M1
Results continue to dip, but IMO it is actually not bad. There are signs of it bottoming (for now), with net profit declining 5% year on year. For 9 months it is down 13.5% (9M EPS from 12.6c to 10.9c), which seems to be in line with the stock price ($2 to $1.8). Service revenue increase 5% and mobile ARPU remain stable at $55. Mobile customers base fall due to shutdown of 2G network, and overall their market share is still stable at 25%.
They launched lots of initiatives this past quarter like malware detection solutions, nationwide IOT, smart sensors etc which would all take time to materialize. Yield at $1.8 is 6.1%, based on trailing results. The million dollar question is if they can sustain the current DPU.
Afternote: More news of first "intelligent" waste management system, cloud offering of digital startups. I might consider averaging down if I sell other position.
CapitaCommercial Trust
DPU still went up 2.6% despite selling away 3 buildings. This is the definition of a well managed REIT. Subscribed for their rights. Main catalyst now is Golden Shoe redevelopment and how they can bring Asia Square Tower 2 forward.
Afternote: For some unknown reason, CCT had a crazy run-up after the rights issue to over $1.8. The pro-forma NAV is $1.76 and 1H2017 DPU is 4.23 cents (annualized 8.46 cents). Considering a 9c DPU yearly, the yield is barely ~5%. This makes me really tempted to just sell it.
I believe it would be more fairly valued at $1.65 for a 5.5% yield.
CapitaMall Trust
A very flat quarter with regards to DPU, shopper traffic and tenants sales. Expect stable 11c DPU (5.4% yield at $2.04) until the launch of Funan in 2019.
Frasers Centrepoint Trust
Full-year DPU rose 1.2 per cent to 11.90 cents, the highest since the FCT's listing in 2006. Integration with Northpoint City North Wing is in its final stages.
My crown holding - low debt level (29%), 11 years of increasing DPU, NAV grown from 1.78 to 2.02 since I first vested in 2014, best management, super resilient. Every single quarter the results is good. What more can you ask for?
Stock price has reached an all time high (>$2.20) that sometimes, I am tempted to sell it in hope of getting it back at a lower price.
Far East Hospitality Trust
DPU falls 8% to 1.03c but the stock keeps going up - probably in anticipation of recovery next year (revenue for hotel rooms went up). There is also the acquisition of Oasis Downdown mid next year which is expected to be slightly accretive.
Sembcorp Industries
Saw a 37.7% drop in net profit due to several one off items - non-cash impairment charges and 11m of doubtful debts write offs. Marine show small profits again after losses last year.
Overall I think the company is stabilizing (Operation Profit up 11% for 9 months) and management indicate strategic review will be completed soon. NAV is up from $3.58 to $3.86.
Singtel
Only 3c special dividends (from about 14c gain) from Netlink IPO, on top of standard 0.68c (60% payout) dividends. Excluding Netlink, earnings fell 4% mainly due to intense competition in India.
Still feel confident that it should trade between $3.6 to $4.
Afternote: Fair results, down trending price? Singtel is the number 1 stock in Singapore by market cap, and deserve to at least trade at a "fair value". I strongly believe $3.6 can hold and increased my position again seeing the continued drop. Look forward to my 9.8c dividends in January next year.
Frasers Centrepoint Limited
Dividends maintained at 8.6c per year (60% payout ratio) and delivered yet another solid quarter with revenue/profit increasing 17%. NAV is now at $2.46.
Like that they are diversifying their income to now over 50% outside Singapore, and concentrating on growing their recurring income. This is the best "ETF" I ever brought.
Accordia Golf Trust
Ah! The big surprise this quarter. DPU plunged over 30% due to "unusually large return of members' deposit" despite profits and revenue going up. Hopefully this is a one time event.
To add further uncertainty, golf utilization fell ~15% as they were closed for 10 days due to typhoon in October. It does not sound good for their next quarter in view of the harsh winter ahead.
Given that I am comfortably in the money, I will hold and see.
Netlink Trust
Nothing much to say - everything according to forecast results and on track to meet target DPU.
Watchlist
Comfort Delgro - $1.9 and below would be extremely tempting.
SGX - Closer to $7.
Raffles Medical Group - Closer to $1.
Starhill Global Reit - 6.5% yield at $0.75.
Mapletree Comm Trust - Below $1.5, camping at 6% yield. NAV is $1.37.
ST Engineering - Would likely bite at 5% yield (closer to $3)
Capitaland - Look closer to $3.3 or below.
Mapletree Greater China Trust - $1.1 or when it retract to more than 7% yield.
They launched lots of initiatives this past quarter like malware detection solutions, nationwide IOT, smart sensors etc which would all take time to materialize. Yield at $1.8 is 6.1%, based on trailing results. The million dollar question is if they can sustain the current DPU.
Afternote: More news of first "intelligent" waste management system, cloud offering of digital startups. I might consider averaging down if I sell other position.
CapitaCommercial Trust
DPU still went up 2.6% despite selling away 3 buildings. This is the definition of a well managed REIT. Subscribed for their rights. Main catalyst now is Golden Shoe redevelopment and how they can bring Asia Square Tower 2 forward.
Afternote: For some unknown reason, CCT had a crazy run-up after the rights issue to over $1.8. The pro-forma NAV is $1.76 and 1H2017 DPU is 4.23 cents (annualized 8.46 cents). Considering a 9c DPU yearly, the yield is barely ~5%. This makes me really tempted to just sell it.
I believe it would be more fairly valued at $1.65 for a 5.5% yield.
CapitaMall Trust
A very flat quarter with regards to DPU, shopper traffic and tenants sales. Expect stable 11c DPU (5.4% yield at $2.04) until the launch of Funan in 2019.
Frasers Centrepoint Trust
Full-year DPU rose 1.2 per cent to 11.90 cents, the highest since the FCT's listing in 2006. Integration with Northpoint City North Wing is in its final stages.
My crown holding - low debt level (29%), 11 years of increasing DPU, NAV grown from 1.78 to 2.02 since I first vested in 2014, best management, super resilient. Every single quarter the results is good. What more can you ask for?
Stock price has reached an all time high (>$2.20) that sometimes, I am tempted to sell it in hope of getting it back at a lower price.
Far East Hospitality Trust
DPU falls 8% to 1.03c but the stock keeps going up - probably in anticipation of recovery next year (revenue for hotel rooms went up). There is also the acquisition of Oasis Downdown mid next year which is expected to be slightly accretive.
Sembcorp Industries
Saw a 37.7% drop in net profit due to several one off items - non-cash impairment charges and 11m of doubtful debts write offs. Marine show small profits again after losses last year.
Overall I think the company is stabilizing (Operation Profit up 11% for 9 months) and management indicate strategic review will be completed soon. NAV is up from $3.58 to $3.86.
Singtel
Only 3c special dividends (from about 14c gain) from Netlink IPO, on top of standard 0.68c (60% payout) dividends. Excluding Netlink, earnings fell 4% mainly due to intense competition in India.
Still feel confident that it should trade between $3.6 to $4.
Afternote: Fair results, down trending price? Singtel is the number 1 stock in Singapore by market cap, and deserve to at least trade at a "fair value". I strongly believe $3.6 can hold and increased my position again seeing the continued drop. Look forward to my 9.8c dividends in January next year.
Frasers Centrepoint Limited
Dividends maintained at 8.6c per year (60% payout ratio) and delivered yet another solid quarter with revenue/profit increasing 17%. NAV is now at $2.46.
Like that they are diversifying their income to now over 50% outside Singapore, and concentrating on growing their recurring income. This is the best "ETF" I ever brought.
Accordia Golf Trust
Ah! The big surprise this quarter. DPU plunged over 30% due to "unusually large return of members' deposit" despite profits and revenue going up. Hopefully this is a one time event.
To add further uncertainty, golf utilization fell ~15% as they were closed for 10 days due to typhoon in October. It does not sound good for their next quarter in view of the harsh winter ahead.
Given that I am comfortably in the money, I will hold and see.
Netlink Trust
Nothing much to say - everything according to forecast results and on track to meet target DPU.
Watchlist
Comfort Delgro - $1.9 and below would be extremely tempting.
SGX - Closer to $7.
Raffles Medical Group - Closer to $1.
Starhill Global Reit - 6.5% yield at $0.75.
Mapletree Comm Trust - Below $1.5, camping at 6% yield. NAV is $1.37.
ST Engineering - Would likely bite at 5% yield (closer to $3)
Capitaland - Look closer to $3.3 or below.
Mapletree Greater China Trust - $1.1 or when it retract to more than 7% yield.
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