Yanlord Land

From TA point of view, it is on a Downtrend mode.
Looks rather bearish as the current price of $1.49 is trading below it's 20 , 50, 100 and 200 days moving average .

The recent low of $1.46 must hold, if not, it may likely slide further down towards 1.40/1.38.

I think I would wait for a lower price at $1.42 & below before deciding the next course of action.

Not a call to buy or sell.

Trade/invest base on your own decision.

May 2018:
Yanlord - These are my thoughts on Yanlord Land.

NAV $2.252 PE of 5.735x dividend of 6.8 cents.XD 18th May

Yield is about 4%

Current price $1.67

YANLORD PROFIT FOR THE PERIOD RISES 22.4% TO RMB1.796 BILLION

 Revenue in 1Q 2018 rose 13.7% to RMB7.188 billion on higher average selling price (“ASP”) achieved. Underscored by the continued delivery of higher grossprofit-margin projects across the Group’s core markets, gross profit in 1Q 2018 rose 28.1% to RMB4.004 billion while gross profit margin expanded to 55.7% in 1Q 2018 compared to 49.5% in 1Q 2017.




 Healthy market sentiments in the PRC propelled the Group’s pre-sale accumulation in 1Q 2018. Accumulated pre-sale pending recognition as at 31 March 2018 was RMB18.197 billion with advances received for pre-sales properties of RMB16.602 billion.

 The Group continues to maintain a healthy financial position with cash and cash equivalents position of RMB16.235 billion as at 31 March 2018.




 Subsequent to the end of the period, Yanlord announced its homecoming to Singapore with the successful joint bid for the freehold Tulip Garden development for S$906.9 million. The Group has also entered into a strategic collaboration with a state owned enterprise to oversee the project management of approximately 1,740 rental housing units in Shanghai.

Yanlord Land is moving towards retaining more properties they have developed for recurring rental income. This should help to stabilize their profitability better over time as property developers tend to experience lumpy revenues and earnings due to the timing of recognition of revenues and earnings on developed properties.


I looked at the growth of Yanlord over the past 6 years period from 2011 to 2017. The revenues have grown at a CAGR of 19.09% over this period.

The operating profits have grown at a CAGR of 23.31% over this period. The diluted EPS have grown at a CAGR of 15.34% over this period.

 The various profit margins have fluctuated through the period under consideration. However, last year 2017 was a good year for Yanlord with high margins property projects locked in their sales and thus the various margins have improved significantly y-o-y.

The challenge is whether such high profit margins done last year can be repeated this year as well or not. They do have many property projects on hand this year and their chairman guided this year they should be able to perform well too with the current growth in the property development industry in China with many cities in China still undergoing development.




Yanlord Land is also moving into more property projects in tier-1 and tier-2 China cities where these projects carry higher profit margins.( quote : jeremyowtaip)

 I shall not look at the cashflows trend as the cashflows can swing between positive and negative in any single year due to the movement of cash according to the amount of cash outflows on properties under development in any year and amount of cash inflows from sales of completed properties which either item could be a huge amount affecting the cashflows significantly in any single year.

 This makes determining an accurate growth for the cashflows difficult. However, generally speaking, the amounts of net operating cashflows and free cashflows have grown over this period. Yanlord had a debt to equity ratio of 70% in 2011. Their debt to equity ratio is 105% in 2017.

 They seem to have geared up for last year. However, if we look at their net debt to equity ratio, it was 52% in 2011 and in 2017 was 51%. They seem to have maintained their net debt to equity ratio at about this level. Perhaps this is a good safe level to them to maintain their net debt to equity with some cash and equivalents on hand despite taking on a higher debt position in 2017 for expansion and growth.




 The average asset turnover for Yanlord has improved from about 0.19 to 0.26 over this past 6 years period. The returns on assets were maintained at slightly over 3%, returns on equity improved from 10 over % to 14 over % while returns on invested capital have improved marginally from slightly over 6% to now about close to 7%.

 If we just look at Yanlord alone as it is, it seems that it has performed well over the past 6 years with double digits CAGR in revenues, operating profits and diluted EPS. I shall compare Yanlord with two other China property developers on some of the metrics

I use above over the same past 6 years period.




 The two other China property developers are China Vanke and China Overseas Land & Investment Ltd.

 Selected comparison metrics between Yanlord Land (YL), China Vanke (CV) and China Overseas Land & Investment Ltd (COLI)

Revenue CAGR = YL (19.09%), CV (22.53%), COLI (20.77%)

 Operating profit CAGR = YL (23.31%), CV (20.54%), COLI (16.25%)

 Diluted EPS CAGR = YL (15.34%), CV (19.3%), COLI (13.76%)

 Debt to equity ratio (FY17) = YL (105%), CV (102%),




COLI (65%) Average asset turnover (FY17) = YL (0.26), CV (0.24), COLI (0.27)

 ROA (FY17) = YL (3.22%), CV (2.81%), COLI (6.7%)

 ROE (FY17) = YL (14.69%), CV (22.8%), COLl (16.71%)

 ROIC (FY17) = YL (6.67%), CV (10.2%), COLI (9.91%)




 Yanlord Land seems to stack up well against the other two well known reputable China developers even though the former maybe much smaller in scale of operations. The only thing Yanlord Land seems to fall behind is the return on equity and return on invested capital.




However, Yanlord Land has improved it's returns on equity and returns on invested capital over the past few years. This seems to suggest it has shown an ability to generate improving returns over the past few years to catch up with other larger competitors in China. In conclusion, I find Yanlord Land is worth considering as an investment in China property industry.

The growth in China property market seems evident as these few China property developers are enjoying good double digits CAGR in their profitability and generating good returns. Based on last closed share price of $1.68, Yanlord Land is now at EV/EBITDA of about 3.6x which is undervalued (Any value 5x and below is cheaply attractive).




 It's P/B ratio is about 0.7. Since Yanlord Land has already improved it's ROE from single digits to above 10% since 2016 and 2017, trading at a P/B ratio of 0.7 is pricing it too cheap. Therefore, I think at current share price of $1.68, Yanlord Land could be viewed as undervalue. This is especially true should it continue to produce a good set of results this year same as last year too. Not a call to buy or sell. Please do your own due diligence.




 Yanlord Land Group Limited, an investment holding company, engages in the property development activities in the People's Republic of China. The company operates through Property Development, Property Investment, and Others segments. It develops residential properties comprising apartment complexes and villas; and commercial and integrated properties, such as offices, serviced apartments, and shopping malls for sale and lease.




The company also offers property management services for residential properties, including security, building, equipment maintenance and repair, facilities management, child-care, and other ancillary services, as well as organizes social and residential community functions. In addition, it is involved in the management of hotels and serviced apartments; trading of building materials and hardware; operation of restaurants and Kindergarten; and installation, maintenance, sale, and repair of elevators. Further, the company engages in the provision of landscaping and gardening, management and investment, city redevelopment, food and beverage, tourism investment, asset management, leisure and fitness, education and training, and construction engineering services, as well as tourism and travel services. Yanlord Land Group Limited was founded in 1993 and is based in Singapore.

DBS

Looks like today it may go up yo cover up the Gap at about $26.00 .

Dow rallies more than 300 points as banks post best day since late March Bank stocks rose at least 2.5 percent, led by Bank of America, Citigroup, Goldman Sachs and J.P. Morgan Chase. The SPDR S&P Bank ETF (KBE) rose 2.3 percent and posted its best day since March 26, when it gained 3.3 percent. Equities also got a boost from stronger-than-expected jobs data released last week, which diverted attention away from a global trade war.(cnbc.com)

 Short term wise,I think it may attempt to move up towards $26.50 level.

8th July
 Looks like we may see a Gap Up/rebound situation after the selling down last Friday!

Likely to retest $26.00. Crossing over with ease + good volume that may continue to drive the price higher to 26.43 level.

Dividend of $1.20 is giving a yield of 4+% looks quite good .

Not s call to buy or sell.
Pls dyodd.


Downtrend prevail!
Looks like it may likely breaking down the recent low of $26.31 and slide down towards $26.00 which is also coincide with it's 200 days moving average.

Failing to hold on to this support level would be super Bearish!
I think
price could  see further selling down pressure and continue to slide down towards 25.00 then 24.50 and below .

14 June 2018
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???

• Like
 
• Reply
 
• 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

• Like
 
• Reply
 
• 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.

YZJ Ship SGD

Finally, we are able to see a nice bullish bar today , up 3 cents to 88 cents + high bolume, looks rather positive!

With Dow trading +200 points , it seems that trade war has been temporary dissipated!

If the market sentiment improve, we may likely see YZJ moving up to retest 89.5 cents . Breaking out with ease + high volume that may propel to drive the price higher to 95 with extension to $1.00.

Not a call to buy or sell.

NAV of $1.29.

Dividend of 4.5 cents

The company has been aggressively buying back share from 86 to $1.00+. Looks like value is surfacing! 

Yangzijiang Shipbuilding (Holdings) Ltd., an investment holding company, operates in the shipbuilding activities. The company operates through Shipbuilding, Investments, Trading, and Others segments. It produces a range of commercial vessels, such as containerships, dry bulk carriers, oil tankers, and liquefied natural gas (LNG) carriers. The company also engages in the production and processing of steel structures. In addition, it facilitates the sale and export of ships for the ship builder; trades in ship related equipment and shipbuilding related materials/supplies; provides microcredit to enterprises and individuals; invests in held-to-maturity financial assets; and supplies marine equipment and materials. Further, the company is involved in the ship demolition and vessel owning activities. It primarily serves ship owners in the United States, Canada, the United Kingdom, Germany, France, Greece, Norway, Argentina, Turkey, Bulgaria, Poland, Australia, Japan, South Korea, Singapore, India, Thailand, Bangladesh, Mainland China, Hong Kong, Taiwan, etc. The company was founded in 1956 and is headquartered in Jingjiang, China.

DBS Bank

Looks like we may see a Gap Up/rebound situation after the selling down last Friday!

Likely to retest $26.00. Crossing over with ease + good volume that may continue to drive the price higher to 26.43 level.

Dividend of $1.20 is giving a yield of 4+% looks quite good .

Not s call to buy or sell.
Pls dyodd.


Downtrend prevail!
Looks like it may likely breaking down the recent low of $26.31 and slide down towards $26.00 which is also coincide with it's 200 days moving average.

Failing to hold on to this support level would be super Bearish!
I think
price could  see further selling down pressure and continue to slide down towards 25.00 then 24.50 and below .

14 June 2018
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???

• Like
 
• Reply
 
• 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

• Like
 
• Reply
 
• 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.

SingTel

As predicted, another Gap up happening on last Friday and close well at $3.23 with high volume, this is rather bullish.

Short term wise, I think it may likely move up to retest 3.30 then 3.35. Crossing over 3.35 with ease + high volume that may propel to drive the price higher towards $3.50 level.

Please do your own due diligence.

Trade/invest base on yiyo own decision.

5th July
SingTel after touching the low of $3.02 it has managed to stage a strong rebound and rises higher to close well at $3.16 level. Couple with high volume and the current price of 3.16 has managed to reclaimed its 20 days moving average at about $3.14 , this is rather positive.

MACD & Stoch is rising up nicely and may likely provide further indication that the share price may continue to rise further.

Short term wise, I may likely follow-through with another Gap up to take it above 3.20 then 3.30 with extension to 3.50 level.

Not a call to buy or sell.

Please do your own due diligence.


28th June 2018

Looks like we may see a replay of the same chart patterns being happened in 2012.
The price was being pushed down near closing yesterday to close lower than previous low of 3.10.

We may likely see the price moving up to reclaim $3.10 level and rises higher from the current level.
Yield is getting attractive now!
Please dyodd.


Are you loosing sleep with your SingTel invested share price keep heading lower?
The whole telco industry sector has been overly punished with the incoming of the 4th operator that may begin its operation on Dec 2018.

I think market has overly reacted and the price has been driven into oversold territories.

I think wise income investor may view this as a golden opportunity to slowly accumulate.

Plus point:

I think SingTel has a stronger balance sheet, stronger free cash flow and it pays out a fraction of its earnings as dividends to shareholders.

If the price on a good investment goes lower, I think it is presenting a good value .

Current price trading at $3.12 , Yield at 5.6% base on annual dividend of 17.5 cents. 

It is looking rather attractive..

Not a call to buy or sell.

Please do your own due diligence.

23rd May 2018
SingTel - Chart wise, it is rather weak and may likely continue to trend lower.
The current price of $3.34 is staying below its 20,50,100 & 200 days moving average. This is rather bearish.

Short term wise, I think it may likely move down to retest the recent low of 3.30.


Breaking down of 3.30 with high volume that would be super bearish and may likely see it slide further down towards 3.19 with extension to 3.08.

Not a call to buy or sell.

Please do your own due diligence.



18 May 2018 - long time didn't see company buying back share ! Looks positive!

Today saw the company bought back 294000+ share between $3.42 to $3.43.

http://infopub.sgx.com/Apps?A=COW_CorpAnnouncement_Content&B=AnnouncementToday&F=H1UR0B3BPABL4KB0&H=b2e5d5b80b08f4cc5d2922ce03a9263e1a932c75229c687d33fd403eb23c2132


Singtel posts record full-year earnings on NetLink Trust divestment and strong core business 

Financial year ended 31 March 2018






 Record net profit of S$5.45 billion, including divestment gains from NetLink Trust  Operating revenue up 5% to S$17.53 billion

 Strong core and digital businesses drive growth






 Free cash flow up 18% to S$3.61 billion on strong operating cash flow

 Q4 revenue stable and net profit down 19% on weaker associates’ earnings

 Proposed final dividend per share of 10.7 cents; total dividend per share of 17.5 cents

DIVIDENDS

The Board is recommending a final ordinary dividend per share of 10.7 cents, bringing the total ordinary dividend per share for the year to 17.5 cents, representing a payout of approximately S$2.86 billion.

Barring unforeseen circumstances, the Group expects to maintain its ordinary dividends of 17.5 cents per share for the next two financial years and thereafter, will revert to the payout of between 60% and 75% of underlying net profit.

“These results reflect the strong execution of our digital transformation strategy in both our core and new digital businesses. Optus gained market share in Australia underscoring its network and content strategy while our ICT and digital businesses now account for 24% of revenue, with digital marketing arm Amobee achieving growth and positive EBITDA for the year,” said Ms Chua Sock Koong, Singtel Group CEO. “We remain focused on what is important to both our consumer and enterprise customers – premium mobile networks, secure high-speed connectivity, innovative products and services, and excellent customer service. Besides strengthening our competitiveness, this allows us to deliver even greater value to customers.”






 Across the region, all of the Group’s regional associates continued to drive growth in data. However, Airtel’s results were impacted by intense competition with very aggressive pricing led by a new player and further aggravated by mandated cuts in mobile termination rates in India. This is despite recording its highest quarterly net customer adds and strong data usage growth in India, and continued positive growth momentum in Africa. Last month, Airtel announced the merger of Indus Towers and Bharti Infratel to create the largest tower company in the world outside of China, subject to regulatory and shareholder approvals. Telkomsel’s earnings were impacted by the decline in legacy services and heightened price competition particularly during the SIM card registration implementation. Profit contributions from AIS grew on revenue improvement and cost management. Globe also delivered strong earnings growth due to robust data revenue growth and cost control.

Competition remains intense in India but the right regulatory policies and sector consolidation should lead to a more stable market structure in the mid term. In Indonesia, Telkomsel Singapore Telecommunications Limited 2 of 8 Company registration number: 199201624D continues to expand its network to create significant capacity and grow its digital business.

 To forge new areas of growth, we are accelerating collaborations with our regional associates to build an ecosystem of digital services by leveraging the Group’s strengths and customer base across 21 countries.” Recently announced initiatives include a cross-border payments service to connect the Group’s telco wallets in Asia, and strategic partnerships in the areas of e-payments, e-sports and sports content. The Group’s cash position remains strong.

Free cash flow for the full year rose 18% to S$3.61 billion, and for the quarter grew 5% to S$800 million.






GROUP CONSUMER

 In Australia, Optus gained market share as it successfully differentiated itself through its network and content strategy. For the full year, it added a total of 384,000 new mobile customers and 225,000 new NBN broadband customers.

Revenue grew 3% in the quarter as higher equipment sales and strong customer growth offset lower NBN migration revenues due to NBN’s temporary suspension order while EBITDA declined 5%. Excluding NBN migration revenues, revenue would have grown 6% and EBITDA increased 3%. Mobile service revenue grew 1%, impacted by higher service credits. Postpaid ARPU was affected by an increased mix of SIM-only plans, higher device repayment credits and data price competition. Mass market fixed revenues excluding NBN migration revenues increased 6%.

In Singapore, for the quarter, consumer revenue was down 4% and EBITDA declined 14%. Mobile communications revenue was impacted by voice to data substitution, declines in roaming services and a higher mix of SIM-only plans.

The launch of premium handsets presented an opportunity to increase customer recontracting numbers, strengthen customer relationships and reduce churn. Around 18% of new and recontracting postpaid customers signed up for SIM-only plans during the quarter. Home revenues declined with the cessation of Premier League sublicensing and lower fixed voice usage but was partially mitigated by continued growth in broadband services.

Singtel relaunched its flagship store at Comcentre with state-of-the-art features and integration of online-offline channels to give customers greater ease of use.






In the content space, Group Consumer scored broadcasting rights for all the 2018 FIFA World Cup matches in Singapore and Australia. Optus also secured exclusive Premier League rights for three more seasons, solidifying its position as a leading multi-media entertainment company.

GROUP ENTERPRISE

 Group Enterprise revenue was stable for the quarter as growth in ICT revenues offset the continued erosion of the carriage business. ICT services was boosted by strong contributions from cyber security and cloud services.

Cyber security revenue rose 16% on the back of strong growth in managed security services and momentum in the Asia Pacific region.

In Australia, Optus Business maintained its revenue momentum at 5% growth this quarter, driven by sustained growth in mobile revenue and major ICT contract wins.

GROUP DIGITAL LIFE 

Group Digital Life continued to scale and make progress towards profitability. Revenue grew 54%1 for the quarter with EBITDA at breakeven, lifted by one-off content cost credit and government grants.






In my opinion, SingTel has again shown it ability to grow its business and total revenue for the Full Year rises 4.9% to 17,532m.

Underlying Net profit is down 7.8% ( excluding divestment gains) was 3,544m.

Underlying Net profit if included divestment gain of 1,908m , Up 42.2% to 5,451m.

What an outstanding result.

Not a call to buy or sell.

Please do your own due diligence.

Property counters

CityDev
UOL
Capitaland
Keppel Corp

Are you Greedy or Fearful?

Friday saw most of the property counters reacting strongly to the latest property cooling measures .
Most of the counters Gap down and didn't seems to recover.



For some , they are seeing this as a buying opportunity and accumulating some of these counters and waiting for a rebound to happen in the next few days time.
Who knows we may see a nice throw-back reaction come Monday.
Huat to those who has the gut and courage to see value during this market selling down period!

Not a call to buy or sell.

Please do your own due diligence.



Looking at the chart for these 4 counters, we can see there are having some kinds of similar reaction with a Gap down situation.

CityDev :

City Developments Limited (CDL) is a leading global real estate operating company with a network spanning 100 locations in 28 countries. Listed on the Singapore Exchange, the Group is one of the largest companies by market capitalisation. Its income-stable and geographically-diverse portfolio comprises residences, offices, hotels, serviced apartments, integrated developments and shopping malls. With a proven track record of over 50 years in real estate development, investment and management, CDL has developed over 40,000 homes and owns over 18 million square feet of lettable floor area globally. Its diversified land bank offers a solid development pipeline in Singapore as well as its key overseas markets of China, UK, Japan and Australia.

UOL:

UOL Group Limited, through its subsidiaries, primarily engages in property development and management, property investments, and hotel businesses. Its property development projects include residential units, office towers and shopping malls, and hotels and serviced suites. The company also owns and/or manages approximately 30 hotels under the Pan Pacific and PARKROYAL names in Asia, Oceania, and North America with approximately 10,000 rooms in its portfolio. In addition, it is involved in the rental of serviced suites, commercial offices, and retail malls; treasury services business; management of serviced suites; operation of restaurants; and management and operation of health and beauty retreats and facilities. Further, the company engages in the retail of computer hardware and software; property trading business; management and licensing of trademarks; retail management consultancy services business; and provision of information technology related products and services. UOL Group Limited has operations in Singapore, Australia, Vietnam, Malaysia, the People’s Republic of China, Myanmar, and the United Kingdom. The company was formerly known as United Overseas Land Limited and changed its name to UOL Group Limited in 2006. UOL Group Limited was founded in 1963 and is based in Singapore.

Capitaland:

I am looking for an opportunity to add this solid property counter at around 2.80 to 2.90 level.
dividend of 12 cents, yield of 4.08% looks pretty good!
NAV of $4.56, Price per book ration is about 0.66x.
PE of about 8x..
Looks pretty attractive to me!

CapitaLand Limited, together with its subsidiaries, develops, owns, and manages real estate properties in Singapore, China, other Asian countries, Europe, and internationally. The company operates through four segments: CapitaLand Singapore, CapitaLand China, CapitaLand Mall Asia, and Ascott. Its real estate portfolio includes integrated developments, shopping malls, serviced residences, offices, and homes. CapitaLand Limited also owns and manages real estate investment trusts and funds; invests in real estate financial products and assets; and provides investment advisory and management services, as well as management and consultancy services. The company was formerly known as Pidemco Land Limited and changed its name to CapitaLand Limited in November 2000. CapitaLand Limited was founded in 1989 and is headquartered in Singapore.

Keppel Corp:

Keppel Corporation Limited, an investment holding company, engages in the offshore and marine, property, and infrastructure businesses in Singapore, China, Brazil, other Far East and ASEAN countries, and internationally. It constructs, fabricates, and repairs offshore production facilities and drilling rigs, power barges, specialized vessels, and other offshore production facilities; researches and develops deepwater engineering works; engineers, constructs, and fabricates platforms for the oil and gas sector; undertakes shipyard works and other general business activities; and procures equipment and materials for the construction of offshore production facilities. The company is also involved in the trading and installation of hardware, industrial, marine, and building related products; provision of leasing services; sourcing, fabricating, and supply of steel components; ship repairing, shipbuilding, and conversion activities; marine contracting and ship owning business; painting, blasting, and process and sale of slag; property investment, management, and development activities; fund management; golf and hotel ownership and operation; development of marina lifestyle and residential properties; trading of construction materials; development of district heating and cooling systems; electricity generation and supply, and general wholesale trade businesses; purchase and sale of gaseous fuels; and trading of communication systems and accessories. In addition, it offers jacking systems, and heavy-lift equipment and related services; project management and procurement, towage, financial, real estate investment trust management, logistics and supply chain, warehousing and distribution, data center facilities management, travel agency, and metal fabrication services; housing services for marine workers; and technical consultancy for ship design and engineering works, as well as solid waste treatment solutions. The company was incorporated in 1968 and is based in Singapore.