Author: tfwee
June 2009
|
Stock |
Period |
DPS ct |
Price |
Yield |
PE |
Div Breakdown |
|---|---|---|---|---|---|---|
|
SPH |
FY08 : Aug |
27.0 |
S$3.16 |
8.544% |
11.70 |
Interim 8ct ; Final 9ct + 10ct (Special) |
|
SingPost |
FY09 : Mar |
6.25 |
$0.895 |
6.983% |
11.58 |
Q1 1.25ct ; Q2 1.25ct ; Q3 1.25ct ; Q4 2.5ct |
|
STI ETF |
Dec-08 |
5.0 |
S$2.37 |
4.219% |
— |
Dec-08 5ct ; Jun-08 6ct |
|
STEng |
FY08 : Dec |
15.8 |
S$2.45 |
6.449% |
15.49 |
Final 4ct + 8.8ct (Special) ; Interim 3ct |
|
Stock |
Period |
DPS ct |
Price |
Yield |
PE |
Div Breakdown |
|---|---|---|---|---|---|---|
|
SBSTransit |
FY08 : Dec |
6.6 |
S$1.60 |
4.125% |
12.13 |
Interim 3ct ; Final 3.6ct |
|
ComfortDelgro |
FY08 : Dec |
5.0 |
S$1.28 |
3.906% |
13.35 |
Interim 2.6ct ; Final 2.4ct |
|
SMRT |
FY09 : Mar |
7.75 |
S$1.69 |
4.586% |
15.79 |
Interim 1.75ct ; Final 6.0ct |
|
Stock |
Period |
DPS ct |
Price |
Yield |
PE |
Div Breakdown |
|---|---|---|---|---|---|---|
|
SingTel |
FY09 : Mar |
12.5 |
S$3.00 |
4.167% |
13.84 |
Interim 5.6ct ; Final 6.9ct |
|
M1 |
FY08 : Dec |
13.4 |
S$1.53 |
8.758% |
9.11 |
Interim 6.2ct ; Final 7.2ct |
|
StarHub |
FY08 : Dec |
18.0 |
S$2.14 |
8.411% |
11.71 |
Q1 4.5ct ; Q2 4.5ct ; Q3 4.5ct ; Q4 4.5ct |
|
Stock |
Period |
DPS ct |
Price |
Yield |
NAV |
Div Breakdown |
|---|---|---|---|---|---|---|
|
SPAus |
2H : Mar-09 |
A5.6578 |
S$0.90 |
14.791% |
A$0.89 (NTA) |
2H A5.6578ct ; 1H A5.7431ct |
|
MIIF |
2H : Dec-08 |
3.0 |
S$0.365 |
16.438% |
$0.89 |
2H 3.0ct ; 1H 4.25ct |
|
MacCookPSF |
Q2 : Dec-08 |
A1.0 (Gross) |
S$0.14 |
33.611% |
A$0.5168 (NTA) |
Q209 A1.0ct ; Q109 A1.75ct |
* SPAus and MacCookPSF DPU in A$. Yield is Calculated Using Latest Exchange Rate (1.1764) fm Yahoo
NOTES :
- Mkt Price is as on 30-Jun-09
- SingTel : Q409 (Mar09) – Final 6.9ct ; Q209 (Sep08) – Interim 5.6ct
- SPAus : Projected DPU = A8ct (FY10 – Year End Mar-10) ; 1-for-4 Rights @ A$0.78/S$0.86
- SPAus : 2H09 (Mar09) – AA5.927ct (before tax) / A5.6578ct (after tax) ; 1H09 (Sep08) – A5.927ct (before tax) / A5.7431ct (after tax)
- MacCookPSF : Q309 (Mar09) DPU Decision Deferred – SGX 15-Jun-09
- StarHub : Q109 (Mar) – 4.5ct
- SingPost : Q409 (Mar09) – 2.5ct ; Q309 (Dec08) – 1.25ct ; Q209 (Sep08) – 1.25ct ; Q109 (Jun08) – 1.25ct
- SMRT : Q409 (Mar09) – Final 6ct ; Q209 (Sep08) – Interim 1.75ct
- SPH : 1H09 (Feb) – 7ct
- ST Engg : Q408 (Dec) – 4ct (Final) + 8.8ct (Special) ; Q208 (Jun) – 3ct
- ComfortDelgro : Q408 (Dec) – 2.4ct ; Q208 (Jun) – 2.6ct
- SBSTransit : Q408 (Dec) – 3.6ct ; Q208 (Jun) – 3ct
- StarHub : FY09 Div Policy 18ct ie 4.5ct/Q
- M1 : 2H08 (Dec) – Final 7.2ct ; 1H08 (Jun) – Interim 6.2ct
- MIIF (Dec) : 2H08 ; 3.0ct ; 1H08 (Jun) – 4.25ct
SPH – Daiwa
Initiation of coverage: bellwether fundamentals, defensive stock
A media/property conglomerate
StarHub – CIMB
Football concerns
• Lose-lose for StarHub. We believe StarHub’s share price will come under pressure leading up to the battle with SingTel over the rights to the 2010-2012 BPL seasons in 3Q09. If it wins, it would have to pay a steep price with questionable ability to pass on the cost to subscribers. If it loses, it could see significant customer churns.
• Window of opportunity to grab BPL. With most of the other attractive content locked up at least till 2010, SingTel has a small window of opportunity to clinch these rights. We believe that SingTel will go all out to win. It has been acquiring content aggressively, demonstrating its intent of building up its pay TV business.
• Regulatory intervention? Recent press reports have suggested that the regulator could intervene to prevent escalating content cost. But we believe it is beyond the boundaries of the regulator as the decision on exclusivity provision appears to lie with the content owner (FAPL).
• Sensitivity analysis. If StarHub loses its exclusivity of the BPL rights, we expect a 7% uplift to FY10 earnings due to savings on content costs, but FY11 core net profit could drop 5% due to rising churns. We currently assume StarHub will retain the rights, but at double the S$200m it paid in the last auction.
• Sell into the recent strength. At this stage, it is too premature to make any incisions to our earnings forecast or our DCF-based (WACC: 9.4%, LT growth: 1.0%) target price of S$1.58. We believe the market has not adequately priced in the risk of a loss of this exclusive content. Maintain UNDERPERFORM on de-rating catalysts of a) content warfare in 3Q and b) downtrading to its pay TV and broadband franchise.
STEng – BT
ST Aerospace wins 2 separate contracts worth a total of $48m
ST Engineering unit ST Aerospace has won two separate contracts worth a total of $48 million.
In China, the company has signed a US$21 (S$30.4) million deal to repair and maintain the Airbus A321 fleet of Shanghai Airlines.
The eight-year maintenance-by-the-hour deal, which starts in July, expands the scope of services ST Aero provides to Shanghai Airlines. The latter is currently already a maintenance, repair and overhaul (MRO) customer for engines and components.
ST Aerospace has also clinched a 9 million euro (S$18 million) maintenance deal with new Copenhagen-based regional airline Cimber Sterling.
The five-year contract is for component support for Cimber Sterling’s fleet of five B737NG planes. The airline flies to about 20 destinations around Europe.
Pudong-based Shanghai Airlines is one of the larger airlines in China by fleet size, with 55 planes flying domestic and international routes. The latest deal is the third area in which ST Aero is providing services to Shanghai Airlines.
ST Aero – which is the world’s largest air-frame maintenance and third party air-frame maintenance company, surpassing competitors Lufthansa Tecknik, Hong Kong’s HAECO and AirFrance-KLM – has six major global bases.
The company currently has a maintenance contract order book of just over S$11 billion.
Besides its two Singapore facilities – Sasco and STA Engineering – ST Aero’s MRO bases include ST Mobile Aerospace in Alabama, San Antonio Aerospace in Texas, Panama Aerospace Engineering and Shanghai Technologies Aerospace (Starco).
The company, which accounts for almost half of listed ST Engineering’s income, is also one of the world’s leading passenger-to-freighter (PTF) conversion outfits.
Besides, Starco, which is a 49 per cent joint venture with Shanghai-based China Eastern airlines, ST Aero’s China operations include Xiamen-based ST Aerospace Technology Company and its component logistics-focused Guangzhou Aerospace Technologies & Engineering Company.
In Europe, ST Aero’s facilities include Madrid Aerospace Services, which specialises in landing gear, ST Aerospace Solutions in Oslo and Airlines Rotables in London.
SPH – BT
SPH sells 20% 701Sou stake to Star
MEDIA group Singapore Press Holdings (SPH) is selling a 20 per cent stake in 701Sou (Hong Kong) Pte Ltd to Malaysia’s Star Publications for $5 million.
In a statement yesterday, SPH said that the sale by its subsidiary SPH Interactive International (SPHII) was on a willing-buyer, willing-seller basis and completion was expected to be within 14 days.
701Sou provides online directory search services in China through its website (701Sou.com).
Launched last November, the site has attracted a monthly visitor rate of six million and a return visitor rate of over 28 per cent.
On completion of the transaction, SPHII will still be the major shareholder of 701Sou with a direct 55 per cent stake and an indirect 5 per cent stake through its 50:50 joint venture company 701Search Pte Ltd, which owns 10 per cent of 701Sou. Fung Choi Printing owns 15 per cent.
This is the second time that SPHII has formed an alliance with Star Publications.
In April last year, the group forged a joint venture with Star Publications for the provision of online directory search services in Malaysia through 701Panduan.
Like 701Sou.com, 701Panduan.com has also grown to be a popular site with local users. ‘Launched since March this year, the site averages a monthly visitor rate of one million and a return visitor rate of 30 per cent,’ said SPH.
SPH CEO Alan Chan said: ‘Following 701Panduan, we are confident that the synergistic partnership between SPH and Star Publications will continue to contribute to the success of 701Sou.
‘We look forward to more future collaborations between the two media powerhouses.’
The transaction has no material impact on the earnings per share or the net assets per share of SPH for the financial year ending Aug 31, 2009.