Tuesday, December 31, 2013

Sunday, December 15, 2013

Police Story 2013 SG Promo Tour

Red Carpet
Date: 17 December 2013, Tuesday
Time: 7pm
Venue: Outside ArtScience Museum, MBS (Nearest MRT Station: Bayfront)

Gala Premiere Screening
Date: 17 December 2013, Tuesday
Time: 8.30pm
Venue: MasterCard Theatres, Sands Theatre, MBS

Wednesday, December 11, 2013

Sheng Siong – More Than A Modern Homemaker’s Friend

Strategic Advantage: Among the big players in the supermarket industry, Sheng Siong stands at an advantage with widely recognised quality economical goods. Sourcing directly whilst offering a full range of products, has set the Group on a low cost value chain. Thus amidst the rising standard of living in Singapore, Sheng Siong stands as a beacon against inflation.

Most Transparent Company: Despite the deterioration of Singapore’s GDP growth in 2012, Sheng Siong maintained its debt-free status and continues to generate positive cash flows. Earnings and revenue growth are registered every year in conjunction with a constant rise in gross profit margins. 

Promising Dividend: Despite having no formal dividend policy at the moment, Sheng Siong allotted an attractive 91.8 percent dividend payout ratio last year. It was disclosed in their FY12 report that the Group is committed to continue distributing up to 90 percent of their net profit in 2014. 

Friday, November 29, 2013

Mapletree Commercial Trust - Growth engine sputters

What Happened 
As VivoCity undergoes space reconfiguration to cater to several smaller anchor-tenants, we expect continual positive rental reversion to come through from this mall. During 2QFY14, MCT renewed/re-let 87% of the leases expiring in FY14, with a positive rental reversion of 37.1% and 23.4% for retail and office space, respectively. These leases are expected to underpin the growth of VivoCity in FY14. Looking ahead, with only 1.6% of retail leases to be renewed in FY14 (and 16% in FY15), coupled with a high portfolio occupancy rate of 98.9%, the mid- to long-term outlook for VivoCity remains clear.   
What We Think 
With its gearing of 40.8%, coupled with compressed cap rates within the commercial property space, we believe that it will be a challenge to find yield-accretive acquisitions in the near term. As the acquisition date of Mapletree Business City (MBC) is uncertain, we see MCT’s near-term growth as being limited to organic growth only.   
What You Should Do 
On the back of limited room to grow through further acquisitions, we believe MCT’s growth potential will be constrained. At this current level, we believe MCT is priced fairly given its resilient and stable portfolio. Upgrade to Neutral as we await meaningful catalysts.

Wednesday, November 27, 2013

IHH Healthcare - The good, the bad and the ugly

Charges peaking in S’pore 
3Q13’s core net profit was driven by growth at its new hospitals and savings in finance costs despite seasonal effects. The better numbers were offset by depreciation and finance costs relating to new hospitals that had to be recognised in the P&L after completion. The good news is that Acibadem Bodrum has achieved EBITDA breakeven.Last week, we mentioned that there was a bigger issue with peaking charges and revenue intensity in Singapore, rather than the decline in Indonesian patients. Indeed, Indonesian patient admissions jumped by 9% yoy in 3Q13, allaying fears of a weaker rupiah. The average revenue per inpatient in Singapore grew by only 1% from 2Q13, despite favouring S$-to-RM translation.  
Translational FX issue 
The balance sheet is still healthy given its savvy cashflow management and structured capex programme. Our main gripe is the uncertainties in FX translational differences in the income statement and balance sheet, which further blurred any meaningful comparisons across its markets.  
Maintain Neutral 
Although IHH should continue to benefit from growing private healthcare consumption and revenue intensity in all its three markets, improving entry points and fundamentals for its regional peers may provide investors with better short- to mid-term returns. As such, we keep IHH at Neutral. 

Tuesday, November 19, 2013

Monday, November 18, 2013

Suntec REIT - Maiden voyage

What Happened 
Suntec REIT announced recently, that it will acquire a 31-storey, A-grade commercial tower, located in the North Sydney’s CBD area, for a total price of A$413.19m (S$481.3m). The property, targeted for completion in early 2016, is expected to have a NLA of 423,915 sqft, 100% pre-commitment, with Leighton Group - one of Australia’s largest property development group, taking a head lease of 76% of property’s NLA with a weighted average lease to expiry of c.10 years. Concurrently, Leighton Holdings will also provide a four-year rental guarantee for any vacant space upon completion of the property. During the construction phase, the property will be underpinned by a coupon payment of 6.32% yield p.a and an initial yield of 6.89% upon completion. With the acquisition being funded via a S$500m facility management guided this transaction to be yield accretive, and will increase DPU by c.4.7%.   
What We Think 
Although we like this acquisition for its high yield, with SUN’s net gearing currently at 37.2%, we believe it could potentially rise to c.41.0% post acquisition (42.5% post-Phase 3 AEI at Suntec City). A higher net gearing and foreign exchange fluctuation exposure could potentially mitigate the uplift in DPU. In addition, based on our estimates, an initial yield of 6.89% translates to an expected rental rate of A$7psf/mth – higher than the average A$5-6psf/mth in downtown Sydney. Having said that, the true impact on risks and DPU will be clearer after the upcoming briefing. 

Friday, November 15, 2013

Global Logistic Properties - Start of China recycling engine

Rebound in China leasing 
Rental revenue from China warehouses rose 39% yoy in 2Q14, underpinned by a 6.9% increase in renewal rents. This drove overall revenues up 15% yoy in 1H14, excluding the effect of recent divestments in Japan and exchange rate movements. Same-store NOI growth moderated but stayed a respectable 7.8% yoy. The key positive from this set of results was the strong leasing in China, up 60% yoy and 2.8x qoq to 575k sm. 1H14 new leases of 775k sm are keeping pace with the 1.1m sm of development starts in the period. GLP is confident of meeting its 2.5m sm development starts target for FY14.   
Japan rents up 3% yoy 
Occupancy in Japan remains stable at 99%, with renewal rents up 3% yoy, the highest rate seen in years. Japan still accounts for 29% of its GAV.   
CLF1 the start of recycling engine in China 
CLF1 will have an investment capacity of US$3bn at 50% LTV and will be GLP’s vehicle for new logistics development projects in China. GLP will manage the fund and retain 56% stake, allowing it to enjoy development and fee upside (AUM now at US$11.4bn). Asset values in its China portfolio can be crystallised too. GLP will provide a seed portfolio of US$350m (NAV of US$339m). In modern warehouses, GLP is 8x the size of its next competitor. This move should help it pull away from the pack. We expect more funds to come. China makes up 60% of GLP’s GAV. 

Thursday, November 07, 2013

Singapore Announces Lofty Ambition to Become Insurance Hub

Singapore aims to become a global insurance marketplace by 2020, said Monetary Authority of Singapore (MAS) managing director Ravi Menon in his keynote speech at the 12th Singapore International Reinsurance Conference on today.
This is an interesting time for the insurance industry, noted Mr Menon.
“Underwriting results are being pressured by a combination of sluggish economic growth, softening rates, and rising claims,” commented Mr Menon. “Investment returns are being depressed by the low interest-rate environment. Regulatory and capital requirements are being tightened as the world shifts toward risk-based regimes like Solvency II.”
At the same time, there are opportunities as much of the world remains under-insured.
By 2020, Asia is likely to account for almost 40 per cent of the global insurance market.
The factors driving Asia’ demand are an ageing population; a geographical area that is highly prone to natural catastrophes; and a growing economy.
Presently, Singapore is recognised as the leading reinsurance hub in Asia. Among the top 25 reinsurers in the world, 16 have regional hubs here.
Since 2000, offshore business has been on a steady uptrend, growing an average of 13 per cent per annum to US$5.4bn in 2012.  The share of offshore non-life business has increased from 50 per cent in 2000 to 65 per cent in 2012.
In addition, “the market has built up significant expertise in specialty insurance, namely marine, energy, catastrophe, credit and political risks,” he said. “For example, Singapore is the second-largest market for structured credit and political risk worldwide after London.”
Most Asian risks, including entire large reinsurance programmes and specialty risks, can now be fully placed in Singapore.
“Our vision is for Singapore’s insurance industry to become a global marketplace by 2020, with the ability to accept not just regional, but global risks,” he said.
MAS is pursuing four strategies to achieve that 2020 goal, Mr Menon said. They are to increase supply-side capacity; to promote insurance demand, both locally and in the Asia-Pacific; to develop a true marketplace, where sellers and buyers come together to negotiate and trade risks; and to foster a conducive business environment.

Tuesday, November 05, 2013

Sarin Tech - Commendable results

A good 3Q despite rupee fears 
Sarin put up a commendable performance in 3Q13 despite challenges such as 1) the rapid depreciation of the Indian rupee against the US dollar, 2) tight credit conditions in the Indian economy and 3) higher rough diamond prices. As warned by the company earlier, sales fell 21.4% qoq and recurring net profit which excludes a one-off tax expense declined by 31.5% qoq. On a yoy basis, recurring net profit growth of 124.4% was driven by a 50% increase in recurring revenue, leading to a margin expansion to 72.6% in 3Q13 (2Q13 - 70.4%, 3Q12 - 63.3%).   
One-off tax in 3Q13 
As highlighted in its previous announcement, Sarin recorded a US$2.6m additional tax expense in respect of prior period profits in its 3Q13 results.   
A lot to look forward to 
We believe the worst of the Indian currency crisis is likely over and the operating environment for Indian manufacturers will improve. On prospects, CY14 will see 1) Galaxy Ultra’s commercial 2) Sarin Light will be launched in HK, Taiwan, Korea and the US and 3) Sarin Loupe may also see commercial launch. 

Wednesday, October 30, 2013

CapitaMalls Asia - Gradual growth on track

The positives 
3Q13 operations continued to improve. In China, shopper traffic and tenant sales were up 1.5% and 9.8% (on a psm basis) yoy respectively, backing a 12% yoy increase in same-mall NPI. CMA also continued to lift yields from its operational malls, with yield on cost for malls opened before 2012 up 6-24% yoy. Portfolio yield on cost stayed in the 12% range and is expected to improve further, assuming no new acquisitions. In 3Q13, CMA opened CapitaMall Jinniu in Chengdu, China with an occupancy rate of over 90%. In Singapore, shopper traffic and tenant sales growth was stable at 3.2-3.6% yoy. Bedok Mall is now 100% preleased with Westgate at 85% (75% in 2Q13). Both are expected to open in 4Q13.   
The (slight) negatives 
Lower management fees due to the opening of fewer malls led to a 10% yoy decline in 3Q13 revenue, while high admin expenses affected its bottom line (flat yoy). Operating costs should normalise gradually as China malls mature. China’s tenant sales growth, while up, has moderated from last year’s levels. We expect this trend to persist, though still expecting healthy 8-10% growth in FY14-15.   
We expect new malls in Singapore and higher property yields in China to power its earnings in the next 12-15 months. CMA expects CapitaMall Jinniu to generate a c.7% NPI yield after its first year, which would be a stark improvement to the 4-5% achieved for new malls in 2011-12.

Monday, October 28, 2013

Suntec REIT - Post-results luncheon feedback

What Happened 
We hosted a post-results investor luncheon with SUN. Several main issues discussed include: 1) Suntec City’s Phase 2 AEI and its progress; 2) its plans in the repositioning of the Suntec City Mall; 3) Suntec’s office occupancy and room for the possibility of further positive rental reversions and 4) its plans to conduct further acquisitions amid a compressed cap rate market.   
What We Think 
The discussion reaffirms our belief that although Phase 2 of the AEI is on track to be completed by 4Q13, Phase 2 areas could potentially command less than its guided S$12.59 psf/month as 40-45% of the total NLA in Phase 2 is taken up by anchor tenants. In Phase 1, the general trade occupancy currently varies between a healthy 16% and 18%. Although Suntec City is still largely a ‘weekday mall’ that is highly dependent on the office crowd, with the completion of Phase 2, anchor tenants such as Golden Village and Toys ‘r’ Us are expected to draw crowds from both the family and young adult segments which could potentially boost weekend traffic. Suntec’s office is currently generating positive rental reversions with 3Q13 at S$8.55 psf/mth (+1.5% qoq). With FY14 expiring leases at below S$8.55 psf/mth, management indicated its confidence in recording a positive rental reversion. Given the challenging acquisition environment in Singapore, we expect SUN to consider seeking acquisitions overseas. Timely of this prospect is still unclear and is unlikely to drive SUN’s share price in the near-mid term, in our view.   
What You Should Do 
SUN remains our top pick within the SREIT space. Maintain Outperform. 

Thursday, October 24, 2013

Sheng Siong Group - Chugging along nicely

A solid set of results, with earnings growth led by contributions from new stores and margin expansion. The decline in comparable store sales looks worrying but is largely due to temporary factors. 3Q13 core earnings is in line and forms 27% of our and consensus full-year estimates, while 9M13 forms 74%. We tweak our estimates as a result of housekeeping. There is no change to our target price, which is still based on 23x CY14 P/E (10% discount to Dairy Farm). Catalysts are to come from earnings delivery led by new stores and margin expansion. We maintain our Outperform rating.
3Q highlights 
Core earnings 8% growth yoy were driven by contributions from new stores (up S$12.6m) and expanding margins. EBIT margins crossed the 7% mark for the first time since IPO, led by another quarter of high gross margins of 23.2% due to cost savings from Mandai Distribution Centre and tight cost control. However, full-year EBIT margin is likely to be a high 6% because of next quarter’s payout of year-end bonuses and the booking of S$0.9m of inventory writeoffs. We are not worried by the decline in mature store sales of S$4.5m as a large part is due to construction work at Bedok and The Verge stores. These stores contributed S$3.5m of the decline. This temporary inconvenience should be more than compensated by increased footfalls when construction of the multi-storey carpark and MRT are completed, respectively.  
No new stores 
Although no new stores have been announced so far this year, we think that the earnings contribution from the 11 new stores opened after the IPO has room to grow given that peak sales usually occur in the third year.  
Maintain Outperform 
Share price has fallen 15% since its Jul high, and is undemanding at 19x CY14 P/E vs. the peer average of 22x. Valuations are further supported by a 4.8% CY14 dividend yield.

Thursday, October 10, 2013

Zone Pro Site: The Moveable Feast <总铺师:移动大厨> SG Promo Tour

Date: 12 October 2013 (Saturday)
Time: 5pm
Venue: Bugis Junction, Bugis Square Lvl 1 (Nearest MRT station: Bugis)
  • Director Chen Yu-Hsun (陈玉勋)
  • Producer Lee Lieh (李烈)
  • Yo Yang (杨佑宁)
  • Lin Mei-Hsiu (林美秀)

Monday, October 07, 2013

Meet The Cast of 'Rhythm Of The Rain' (听见下雨的声音)

Rhythm of the Rain Meet-The-Fans 
Date: 8 October (Tuesday)
Time: 8pm
Venue: JCube (Nearest MRT Station: Jurong East)

Rhythm of the Rain Gala Premiere
Date: 8 October (Tuesday)
Time: 9.15
Venue: JCube (Nearest MRT Station: Jurong East)

Taiwanese actors such as Alan Kuo (柯有倫), Vivian Hsu (徐若瑄), Han Yu Jie (韓雨潔), Wei Ru Yun (魏如昀) and director Vincent Fang (方文山)! 

Thursday, October 03, 2013

Planning for Retirement in your 30’s

If you’re in your 30s, serious planning for retirement begins now. Odds are you have never taken a close look at your earning potential and long-term needs, or thought much about all the savings and credit options before you. Now is the time to get real about such things because your life is changing in ways that you may only be beginning to appreciate.
When you’re in your 30s, you are in a unique position from a retirement planning standpoint. For most of us, these are the “make or break” years. Here’s why.
It’s certainly understandable how individuals in their 20s are too busy with distractions in their lives to think about retirement. It’s so far away, and really not on their radar screen. But most 30-somethings have settled-down a bit. Perhaps you’re even married and have started a family.
The point here is that by the time you’ve reached age 35, most of us know exactly what we want out of life. We know where we want to live, and we have pretty solid ideas about our career goals. You’ve also been working for more than ten years, and you have come to realize that retirement is not too far away.
So what exactly is so special about being in your 30s when it comes to retirement planning? The unique opportunity you have is simply this: You should have a good understanding of what it takes to make all your monthly payments by now. And with nearly 30 years to save for retirement, you still have time on your side.
Remember, retirement plans made after your 30s need to be much more aggressive than those made while you’re still in your 30s. But you have to start early to save more. Capitalise on the compounding effect of interest!
Here’s a good illustration of how much will you probably need for your retirement!
So besides starting early for retirement planning and taking advantage of the compounding effect to make your money grow, you should invest right. You need to diversify your investment to grow your retirement nest egg.
As you pass through various phases in life, different needs take priority at different stages. Retirement may seem too far away for young singles. There are immediate needs such as building your career and buying a car. By your thirties, you might have bought a house, gotten married and started your own family. As you approach 40, commitments like caring for parents, children and paying off mortgage loans further delay your retirement planning.
Whatever your life’s concerns, retirement will be upon us one day. Rather than meet it unprepared, take the first step now to ensure a financially secure retirement!

Wednesday, September 25, 2013

Medisave Changes for ACP Procedures

The Health Ministry will be lifting the three-cycle cap for Medisave claims for assisted conception procedures (ACP) come October 1.
Currently, the Medisave withdrawal limit for ACPs is S$6,000 for the first treatment cycle, S$5,000 for the second treatment cycle, and S$4,000 for the third cycle.
As couples are now claiming less Medisave than before per cycle due to the enhanced government co-funding for assisted reproduction technologies, the ministry will allow couples to use Medisave for more than three cycles – with the fourth and subsequent cycles subject to a S$4,000 limit each.
Cumulative Medisave use allowed for ACP will remain at S$15,000, to ensure that couples do not deplete their Medisave prematurely said the Ministry.
Currently, Medisave can be used for ACPs at any public or private assisted reproduction (AR) centres.
The Health Ministry has enhanced this over the years to support couples in having children.
Besides the use of Medisave, the ministry has also provided Singaporean couples government co-funding for assisted reproduction technologies (ART) treatment at public hospitals.

Saturday, September 21, 2013

Why You NEED to Invest!

Now that you know money is a great thing to have and a force for good, don't you want to be as wealthy as you possibly can to affect the world in better ways?

I'm sure you do! The more you have, the more you can give and share. (Just look at Bill Gates!) But do we all have to be like Bill Gates and strive to be billionaires? No, we don't. I mean if you want to, sure go ahead! But if your goals and dreams are to simply do your best at your career and take care of the people around, that's just as commendable.
So Then How Do You Build Wealth?

Most people think that to get rich, they need to earn a lot of money. So they look at sports stars, celebrities and high flyers as examples of successful, rich people.

But how many people get to be sports stars and celebrities? If that's your dream, then by all means, go for it! But most regular people are just that - they're regular, decent people making a regular paycheck.

What you may not know is that these "regular" people are your next-door millionaires! Did you know that if you invest just $10/day at 20% returns per annum, you'd have $4,254,773 in just 30 years?

You can get very rich just working a regular job, but investing wisely! And if you have a huge active income... well, you can grow your money even faster. But trust me, earning a huge paycheck doesn'tmean you're wealthy. If you make a million but you spend two every month, you're still broke. And even if you make all the money, don't you need a safe place where you can grow your money long-term? Yes, you do.

So yes, you need to know how to invest. 
Not only to build sustainable, long-term wealth but also because of this:

1) Working a job means you're trading time for money: if you want more money, you have to work more hours. But there's a limit to how many hours you can work a day.

2) Investing gives your passive income. Your money works for you 24/7 whether you are working, sleeping or relaxing on a holiday.

3) Inflation eats up the value of your money. If you do not invest, you become poorer over time.

4) Unless you want to work forever, you need your investments to fund your living expenses when you retire.

Investing allows you to build and safe-keep your wealth. (Yes, investing is very safe when you know what you're doing!).

Wednesday, September 11, 2013

Jungshin will be in Singapore for “SCOOT: K-POP STAR HUNT 3″

The latest season of regional K-Pop talent search, Scoot: K-Pop Star Hunt 3 will be delighting fans and music enthusiasts as organizers channel M, CJ E&M and FNC Entertainment invite South Korean star, Lee Jung Shin of CNBLUE to Singapore to promote the talent reality series. His arrival on the 12 September will mark the countdown to the Singapore’s leg of the audition which will be hosted at Bugis+ on the 15 September.

Affectionately known as the “Nation’s Friend” in South Korea, Lee Jung Shin is the bass player of the popular pop rock quartet CNBLUE which consists of three other members; Jung Yong Hwa, Lee Jong Hyun and Kang Min Hyuk. Formed in 2009, CNBLUE has amassed a list of achievements for their albums and was listed in Forbes Korea “Top 40 Power Celebrities”.

Thursday, September 05, 2013


地点:Compass Point, Level 1 Main Atrium
只要携带 “林俊杰时线世界巡回演唱会” 入门票,就能在门票及台湾版的 《因你而在》专辑上索取林俊杰亲笔签名。一张入门票只限签一张专辑。

Monday, August 26, 2013


International Cosplay Day Singapore (ICDS) 2013 is organized by Neo Tokyo Project and held at SCAPE on 250813. It started at 10am with expedited entry for VIP ticket holders and ended at 8pm for post-event party.

Situated in the atrium and the warehouse were an electric collection of artists and exhibitors promoting their fan arts.

The first stage activity of the day is a photography panel with Jay Tablante, a self-proclaimed 'geek with a camera' who has worked with artists from Marvel & DC and collaborated with famous cosplayers. He is the guy on the extreme right in the image shown below.

The performance by J-Dansu is up next. The members consist of a group of boys in black and 3 kawaii girls.

There were also plenty of opportunities for photo sessions of the cosplayers in action.

I enjoyed myself at this event and hoped to be a part of it again next year!

Thursday, August 22, 2013

How To Find The Good Girls

There are 3 types of girls around: yes, no and maybe girls.

The effective hustlers know how to judge the three types and work accordingly.

All guys know the “no” girls. They are sticks in the mud, stand-offish, difficult, Princesses.

Any guy who has been laid several times knows this type of girl. He probably has a gut instinct that she’s going to be hard to get in the sack.

“Yes” girls, by contrast, are flirty, fun, open with body language and game for anything. They allow you to ask them back to your place with ease.

The problems are the “maybe” girls, especially if they are hot. Even after years of practice, I still can get stuck on these types, but as soon as I recognize the direction we’re going I can make the call.

The “maybe” girls are where most guys get hung up spending all their money and time, thinking that they will get her. Careful, gentlemen, you are dealing with pros. Even other women will admit how manipulative a woman can be. Don’t assume you’ll wear here down or trick her. It’s better to walk then to throw more energy at these problem girls.

If you want to get laid with a minimum of time, energy, hassle, bullshit, and most importantly, cost, then you should work out an effective system.

Think about it. Any successful business must follow a blueprint if it hopes to achieve significant results; the same applies to shagging women, believe it or not. Do not leave your sex life up to chance - what women often call “romance”. Take charge of it.

So, we have this large market of single men and women. A city like SINGAPORE is ideal, because it’s concentrated, and there are so many people and the city is sexy and anonymous. Make your approaches without fear. In this city, who cares, because chances are you won’t see the person again, and even if you do, by that time you’ll be a confident playboy and who cares what one stupid bitch thinks, anyhow.

So, it’s a market, and there are plenty of girls for everyone. Also, to us they may be hot and sexy, but to themselves and other girls, they are just competition, and have their own un-sexy habits like farting, burping, bad breath, fat thighs etc.

Don’t fall for women’s façade. It’s been my experience that women are heavily front-loaded in what they can offer - their value-proposition. She may look fit, sexy and sophisticated, but after you’ve banged her and she’s naked, with mascara running down her face and she’s trying to stuff her thighs into a pair of too small jeans at 2am, you’ll realize she’s just another person trying to get by. Don’t be intimidated.

Thursday, August 15, 2013

Global Logistic Properties - Weaker quarter, but still much to watch out for

While slower leasing in China led to the earnings miss in 1Q14, GLP has seen a strong pick-up in the past six weeks. Looking past this, same-store rents in China remain on the rise with a potential recycling of assets in Japan in FY14. 1Q14 core earnings were below, forming 21% of our full-year estimate and 20% of consensus. We lower our FY14-15 core EPS by 3-9% due to slower leasing assumptions for China and lower operating profits in Brazil. Our RNAV-based target price dips to S$3.32 Maintain Outperform, with a stronger China take-up and accretion from asset recycling as catalysts.
A slower quarter 
1Q14 saw a blip in the take-up in China, with new leased area down 57% qoq to 0.2m sq m vs. strong development starts of 0.73m sq m due to a weaker take-up in China. That said, we believe that GLP is unlikely to maintain this current run rate for the rest of FY14. Management indicated that the leasing demand was noticeably stronger in the past six weeks, with c.0.1m sq m leased out in Jul. NAV for China rose by 30% yoy, but would have been stronger if not for some delays asset completions of due to certain reconfigurations made for its customers. Weaker operating profits in Brazil at the associate level rounded off the earnings miss.  
The positives 
Same-store NOI in China rose by 10.4% yoy (rents up 5% yoy), which drove a 40% yoy increase in China revenues. Occupancy in China remains at 90%. Its landbank in China grew by 0.56m sq m and it is on track to add over 2m sq m (19%) to its inventory in FY14. Its balance sheet, at a 9% net debt to asset ratio, remains very robust.  
Recycling catalysts 
GLP booked a US$100m revaluation gain in Japan on a 13bp cap rate compression (5.2% currently). We believe that further accretion could come if more asset spin-offs into its GLP J-REIT in FY14. Where and what GLP re-invests in will be key for a share price re-rating.

Tuesday, August 06, 2013

B.A.P. Live On Earth Singapore Concert Press Conference

B.A.P will be coming to City Square Mall on 7 Aug, 7.30pm, for the “B.A.P Live on Earth Singapore” Press-Con! 

What’s more, the first 500 fans will get to redeem an Official Concert poster!

Sunday, July 21, 2013


Hoiio is a Singaporean company that simplifies VOIP (voice over internet protocol). It can help reduce your phone bill as it will transform your outgoing calls through its system into incoming calls. The result of the call quality is comparable to native phone calls.


Hoiio also provides a worldwide SMS service at economical rates. If I send an SMS from Malaysia to Singapore, the typical charge is SGD$0.31. However by sending SMS using Hoiio mobile app, the cost is only MYR 0.13 each!

Hoiio is currently available on Android, iOS and blackberry 10 devices. There is no contract to tie us down.

Upon your free registration, you will also be credited with SGD$0.50! Try it now at CREATE FREE HOIIO ACCOUNT

Tuesday, July 16, 2013

Sheng Siong Group: Still an attractive dividend play

Clear growth drivers going forward.  We hosted SSG’s CEO and CFO for pulse of Asia Conference in Singapore and a two-day NDR in Hong Kong, which drew keen interest from investors.  Population growth, store expansion, margin improvement and e-commerce will be SSG’s key growth drivers going forward.  SSG is a beneficiary of rising interest rates – a 1% rise in interest rates will raise  earnings  by 3%.

Revenue drivers in place, margins will improve.  With Singapore’s population projected to increase to 6.9m by 2030, SSG targets to expand its store network to 50.  Management believes that it can increase its network intensity further in the northern eastern and central parts of Singapore.  We also see margins improving going forward on better operational efficiencies and cost management.  Margin expansion will come from better product mix of fresh vs dry food, increasing contribution of house brands,more direct purchasing and bulk handling initiatives.  

E-commerce is kicking off and could be a game changer.  Developments for SSG’s e-commerce initiative have now accelerated.  SSG has completed the framework for e-commerce and is due to roll out the e-commerce pilot test soon.  We believe this can be a game changer for both SSG (better profitability) and consumers (time saver) alike as the pace of life in Singapore intensifies.

Maintain BUY, TP S$0.78.  We like SSG for its stable earnings base, consistent dividend payout and yield of 4.0%.  SSG currently trades at 22.4x FY13F PE, with an attractive ROE of 27.3%. Maintain BUY for a 15% upside to our revised TP of S$0.78, which is based on 25x blended FY13F/FY14F earnings. 

Sunday, July 14, 2013

Aska Yang (楊宗緯) Autograph Session

When: Sunday, July 14, 4pm
Where: Bugis Junction, Bugis Square Level 1
Tickets: Free admission
The Taiwanese singer has touched the hearts of many with his pure and strong vocals. His latest album entitled "First Love <初。愛>" marks his third studio album since he left the singing competition One Million Star in 2007. 
The 35-year-old, who scored his big break as a contestant on reality TV competition One Million Star, will perform his new hits and sign autographs for fans with priority queue coupons (available in selected copies of First Love).

Friday, July 05, 2013


I am among the first to see the show highlights at the Singapore International Jewelry Expo (SIJE) 2013 opening ceremony on the 4th July 2013.

The event is opened by Guest of Honour, Dr Lily Neo, Member of Parliament, Tanjong Pagar GRC.

We were also treated to a stunning jewelry fashion show after the opening ceremony.

The expo highlight is an exceptionally rare violet-blue stunner, the largest natural tanzanite ever showcased here in Singapore and South East Asia. This 118-carat beauty priced at more than S$1 million is showcased by DeGem at booth G15 & G16.

Also showcased by DeGem is a rare 107-carat astonishing, fancy coloured diamond. Priced at USD$4 million, the soft cushion shape of this magnificent jewel is enhanced by its rich, champagne colour that sparkles brilliantly as the diamond turns.

Besides the jewelry booths from all over the world, there is a Japanese booth M15 by Eiko Kogyo Co Ltd that specialises in safes. On display is the secret safe LIFT priced at USD$10 000 which is operated by a power supply.

SIJE will be held at Marina Bay Sands Singapore Convention Centre Halls A & B from 4 to 7 July 2013. Exhibition hours are from 11.30am to 7pm. For more information, please check out

Friday, June 21, 2013

6 reasons why CMA is bullish on 2013 and beyond

See what makes it so "well-positioned".

CMA ran down the reasons why it is in a solid position for growth in 2013, in a presentation during the recent SGX Sector Connect Seminar.

CMA first reasoned that more 75% of our malls are operational. 

It also said that the malls it had opened in 2012 will start to contribute to 2013 earnings. 

Also, the company is expecting significant profit recognition from Bedok Residences in 2013 and 2014.

CMA also expects its strong pipeline of 21 malls under development to contribute to future earnings. 

It is also positive that it can continue to maintain its leadership track record of building resilient necessity and suburban malls. 

Lastly, the company said that it has a fairly strong balance sheet to capitalize on future opportunities. 

Tuesday, June 11, 2013

Singapore REITs - As the dust settles, value emerges

S-REITs’ ability to grow distributions to compensate for rising bond yields/interest costs a key consideration. We believe that fears of the impact of rising bond yields on S-REITs are an over-reaction at this point as our economists do not expect QE to taper off anytime soon. Over the medium term, a rise in long bond yields is likely to be more gradual than abrupt and S-REITs’ continued ability to grow distributions (estimated at 4.0% y-o-y) is a compensating factor. Thus, we believe that the knee-jerk reaction seen in the S-REITs’ share prices (FSTREI index was down 10% YTD vs STI 5% dip in the past few weeks) is unwarranted. 

Impact of rising bond yields “more expected than real”.  We have assessed the impact of rising bond yields on our target prices, and the conclusions are: (i) Our analysis indicates that S-REIT yield spread of 3.9% based on current share prices have factored long bonds of >2.5%. Prior experience shows that S-REITs trade at a 350-390 bps spread when long bonds were above 2%. (ii) Impact from higher interest costs is managable at <3 b="">  Active capital management has resulted in most S-REITs locking in >50% of their debt costs for the next 1 - 2 years. We estimate a 0.5% increase in interest rates to have a <3 as="" b="" distributions="" impact="" managable.="" nbsp="" on="" see="" we="" which="">(iii) NAVs appear safe for now. Worries of cap rate expansion impacting S-REITs’ book values negatively are valid but we do not see it as a concern at this point. Other than for office, we note that higher valuations for S-REIT portfolios (retail, industrial sub-sectors) are underpinned by higher income, which we believe make S-REITs’ NAVs more resilient.   

Translation losses a potential risk. The INR, AUD and JPY weakened 2%, 7% and 27% against the S$ respectively since the start of 2013. Thus, S-REITs with exposures in these currencies might see earnings downside and NAV declines from translation losses. From the earnings front, we note that most S-REITs have taken hedges to minimize impact. 
S-REITs sell-off is over-done, Selective BUYs. We have been advocating a selective stance, and limit our picks to REITs which offer growth that is achievable and visible. We like Magic (BUY, TP S$1.22),MCT (BUY, TP S$1.53), FCOT (BUY TP $1.69) and Cache (BUY, TP S$1.47) for their better than peers’ growth prospects. We have also upgraded A-REIT (BUY, TP S$2.60) and MINT (BUY, TP S$1.63) from HOLD to BUYs on valuation grounds.