Author: tfwee
MacCookPSF – BT
MacCook PSF profit jumps 136%
Total return to S’pore investors since the fund’s listing was almost 14%
MACARTHURCOOK Property Securities Fund yesterday reported a net profit of A$34.3 million (S$42.6 million) for the year ended June 30, 2007 – an increase of 136 per cent year on year. Earnings per unit on a weighted basis were 25.6 Australian cents, compared with 13.4 Australian cents the previous year.
The total return to Singapore unitholders from the fund’s listing on Dec 22, 2006 to June 30, 2007 was almost 14 per cent – comprising 4.3 per cent distribution return and 9.6 per cent growth return.
The fund is also listed on the Australian Stock Exchange.
Net tangible asset backing was about 13 per cent higher at A$1.11 per unit as at June 30 versus a year earlier.
The fund has A$235 million invested among 52 listed and unlisted property trusts managed by 28 real estate investment managers.
About 75 per cent its assets in terms of value are concentrated in Australia. The remaining exposure is spread over the United States (14 per cent), Europe (8 per cent), Japan (2 per cent) and New Zealand (one per cent).
About 39 per cent of the fund’s investment is in office space, 32 per cent in retail space and 12 per cent in industrial space. The remaining investments are spread over hotel, residential, childcare, healthcare and other property.
The fund’s strategy of investing in stable, long-term, low-risk assets is aimed at investors looking for income yield.
Distribution per unit for FY2008 is forecast to be 11.4 cents for Singapore investors.
SingPost – BT
SingPost looking for new chief executive
SINGAPORE Post (SingPost) is on the lookout for a new chief executive officer. This follows the resignation yesterday of CEO Lau Boon Tuan, who has headed the company since February 2005.
Mr Lau’s resignation took effect yesterday. ‘He wishes to pursue other opportunities,’ SingPost said in a press release yesterday. The company said Mr Lau had been responsible for improving efficiencies and strengthening its teamwork.
‘The board of directors puts on record its appreciation of Mr Lau’s valuable contributions and commitment during a crucial phase of SingPost’s transformation from a dominant provider of postal services to one which now also offers a wider range of products and services, including agency and financial services,’ SingPost added.
In April, the basic domestic and international mail services were opened up to competition, ending SingPost’s 15-year monopoly.
For the financial year ended March 31, 2007, SingPost’s net profit rose 13.3 per cent to $139.8 million on a 5.6 per cent increase in turnover to $436 million. The company registered growth in all its core businesses: mail, logistics and retail.
And for the first quarter of its current financial year, SingPost reported year-on-year growth of 24 per cent in net earnings to $38.4 million on a 10 per cent rise in revenue to $115.5 million.
Mr Lau said at the first-quarter results briefing that the group was continuing to pursue various initiatives to maintain its growth momentum. These included enlarging its presence in the region, such as in the area of hybrid mail services.
In May, it signed a cooperation agreement with Hongkong Post for the hybrid mail business in Hong Kong followed by the signing of a joint venture agreement with Thai British Security Printing Public Co Ltd to provide hybrid mail services in Thailand.
SingPost is now looking ‘for a suitable candidate to continue carrying through strategic priorities of this premier postal institution and take it to the next level’.
In the meantime, its chief operating officer (Logistics & eBusiness), Dennis Quek, will serve as acting CEO. Mr Quek has over 17 years of experience in both local and regional companies.
August 2007
New data for the month includes,
Results
- 14-Aug-07 (before mkt open) : SingTel (Q108) – EPS 5.83ct
- 13-Aug-07 (mkt close) : ComfortDelgro (Q207) – EPS 2.82ct ; DPS 3.35ct (interim) + 4.15ct (special)
- 13-Aug-07 (mkt close) : SBSTransit (Q207) – EPS 4.76ct ; DPS 6ct
- 13-Aug-07 (before mkt open) : MIIF (1H07) – DPS 4.15ct
- 8-Aug-07 (mkt close) : ST Engg (Q207) – EPS 4.16ct ; DPS 2ct
- 2-Aug-07 (mkt close) : StarHub (Q207) – EPS 4.48ct ; DPS 4ct
|
Stock |
Period |
DPS ct |
Price |
Yield |
PE |
Div Breakdown |
|---|---|---|---|---|---|---|
|
SPH |
FY06 – Aug |
24.0 |
S$4.34 |
5.530% |
16.07 |
Interim 7ct ; Final 8ct + 9ct (Special) |
|
SingPost |
FY07 : Mar |
6.25 |
S$1.24 |
5.040% |
17.01 |
Q1 1.25ct ; Q2 1.25ct ; Q3 1.25ct ; Q4 2.5ct |
|
Sing Food |
FY06 : Dec |
5.4 |
S$0.825 |
6.545% |
13.98 |
Interim 2.2ct ; Final 3.2ct |
|
STEng |
FY06 : Dec |
15.11 |
S$3.68 |
4.106% |
24.29 |
Final 4ct + 11.11ct (Special) |
|
Stock |
Period |
DPS ct |
Price |
Yield |
PE |
Div Breakdown |
|---|---|---|---|---|---|---|
|
SBSTransit |
FY06 : Dec |
28.5 |
S$3.04 |
9.375% |
16.45 |
Interim 5ct ; Final 6.5ct + Special 17ct |
|
ComfortDelgro |
FY06 : Dec |
11.0 |
S$1.95 |
5.641% |
16.53 |
Interim 3.125ct + Special 3.375 ; Final 3ct + Special 1.5ct |
|
SMRT |
FY07 : Mar |
7.25 |
S$1.74 |
4.167% |
19.55 |
Interim 1.5ct ; Final 5.75ct |
|
Stock |
Period |
DPS ct |
Price |
Yield |
PE |
Div Breakdown |
|---|---|---|---|---|---|---|
|
SingTel |
FY07 : Mar |
20.6 |
S$3.64 |
5.659% |
15.66 |
Interim 4.6ct ; Final 6.5ct + Special 9.5ct |
|
M1 |
FY06 : Dec |
13.3 |
S$2.11 |
6.303% |
12.71 |
Interim 5.8ct ; Final 7.5ct |
|
StarHub |
FY06 : Dec |
11.5 |
S$3.02 |
3.808% |
17.16 |
Q1 2.5ct ; Q2 2.5ct ; Q3 3ct ; Q4 3.5ct |
|
Stock |
Period |
DPS ct |
Price |
Yield |
NAV |
Div Breakdown |
|---|---|---|---|---|---|---|
|
SPAus |
2H : Mar-07 |
7.0846 |
S$1.67 |
8.485% |
– |
1H A5.4841ct @ 1.2105 ; 2H A5.4766 @ 1.2936 |
|
MIIF |
1H : Jun-07 |
4.15 |
S$1.07 |
7.757% |
$1.19 |
1H 4.15ct |
|
MacCookPSF |
Q4 : Jun-07 |
2.61877 |
S$1.33 |
7.876% |
A$1.06 |
Q307 A2.375ct @ 1.2614 ; Q407 A2.375ct @ 1.3103 |
* SPAus and MacCookPSF DPU in A$. Yield is thus also Dependent on Exchange Rate
NOTES :
- Mkt Price is as on 31-Aug-07
- ComfortDelgro : Q207 – Interim 3.35ct + Special 4.15ct
- SBSTransit : Q207 – Interim 6ct
- MIIF : 1H07 – 4.15ct
- ST Engg : Q207 – 2ct
- StarHub : Q207 – 4ct ; Q107 – 3.5ct
- SingPost : Q108 (Jun) – 1.25ct
- M1 : 1H07 (Jun) – Interim 2.5ct + Capital Reduction 4.6ct
- SPAus : 2H07 (Mar07) – A5.4766ct @ 1.2936 ; 1H07 (Sep06) – A5.4841ct @ 1.2105
- MacCookPSF : Q407 (Jun) – A2.375ct (S2.61877ct) ; Q307 (Mar) – A2.375ct (S2.867ct) ; A$ – Gross / S$ – After Tax
- SingTel : Q407 (Mar07) – Final 6.5ct + Special 9.5ct ; Q207 (Sep06) – Interim 4.6ct
- SMRT : Q407 (Mar07) – Final 5.75ct ; Q207 (Sep06) – Interim 1.5ct
- SPH : 1H07 (Feb07) – Interim 7ct
SingTel – Phillip
Attractive Valuation
1Q results. SingTel reported 1Q operating revenue of S$3,567m (+10.5% yoy) and net profit of S$927m (+10.4% yoy). Moreover, EBITDA increased to S$1,769m (+9.2% yoy). All the three components of its business – SingTel, Optus and regional associates – contributed to the strong performance.
Strong growth in its business. In Singapore, SingTel benefited from the strong domestic economy. It managed to retain its market leadership position and saw its revenues for the telecoms and IT businesses grow. Moreover, in Australia, Optus achieved an increase in operating revenue of 3.5 percent to A$1.9 billion despite a highly competitive market.
The regional mobile associates also posted good results for the quarter. Pre-tax earnings gained 51 percent to S$652m while post-tax earnings increased 29 percent to S$463m. These results were due to the better performances from PT Telkomsel Selular, Bharti Telecom Group and Globe Telecom. However, Advanced Info Service and Pacific Bangladesh Telecom Limited posted poor results.
FY2008 Outlook. Management is optimistic about its business in 2007. In Singapore, operating revenue is expected to grow at single-digit level and capital expenditure to revenue ratio is expected to be in low double-digits. The revenue growth for Optus is likely to be to 2.5 to 3 percent and capital expenditure is approximately A$1.1 billion.
Meanwhile, the pre-tax profit contribution from the regional mobile associates is expected to grow at double digits levels and cash dividends from associates are likely to increase.
Maintain Buy recommendation, target price raised slightly from S$3.85 to S$3.90. SingTel remains attractive for investors. This is because it pays good dividends. Moreover, its business continues to grow in Singapore and Australia with strong contributions from its regional mobile associates. The stock has also been resilient during the recent market correction. In fact, it is also a defensive stock.