Parkway Reit

Price has come down again after my previous post .

The current price of $2.63 is still trading at historical high.

Yield at current price is about 5.00%.

I would likely wait for a min of 5.5% yield that is $2.43 before deciding to accumulate at this level.

TA wise , it is on a down trend mode chart patterns.
Breaking down if $2.60 would likely slide further down towards $2.53 then 2.42 price level.

Not a call to buy or sell.

Pls dyodd.

ParkwayLife Reit - It owns the largest portfolio of strategically-located private hospitals in Singapore comprising Mount Elizabeth Hospital, Gleneagles Hospital and Parkway East Hospital. 

In addition, it has 45 assets located in Japan, including one pharmaceutical product distributing and manufacturing facility in Chiba Prefecture as well as 44 high quality nursing home and care facility properties in various prefectures of Japan. 

It also owns strata-titled units/lots at Gleneagles Intan Medical Centre Kuala Lumpur in Malaysia.



Looking through their financial nos from 2013 to 2017, we can notice that its Total Revenue is generally rising at a CAGR of 4.3% from 93693m in 2013 to 109,881m in 2017. This is quite consistently increasing for the past 4 years which is quite encouraging/positive.

Total Revenue - is the sum of cash inflows, increase in operating accounts such as receivables and occasionally, unrealized gains generated in the course of Company's Business activities.

Next, we can take a look at the Total Net Income level which has only generated an returns of only 0.81% (CAGR) from 98.279m in 2013 to 101.464m in 2017. The Net Income seems like not growing much. Investor may want to take note of this. 

The DPU has since a marginally increase from 0.107 in 2013 to 0.134 in 2017. An increase of 0.06% CAGR. The average yield for the past 4 years is about 0.122. Giving a yield of 4.38%.
This is generally below the 5to5.5 % yield expectation for investing in Reit counter.

NAV of $1.761, P/B is 1.61 times.

The Gearing % is about 40% which can be roughly calculated base on the Total Liabilites 705,881/ 1771,221 Total Assets . It is still within the guide line being set by MAS.. Generally, we would prefer gearing to be around 30-36%.



Ops cash flows seems quite pretty stable generating a Net cash from Ops is within 76 to 80m.

The current price of $2.63 which is trading above it NAV of $1.761 and it is also trading above its fair value of about $2.10.I think it is trading at a premium price level and investor may want to take note of this.

Looking through the Historical chart patterns, we can use it as a reference .

Strong support level is around $2.20 level. The next support level would be $1.80.




Not a call to buy or sell.
Please do you own due diligence.

trade/invest base on your own decision. 




 Parkway Life Real Estate Investment Trust (“PLife REIT”) is one of Asia’s largest listed healthcare REITs by asset size. It invests in income-producing real estate and real estate related assets that are used primarily for healthcare and healthcare-related purposes (including but are not limited to, hospitals, healthcare facilities and real estate and/or real estate assets used in connection with healthcare research, education, and the manufacture or storage of drugs, medicine and other healthcare goods and devices). PLife REIT owns a well-diversified portfolio of 50 properties with a total portfolio size of approximately S$1.75 billion as at 31 December 2017.

Capital Comm Trust

CCT today is down 5 cents to $1.64.

Is it really cheap at this current price level ?

I doubt so!
Looking at the past years dpu of 8.7 cents ,
Yield is still not attractive at 5.3% @ 1.64.

Waiting for $1.45 and below to have a minimum yield of 6% or more.

TA wise, it is on a downtrend mode chart patterns.
The current price of 1.64 is trading below its SMA lines which may provide further indication that the price may continue to head lower.

MACD is showing sign of negative divergence and it may continue to head lower.

Short term wise, I think is likely to head lower to retest 1.60 then 1.51 with extension to 1.41 price level.

Not a call to buy or sell.

Please do your own due diligence.

Looking at their financial numbers for the past 5 years, we can notice that the dpu is hovering around the range of 8.5 cents to 9.1 cents.

In fact , the total revenue has been steadily increasing from 262m in 2014 to 344m in 2018. But dpu has indeed stay un-change/remain the same.. Why?

Looking at the diluted EPS , we can notice that the EPS has been generally declining from 7.7 cents to 5.3 cents which could be telling us that the total nos of share has been risen due to issuing of rights share. This has more or less diluted the EPS and as well as the Dpu paying out.

There was a rights issuance being carried out in Oct 2017 at the ratio of 166 : 1000.

http://infopub.sgx.com/Apps?A=COW_CorpAnnouncement_Content&B=AnnouncementLast12MonthsSecurity&F=QWV0PAD0VLIM1HCE&H=a312fe26dbc3efeffa033f44c6ef109fcf026aed3949ef2e7fa52982026b978b


The Gearing seems fine which is hovering around 32% .

Ops cash flow seems quite healthily increasing from 188m of 2014 to 251m in 2018 .

DPU for 1Q2018 was down 9.4% to 2.12 cents versus 2.34 cents last years.

Gross revenue and net property income in 1Q 2018 were higher year-on-year arising from higher gross revenue and net property income from most of the properties. Revenue from Asia Square Tower 2 (“AST2”) offset the loss in income due to the divestments of One George Street, Golden Shoe Car Park and Wilkie Edge.

 (2) In 1Q 2018, CCT retained S$1.6 million of its taxable income available for distribution to Unitholders to be paid out later in FY2018. CCT is committed to distribute 100% of its taxable income available for distribution to Unitholders for the financial year ending 31 December 2018.

 (3) DPU for 1Q 2018 of 2.12 cents was 11.7% lower than that of 1Q 2017 due to the enlarged number of CCT units of 3,611.7 million units as at 31 March 2018 (31 March 2017: 2,969.0 million units), arising from 513.5 million new units issued for the S$700.0 million rights issue on 26 October 2017 (“Rights Issue”), conversion of convertible bonds in FY 2017 and issuance of units for management fees.

 (4) DPU for 1Q 2017 of 2.34 cents was restated for the Rights Issue, in accordance with paragraph 46 of Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts”.

 (5) DPU for 1Q 2017 of 1.97 cents was adjusted for the enlarged 3,611.7 million CCT units.

DBS bank

TA wise Looks rather bearish !
It has broken down 100 days moving average and continue to slide further down with high volume.

Short term wise, I think it may continue to go down to revisit 26.28 then $24.95 with extension to 24.38.

Not a call to buy or sell.

I think similar chart patterns are also reflected on the other 2 local bank counters.

Please do your own due diligence.

The 3 local bank counters are having quite similar chart patterns as shown on the daily candlestick chart patterns.

All 3 counter current price are trading below its 20, 50 & 100 days Moving average.
Looks rather bearish!

OCBC Bank:

It has experienced a Gap down on 30th May 2018 from the previous closing price of $12.99 to touch the low of $12.51 before manage to close slightly higher at $12.66 price level.

The current price of $12.53 is staying slightly above its 200 days moving average at about $12.36 level. Breaking down of $12.36 level , it would be super bearish and may likely continue to slide down to test $12.25 then $11.90 with extension to $11.40.

DBS :

Similarly for DBS , it is having a Gap down scenario on 30th May 2018 whereby the price went down to touch the low of $28.140 before closing slightly higher at $28.23 level as compare to previous day  closing price of $29.15 level.

Looks rather bearish and it may continue to go lower to test $28.14 then $$27.60 with extension to $26.30.

UOB:

It has gone down to touch the low of $28.16 before closing slightly higher at $28.36 price level as compare to the previous day closing price of $29.29 .

This is rather bearish and the price may likely to go lower to test $28.00 then $27.45 with extension to $26.00.

Not a call to buy or sell.

Please do your own due diligence.


Some discussion about the recent selling down:

Any reason u can think of to cause these drags on all 3 banks after reporting excellent results???

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• about 8 hours ago

Sporeshare

Reply to @AllenYip : I think is kind of selling after result . Moreover bank counter are trading at P/B 1.4-1.6 seems expensive. The correction is healthy.. I think any short rebound due to Dow overnight +219 it might be a GD opportunity to exit /lock in profit. Pls dyodd

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• 17 minutes ago

limchris8

Reply to @AllenYip : The answer is simple. Fund managers pushing up bank stocks or any stock prices are not here for charity. They would not wait for ordinary investors to take profit before them. As bank stocks reached few 52-week highs, it was natural to take profit thereby causing corrections. Besides, there are too many uncertainties/volatility this year. It is wise to take money off the table. With nice capital gains & dividend, why shouldn't they take profit? Furthermore, the reporting season for banks is over. Wait till the next reporting season, the games will repeat again..

Oversea-Chinese Banking Corporation Limited provides financial services in Singapore, Malaysia, Indonesia, Greater China, other parts of the Asia Pacific, and internationally. The company's Global Consumer/Private Banking segment provides a range of products and services to individuals, including checking accounts, and savings and fixed deposits; housing and other personal loans; credit cards; wealth management products consisting of unit trusts, bancassurance products, and structured deposits; and brokerage services. This segment also offers investment advice and portfolio management, estate and trust planning, and wealth structuring services for high net worth individuals. Its Global Corporate/Investment Banking segment provides project financing, overdrafts, trade financing, and deposit accounts; fee-based services, such as cash management and custodian services; and investment banking services, including financing solutions, syndicated loans and advisory services, corporate finance services for initial public offerings, secondary fund-raising, and takeovers and mergers, as well as customized and structured equity-linked financing services. It serves corporates, public sector, and small and medium enterprises. The company's Global Treasury and Markets segment is involved in the foreign exchange activities, money market operations, and fixed income and derivatives trading, as well as provision of structured treasury products and financial solutions. Its OCBC Wing Hang segment offers commercial banking, consumer financing, share brokerage, and insurance services. The company’s Insurance segment provides fund management services, and life and general insurance products. Its Others segment is involved in property and investment holding activities. As of May 7, 2018, the company operated a network of 590 branches and representative offices in 18 countries and regions. Oversea-Chinese Banking Corporation Limited was founded in 1912 and is headquartered in Singapore.

 DBS Group Holdings Ltd, an investment holding company, provides commercial banking and financial services in Singapore, Hong Kong, rest of Greater China, South and Southeast Asia, and internationally. It operates through Consumer Banking/Wealth Management, Institutional Banking, Treasury Markets, and Others segments. The Consumer Banking/Wealth Management segment offers banking and related financial services, including current and savings accounts, fixed deposits, loans and home finance, cards, payments, investment, and insurance products for individual customers. The Institutional Banking segment provides financial services and products for bank and non-bank financial institutions, government-linked companies, large corporates, and small and medium sized businesses. Its products and services comprise short-term working capital financing and specialized lending; cash management, trade finance, and securities and fiduciary services; treasury and markets products; and corporate finance and advisory banking, as well as capital markets solutions. The Treasury Markets segment is involved in structuring, market-making, and trading in a range of treasury products. The Others segment offers stock broking and Islamic banking services. The company operates approximately 280 branches across 18 markets. DBS Group Holdings Ltd was founded in 1968 and is headquartered in Singapore.

 United Overseas Bank Limited provides financial products and services. The company’s Group Retail segment provides deposits, insurance, card, wealth management, investment, and loan and trade financing products for personal and small enterprise customers. Its Group Wholesale Banking segment provides financing, trade, cash management, capital markets solutions, and advisory and treasury products and services. The company’s Global Markets segment offers foreign exchange, interest rate, credit, commodities, equities, and structured investment products; and manages funds and liquidity. Its Other segment provides investment management, property, and insurance services. The company has a network of approximately 500 offices in 19 countries and territories in the Asia Pacific, Europe, and North America. The company was formerly known as United Chinese Bank and changed its name to United Overseas Bank Limited in 1965. United Overseas Bank Limited was founded in 1935 and is headquartered in Singapore.

Food Empire

3 in 1 coffee powders . Is indeed one of the Best option to have a hot and nice coffee in the morning to give us the daily vitamin to keep us going..

The drive and inspiration to give us the boost in Facing the new day challenge. The dir has again bought back share. I think this could be viewed as a boost of confidence or the price could be undervalue.

http://infopub.sgx.com/Apps?A=COW_CorpAnnouncement_Content&B=AnnouncementToday&F=LJ71OLME7Z2BPMFB&H=e7af034f2988ed248df92fc3692b5c09587ba807b7132438cc4b528ff666cba6

 Dir bought back 50,000 share at an average price of 66.2 cents.

Chart wise, if it is able to re-conquer 70.5 cents and crossed over with ease + good volume that may likely propel to drive the price higher to 75.5 then 80 with extension to 85 cents .

Not a call to buy or sell.

Please do your own due diligence.

 Food Empire - AGM on 24th April 3pm at Four Points by Sheraton Singapore, Riverview Jubilee Ballroom, 4th Storey, 382 Havelock Road, Singapore 169629. 0.6 cents dividend .EX date 27th April. Pay date 18th May 2018. EGM date is also being set on the same day - 24th April , mainly to pass the The renewal of the Share Buyback Mandate. I think this may likely help to support the price and increase its NAV .. Seems a good move to me.

 Food Empire’s products include a wide variety of beverages, such as regular and flavoured coffee mixes and cappuccinos, chocolate drinks and flavoured fruit teas. It also markets instant breakfast cereal, potato crisps and assorted frozen convenience foods. Coffee Beverages - Food Empire Holdings caters to different consumer tastes by offering a wide variety of beverages. We manufacture regular and flavoured coffee mixes and cappuccinos, instant chocolate, flavoured fruit teas and cereal drinks.

 Our core product – instant coffee beverages – is marketed mainly under the MacCoffee, Klassno, FesAroma and Bésame brands using some of the finest coffee beans. Frozen Foods - Complementing our beverage business is our food product range that includes frozen finger food and confectionery. Our mouth-watering, ready-to-cook frozen convenience food, marketed under OrienBites and Klassno, are inspired by the unique delights of Oriental cuisine and the convenience of Western fast food. The selection comprises exotic delicacies like Tail-on Shrimp Dumplings etc Snack Foods -Our Snack Food segment was launched in 2003. Kracks, the brand name for the range of snacks, comprises Potato Crisps, Apple chips and Rice Crackers. All the snacks are high on taste as well as health aspect.

The potato crisps come in seven different delicious flavours from exotic to traditional, each catering to different palates and cravings. MacFood, comprises mainly seafood snack food. Looking through their financial results for past 4 years , we can notice that the Total Revenue has been generally rising from $249m in 2014 to $269M in 2017 .

This is quite positive. Net Profit has also been a great improvement from a Loss of $13.6m in 2014 to a Profit of $13.3m. NAV value has also been rising from US$0.2594 to US$0.31.45.

This is rather encouraging and knowing that the company is growing and also increasing the Book value for the company. Cash flow has been quite healthy as can be seen from the table below , it has risen from $6.05m in 2014 to $39.89m in 2017. Return of Assets has been generally improving from 3.8% in 2013 to 7.6& in 2017. Which is rather positive. Return of Equity has also been rising from 6.9% in 2013 to 8.3% - a high single digit grow rate in 2017. FY2017 Net profit would be even higher if not because of the one-time divestment loss of 7.6m ( impairment of associate/goodwill etc). I think this is a turning around company that has shown great improvement in bringing the company back to profitable condition and also generating a pretty good sets of Total net income to achieve an EPS of 3.9 cents ( excluding divestment loss, if not, rolling EPS would be 5.9 cents), PE of 16 times is pretty impressive.

 This is a Net Net Position company as can be seen the Total Current Assets of $186.6m is more than enough to cover the Total Liabilities of $106.7m. I have roughly workout the DCF cash flow intrinsic value for Food Empire, using a CAGR of 30% , discount factor of 20 %, I have derived a fair value of 82 cents. I think the average industry PE for F&B is about 22 times , which may likely arrive a Target Price of 86 cents. Which is also quite close to the cash flow fair value. I think the dir recently has been buying up share. Not a call to buy or sell. please do your own due diligence.


SGX Mainboard-listed Food Empire Holdings (Food Empire) is a global branding and manufacturing company in the food and beverage sector. Its products include instant beverage products, frozen convenience food, confectionery and snack food. Food Empire’s products are sold to over 50 countries, in markets such as Russia, Ukraine, Kazakhstan, Central Asia, China, Indochina, the Middle East, Mongolia and the US. The Group has 24 offices (representative and liaison) worldwide. The Group operates nine manufacturing facilities in India, Malaysia, Myanmar, Russia, Ukraine and Vietnam. Food Empire’s products include a wide variety of beverages, such as regular and flavoured coffee mixes and cappuccinos, chocolate drinks and flavoured fruit teas. It also markets instant breakfast cereal, potato crisps and assorted frozen convenience foods. Food Empire’s strength lies in its proprietary brands – including MacCoffee, Petrovskaya Sloboda, Klassno, Hyson, OrienBites and Kracks. MacCoffee – the Group’s flagship brand – has been consistently ranked as the leading 3-in1 instant coffee brand in the Group’s core market of Russia, Ukraine and Kazakhstan. The Group employs sophisticated brand building activities, localized to match the flavor of the local markets in which its products are sold. Since its public listing in 2000, Food Empire has won numerous accolades and awards including being recognized as one of the “Most Valuable Singapore Brands” by IE Singapore, while MacCoffee has been ranked as one of “The Strongest Singapore Brands”. Forbes Magazine has twice named Food Empire as one of the “Best under a Billion” companies in Asia and the company has also been awarded one of Asia’s “Top Brand” by Influential Brands.

Suntec Reit

From TA point of view, it is on a downtrend mode chart patterns.
It would be nice to wait for it to stabilize before taking further action.

Personally, I think it might be ok to monitor to see if 1.61 price level is it managed to hold up well.
If 1.61/1.60  cannot hold then next price level may go down to 1.57 with extension to 1.50.

At 1.50, yield is about 6.6% that would be quite attractive and also is trading at a good discount in terms of its NAV of about $2.1.

Not a call to buy or sell .

Please do your own due diligence.

To ride on the return to better profitability going forward......Let me also do a comparison against Suntec REIT to see how Suntec REIT pits against both CapitaMall Trust and Starhill Global REIT for the past 11 years. Then there is also Mapletree Commercial Trust also another touted good performer which is also a retail-office hybrid landlord to compare against. I am getting quite excited here.

I have tabulated Suntec REIT and Mapletree Commercial Trust's (MCT) growth performance to compare against Starhill Global REIT and CapitaMall Trust (CMT). However, for MCT, it was only listed from April 2011 onwards. As such, I have taken only the period from 2012 to 2017, a five year period of growth for MCT to compare against the rest.

Net property income CAGR for 11 years (5 years for MCT)
CMT = 7.42%
Starhill Global = 9.2%
Suntec REIT = 6.23%
MCT = 18.7%

Distributable income CAGR for 11 years (5 years for MCT)
CMT = 8.02%
Starhill Global = 7.2%
Suntec REIT = 9.71%
MCT = 25.5%

Value of investment properties CAGR for 11 years (5 years for MCT)
CMT = 6.1%
Starhill Global = 7.29%
Suntec REIT = 9.87%
MCT = 16.56%

The current gearings for these four REITs are quite close hovering around 35% plus minus 1 to 2 % points. Thus, they are financially geared about similar levels currently after rendering their respective historical CAGR growths in the past period considered.

If we ignore the duration of period considered, clearly the winner here is Mapletree Commercial Trust (MCT). But, it would not be a fair comparison since the period considered for MCT is only most recent 5 years which the retail and office markets long way back and recent 5 years may have seen changes thus affecting the growth rates at different periods in time. The big question is whether going forward can MCT continue to grow at current CAGR? This is because the property asset size of MCT is also by no means smaller than some of the rest in this comparison. Thus, to give it some fairness even if the period of growth considered is only recent 5 years, it really has made impressive double digits CAGRs on it's various metrics on a large property asset base.

Suntec REIT seems also quite good in terms of growing it's distributable income and value of investment properties at close to 10% CAGR over the past 11 years winning over Starhill Global REIT and CMT by a large margin. The only thing is that the net property income CAGR for Suntec REIT loses out to the latter two despite having grown faster in it's distributable income and value of investment properties. Perhaps, it is worth investigating further for interest why Suntec REIT did not grow it's net property income at higher CAGR over the past 11 years? Is it a matter of difficulty in keeping property expenses low? Is it the gross revenue are not growing as fast due to generally lower rental income rates on it's properties over the years?

In conclusion, I see Mapletree Commercial Trust as experiencing strong growths in net property income, distributable income and the value of their investment properties even though their growth considered is only most recent 5 years. If it can continue at current or close to current CAGR for these various metrics over next few years, it may really become a clear winner in this segment of retail-office landlord space. Starhill Global REIT may not be a stark winner against it's peers in this comparison. However, it is definitely also not a loser trailing behind it's peers in terms of growth performance.

My picks as follows according to their growth performance.
1st = MCT
2nd= Suntec REIT
3rd (tie up) = Starhill Global REIT and CMT

Reasoning as follows: I like MCT for it's current high growth rate. I look forward to it's future developments whether it can continue to maintain the current high growth rate from it's future growth strategies. If it can do so, this is really one of the best performer in this retail-office landlord space.

Suntec REIT I like how it has rewarded unitholders well over time in terms of it's high growth rate in distributable income and growing it's property asset base through itself and also forming joint ventures with others. The only thing I would wish they could improve upon is to grow their net property income in step with their overall growth. If I am considering Suntec REIT, I will watch their future net property income closely for signs that they are growing their rental income on their properties well and also managing their property expenses more efficiently.

Starhill Global and CMT are lagging slightly behind the above two picks. If their growth going forward can be more exciting with their ongoing growth strategies, then I will upgrade my opinion on either or both of them to be on par or higher than MCT or Suntec REIT.

These are the unit price, NAV per unit and distribution yield for these four comparisons currently.

Unit price vs (NAV per unit)
MCT = $1.57 vs ($1.37)
Suntec REIT = $1.69 vs ($2.119)
Starhill Global REIT = $0.675 vs ($0.91)
CMT = $2.07 vs ($1.92)

Distribution yield
MCT = 5.77% (annualised based on 9M results)
Suntec REIT = 5.21%
Starhill Global REIT = 5.99% (annualised based on 1H results)
CMT = 5.64%

In terms of trading at cheap valuations, this is the ranking I give based on unit price vs NAV per unit and also their current distribution yield.

1st = Starhill Global REIT
2nd (tie up) = Suntec REIT and CMT
3rd = MCT

This proves the point that good things do not come cheap. MCT may rank as best growth performer in it's various important metrics considered earlier, it also comes with a not so cheap price tag. But, a thing worth considering is that if MCT can continue to grow at current growth rates, perhaps at an annualised distribution yield of 5.77% is still worth some nibbling.

If a bear market should come soon, at least one will now know which are the strong growth performers that can be snapped up at a rare discounted price. There are certainly more REITs to compare against these few whether in similar retail-office landlord sector or other REIT sectors and I am sure this is not the end to the comparison in this REIT universe as one may just be surprised that there maybe even better performers out there than MCT.

PS: I will hope a bear market comes soon and then shopping for REITs will be a real bargain as discounts will be everywhere even for excellent REITs. My target buy-in prices will be the lower the better for these few REITs mentioned. {

jeremyowtaip}

Starhub

It has broken down and hit the Target price indicated on the below mentioned post.

Currently, it is taking a pause and may likely retest the pivot low of $1.82.

Breaking down of 1.82/1.80 would be super Bearish and might see further selling down pressure towards $1.60 with extension to $1.40 level.

Not a call to buy or sell.

Trade/invest base on your own decision.

StarHub - looking through their financial nos, Net Income has been dropping from 370M of 2014 to 238m in 2017.

Dividend has been cut from 20 cents to 16 cents.

The latest 1Q 2018 result also shown a drop of 13% for the Net profit down from 72m to 63m.

Net profit is still dropping and not sure when will we be able to see a good improvement for the company to boost their Net income revenue!

Business Outlook:



➢ Revenue: Maintain service revenue to be 1% to 3% lower YoY

➢ Service EBITDA*: Expect service EBITDA margin to be between 27 - 29% after adoption of SFRS(I) 15

➢ CAPEX: Maintain cash capex to be about 11% of total revenue (excludes spectrum and building payments)

➢ Dividend: Declare an interim quarterly dividend of 4.0 cents per ordinary share for 1Q2018 Intend to pay a quarterly cash dividend of 4.0 cents per ordinary share for FY2018



*Service EBITDA refers to EBITDA less equipment margin (Sales of Equipment less Cost of Equipment)

Free Cash flow has also been drifting lower as reflected on the chart below:

From TA point of view, it is on a long term down trend mode as reflected on the chart.

After going ex-dividend 2 days ago, it has continued to drop lowered from $2.26 to close at $2.18 level. The dropping of 8 cents is more than the 4 cents dividend . This is rather negative.

Short term wise , it is still rather weak and we may see further selling down pressure.
Immediate resistance is at $2.10. Breaking down of $2.10 level with high volume, it may likely continue to slide down further towards $2.00 with extension to 1.91.




Not a call to buy or sell.
Please do your own due diligence.