Frasers Centrepoint Trust (FY2016Q2) | DPU in previous vs current: $0.116 - > $0.120 Price in previous vs current: $2.00 -> $2.17 Yield in previous vs current: 5.8% -> 5.5% BV in previous vs current: $1.91-> $1.90 Revenue dipped as expected due to Northpoint AEI. Income was stable due to retained distributions from previous quarter, and higher management fee in units. Debt remains healthy. |
Super Group (FY2016Q2) | EPS in previous vs current: $0.0424 EPS in previous Q2 vs current: $0.094 -> 0.088 DPU in previous vs current: $0.010 -> $0.010 Price in previous vs current: $0.90 -> $0.78 Tolerable results with profits dropping "just" 7%. The reasons for holding remains the same as before - strong operating cash flow (and FCF) and balance sheet with good margins. I am estimating 4 cents earning for the year. No turnaround in sight so this will be in the freezer for a while. |
Sembcorp Industries (FY20161H) | EPS in previous 1H vs current: $0.20 -> $0.97 DPU in previous 1H vs current: $0.05 -> $0.04 Price in previous vs current: $2.7 -> $2.8 Yield in previous vs current: 4.0% -> 2.8% BV in previous vs current: $3.6 -> $3.6 (~$3.3 excl. pref shares) Surprising hit on Utilities segment, although I am still confident in the long-term fundamentals of India. Marine as expected post disastrous results. Assuming an annualized EPS of 19cents, P/E at current price is 14.7. |
M1 (FY2016Q2) | EPS in 2014 vs 2015: $0.191 -> $0.191 EPS in previous 1H vs current: $0.096 -> $0.089 DPU in previous vs current: $0.153 -> $0.153 Price in previous vs current: $2.48 -> $2.78 Yield in previous vs current: 6.2% -> 5.5% Management guided single digit decline in profit. Not good at all. Interim dividends of 7c is maintained. They are investing in new technologies but it will take the longer term to see any payoff. |
Capital Commercial Trust (FY2016Q2) | DPU in 2014 vs 2015: $0.086 -> $0.086 DPU in previous Q2 vs current: $0.0219 -> $0.0220 Price in previous vs current: $1.4 -> $1.55 Yield in previous vs current: 6.1% -> 5.5% BV in previous vs current: $1.72 -> $1.72 Flat results and DPU should be maintained. I don't see any upsides or downsides now, and at this price it's probably fully valued. |
Accordia Golf Trust (FY2016Q1) | DPU in previous Q1 vs current: $0.00176 -> $0.0182 (12M: $0.0663) Price in previous vs current: $0.65 -> $0.68 Yield in previous vs current: ~10% BV in previous vs current: $0.89 -> $0.96 Slight decrease in operating income (2.3%) due to heavy rains and earthquake, but DPU increased slightly due to Yen appreciation. Profits after tax is 6% lower. No of visitors and utilization rate went slightly lower due to above reasons, but should not pose too much concern. This is still trading at a huge discount to NAV which is my safety net. My yield cow for the long term. |
ST Engineering (FY2016Q2) | Flattish results but management foresee lower profits compared to 2015. This is in contrast with the "comparable profits" guidance given earlier, leading to selldown in share price. |
Straits Times Index (FY2016) | Not Applicable |
Monday, September 19, 2016
Quarterly Results Review - 2016Q2
Tuesday, September 6, 2016
CPF - OA to SA Transfer
After much deliberation, I finally decided to do it.
It's one that decision that I cracked my brains over back in January, but I think it's time I take the first step. What prompted the change of mind?
1. The market rebounded and I didn't even invest my cash, much less CPF-OA. Timing the market is harder than you think, and it's definitely not guaranteed that I am comfortable using OA to beat 2.5%.
2. I realized my CPF-SA is accumulating very slowly from Mandatory Contribution. At this rate, It is going to take forever to reach $161K, or whatever the FRS in the future.
3. Do you know you enjoy an extra 1% interest on your first $60K, but only $20K can come from OA? That means if I do the transfer, I earn a whole extra 2.5%.
4. Barring unforeseen circumstances, I probably won't be getting a flat for another 5 years. That means another full 5 years of OA accumulation.
5. I do admit I am strongly influenced by AK and several other bloggers. These guys are getting $6K-$10K in interest every year. (Some of them maxed out SA as early as 32 years old) The government is literally helping them fulfill the growing "minimum sum".
---
By transferring this $20K, I would accelerate my SA account at a much faster rate.
In the first year, I would earn an extra $500+ in interest.
For 10 years, I would get an extra $6.4K.
For 20 years, an extra $15K.
By the time I'm 55, this $20K would bring me more than $20K in additional interest. That means an additional $20K towards fulfilling the FRS.
---
Of course, I am well-aware of the risks. The most important ones are:
1. Less buffer for housing. I have plans to fully pay my flat with cash and minimize the usage of CPF. Still, it is definitely important to leave buffer - which explains why I'm not transferring more.
2. Political risk. Who knows how the withdrawal rules, schemes and interest rates may change in the future?
3. Possible opportunity cost if I ever want to purchase a 2nd property, and unable to withdraw until 55.
In a way, this move is a strong contrast with FIRE. With less OA, it means I have to fork out more cash for housing, and thus weaken my FIRE goals.
It's looking at a time much further in the future. I want to balance my goal of early financial independence, and also start steering the 'old age' ship in the right direction.
---
Overall, I think I'm taking a prudent and balanced approach - using an amount that isn't exorbitant and I am confident of covering.
The last thing you want to worried about when you're old and sick is money. I think what I am doing is taking a small portion of early financial freedom and channeling it into greater old age security.
It's one that decision that I cracked my brains over back in January, but I think it's time I take the first step. What prompted the change of mind?
1. The market rebounded and I didn't even invest my cash, much less CPF-OA. Timing the market is harder than you think, and it's definitely not guaranteed that I am comfortable using OA to beat 2.5%.
2. I realized my CPF-SA is accumulating very slowly from Mandatory Contribution. At this rate, It is going to take forever to reach $161K, or whatever the FRS in the future.
3. Do you know you enjoy an extra 1% interest on your first $60K, but only $20K can come from OA? That means if I do the transfer, I earn a whole extra 2.5%.
4. Barring unforeseen circumstances, I probably won't be getting a flat for another 5 years. That means another full 5 years of OA accumulation.
5. I do admit I am strongly influenced by AK and several other bloggers. These guys are getting $6K-$10K in interest every year. (Some of them maxed out SA as early as 32 years old) The government is literally helping them fulfill the growing "minimum sum".
---
By transferring this $20K, I would accelerate my SA account at a much faster rate.
In the first year, I would earn an extra $500+ in interest.
For 10 years, I would get an extra $6.4K.
For 20 years, an extra $15K.
By the time I'm 55, this $20K would bring me more than $20K in additional interest. That means an additional $20K towards fulfilling the FRS.
---
Of course, I am well-aware of the risks. The most important ones are:
1. Less buffer for housing. I have plans to fully pay my flat with cash and minimize the usage of CPF. Still, it is definitely important to leave buffer - which explains why I'm not transferring more.
2. Political risk. Who knows how the withdrawal rules, schemes and interest rates may change in the future?
3. Possible opportunity cost if I ever want to purchase a 2nd property, and unable to withdraw until 55.
In a way, this move is a strong contrast with FIRE. With less OA, it means I have to fork out more cash for housing, and thus weaken my FIRE goals.
It's looking at a time much further in the future. I want to balance my goal of early financial independence, and also start steering the 'old age' ship in the right direction.
---
Overall, I think I'm taking a prudent and balanced approach - using an amount that isn't exorbitant and I am confident of covering.
The last thing you want to worried about when you're old and sick is money. I think what I am doing is taking a small portion of early financial freedom and channeling it into greater old age security.
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