Quarterly Results Review - 2017Q1

Frasers Centrepoint Trust	NPI dipped 3% while DPU is maintained, largely due to Northpoint AEI. Northpoint will be complete in the later part of this year, and in my opinion its integration with Northpoint City will bring FCT to new heights. Average rental revision at 4.1% which is impressive when you compare it to other REITs which are either incurring negative revision or flattish revision. A slight concern to me is the 3.5% dip in shoppers traffic. We have to observe to see if this forms a trend.
Super Group	Divestment completed at $1.30 per share.
Sembcorp Industries	Profit goes up slightly thanks to land sales from Urban Development, but this is one off. Marine continue to suffer and Utilities was unexpectedly bad, particular the overseas segment. Big news is new CEO plans to take 6 months for a strategic revamp of its operations.
M1	Profit continue to suffer (6th consecutive quarter) another 14%, with the usual culprits such as falling international call. 1Q EPS at 3.9c, down from 4.5c. M1 is sacrificing average revenue per user (ARPU) in exchange for maintaining/slightly increasing subscribers. Losing faith with its management as they won't commit on dividend/profit guideline, sticking with "80% Payout". FY 2015 DPU: 15.3c, EPS: 19c FY 2016 DPU: 12.9c, EPS: 16.1c Worst case, I am expecting 15c EPS and 12c DPU. At $2, it will be 6% yield. Stock price is heavily influenced by the ongoing "shareholder review".
Capital Commercial Trust	Once again defy all expectations with 10% higher DPU despite the office rental headwinds. Main catalyst now is the redevelopment of Golden Shoe Complex. The price has run up a fair bit now, and I think it's now fairly valued at around $1.6.
Accordia Golf Trust	Unexpectedly bad results, with current DPU dropping over 14% to 4.71 yen for the whole year. Annual dividend (SGD) dropped 9% from 6.63c to 6.04c This is attributed to higher snowfall in Feb. Remains at a steep discount to book value of 0.91 and supported mainly by its yield.
ST Engineering	NA. Crazy run up in prices!
Singtel	Showed resilliant results (net profit up 2%) when its peers are down in doldrums (both M1 and Starhub down 30 %). Nothing much to say except I'm confident. Looking forward to Netlink IPO later this year.
Frasers Centrepoint Ltd	Really surprising results with net profits up 90% due to profit recognition from Suzhou, China and Singapore. FCL currently has about 46%, 33%, 9% and 7% assets in Singapore, Australia, China and Europe respective - and they are looking to increase investments in overseas assets for long term growth. It's a good diversification from SG for me. 70% of the assets and 50% of net profits are from recurring sources (i.e REITs), which provides a good "baseline" of dividends. Despite the relatively high level of debt, I am quite confident in its management. Dividends has been maintained at 8.6c for the past 3 years (5.8% yield at $1.495, very high for a property developer).
Capitaland Mall Trust	Not much comments as position is extremely small. Rental revision is almost flat. Expect DPU to be stable around 11c until the return of Funan Mall in 2019.
Straits Times Index	NA