OCBC Bank

From TA point of view, it is on a Downtrend mode chart patterns , looks rather bearish.

After hitting the high of $14, it has since corrected sharply and continue to slide down further to touch $11.11 on 6th July 2018, this is rather negative.

The current price of $11.30 is staying below it's 20, 50, 100 and 200 days moving average. This is rather bearish.

Short term wise, it may continue to go down to retest $11.11. Breaking down of $11.11 would spell more trouble ahead!
It may slide down towards $10.80, $10.50 then $10.20 with extension to $9.50.

NAV of $9.205.
P/B 1.22x
EPS of $1.01.
PE of 11.5x

Dividend of $0.37.
Yield of 3.27%.

Looking through their financial numbers for the past 5 years , Total revenue has risen from $7.83b in 2014 to $9.33b in 2018. This is quite positive.

Total Net Income has also risen from $3.84m in 2014 to $4.4b in 2018. This is pretty impressive.

Not a call to buy or sell.

Please do your own due diligence.


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.

Best World

TA wise, looks like it is doing a Reversal chart patterns, likely to see it move up to retest the recent high of $1.43. Breaking out with ease + high volume, that may propel to drive the price higher to go higher to fill up the Gap and rises further towards 1.50 level.

Looking through thier 1Q2018 result, Net profit is down 40.3% to $5.7m .
Total revenue is also down 43.3% to $25.3m,

EPS is down 40.7% from 1.77 cents to 1.05 cents.

This could be the reason why the share price has tank from $1.56 to a low of $1.22 .

NAV of 24.74 cents.
P/B is 5.17X , seems quite expensive.

Presuming a full year EPS of 4.5 cents , PE of 22.2x seems expensive.

Cash flow seems quite healthy as they have managed to increased their Net Cash flow from Operating activities.

Overview

In line with management’s commentary in Section 10 of the Group’s last results announcement, Group Revenue for 1Q2018 was 43.3% lower compared to the same period last year, primarily due to minimal export to China as the Group commenced its conversion from the Export segment to the new China Wholesale segment.

Quarter-on-quarter, Gross Profit margin remains stable at 69.3% while Net Profit Margin improved to 22.8% in 1Q2018. This was mainly due to the following factors:

• Other Operating Income which the Group charges its China Agent for market support activities, product trainings and IT services as a function of the Agent’s sales for the 1Q2018, increased by 165.7% to $3.9 million;

• In line with revenue decrease in 1Q2018, Distribution Costs which comprises freelance commissions, annual convention expenses and other sales related costs decreased by 32.1%;

• Administrative Expenses for the Group decreased from $8.9 million in 1Q2017 to $6.6 million in 1Q2018 as a result of lower professional fees, management and staff costs as well as lower amortisation expenses;

• Net Other Losses of $0.2 million in 1Q2018 was mainly attributable to Unrealised Foreign Exchange Losses recorded during the period due to revaluation of the Group’s financial assets denominated in US Dollars from a depreciating USD as well as Unrealised Foreign Exchange losses recorded by our Indonesia Subsidiary as Indonesia Rupiah weakened against the Singapore Dollar and offsetting the reversal of unaccounted cash written off previously announced in February 2015, concerning BWL Health & Sciences Inc. of $0.7 million. The amount was in respect of tax payments for which had been finalised and paid;

• The Group’s Income Tax Expenses decreased from $2.5 million in 1Q2017 to $1.4 million in 1Q2018 due to a decrease in Profit Before Tax recorded by the Group.

As a result, Profit Attributable to Owners of the Parent Company declined 40.3% from $9.6 million in 1Q2017 to $5.7 million in 1Q2018.

Outlook:

Although the Group’s top and bottom line has been impacted in 1Q2018 due to the conversion of its business model from Export to China Wholesale and since actual demand for the Group’s brand offerings in China is still growing, barring any unforeseen circumstances, management is cautiously optimistic that the China Wholesale segment will contribute to the growth in the bottom line for the Group in 2H2018.

Factors that may affect the Group’s performance in the next reporting period and for the next 12 months are as follows:

• To set the Group’s growth path moving forward, management constantly explores M&A opportunities. In the course of assessing these opportunities, regardless of success or not, professional fees and other related expenses may be incurred; 16

• Higher Administrative expenses for FY2018 compared to FY2017 due to an increase in management and staff in certain Regional Centres (RCs), depreciation expenses related to the Group’s Tuas facility and machineries/equipment for the factory and establishment of our Changsha RC;

• As strategies implemented are not expected to gain traction immediately, management is cautiously optimistic that revenue from Taiwan will be stable when compared to FY2017, primarily led by events, campaigns and product launches in 2H2018.

• The conversion of Export to the new China Wholesale segment is expected to extend into 2Q2018 as export agent continues to deplete its inventory. Revenue from the Export Segment in 2Q2018 is also expected to be lower than that of 2Q2017. The Group’s China subsidiary BWCP may be able to register its first revenue contribution for the China Wholesale segment in 2H2018;

• Upon conversion to China Wholesale, some or all of the following items, amongst others may be affected: 1. Increase in Revenue and Gross Profit as a result of revenue recognition at a price higher than export price; 2. Increase in Administrative Expenses due to management and staff costs as well as lease expenses of our new Changsha RC; and 3. Decline in Other Operating Income due to lower service fees charged to the Group’s Export Agent, and

• Fluctuating currencies of key markets which the Group operates in against the SGD may positively or negatively impact the Group’s performance. Management will undertake measures to mitigate any potential risks the Group is exposed to. Other ongoing factors that affect the Group’s performance include, timeline required for product registration in various markets, natural disasters, local direct selling regulations, product regulations and market competition.

SingTel Update

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 .

TA wise, It is on a nice reversal chart patterns, looks rather bullish.

With the series of Gap Up, likely to see it retest 3.30 level and head higher towards 3.40 then 3.50 level.

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.

Raffles Medical

After touching the low of 98 cents, it has staged a strong rebound and rises higher to touch the high of $1.06 today, this is rather bullish.

Today the share price rises also accompany with high volume which is a healthy sign that the momentum may continue to head higher.

Short term wise, likely to move up to retest $1.10 with extension to $1.15 .

I think current price level may attract some bargain hunter interest.

Trade / invest base on your own decision.

 The potential catalysts are the two new China hospitals which will contribute to it's earnings growth going forward. Even if the initial execution meets with hiccups, I think they will be able to work things out for the longer term as I am confident they have already done their extensive due diligence and ground studies before embarking on the new hospitals. And it is not just one but two new hospitals set up in two separate cities in China. To be able to trigger such a huge expansion project, they must have worked out that on a long term basis, the market there in China have tailwinds favouring demand for private medical healthcare. And Chongqing and Shanghai are two of the largest cities in China which are strategically located with high population and considered few of the important economic centres of China apart from Beijing.

Total Revenue has been consistently increasing from $340.99m in 2013 to $477.58m in 2017.

The Total Revenue is growing at a CAGR of 8.1%. A single digits high ,of which I think is quite good already.

 Operation cash flow has been quite healthy as they are able to generate $71.19m in 2013 to $82 .69m in 2017.

 Net income Margin has been generally declining from 24.89% to 14.82% in 2017.

It might be due to higher material /operation costs. NAV of 40.01 cents. EPS of 4 cents. PE of 27.64 times

 Dividend has been generally increasing from 1.7 cents in 2013 to 2.2 cents in 2017. This is really a welcome news for shareholder .

 For RMG, I have two possible fair values depending on how well it can execute it's new expansion and growth of it's Bugis hospital extension and also it's two China hospitals to grow it's EPS.

For the conservative fair value, it is $1.14 assuming a CAGR of 10% on it's EPS for next 7 years.

 For the more aggressive fair value, it is $1.46 assuming a CAGR of 14% on it's EPS for next 7 years. Thus, any price $1.14 and below is a bargain opportunity to me.

not a call to buy or sell. Please dyodd.

Raffles Medical Group Ltd engages in the medical clinics operation and other general medical service businesses primarily in Singapore. The company operates through three segments: Healthcare Services, Hospital Services, and Investment Holdings. Its flagship hospital is Raffles Hospital, a tertiary care hospital that offers services, including emergency, cancer, children and women care, traditional Chinese medicine, counselling, dental, diabetes and endocrinology, dialysis, ear nose and throat, eye, family medicine, fertility, health screening, heart, internal medicine, international patients services, neuroscience, pain management, rehabilitation, radiology, Japanese clinic, orthopaedic, skin and aesthetics, surgery, urology, and nuclear medicine services for inpatients and outpatients. The company also operates 100 medical clinics that provide various services, such as general practice/family medicine, emergency, health check, health screening, immunization, travel health, specialty, minor surgery, X-ray, pre-marital screening, and corporate programs; provides health and related insurance; trades in pharmaceutical and nutraceutical products, and diagnostic equipment; and provides healthcare management and consultancy services, as well as specialized medical, medical laboratory, imaging center, dental, and clinical services. In addition, it owns properties; develops IT solutions; provides advisory and medical emergency assistance services; and sells medical kits. The company was founded in 1976 and is based in Singapore.

SPH

SINGAPORE, 11 July 2018 – Singapore Press Holdings Limited’s (SPH) third quarter net profit attributable to shareholders rose 64.3% to $47.4 million compared with the same period a year ago. This was due to lower impairment charges, the Group said in the results announcement for the third quarter ended 31 May 2018 (3Q 2018) today.

Group Performance

Group operating revenue of $250.1 million for 3Q 2018 was $9.9 million or 3.8% lower year-on-year (“y-o-y”), compared with 3Q 2017.

Group recurring earnings or operating profit grew 29.6% to $44.4 million, an overall rebound from the same quarter last year. This was despite Media business revenue declining $14.6 million or 8% to $167.9 million for 3Q 2018.

Revenue for the Property segment was slightly lower, declining 2.4% to $60.1 million y-o-y. It is the largest segment in the Group by profit, which accounts for close to 60% of the Group’s profit. It has continued to provide a steady income stream and stability to SPH’s financial performance.

Revenue from the other businesses rose $6.1 million or 38.5% to $22 million y-o-y, led by contributions from the aged care and education businesses.

Operational Highlights :The Group continues to face its digital challenges head on, while making key management appointments to boost its “First to Digital” initiatives, as it seeks to aggressively grow digital revenue.

SPH’s promotional efforts in the quarter had good results, as daily average digital circulation copies increased by 121,000 copies from 3Q 2017 to 3Q 2018. Going forward, SPH will continue with more promotions.

The E-paper (PDF version of the print paper) is also seeing good readership with more than 37,000 unique readers just on The Straits Time alone – this is more than 15% of total ST circulations. SPH will continue to promote E-paper readership and add new exciting features, while improving its understanding of print readership with valuable data analytics

On the digital advertisement front, SPH’s total digital ad revenue is showing good growth and momentum, responding well to the challenge from digital disruptors. The new SMX platform, a data-driven programmatic ad exchange that started operating on 8 May, has been gaining momentum in reaching the Singapore digital population

From TA point of view, it is on a nice reversal chart patterns and may likely move up to retest $2.80.

MACD & RSI are rising and may likely provide further indication for price to continue to head higher.

Breaking out of $2.80 with ease + high volume that may propel to drive the price higher towards $2.90 then $2.94 with extension to $3.00 and above.

Not a call to buy or sell.

Please do your own due diligence.

Some forum discussion:

Hi Sporeshare, SPH is not out of the woods yet. I still see that for 3Q18 on a y-o-y basis, it's core business in Media continues to experience a decline of 8% in operating revenue. It's property business also faces a marginal decline of 2.4% in operating revenue. Only the others segment saw a sharp jump in operating revenue of 38.5%. As a result, the overall operating revenue saw a marginal decline of 4%. It's YTD 3Q results also showed a similar trend in all the business segments. However, I got to admit that the decline in revenue for core Media business is lesser now.(jeremyowtaip)

The reason for sharp increase in net profit attributable to shareholders of 64.3% can be traced to a few items. The first is that most of the operating costs have been reduced. I read in one of their notes that staff costs have been reduced due to lesser bonuses given out. I can see that there were some efforts to reduce their operating costs.

Another item which contributed was the decrease in impairment of goodwill and intangibles y-o-y. I take this as a one-off accounting change on their goodwill and intangibles which coincidentally and opportunistically has benefited them on their income statement since a lesser impairment was taken y-o-y. However, such accounting measure may not be suggestive that the actual performance of their business segments have really improved.

Another item which contributed was the sharp increase in net income from investments. There were disposal of investments which booked in better profits from their disposals y-o-y. I see this as an opportunistic way to make some profits in order to boost their profitability further. Again, this is not suggestive that their businesses have improved. I can only say that they time their disposal of investments well to book in some profits to raise their profitability.

All in, they did well to make their income statement look good with a sharp jump in net profit attributable to shareholders. However, their actual operating revenue from core Media business still faces decline and drags the overall revenue lower albeit at a less extent now.

In conclusion, my opinion is only neutral and not excited with this current set of financial results. Things are getting better for them but they are still not out of the woods yet. Maybe see next quarter whether things further improve or deteriorate. As of now, I can only say that they have managed to pull together a good show in their income statement to paint the picture that profitability has improved sharply.

Singapore Press Holdings Limited, together with its subsidiaries, operates as a media company in Singapore and internationally. It operates through three segments: Media, Property, and Treasury and Investment. The company offers daily newspapers and student weeklies; publishes, produces, and distributes books; publishes and produces approximately 80 magazine titles in the areas of lifestyle and information technology, as well as operates various online sites; and provides digital advertising services. It also operates other media initiatives, such as AsiaOne, Stomp, zaobao.sg, and zaobao.com Websites; and online marketplace for jobs, property, cars, and general classifieds; radio channels, including Kiss92 and ONE FM91.3 in English; SPH Buzz, a retail convenience chain; and UFM100.3, a Chinese radio station; financial portals; and Web search portals that offers property data and analysis. In addition, the company provides online investor relations, management support, editorial, fund management, business management and consultancy, online marketing, public relations, news reporting, technical, software consultancy, online classifieds, and other services, as well as multimedia contents and services. Further, it organizes consumer and trade events, exhibitions, conferences, and conventions; owns and operates nursing homes; develops e-commerce applications; franchises kiosks to third party operators; and licenses copyrights, trademarks, and software. Additionally, the company is involved in computer programming activity for online investor relations and related business; holding, developing, managing, and letting properties, as well as provision of property management services; holding investments; and managing shopping centers. Singapore Press Holdings Limited was incorporated in 1984 and is based in Singapore.

Hi-P (H17.SI)

Yesterday , we have witnessed a beautiful white thrust bar up 9 cents to close well at $1.26. couple with high volume this is rather bullish!

It has managed to reclaim it's 20 days moving average at about 1.215 level ,this is rather positive.

It may likely move up to re-conquer 1.33 level. Breaking out with ease + high volume, that may propel to drive the price higher to $1.40 with extension to 1.45 .

NAV of 65.4 cents.
Rolling EPS of 15 cents.
PE of less than 10X
Dividend of about 10 cents.
Yield is 7% which is rather impressive.

Not a call to buy or sell.

Trade/invest base on your own decision.

Please do your own due diligence.

Latest 1Q result for your reference. Gross Profit increased 13% to reach 37.8m. 
Net Profit increase marginally of 1.3% to 12.1m after factoring the foreign exchange loss of 13m..

Hi-P International Limited operates as an integrated contract manufacturer serving the telecommunications, consumer electronics, computing and peripherals, lifestyle, and medical and industrial devices industries. The company operates through three segments: Precision Plastic Injection Molding; Mold Design and Fabrication; and Provision of Sub-Product Assembly and Full-Product Assembly Services. It manufactures and sells molds and special tools, related housing appliance plastic components and equipment, and water treatment equipment; plastic components and plastic product modules; mold base and components; electric components and electronic communication equipment; in-mold decoration lenses; precision stamped metal components and precision tools; and metal and non-metal stampings, as well as provides spray painting, engineering support, maintenance, and technology consultation services. In addition, the company engages in the manufacture, wholesale, import and export, and sale of electronic telecommunication devices, housing appliances, automated equipment, and related components. Further, it manufactures and sells trays, mobile phones, telecommunication products, digital cameras and related electronic products, and electric toothbrushes; assembles coffee machines and parts, as well as provides related maintenance and after-sales services; and offers investment and management consulting services. Additionally, the company engages in the assembly and provision of ancillary value-added services, primarily surface finishing services. It has operations primarily in the People's Republic of China, Singapore, Malaysia, Thailand, Europe, the United States, the rest of Americas, and internationally. The company was founded in 1980 and is headquartered in Singapore.