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Thursday, September 21, 2023

CapLand IntCom Trust - I think she is heading down to test 1.86!

I think boat is coming back to the dock at 1.86 



NAV 2.121.

Yearly dividend is about 10.6 cents. 

Yield is about 5.7% at 1.86 of which I think is a good pivot point!

Not a call to buy or sell!

Please dyodd.


This is one of the Biggest reit assets listed ( both office and retail mall) on Singapore Exchange.  

I have nibbled a bit at 1.87, yield is about 5.6%. 



Not a call to buy or sell!

Pls dyodd.


 I think high probability it may go down to retest 1.86 again!



At 1.86, yield is about 5.7% for this giant retail cum office reit.  

Please dyodd.


Indeed, she has broken the support at 1.90 likely to go down to test the recent low of 1.86.



At 1.86, yield is about 5.7% of which I think is quite a good yield level for this blue chips index reit counter. 

Please dyodd.

 

Chart wise,  bearish mode! 



She is hovering at the support level of 1.90, looks rather interesting!

Next support is at 1.86.

Please dyodd.

 Hosey! Results is out! NPI is up 10.1% to 552m.



Distribution income increase 1.7% to 353.2m.

Dpu increase 1.5% YOY to 5.3 cents.



Occupancy rate 96.7%.

Gearing 40.4%.



WALE of 3.6 years.

I think the results is OK!

XD 8th of August.  Pay date 15 September.


Today closed well at 2.00 high probability she will rise up to reclaim 2.03 then 2.08 with extension to 2.18.



Not a call to buy or sell!

Please dyodd.

Yesterday closed well at 1.92, let's see will she continue to rise up to reclaim 1.95 then 2.00-2.03.

Results will be out on 1st Aug 2023! 

Dividend is coming!



  Chart wise,  bearish mode!

Likely to see further weakness!



She has further weaken and closed lower at 1.86 looks like she may go further down to test the recent support at 1.82 then 1.80 with extension to 1.74.

Yield is about 5.7%  at 1.86.

NAV 2.116.

Pls dyodd.

I have added a bit at 1.91 as it has managed to bounced off from 1.89.



At 1.91, yield is about 5.55% of which I think is quite a gd yield for this giant retail cum grade A office reit.

Not a call to buy or sell!

Pls dyodd. 


CapitaLand Integrated Commercial Trust (CICT or the Trust) is the first and largest real estate investment trust (REIT) listed on Singapore Exchange Securities Trading Limited (SGX-ST) with a market capitalisation of S$13.5 billion as at 31 December 2022. It debuted on SGX-ST as CapitaLand Mall Trust in July 2002 and was renamed CICT in November 2020 following the merger with CapitaLand Commercial Trust (CCT).


 Looking at the FY 2022 results the NPI is up 9.7% and achieved an increased of DPU from 10.40 to 10.58 cents. It looks like the rental income is improving!







The First Quarter 2023 update is as follow:

The NPI is up 11.3% to 276.3m and occupancy rate % has improved from 95.8 to 96.2.




The gearing is slightly from 40.90 to 40.40%.



The Average WALE is 3.7 years.




The Top 10 tenants are RC Hotels (Pte) Ltd, WeWork Singapore, GIC Private Limited, NTUC Enterprise Co-Operative Ltd & Temasek Holdings etc.




Total Property value is about 24.2 billion of which is the Biggest reit counter listed on the Local Singapore Exchange.

NAV is about 2.116.

Yearly dividend of about 10.58, Yield is about 5.6%(based on current price of 1.89).

I think gd pivot entry point is back!

Please dyodd.


Wednesday, September 20, 2023

Paragon REIT - She is falling down! Breaking down of 0.88 we may see her going down to revisot 0.83!

 Chart wise,  bearish mode!

Today spotted big quantities selling own at 0.89 cents. Now trading at 0.885.





If 0.88 cannot hold,  then we may see her going down to test 0.83 than 0.79.

yearly dividend is about 4.84 cents.

Yield is about 5.46%.

NAV 0.90.

Not a call to buy or sell!

Please dyodd.



Corporate Profile

PARAGON REIT, formerly known as SPH REIT, is a Singapore-based real estate investment trust established principally to invest, directly or indirectly, in a portfolio of income-producing real estate which is used primarily for retail purposes in Asia-Paciļ¬c, as well as real estate-related assets.

PARAGON REIT was listed on the Singapore Exchange Securities Trading Limited (“SGX-ST”) on 24 July 2013 and is sponsored by Cuscaden Peak Investments Private Limited ("CPIPL" or the "Sponsor"), a wholly owned subsidiary of Cuscaden Peak Pte. Ltd., a consortium made up of three shareholders - Hotel Properties Limited; Mapletree Investments Pte.Ltd., and CLA Real Estate Holdings Pte.Ltd.

As at 31 August 2021, PARAGON REIT’s portfolio comprises five quality and well-located commercial properties in Singapore and Australia. The three properties in Singapore total up to 962,955 sq ft Net Lettable Area (“NLA”) with an aggregate value of S$3.3 billion, whereas the two properties in Australia have an aggregate Gross Lettable Area (“GLA”) of 1,721,801 sq ft, and an aggregate value of A$840.5 million.



Singapore

  • Paragon, a premier upscale retail mall and medical suite/office property, is located in the heart of Orchard Road, Singapore’s most famous shopping and tourist precinct. Paragon consists of a 6-storey retail podium and one basement level with 494,442 sq ft of retail NLA (“Paragon Retail”), with a 14-storey tower and another 3-storey tower sitting on top of the retail podium with a total of 223,098 sq ft of medical suites/offices NLA (“Paragon Medical”). It is a 99-year leasehold interest that commenced on 24 July 2013.
  • The Clementi Mall, a mid-market suburban mall located in the centre of Clementi town, an established residential estate in the west of Singapore. The retail mall, which also houses a public library, is part of an integrated mixed-use development that includes Housing Development Board (“HDB”) residential blocks and a bus interchange. The property is also directly connected to the Clementi mass rapid transit (“MRT”) station. The Clementi Mall consists of a 5-storey retail podium and one basement level with approximately 195,782 sq ft of retail NLA. It is a 99-year leasehold interest that commenced on 31 August 2010.
  • The Rail Mall, a retail strip with a 360-metre prominent road frontage to Upper Bukit Timah Road, an affluent residential neighbourhood and an F&B-dining destination. It is easily accessible via a network of public bus and MRT services through the Downtown Line (“DTL”). Accessibility is further enhanced by its proximity to the island’s major expressways including Bukit Timah Expressway (“BKE”) and Pan Island Expressway (“PIE”). One of the key access points to the Rail Corridor, a popular nature trail, is adjacent to The Rail Mall. The Rail Mall comprises 43 single-storey shop units with a total NLA of 49,882 sq ft. It is a 99-year leasehold interest that commenced on 18 March 1947.

Australia

  • Westfield Marion, the largest and only super regional shopping centre in South Australia. It is strategically located in Adelaide, approximately 10 km south-west from Adelaide’s Central Business District (“CBD”). It is in a highly accessible location bound by three major thoroughfares and arterial roads in Diagonal Road, Sturt Road, and Morphett Road, extending its access to shoppers beyond its usual catchment. Westfield Marion is also located next to the Oaklands Train Station, connecting it with Adelaide’s CBD and the southern coastline via multiple train lines. The freehold property sits on a land parcel of approximately 2.5 million sq ft, with approximately 1,495,132 sq ft of Gross Lettable Area (“GLA”). PARAGON REIT has a 50.0% stake in ownership.
  • Figtree Grove, an established sub-regional shopping centre located in New South Wales. It is approximately 3 km south-west of Wollongong and approximately 85 km south-west of Sydney CBD. The property is situated at the north-eastern corner of the Princes Highway and The Avenue – major thoroughfares which carry traffic between Wollongong CBD and the wider Wollongong area. The property sits on a freehold land area of approximately 547,883 sq ft and has a total GLA of approximately 236,614 sq ft with 940 carpark lots. PARAGON REIT has an 85.0% stake in ownership.

Tuesday, September 19, 2023

ParkwayLife Reit - Wah, durian is dropping! Likely to breakdown 3.66 and go down to revisit 3.59!

 Wah, she has broken down the support at 3.70.

Trading at 3.67, high probability she may breakdown 3.66 and gi further down to test 3.59 Than 3.50.

Please dyodd.





p> Wah, she is rather weak as the price keep drifting lower to touch 3.72 a moment ago. HIGH  probability she may go down to test 3.70 than 3.67 with further sliding down to test 3.50 level. 



Please dyodd.

 This Wednesday US will be releasing the cpi data. This may set pace for the price to go higher or lower.

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Chart wise,  bearish mode!

I think likely to go down to test 3.70 than 3.67 with extension to 3.5

Please dyodd.


 Yearly dividend is about 14.4 cents.



Yield is about 3.8% at 3.75. Tbills is also giving about the same interest rate and much lower risk. SSB 3.06% also provide another alternative option.  

I think she has to go lower in order to attract some bargains hunter. It has to be more than 4% yield in order to see some buying activities..

I think 3.50 might be  good pivot point!

Not a call to buy or sell!

Please dyodd.






 Gross Revenue increase 23.6% to 74.4m, swee!

Net Property Income increased 25% to 70m.

Dpu increase 3.3% to 7.29 cents.

Gearing 35.5%.

I think is a gd sets of financial results! 

XD 2nd August.  Pay date 30th August.


 Yesterday it looks like some buying activities is back to support this beaten down healthcare reit judging from the high volume reflected on the chart. It has manged to bounce off from 3.66 to close well at 3.75 looks rather interesting!



I think is good to wait for market confirmation to see if it can reclaim 3.82 in order to find out if this was a throw-back reaction!

Please dyodd.

She has been sold down 13 cents to close at 3.67, doesn't look good!



The selling down volume is huge! I think is good to let it settle down before making any action!

At 3.67, yield is about 3.95% which is not bad for this healthcare reit counter!

results will be out on 26th July cum dividend. 

Please dyodd.

Parkway Life REIT ("PLife REIT") is one of Asia's largest listed healthcare REITs. It invests in income-producing real estate and real estate-related assets used primarily for healthcare and healthcare-related purposes. As at 31 March 2023, PLife REIT's total portfolio size stands at 61 properties totalling approximately S$2.20 billion.




Mission

To deliver regular and stable distributions and achieve long-term growth for our Unitholders.

Our Growth Strategy

PLife REIT is firmly guided by its principle of staying prudent and focused in its growth strategy, focusing on:

As at 31 March 2023, PLife REIT has successfully expanded its total portfolio to 61 properties, including hospitals and medical centres in Singapore, Malaysia and 57 healthcare-related assets in Japan, worth approximately S$2.20 billion1.

Targeted Investment

As PLife REIT continues to be on the lookout for high-quality, yield-accretive acquisition opportunities in the region, it remains discerning and prudent in its approach of acquiring assets that are not only value -generating, but also preserve the long-term defensiveness of the overall portfolio.


Proactive Asset Management




Through proactive asset management, PLife REIT constantly strives to maximise portfolio performance in order to enhance the revenue-generating ability of its properties and ensure sustainable earnings for its Unitholders.

As part of PLife REIT’s initiative to drive organic growth and foster good Landlord-Lessee relationships, it seeks to work closely with its Lessees to understand their operational requirements and embark on Asset Enhancement Initiatives (“AEIs”) which are tailored to suit the needs of its healthcare operators and end users of the properties. Such strategic collaborative arrangements serve to benefit all parties and promote greater revenue sustainability for PLife REIT.

PLife REIT has, leveraging on its clustering/ partnering approach and good landlord-lessee relationships, successfully expanded its nursing home portfolio and completed 14 AEIs in Japan since its maiden entry in 2008 and one at its Malaysia property (Gleneagles Intan Medical Centre Kuala Lumpur).

Moving forward, PLife REIT remains committed to exploring and rolling out more of such AEIs across its entire portfolio to extract the greatest value from its properties. To further strengthen PLife REIT's earnings resiliency, it is also focused on consolidation efforts for its Japan portfolio to optimise operating synergies and achieve greater cost savings.

Capital and Financial Management

PLife REIT aims to maintain a strong financial position through prudent and dynamic capital and financial management, to ensure continuous access to funding at optimal cost, maintain stable distributions to Unitholders and achieve a steady net asset value.

As at 31 March 2023, PLife REIT's gearing was 37.5% which complied with the stipulated Aggregate Leverage limit1. The interest coverage ratio stood at 15.6 times2.

Dynamic liability and liquidity risk management

PLife REIT adopts a dynamic and pro-active approach for its liability and liquidity risk management. Our key liability and funding management strategies in support of our regional growth aspirations are:

1) To achieve diversified funding sources at an optimal cost
Diversify our funding sources from a panel of high quality banks, establishing and maintaining our Debt Issuance Programme and other financing sources to attain varied liability tenure, with the end objective of maintaining the most optimal financing cost mix.

2) To enhance the defensiveness of PLife REIT's Balance Sheet strength
Dynamically manage our debt maturity profile to ensure well-spread debt maturities and at the same time, to maintain an optimal capital structure.

Tactical approaches adopted in view of the above strategies are:

a) Conscientious effort in lengthening and spreading out the debt maturity period;
b) Cultivating and maintaining a panel of key banks to support our long term growth;
c) Establishing alternative source of fund. In this respect, PLife REIT, through its wholly-owned subsidiary, Parkway Life MTN Pte Ltd (the “MTN Issuer”), put in place a S$500 million Multicurrency Debt Issuance Programme to provide PLife REIT with the flexibility to tap various types of capital market products including issuance of perpetual securities when needed. On 6 December 2022, the Group issued a 6-year JPY5.0 billion and a maiden 7-year JPY6.04 billion fixed rate notes to pre-emptively refinance existing fixed rate notes due in 2023 and term out the JPY short-term loans drawn down for acquisition financing. As at 31 March 2023, there were five series of outstanding unsecured fixed rate




notes amounted to JPY19.84 billion3 (approximately S$202.6 million) issued under the Debt Issuance Programme, which diversified PLife REIT’s funding sources.
d) Minimising near-term refinancing risk through pre-emptive terming out current debts. With the new notes issuance, PLife REIT has effectively managed its debt maturity profile with no immediate long-term debt refinancing needs until February 2024.

Financial risk management

PLife REIT adopts prudent financial risk management to manage the exposure to interest rate risk and foreign currency risk. Our policy is to hedge at least 50% (up to 100%) of all financial risks.

Interest rate risk is managed on an ongoing basis with the primary objective of limiting the extent to which net interest expenses could be affected by adverse movements in interest rates, by hedging the long term committed borrowings through the use of interest rate hedging financial instruments. For the foreign exchange ("Forex") risk management, we strive to hedge Forex risk on principal which will allow PLife REIT to maintain a stable net asset value, as the Forex fluctuation on foreign asset will offset the Forex fluctuation of the hedging instrument. We also aim to hedge the Forex risk on net overseas income which will provide PLife REIT with stability in distributable income, as PLife REIT will be shielded from exchange rate fluctuation on foreign income.

As at 31 March 2023, the Group has put in place Japanese Yen forward exchange contracts till 1Q 2027 and about 78% of interest rate exposure is hedged.

Chart wise,  bullish 

 

Parkway Life REIT ("PLife REIT") is one of Asia's largest listed healthcare REITs. It invests in income-producing real estate and real estate-related assets used primarily for healthcare and healthcare-related purposes. As at 31 March 2023, PLife REIT's total portfolio size stands at 61 properties totalling approximately S$2.20 billion.

Mission

To deliver regular and stable distributions and achieve long-term growth for our Unitholders.

Our Growth Strategy

PLife REIT is firmly guided by its principle of staying prudent and focused in its growth strategy, focusing on:

As at 31 March 2023, PLife REIT has successfully expanded its total portfolio to 61 properties, including hospitals and medical centres in Singapore, Malaysia and 57 healthcare-related assets in Japan, worth approximately S$2.20 billion1.

Targeted Investment

As PLife REIT continues to be on the lookout for high-quality, yield-accretive acquisition opportunities in the region, it remains discerning and prudent in its approach of acquiring assets that are not only value -generating, but also preserve the long-term defensiveness of the overall portfolio.


Proactive Asset Management

Through proactive asset management, PLife REIT constantly strives to maximise portfolio performance in order to enhance the revenue-generating ability of its properties and ensure sustainable earnings for its Unitholders.

As part of PLife REIT’s initiative to drive organic growth and foster good Landlord-Lessee relationships, it seeks to work closely with its Lessees to understand their operational requirements and embark on Asset Enhancement Initiatives (“AEIs”) which are tailored to suit the needs of its healthcare operators and end users of the properties. Such strategic collaborative arrangements serve to benefit all parties and promote greater revenue sustainability for PLife REIT.

PLife REIT has, leveraging on its clustering/ partnering approach and good landlord-lessee relationships, successfully expanded its nursing home portfolio and completed 14 AEIs in Japan since its maiden entry in 2008 and one at its Malaysia property (Gleneagles Intan Medical Centre Kuala Lumpur).

Moving forward, PLife REIT remains committed to exploring and rolling out more of such AEIs across its entire portfolio to extract the greatest value from its properties. To further strengthen PLife REIT's earnings resiliency, it is also focused on consolidation efforts for its Japan portfolio to optimise operating synergies and achieve greater cost savings.

Capital and Financial Management

PLife REIT aims to maintain a strong financial position through prudent and dynamic capital and financial management, to ensure continuous access to funding at optimal cost, maintain stable distributions to Unitholders and achieve a steady net asset value.

As at 31 March 2023, PLife REIT's gearing was 37.5% which complied with the stipulated Aggregate Leverage limit1. The interest coverage ratio stood at 15.6 times2.

Dynamic liability and liquidity risk management

PLife REIT adopts a dynamic and pro-active approach for its liability and liquidity risk management. Our key liability and funding management strategies in support of our regional growth aspirations are:

1) To achieve diversified funding sources at an optimal cost
Diversify our funding sources from a panel of high quality banks, establishing and maintaining our Debt Issuance Programme and other financing sources to attain varied liability tenure, with the end objective of maintaining the most optimal financing cost mix.

2) To enhance the defensiveness of PLife REIT's Balance Sheet strength
Dynamically manage our debt maturity profile to ensure well-spread debt maturities and at the same time, to maintain an optimal capital structure.

Tactical approaches adopted in view of the above strategies are:

a) Conscientious effort in lengthening and spreading out the debt maturity period;
b) Cultivating and maintaining a panel of key banks to support our long term growth;
c) Establishing alternative source of fund. In this respect, PLife REIT, through its wholly-owned subsidiary, Parkway Life MTN Pte Ltd (the “MTN Issuer”), put in place a S$500 million Multicurrency Debt Issuance Programme to provide PLife REIT with the flexibility to tap various types of capital market products including issuance of perpetual securities when needed. On 6 December 2022, the Group issued a 6-year JPY5.0 billion and a maiden 7-year JPY6.04 billion fixed rate notes to pre-emptively refinance existing fixed rate notes due in 2023 and term out the JPY short-term loans drawn down for acquisition financing. As at 31 March 2023, there were five series of outstanding unsecured fixed rate




notes amounted to JPY19.84 billion3 (approximately S$202.6 million) issued under the Debt Issuance Programme, which diversified PLife REIT’s funding sources.
d) Minimising near-term refinancing risk through pre-emptive terming out current debts. With the new notes issuance, PLife REIT has effectively managed its debt maturity profile with no immediate long-term debt refinancing needs until February 2024.

Financial risk management

PLife REIT adopts prudent financial risk management to manage the exposure to interest rate risk and foreign currency risk. Our policy is to hedge at least 50% (up to 100%) of all financial risks.

Interest rate risk is managed on an ongoing basis with the primary objective of limiting the extent to which net interest expenses could be affected by adverse movements in interest rates, by hedging the long term committed borrowings through the use of interest rate hedging financial instruments. For the foreign exchange ("Forex") risk management, we strive to hedge Forex risk on principal which will allow PLife REIT to maintain a stable net asset value, as the Forex fluctuation on foreign asset will offset the Forex fluctuation of the hedging instrument. We also aim to hedge the Forex risk on net overseas income which will provide PLife REIT with stability in distributable income, as PLife REIT will be shielded from exchange rate fluctuation on foreign income.

As at 31 March 2023, the Group has put in place Japanese Yen forward exchange contracts till 1Q 2027 and about 78% of interest rate exposure is hedged.

Chart wise,  bearish mode!



Looks like gd price is back!

With bullish pin bar appearing on the chart we may see a throw-back reaction from the current price level of 3.74.

NAV is about 2.33.

Yearly dividend is about 14.5cents.

Yield is about 3.87 % based on current price of 3.74

Not a call to buy or sell!

Please dyodd. 




Monday, September 18, 2023

Frasers L&C Tr - No-Brainer strategy! At 1.15, yield is of 6.33% , NAV 1.274, gearing 28.6%.



I think is a no-brainer strategy to get at 1.15 plus yield of 6.33%, gearing of 28.6% of which has plenty room to cushion the rate hikes plus expansion.  Trading below its NAV of 1.274 which is also another plus point.

Not a call to buy or sell!

Pls dyodd.

Chart wise, bearish mode!

She is trading at the price range of 1.17 to 1.21. 





Pls dyodd. 

  

She is rising up slowly,  good sign! Likely to cross over 1.20 and rises further towards 1.24-1.28. 





Pls dyodd.

 Frasers L&C Tr  - I think good price is back! Yield of 6.2%, gearing 28.6%. 





She is being pushed down to an oversold territory! At 1.18, yearly dividend is about 7.29 cents,  yield is about 6.2% .

I think current weakness in price could be due to AUD ex.rate is weakening against SGD.

Plus higher Operations costs that is eating into the distribution income.  But with higher rental reversion hope can cover some of these operations costs.

NAV 1.276.

She is hovering at the support level of 1.17.

Next support is at 1.13.

Not a call to buy or sell!

Please dyodd.


Sunday, September 17, 2023

SingTel - Wah, i think special dividend is coming! Sold 20% of DC to KKR for 1.1b.I think boat is back! Chart wise, starting to show some bullish trend!


Chart wise,  looks bullish!

If she is able to clear the resistance at 2.40 smoothly we may likely see her rising up to test 2.52 then 2.60.

Yearly dividend of about 10 cents. 

Yield is about 4.16%. I think is not bad! 

Please dyodd.




Good news : 18th Sept 2023 -  Singtel to sell 20% stake in regional data centre business to KKR for S$1.1 billion   Mon, Sep 18, 2023 · 8:22 am

KKR will commit up to S$1.1 billion for a 20 per cent stake in Singtel’s regional data centre business.
On Monday (Sep 18), a fund managed by KKR, Stellar Asia Holdings II, entered into an agreement with Singtel for the investment in ST Dynamo Investment, the holding company for Singtel’s regional data centre (RDC) business.
This investment puts the enterprise value of Singtel’s overall RDC business at S$5.5 billion. KKR will, however, have the option to increase its stake to 25 per cent by 2027 at the pre-agreed valuation......



Special dividend of 2.5 cents will be paid out on 17th August,  swee! Xd 2nd August.

https://links.sgx.com/1.0.0/corporate-announcements/LIRD90E9O5A39T0P/e96c9dc4c37f0569a65bf50cc5b26476afffc05d07462b97a446d720b9c8f70f



XD 2nd Aug . Final dividend of 5.3 cents . The special dividend of 2.5 cents Hopefully it may get payout together with the final dividend!

We will know after the AGM.

Please dyodd.


Singapore Telecommunications (Singtel) is a telecommunications group offering a wide range of services such as mobile, data and internet services, as well as info-communications technology and pay-television.

Full Year results at a glance :

Earnings were up 14% to $2.23 billion, compared to $1.95 billion a year ago. This was due to the strong performance of its core businesses, underpinned by robust mobile growth and price increases.





Saturday, September 16, 2023

QAF - Wah, the director keep buying back share and pushing up the price from 0.795 to close at 0.835 , seems like telling us the share price is undervalued!Pls dyodd.

 Chart wise,  A few nice white soldiers appearing on the chart looks rather interesting!





It has managed to overcome the resistance at 0.82 and close higher at 0.835 this is rather bullish! 

I think likely to rise up to cover the Gap at 0.86! Pls dyodd. 

the director bought back shares:

https://links.sgx.com/1.0.0/corporate-announcements/8WVLCXLGJ7MM9SKJ/d19c954cade1614b11a876a7b23924c4279a33bb89e5ba7efae51a4d138b8a01

https://links.sgx.com/1.0.0/corporate-announcements/A9F2GMNOL413R8JE/d6692be55c13def3cbe13ac0beb5006b3b703226a681db39efd5a2c013d3ef45

https://links.sgx.com/1.0.0/corporate-announcements/MXCWYD11QNF3W9XJ/446b61d022afb5dc7986349c5468bf639bb1d6052c6b7082094e872ad68aeeec

 This is a purely dividend play counter! Not much capital gains as trading volume is always very low kind of illiquid! At 0.81, yield is more than 6%.





Their track records has been consistently paying out 5 cents dividend for past few years so, I think it will likely be the same for Year 2023!

Pls dyodd. 

NAV0.827.

Yearly dividend of 5 cents.

Yield is above 6% at 0.815.






Net cash position. 

But cash flow is slightly negative. 

Recently,  the director bought back some share.

This might be an indication that the price is  undervalued .

Please dyodd. 



QAF core businesses are into Bakery, Distribution and Warehousing!




Branded Packaged Bread

Our branded packaged breads are Gardenia and Bonjour. We are the region's leading manufacturer and distributor of the premium Gardenia brand of packaged bread, the top selling brand in Singapore, Malaysia and the Philippines.

Each day, Gardenia bread is delivered 'straight from the oven' by our fleet of some 1,900 vans and trucks to about 78,000 supermarkets, convenience stores and general trade channels all over Singapore, Malaysia and the Philippines.


Our In 2022, Gardenia Singapore improved the recipes of two existing milk bread products and launched the Gardenia Hokkaido Butter Rolls in February 2022 and the Gardenia Hokkaido Hi-Calcium Milk Bread in April 2022. The new Gardenia Hokkaido Butter Rolls are made with a Hokkaido butter blend and the creamy and soft bun texture makes the butter rolls enjoyable on their own as well. Targeted at milk bread lovers and families with young children, the new Gardenia Hokkaido Hi-Calcium Milk Bread contains Prebiotics, Calcium, Iron and both Vitamins B1 and B3.

To provide greater convenience and accessibility to Gardenia products, the company became the first bakery in Singapore to introduce the loaf bread vending machine. These vending machines are located in selected high-density residential areas and corporations to serve consumers 24 hours a day, rain or shine.



The company has a multi-brand portfolio, with bakery brands such as Bonjour and Bonjour Delights to cater to different consumer tastes. Since 1998, Bonjour has been carrying its own range of white, wholemeal and speciality breads, as well as croissants and buns. Bonjour seeks to deliver tasty and affordable products with interesting flavours such Bonjour Choc Chip Raisin Loaf and Bonjour Butterscotch Loaf. In 2017, Bonjour was awarded “Top Influential Brand” status in the Bread Category. The Bonjour Delights brand was launched in 2021 to target price-sensitive consumers seeking nostalgic local bakery products.

Garde7nia operates two bakery plants in Singapore, while the Spreads

The Group has developed a line of bread spreads to complement its wide range of breads and bakery products.

In Singapore, Ben Foods has a range of spreads comprising of Cowhead ButterCowhead Dandelion Spread (soft margarine)Cowhead Cream Cheese Spread and Cowhead Dandelion Margarine Block, a shelf stable margarine that is ideal for cooking, frying and baking.

In 1997, Gardenia Malaysia launched Auntie Rosie’s line of kaya spreads. The Original Homestyle Kaya and Natural Pandan Kaya spreads have become very popular with young and old alike.

To cater to the demand for competitively priced tasty and quality bread spreads, Gardenia Malaysia also launched two new and exciting chocolate spreads in 2015. They are the rich-tasting and creamy Delicia Hazelnut Chocolate Spread and Delicia Milky Chocolate Spread. The spreads were initially launched on a small scale and were so well received that they now come in upsized 375g jars and are sold in over 8,000 outlets in Malaysia.

In 2022, Gardenia Malaysia introduced a new variant to its spread range, the Gardenia Delicia Salted Caramel, a flavoured chocolate spread. The creamy, thick textured and rich caramel taste chocolate spread comes in 2 pack sizes: 200g and 375g.

As part of Gardenia Philippines’ expansion into the non-bread category, the company introduced Gardenia Malaysia’s Delicia chocolate spread into the local Philippine market in 2017.


 has a Ben Foods

Our distribution and warehousing activities are wholly integrated and supported by our own fleet of refrigerated trucks, multi-temperature storage, logistics and distribution facilities.

We import and distribute a wide variety of food and beverage products including meat, milk and dairy products, frozen vegetables, soups, pastries, noodles, confectionery, sauces, spreads, snack products, wines and juices.

Ben Foods’ own proprietary brands of food products have not only become familiar household names, but are exported regionally to countries such as Malaysia, the Philippines, Myanmar, Laos, Cambodia, Hong Kong, Taiwan, Macau, Brunei, Indonesia, Vietnam and Bangladesh.

Our house brands comprise the Cowhead range of quality milk and dairy products, Farmland processed food products, Farmchef (frozen potatoes and meat), Haton (seafood products), Orchard Fresh (beverages) and Spices of the Orient (sauces and seasonings).

We strive to strengthen our proprietary brands by launching new, innovative and functional food products each year.

In 2022, we launched the Cowhead range of creamy instant noodles. This range includes a variety of Asian spicy and western pasta flavours. Cowhead creamy instant noodles are being promoted to be cooked with Cowhead UHT milk as a strategy to further strengthen the brand through product synergy.

Our customers are the foodservice sector and include food manufacturers, fast-food chains and restaurants, supermarkets, wholesalers, independent retail outlets, hotels, hospitals, bakeries, in-flight kitchens and ships.

Our Wine & Spirits division represents and distributes wines from various countries, including France, Italy, Spain, Chile, Argentina, South Africa, Australia and New Zealand. plant in Johor, Malaysia called Farmland Bakery, which produces bakery p

roducts foduce more than 1.3 billion loaves, buns and snack cakes each year. In recognition of our commitment to constant product innovation and excellence, Gardenia has been awarded “Superbrands” status in the Philippines, Malaysia and Singapore. is a leading multi-industry
food company with core businesses
in Bakery, and Distribution
and Warehousing.

We have an extensive operations and distribution network across the Asia-Pacific region including Singapore, Malaysia, the Philippines, Australia, Myanmar, Cambodia, Hong Kong, Taiwan, Macau, Brunei, Indonesia,Vietnam, Laos and Bangladesh.We employ more than 9,000 people regionally and are listed on the Singapore Exchange.