Frasers Com Trust

2Qtr result is out!
NPI is down 4.9% to 20,087m versus last year 21,122m.

Gross revenue is also down 3.6% to 30,402m versus last year 31,546m.

Gearing is healthy stood at 29.1%.

The AEI initiatives for the Alexandra Technopark of 45m has been comocompl. Adding 13,300-square feet amenity hub.

The FCF is a concern.
The amount of FCF generated is not sufficient to cover the dividend payout of 33,784m .

FCF for half year generated was 25,105m less capex 10,805 = 14,300m.

FCF of 14.3m is vastly not enough to cover the dividend payout of 33.784m.

DPU of 2.4 cents .

Not a call to buy or sell.

Pls dyodd.

First Reit

Ex-dividend on 17th April 2019 for dpu 2.15 cents at 98.5 cents.
It is holding up well and may likely cover this ex-dividend gap.

With the company dir buying back share for last 2 days of 20,000 + 30,000 share, it may seem that the price is under value.

DPu of 8.6 cents .
Yield of 8.5%+ looks attractive!

Not a call to buy or sell.

Pls dyodd.


This healthcare reit counter has been punished with a fall of the price from 1.28 to a low of 94 cents .
NAV of 1.023.
DPU quarterly of 2.15 cents, yearly 8.6 cents , Yield 8.7%.
Their NPI seems healthy and Dpu is being paid out below its NPI level .
It seems to me that the market has over-reacted!


The current agreement with LK , I think is valid till 2021. Unless there is news about the revision of this contract agreement, I think Dpu may not be affected for now till 2021.

Is always good to be cautious!

I think hospital demand will only be increasing year after years.


As an investor you have to do our own analysis.

TA wise, looks like is on a consolation mode .
Boringer band is getting tighter .
CCI is about to rise up.

A breakout of 1.01 with ease plus good volume that may drive the price higher towards 1.04 then 1.09 with extensions to 1.05 level .

Not a call to buy or sell.


Pls Dyodd.

HRnet Group

FY 2018 NPAT increase 12.9% from 46.4m to 52.4m.

EPS of 4.77 cents .
PE is about 16.8x.
I think fair value is about 86 cents that would be able to achieve an average earnings yield of 5.5% base on EPS of 4.77 cents .
The estimated
earnings yield that is EPS/86 cents = 5.5%.

ROE seems quite good at 14.9%.

FCF seems ok(33m).
FCF is able to cover the dividend payout of 2.8 cents which is about 27.1m.

Cash on hands of 281m with zero debts. The Net cash per share is about 27.7 cents ( 281m / 1,013m share).


Dividend yield is about 3.5% base on current price of 80 cents.
I think is quite a decent dividend yield . Cannot compare to SingTel or APAC that is giving more than 5.5% yield.

Not a call to buy or sell.

Pls dyodd.



13rd Nov 2018 : share buy back at 80.5 to 83 cents for 179,000 share .
https://links.sgx.com/1.0.0/corporate-announcements/9KGFMWCT4V6YWTL4/3757bc4fb130c88e7c37aad414ac926683bf873630916e49b346d228b35ab2a0

9th May 2018
HrNetGroup - just released its 1Q 2018 result, Net profit increase 45.5% from 11.2m to 16.3m. This is rather outstanding. Total Revenue increase 12.3% from 95.3m to 107m. Gross profit increase 11.3% from 32.7m to 36.4m. The Net profit was boosted by an increased of 43.5% of 6m from other income. 

REVIEW OF GROUP’S PERFORMANCE

 Net profit after tax (“NPAT”) increased by 33.5% (S$4.3m) arising from growth in:

 a. Revenue by 12.2% (S$11.6m) and gross profit by 11.3% (S$3.7m):

 i. Flexible staffing: Continued business momentum, particularly in Singapore. Revenue grew by 12.8% (S$9.5m) and gross profit by 15.1% (S$1.7m).





 ii. Professional recruitment: Stellar performance in North Asia, particularly Hong Kong and Mainland China. Revenue grew by 9.9% (S$2.1m) and gross profit by 9.8% (S$2.0m).

b. Other income by S$2.0m mainly due to S$0.8m gain on revaluation of marketable securities, S$0.6m increase in interest income and S$0.5m increase in Singapore government subsidies received.



Offset by other employee benefit expenses that rose by 11.7% (S$2.0m) mainly due to S$1.2m increase in profit-sharing incentives and bonuses that was in tandem with the increase in pre-tax profits, and S$0.6m in share-based payment expenses arising from the 123GROW Plan implemented in June 2017.


 REVIEW OF GROUP’S FINANCIAL POSITION



 The Group’s current assets increased S$15.7m from S$373.2m to S$388.9m, mainly due to:

 a. a net increase in cash and cash equivalents amounting to S$3.0m which was a consequence of S$12.9m cash generated from operating activities, S$8.1m deployed in investing activities (mainly in the purchase of quoted marketable securities), and S$1.4m dividends paid out mainly to non-controlling shareholders;

 b. increase in trade receivables amounting to S$3.4m;

 c. increase in other receivable and prepayments amounting to S$0.9m; and

 d. increase in marketable securities amounting to S$8.4m. The Group’s liabilities decreased by S$1.3m from S$54.7m to S$53.4m mainly due to:



 a. the reduction of other payables and accruals by S$2.9m mainly due to the return of restricted cash to a client for outsourced payroll services; offset by

 b. the increase in income tax payable by S$1.6m.



This is a Net Net Position company whereby its total current assets of 388.9m is greater than its total liabilities of 53.4m..

NAV of 32.9 cents.
EPS of 1.6 cents for 1 Q .
Assuming a full year EPS of 6 cents . PE of 11 x is seems quite under value for the current price of 76 cents.



I think average PE of 16 x should be achievable at 96 cents.

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

Keppel Corp

1Q 2019 result is out! A drop of 40% for net profit to 203m. EPS also drop 40% to 11.2 cents. PE is about 15x. I think price is on the high side .

Divestment gain of 174m.
Net profit of 203m less 174m,  I think actual profit is 29m after less divestment gain.

 Gearing is on a high side at 72%.
9.7b term loans. Let say an interest of 3.5% , estimate is about 339.5m . yearly interest..

 FCF is negative. I think This is really a concern with such a huge amount of negative FCF.

 I think price has run up too much and too fast! Is about time for it to correct !


Let's see how would market reacts come Monday!

 Not a call to buy or sell.

 Pls dyodd.

Hayclon Agri

Chart wise, it has a very impressive running up from 40.5 cents to hit the high of 55 cents! What an explosive movement!

Short term wise, I think is good for it to retrace first to take a breather. If not, it may not likely to sustain with this kind of explosive movement!

 I think the company financial status is still in the red . NAV 47 cents .

 Not a call to buy or sell.

 Pls dyodd.

China Aviation

TA wise, looks bullish!

Short term wise, I think it may likely re-attempt the recent high of 1.47.
Breaking out smoothly plus good volume that may drive the price higher towards 1,57 with extension to 1.65.

China Aviation has delivered a beautiful set of financial results for FY2018 where by Net Profit has increased from US84m to US93.8m. EPS of US0.1091 , S$0.1461.

At current price of 1.44, PE is about 9.85x.
Net cash position with zero debts.

Cash on hands of US357m

Total no. of outstanding shares = 860m.

Net cash per share is about S$0.55.

Healthy FCF of 150m versus the dividend pay out of 29m. Solid FCF!

I think a reasonable PE of 11x which is $1.61 might be fairly achievable.

Dividend of 4.5 cents. XD 3rd May, Pay date 15th May.
Yield of 3.1% looks fairly decent.


Not a call to buy or sell.

Pls dyodd.




China Aviation Oil (Singapore) Corporation Ltd (“CAO” or “the Group”), incorporated in Singapore on 26 May 1993 and listed on the mainboard of the Singapore Exchange Securities Trading Limited since 2001, is the largest physical jet fuel trader in the Asia Pacific region and the key supplier of imported jet fuel to the civil aviation industry of the People’s Republic of China (“PRC”). Headquartered in Singapore with global operations spanning key aviation hubs in Hong Kong SAR, Los Angeles, London with an entrenched presence in China, CAO and its wholly owned subsidiaries (the “Group”), China Aviation Oil (Hong Kong) Company Limited (“CAOHK”), North American Fuel Corporation (“NAFCO”) and China Aviation Fuel (Europe) Limited (“CAFEU”) supply jet fuel to airline companies at airports outside the PRC, including Asia Pacific, North America, Europe and the Middle East. The Group also engages in international trading of jet fuel and other oil products.