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Monday, July 22, 2019

Frasers Comm Trust

3QFY19 portfolio gross revenue of S$30.2 million was stable compared to 2QFY19, while net property income (“NPI”) of S$19.8 million was slightly lower by 1.7%, mainly due to higher property tax expense for Alexandra Technopark and the average weaker Australia Dollar compared with a quarter ago, partially offset by higher rent revenue for China Square Central. 3QFY19


portfolio gross revenue decreased by 7.0% year-on-year, mainly due to lower occupancy rate for Alexandra Technopark, divestment of 55 Market Street on 31 August 2018 and effects of the average weaker Australia Dollar, partially offset by higher rent revenue for China Square Central. The corresponding

NPI decreased 3.0% year-on-year, mainly due to the lower gross revenue, higher property tax expense for Alexandra Technopark and higher amortisation of lease incentives for Central Park and 357 Collins Street, partially offset by lower maintenance expenses for the Singapore properties and Caroline Chisholm Centre and lower utilities expense for Alexandra Technopark.

 The NPI figures above are before contribution from the 50.0% indirect interest in Farnborough Business Park (“FBP”) in the United Kingdom (“UK”), which is held as a joint venture and equity-accounted. The 50.0% interest in FBP was acquired on 29 January 2018 and the attributable NPI for 3QFY19 was S$2.0 million2 . Including the attributable NPI of FBP, portfolio NPI for 3QFY19 would be S$21.8 million.

While there are currently uncertainties with regard to the eventual outcome and impact of Brexit, the Manager remains confident on the long-term prospects of the UK market. The Manager expects the performance of FBP to remain stable given the property’s solid fundamentals, which include a high-quality tenant base, healthy occupancy rate of 97.4% and long WALE of 7.1 years3 (with 90% of current leases by income expiring beyond FY22), as at 30 June 2019.


The portfolio average committed occupancy rate as at 30 June 2019 was 94.1%4 , a 12.6 percentage-point improvement from 81.5% at the end of the previous quarter. Occupancy rates for the Singapore portfolio, the Australia portfolio and FBP as at 30 June 2019 were 93.9%5 , 93.5%5 and 97.4%6 , respectively. The Singapore portfolio saw a significant uplift in committed occupancy by 26.4 percentage-points from the end of the previous quarter. This was mainly due to committed occupancy at Alexandra Technopark rising to 93.7% from 59.2%, on the back of lease commitments secured from Google Asia Pacific Pte. Ltd. (for around 344,100 sq ft of space)7 and several other tenants during the quarter.

I think result doesn't look good with NPI down 3% to $19.7m. Even though the occupancy rate has increased from 81.5% to 94.1%.

DPU is flat /maintain at 2.4 cents .

Yearly Dividend of 9.6 cents, Yield is about 5.8%.
P/B of 1.05x

I think is good to be cautious!

Not a call to buy or sell.

Pls dyodd.


MapleTree Log Trust

The Board of Directors of Mapletree Logistics Trust Management Ltd. (“MLTM”), manager (“Manager”) of Mapletree Logistics Trust (“MLT”), is pleased to announce that for the financial quarter ended 30 June 2019 (“1Q FY19/20”), MLT’s amount distributable to Unitholders rose 20.8% year-on-year to S$73.6 million while distribution per Unit (“DPU”) grew 3.5% to 2.025 cents on an enlarged unit base.


 Gross revenue for 1Q FY19/20 increased 13.6% year-on-year to S$119.8 million while net property income (“NPI”) saw an 18.2% rise to S$106.1 million. The improvement in results was underpinned by a stable performance from existing properties as well as contributions from the completed

redevelopment of Mapletree Ouluo Logistics Park Phase 1 and accretive acquisitions completed in FY18/19. Overall growth was partially offset by the absence of contribution from five properties in Japan divested during 1Q FY19/20 and two properties in Singapore divested in FY18/19

Total debt outstanding declined by S$127 million from the previous quarter to S$2,963 million. The lower bank borrowings was largely due to repayment of loans with proceeds from the divestment of five properties in Japan, partially offset by additional loans drawn to fund capital expenditure as well as higher net translated foreign currency loans attributable to the appreciation of JPY and HKD.

 Accordingly, MLT’s aggregate leverage decreased to 36.8% as at 30 June 2019 from 37.7%. The weighted average borrowing cost for 1Q FY19/20 was 2.8%2 per annum.


FCF of $45066 ( $50217 - $5151) doesn't seem to be able to cover the DPU payout of $59,599.
Interest payment + Perpetual payment of another $25m..

I think is good to be cautious!


Tomorrow we will know how the market reacts to this set of financial numbers.

NAV 1.17
P/B - 1.38x
Dpu of 2.025 x 4 = 8.1 cents, Yield is about 5%.

Ideally would prefer a min yield of 6% that is around $1.35 level.

Not a call to buy or sell.

Pls dyodd.




Sunday, July 21, 2019

Capitaland

TA wise, looks like it is running out of steam!
Likely to reverse this uptrend mode and go lower!


Short term wise, I think it may likely retest 3.58 level.
Breaking of 3.58 with high volume that may likely see the prices slide further down towards 3.50 then 3.40 with extension to 3.30 level.

Not a call to buy or sell.

Pls dyodd.


Friday, July 19, 2019

Sembcorp Marine

We had witnessed a spike in prices on 17th July and closed well at 1.51 coupled with high volume this is rather bullish!


A nice white soldier had appeared on the chart, likely to see this momentum continue and bring the price higher!

Short term wise, I think it may likely re-attempt 1.54/1.55 level.
Breaking out smoothly plus good volume that may drive the price higher towards 1.60 and above.

Not a call to buy or sell.

Pls dyodd.


Thursday, July 18, 2019

Keppel Corp

Singapore, 18 July 2019 – Keppel Corporation Limited (Keppel) reported a net profit of S$356 million for the half year ended 30 June 2019, 39% below the S$586 million achieved a year ago, mainly due to lower contributions from en-bloc sales of property projects which amounted to S$416 million in 1H 2018.


Compared to 1H 2018, the six months of 2019 saw improved performance at Keppel Offshore & Marine which returned to profitability, higher contributions from M1 following the consolidation of its results with the Group, as well as strong earnings growth at Keppel Infrastructure and Keppel Capital.

The Group’s 1H 2019 revenue of S$3,315 million, was 11% higher than the S$2,993 million achieved in 1H 2018, mainly due to higher sales contributions from Keppel Infrastructure, Keppel Capital and M1, offset by lower revenues from Keppel O&M and Keppel Land.

For the first six months of 2019, the Group achieved an annualised return on equity of 6.3%. Net gearing rose to 0.82x as at 30 June 2019, compared to 0.48x as at 31 December 2018, following the privatisation of M1 and Keppel Telecommunications & Transportation, as well as due to higher working capital requirements, the payment of the final cash dividend for FY 2018 and the recognition of lease liabilities. Free cash outflow was S$614 million in 1H 2019 compared to an inflow of S$873 million in 1H 2018 due to higher working capital requirements and lower proceeds from en-bloc sales.

The Group’s net profit for 2Q 2019 was S$153 million, 39% lower than the S$249 million for 2Q 2018, in the absence of en-bloc sales of property projects, partly offset by stronger performance from Keppel Offshore & Marine, Keppel Infrastructure and Keppel Capital. Group revenue of S$1,784 million was 17% higher than the S$1,523 million achieved a year ago, with higher contributions across Keppel Infrastructure, Keppel Land, Keppel Capital and M1.


EPS for half year is 19.6 cents. Estimated FY EPS of 39 cents.
PE is about 17x, which is more or less trading at full value for the current price of $6.59.

Chart wise, doesn't look so rosy!

Not a call to buy or sell.

Pls dyodd.


G Invacom

It has managed to clear 12 cents and 13 cents as well. Looks like it may soon move up to retest 14 cents then 15 & 16 cents again!


Not a call to buy or sell.

Pls dyodd.

5th July 2019
Friday we had witnessed the nice breaking out moment at 10.7 cents and close well at 11 cents, coupled with high volume this is rather bullish!


Short term wise, it may move up to retest 12 cents then 13 cents with extension to 14 cents.

Pls dyodd.

4th July 2019
TA wise, looks bullish!
It has managed to bounce-off from the low of 3.2 cents and rises higher to touch 10.7 cents, looks rather positive.


The current price of 9.9 cents is staying above its SMA lines plus MACD is rising up nicely likely to continue to trend higher.

Short term wise, I think it may likely re-attempt the recent high of 10.7 cents.
Breaking out with ease + good volume that may drive the price higher towards 12 then 13 cents with extension to 14 cents.

Do exercise with extra cautious as this is a ultra penny counter!

Not a call to buy or sell.

Pls dyodd.




Wednesday, July 17, 2019

AEM

Chart wise,doesn't look too Rosy!
A breaking down for the pivot low of 99.5 cents that would be rather bearish and could see further selling down pressure.

With the on going trade saga , I think their result won't be good for the coming quarter result!


Short term wise, I think once 99.5 cents has been broken down, it may go down to test 95 then 90 cents again!

Not a call to buy or sell.

Pls dyodd.