevNyN5HdOsrfSGYYrD2xPnwCh8o4Wwul-iUq6PZOCuAPWUpHeO_BwzQAZlquzG32fytUUlIk4My8p_oWDjFsqMCY77o/s640/Screen+Shot+2015-11-06+at+9.43.18+pm.png" width="640" /></span></a></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">2Q EPS soared <span style="color: #38761d;"><b>28.5%.</b></span></span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">1st Half 2015/16 EPS up <span style="color: #38761d;"><b>22.2%</b></span></span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">SATS is on a productivity gain overdrive by focusing on automated processes and cutting down on manpower. This helped the company to achieve remarkable results. </span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b>SATS is somewhat like Sheng Siong</b></span><br />
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<ul>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Cost control measures helped boost their bottomline</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Low debt (no debt for Sheng Siong)</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Excellent free cash flow (gushing with cash!)</span></li>
</ul>
<div>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b><i>So, would I buy more of SATS with this set of goods result?</i></b></span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Its important to buy good businesses. Its equally important to buy good businesses at good prices with <u>sufficient margin of buffer</u>.</span></div>
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<tr height="15" style="height: 15.0pt;">
<td class="xl63" height="15" style="height: 15.0pt; width: 113pt;" width="113"></td>
<td align="right" class="xl69" style="width: 65pt;" width="65"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">May-15</span></td>
<td align="right" class="xl70" style="width: 65pt;" width="65"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Oct-15</span></td>
</tr>
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<td class="xl64" height="15" style="height: 15.0pt;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Share price</span></td>
<td align="right" class="xl65"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">$3.19</span></td>
<td align="right" class="xl71"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">$3.98</span></td>
</tr>
<tr height="15" style="height: 15.0pt;">
<td class="xl64" height="15" style="height: 15.0pt;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Share price % change</span></td>
<td class="xl66"></td>
<td align="right" class="xl72"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">25%</span></td>
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<td class="xl67" height="16" style="height: 16.0pt;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">EPS % change</span></td>
<td class="xl68"></td>
<td align="right" class="xl73"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">22%</span></td>
</tr>
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</tbody></table>
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<div>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Seems like the market has already fully priced in the set of good results. Unfortunately, this doesn't seem like sufficient buffer for me.</span></div>
<div>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div>
<b style="color: #0b5394; font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;">Dividend payout ratio</b></div>
<div>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">EPS 19.8 (annualised)</span></div>
<div>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">DPS 14.0 (assume same as last year)</span></div>
<div>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Payout ratio <b><span style="color: #38761d;">70.7%</span></b></span></div>
<div>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">FCF/share 15.7 (assume comparable with last year)</span></div>
<div>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Payout ratio <span style="color: #38761d;"><b>89.1%</b></span></span></div>
<div>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div>
<span style="color: #38761d; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><i>Dividend for this year, if remained the same, is still sustainable. </i></span></div>
<div>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">One small concern though, is the declining revenue is somewhat affecting the free cash flow of SATS. SATS would need to find ways to improve its top line to boost its free cash flow.</span></div>
<div>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Nonetheless, awesome quarter for SATS!</span></div>
sgfinancemusingshttp://www.blogger.com/profile/09986726862930508745noreply@blogger.com0tag:blogger.com,1999:blog-5129535224302493631.post-58976789647433994662015-11-07T23:04:00.000+08:002015-11-12T23:21:44.887+08:00LGRT Oct 15 Report Card - my 1st Bond purchase!<!--[if gte mso 9]><xml>
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UnhideWhenUsed="false" QFormat="true" Name="Subtle Emphasis"/>
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{mso-style-name:"Table Normal";
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{mso-style-name:"Light List - Accent 1";
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{mso-style-name:"Light List - Accent 1";
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{mso-style-name:"Light List - Accent 1";
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{mso-style-name:"Light List - Accent 1";
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{mso-style-name:"Light List - Accent 1";
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mso-tstyle-border-bottom-themecolor:accent1;
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{mso-style-name:"Light List - Accent 1";
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<!--StartFragment-->
<br />
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableLightListAccent1" style="border-collapse: collapse; border: none; mso-border-alt: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-table-layout-alt: fixed;">
<tbody>
<tr>
<td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<br /></div>
</td>
<td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<b><span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">Name</span></b><span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;"><o:p></o:p></span></div>
</td>
<td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<b><span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">Portfolio %</span></b><span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;"><o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<b><span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">Average price ($)</span></b><span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;"><o:p></o:p></span></div>
</td>
<td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<b><span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">Div Yield on cost<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">1<o:p></o:p></span></div>
</td>
<td style="border: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">Singtel<o:p></o:p></span></div>
</td>
<td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">15.26%<o:p></o:p></span></div>
</td>
<td style="border: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">3.69<o:p></o:p></span></div>
</td>
<td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">4.74%<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">2<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">M1<o:p></o:p></span></div>
</td>
<td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">15.56%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">3.63<o:p></o:p></span></div>
</td>
<td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">5.20%<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">3<o:p></o:p></span></div>
</td>
<td style="border: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">Raffles Medical<o:p></o:p></span></div>
</td>
<td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">9.11%<o:p></o:p></span></div>
</td>
<td style="border: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">4.13<o:p></o:p></span></div>
</td>
<td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">1.09%<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">4<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">SATS<o:p></o:p></span></div>
</td>
<td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">8.57%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">3.11<o:p></o:p></span></div>
</td>
<td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">4.50%<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">5<o:p></o:p></span></div>
</td>
<td style="border: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">Parkway Life<o:p></o:p></span></div>
</td>
<td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">6.45%<o:p></o:p></span></div>
</td>
<td style="border: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">2.34<o:p></o:p></span></div>
</td>
<td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">4.83%<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">6<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">Sembcorp Industries<o:p></o:p></span></div>
</td>
<td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">6.28%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">4.56<o:p></o:p></span></div>
</td>
<td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">3.51%<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">7<o:p></o:p></span></div>
</td>
<td style="border: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">Colex<o:p></o:p></span></div>
</td>
<td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">5.83%<o:p></o:p></span></div>
</td>
<td style="border: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">0.321<o:p></o:p></span></div>
</td>
<td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">1.56%<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">8<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">StarHub<o:p></o:p></span></div>
</td>
<td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">5.58%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">4.05<o:p></o:p></span></div>
</td>
<td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">4.94%<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">9<o:p></o:p></span></div>
</td>
<td style="border: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">Design Studio<o:p></o:p></span></div>
</td>
<td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">5.44%<o:p></o:p></span></div>
</td>
<td style="border: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">0.54<o:p></o:p></span></div>
</td>
<td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">12.01%<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">10<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">CapitaMall Trust<o:p></o:p></span></div>
</td>
<td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">5.36%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">1.95<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
</td>
<td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">5.59%<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">11<o:p></o:p></span></div>
</td>
<td style="border: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">Vicom<o:p></o:p></span></div>
</td>
<td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">4.16%<o:p></o:p></span></div>
</td>
<td style="border: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">6.04<o:p></o:p></span></div>
</td>
<td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">4.35%<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">12<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">Sheng Siong<o:p></o:p></span></div>
</td>
<td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">3.56%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">0.68<o:p></o:p></span></div>
</td>
<td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">4.48%<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">13<o:p></o:p></span></div>
</td>
<td style="border: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">UOB<o:p></o:p></span></div>
</td>
<td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">3.18%<o:p></o:p></span></div>
</td>
<td style="border: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">23.05<o:p></o:p></span></div>
</td>
<td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">3.90%<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">14<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">Perennial Bond<o:p></o:p></span></div>
</td>
<td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">2.68<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">$1.00<o:p></o:p></span></div>
</td>
<td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">4.65%<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">15<o:p></o:p></span></div>
</td>
<td style="border: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">DBS<o:p></o:p></span></div>
</td>
<td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">2.38%<o:p></o:p></span></div>
</td>
<td style="border: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">23.06<o:p></o:p></span></div>
</td>
<td style="border-bottom: none; border-left: solid #4F81BD 1.0pt; border-right: solid #4F81BD 1.0pt; border-top: none; mso-border-left-themecolor: accent1; mso-border-right-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">3.38%<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">16<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">Old Chang Kee<o:p></o:p></span></div>
</td>
<td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">2.32%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #4F81BD 1.0pt; border-left: none; border-right: none; border-top: solid #4F81BD 1.0pt; mso-border-bottom-themecolor: accent1; mso-border-top-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">0.87<o:p></o:p></span></div>
</td>
<td style="border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.75pt;" valign="top" width="64"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">1.73%<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.75pt;" valign="top" width="34"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">17<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #4F81BD 1.0pt; border: none; mso-border-bottom-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="99"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">SIIC Environment<o:p></o:p></span></div>
</td>
<td style="border-top: none; border: solid #4F81BD 1.0pt; mso-border-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 2.0cm;" valign="top" width="57"><div class="MsoNormal">
<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">1.34%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid #4F81BD 1.0pt; border: none; mso-border-bottom-themecolor: accent1; padding: 0cm 5.4pt 0cm 5.4pt; width: 63.8pt;" valign="top" width="64"><div class="MsoNormal">
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<span style="font-family: "helvetica"; mso-bidi-font-family: Times; mso-bidi-font-size: 16.0pt;">0%<o:p></o:p></span></div>
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<span style="color: #0b5394;">Expected Annual Dividends</span>: </b>$<o:p></o:p></span><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">3,767 ($274/month)</span><br />
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b><span style="color: #0b5394;">Dividend Yield</span>: </b>4.42%<span style="font-size: 16pt;"><o:p></o:p></span></span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b><span style="color: #0b5394;">Actions</span></b>:</span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Bought my first bond: Perennial Bond @ 4.65 yield, for 3 years. A small nibble but nonetheless, a first step forward.</span></div>
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<b><span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Dividends increased:</span></b></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Monthly dividend increased to $274/month from $266/month. Slowly inching up to $300/month!</span></div>
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<b><span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Focus:</span></b></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">STI is still swinging back and forth around the 3,000 mark. I'll still be continuing to focus on good businesses with considerable dividend yield. </span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span></div>
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<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">In other news, can the FED just raise the interest rates already? It's doing more harm than good by delaying, in my opinion.</span></div>
sgfinancemusingshttp://www.blogger.com/profile/09986726862930508745noreply@blogger.com2tag:blogger.com,1999:blog-5129535224302493631.post-78389220768424886152015-11-05T23:12:00.000+08:002015-11-12T23:21:54.979+08:00Sheng Siong ALL FOR YOU! *Huat Huat huat*<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgPesZg79_NDqlMDo8e3JxnqCQ0n1Xx0cvdPSO5ucpVzKfnTuW29jA-lK_toBEcCDt_SawHh4T54qQLVHtE5ds8lSi7xXDrRyGZbzJcd4ZjE5UpuRWPQWh313xyfXpRjUR0YQq5kZVk-wc/s1600/Screen+Shot+2015-05-05+at+10.40.54+pm.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><img border="0" height="85" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgPesZg79_NDqlMDo8e3JxnqCQ0n1Xx0cvdPSO5ucpVzKfnTuW29jA-lK_toBEcCDt_SawHh4T54qQLVHtE5ds8lSi7xXDrRyGZbzJcd4ZjE5UpuRWPQWh313xyfXpRjUR0YQq5kZVk-wc/s400/Screen+Shot+2015-05-05+at+10.40.54+pm.png" width="400" /></span></a></div>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">My other love. The love that I wished I had more. Pity the boat has sailed far and away.</span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span>
<b><span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Q3 results - stun like vegetables</span></b><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Taken from their Q3 slides, I'll let the picture do the talking.</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEinWqzIdIG6-vVeklbT_FZrvxmRwY-IS_YEFWBF_gtxK4flz29x_R36qu2DWT3xUEW7lF24kLVh6halwCKRpE8EWPwcb-YNmKlUJPhxpaU-XofftCWUeWL75z5ZeZ7JEobfhUIKFuvBwrk/s1600/Screen+Shot+2015-10-26+at+11.01.04+pm.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><img border="0" height="441" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEinWqzIdIG6-vVeklbT_FZrvxmRwY-IS_YEFWBF_gtxK4flz29x_R36qu2DWT3xUEW7lF24kLVh6halwCKRpE8EWPwcb-YNmKlUJPhxpaU-XofftCWUeWL75z5ZeZ7JEobfhUIKFuvBwrk/s640/Screen+Shot+2015-10-26+at+11.01.04+pm.png" width="640" /></span></a></div>
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<b><span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Key drivers: </span></b><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">1. New outlets</span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">2. Lower costs</span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"> i. Lower Malaysian Ringgit (offset with rising USD)</span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"> ii. Excellent cost control - Warehousing</span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">iii. Productivity drive - more auto check out counters</span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Excluding new outlets' contributions, existing stores registered a 1.1% growth in sale. This points towards expansion of its presence being the key driver as organic growth seems to be stagnating.</span><br />
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<span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b>New Stores</b></span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">They've secured a new store at Dawson and is expect to contribute in November 2015. Their tactic to open stores in HDB buildings seems to be effective in keeping costs low and manageable. Notice they've no outlets in Town nor shopping malls.</span><br />
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<span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b>Online</b></span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Their online platform still looks in the infancy stage, with the larger trend in Singapore still shopping in physical stores. I think Sheng Siong should fully prepare itself to tackle the online segment before Red Mart or HonestBee takes on a strong footing in this aspect.</span><br />
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<span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><b>China</b></span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Not much news on the development there. But as the competition seem to be rather keen in China, I'd rather SS do it slow and good than to throw the money down the drain.</span>sgfinancemusingshttp://www.blogger.com/profile/09986726862930508745noreply@blogger.com6tag:blogger.com,1999:blog-5129535224302493631.post-41366035766960093502015-11-03T23:05:00.000+08:002015-11-12T23:22:21.166+08:00Looking past the 2% growth for RMG<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjvpzlzQypXVJsLmEq-_jbnxKmpM64vNqMN80eCRq1j9_GJKpAte3I1dR6ubNZRyr1TW9ouKkgVPg20Ye8vuhNJOI4QX8CxFXA2EmY2I9gjjvmM13Eqd-yc-Tu_4F8PVNftYyZGA_GJ7cA/s1600/rm.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><img border="0" height="295" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjvpzlzQypXVJsLmEq-_jbnxKmpM64vNqMN80eCRq1j9_GJKpAte3I1dR6ubNZRyr1TW9ouKkgVPg20Ye8vuhNJOI4QX8CxFXA2EmY2I9gjjvmM13Eqd-yc-Tu_4F8PVNftYyZGA_GJ7cA/s400/rm.png" width="400" /></span></a></div>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Raffles Medical Group posted a 2% growth in PBT for its Q3 2015. 9M2015 PBT was growing at 2.5%.</span><br />
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That seem like mature company's growth rate. Or is it?</span><br />
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<span style="color: #0b5394;"><b>Profit before tax for RMG was affected by 3 main reasons:</b></span></span><br />
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<ol>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Higher Staff costs (10% growth)</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Higher depreciation (38% growth)</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Higher operating lease expense (22% growth)</span></li>
</ol>
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<b><span style="color: #0b5394; font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Building the foundation for bigger things</span></b><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">RMG's higher staff costs was due to annual increment and <i>higher headcount for new clinics</i>.</span><br />
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RMG's higher depreciation due to conversion of previously leased space to specialist centres (for RMG own use) to meet growing patients' demand, and buying of medical equipments.</span><br />
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RMG's higher operating lease expense due to expansion of new clinics.</span><br />
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READ: Laying foundations for higher revenue in the future.</span><br />
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">The higher expenses all relate to <i>expansions</i> and also <i>generates revenue</i> (compared to inflationary cost pressure)</span><br />
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<b><span style="color: #0b5394;">Other catalysts intact</span></b></span><br />
<ol>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Acquired ISOS -> Now owns 10 clinics in China, Vietnam and Cambodia.</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">First clinic in Osaka, Japan -> Setting a foothold in the country with a huge aging population. Osaka is Japan's second largest city.</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Finalising plan for Shenzhen's Hospital -> can synergise with ISOS's clinics in China.</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Raffles Hospital now accepts emergency, inpatient and specialist outpatient care at subsidised rates, in collaboration with MOH -> More revenue!</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Newly opened outlet at Shaw Centre (contributions to kick in for future quarters)</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Raffles Holland V by Q1 2016</span></li>
<li><span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;">Raffles Hospital extension by 1H 2017</span></li>
</ol>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br />
Looking through the veil, RMG's latest reporting is a result of "start up costs" for greater things. The stock price has came down quite a bit from $4.80 to $4.30.</span><br />
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Seems like many don't see through the veil, yet.</span><br />
<br />sgfinancemusingshttp://www.blogger.com/profile/09986726862930508745noreply@blogger.com2