September 2010
Results Announcement
- 12 Oct 10 : SPH (Q410)
STI = 3097.63 (-8.40)
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
SPH |
FY09 (Aug) |
26 |
25 |
$4.25 |
5.882% |
16.35 |
Interim 7ct ; Final 9ct + 9ct (Special) |
|
SingPost |
FY10 (Mar) |
8.563 |
6.25 |
$1.22 |
5.123% |
14.25 |
Q1, Q2, Q3 1.25ct ; Q4 2.5ct |
|
STI ETF |
Jun-10 |
— |
3 |
$3.14 |
1.911% |
— |
Jun10 3ct ; Dec09 3ct |
|
SATS |
FY10 (Mar) |
16.7 |
13 |
$2.85 |
4.561% |
17.07 |
Final 8ct ; Interim 5ct |
|
ST Engg |
FY09 (Dec) |
14.78 |
13.3 |
$3.36 |
3.952% |
22.73 |
Final 4ct + 6.28ct (Special) ; Interim 3ct |
Transport
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
SBSTransit |
FY09 (Dec) |
17.75 |
8.8 |
$1.86 |
4.731% |
10.48 |
Interim 4.5ct ; Final 4.3ct |
|
ComfortDelGro |
FY09 (Dec) |
10.52 |
5.3 |
$1.52 |
3.487% |
14.45 |
Interim 2.63ct ; Final 2.67ct |
|
SMRT |
FY10 (Mar) |
10.7 |
8.5 |
$2.05 |
4.146% |
19.16 |
Interim 1.75ct ; Final 6.75ct |
TELCO
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
SingTel |
FY10 (Mar) |
24.55 |
14.2 |
$3.14 |
4.522% |
12.79 |
Interim 6.2ct ; Final 8ct |
|
M1 |
FY09 (Dec) |
16.8 |
13.4 |
$2.19 |
6.119% |
13.04 |
Interim 6.2ct ; Final 7.2ct |
|
StarHub |
FY09 (Dec) |
18.68 |
19 |
$2.58 |
7.364% |
13.81 |
Q1 4.5ct ; Q2 4.5ct ; Q3 5ct ; Q4 5ct |
Funds / Infrastructure
|
Stock |
Period |
DPS cts |
Mkt |
Yield |
NAV |
Div Breakdown |
|
SPAus |
2H10 (Mar-10) |
A4.0 (Gross) |
$1.090 |
9.344% |
A$0.94 |
2H10 A4.0ct ; 1H10 A4.0ct |
|
MIIF |
1H – Jun10 |
1.50 |
$0.545 |
5.505% |
$0.830 |
2H09 1.5ct ; 1H09 1.5ct |
* SPAus DPU in A$. Yield is Calculated Using Latest Exchange Rate (1.2731) fm Yahoo
NOTES :
- Mkt Price is as on 30-Sep-10
- SBSTransit : Q210 (Jun) – 4.5ct
- ComfortDelgro : Q210 (Jun) – 2.7ct
- MIIF : 1H10 (Jun) – 1.5ct
- StarHub : Q210 (Jun) – 5ct ; Q110 (Mar) – 5ct
- ST Engg : Q210 (Jun) – 3ct
- SingPost : Q111 (Jun10) – 1.25ct
- M1 : 1H10 (Jun) – Interim 6.3ct
- SingTel : 2H10 (Mar10) – Final 8ct ; 1H10 (Sep09) – Interim 6.2ct
- SPAus : 2H10 (Mar10) – A4ct (before tax) / A3.7739ct (after tax) ; 1H10 (Sep09) – A4ct (before tax) / A3.8113ct (after tax)
- SATSvcs : Q410 (Mar10) – Final 8ct ; Q210 (Sep09) – Interim 5ct
- SMRT : Q410 (Mar10) – Final 6.75ct ; Q210 (Sep09) – Interim 1.75ct
- SPH : 1H10 (Feb) – 7ct
- StarHub : FY10 Div Policy 20ct ie. 5ct/Q
September 2010
Results Announcement
- 12 Oct 10 : SPH (Q410)
STI = 3097.63 (-8.40)
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
SPH |
FY09 (Aug) |
26 |
25 |
$4.25 |
5.882% |
16.35 |
Interim 7ct ; Final 9ct + 9ct (Special) |
|
SingPost |
FY10 (Mar) |
8.563 |
6.25 |
$1.22 |
5.123% |
14.25 |
Q1, Q2, Q3 1.25ct ; Q4 2.5ct |
|
STI ETF |
Jun-10 |
— |
3 |
$3.14 |
1.911% |
— |
Jun10 3ct ; Dec09 3ct |
|
SATS |
FY10 (Mar) |
16.7 |
13 |
$2.85 |
4.561% |
17.07 |
Final 8ct ; Interim 5ct |
|
ST Engg |
FY09 (Dec) |
14.78 |
13.3 |
$3.36 |
3.952% |
22.73 |
Final 4ct + 6.28ct (Special) ; Interim 3ct |
Transport
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
SBSTransit |
FY09 (Dec) |
17.75 |
8.8 |
$1.86 |
4.731% |
10.48 |
Interim 4.5ct ; Final 4.3ct |
|
ComfortDelGro |
FY09 (Dec) |
10.52 |
5.3 |
$1.52 |
3.487% |
14.45 |
Interim 2.63ct ; Final 2.67ct |
|
SMRT |
FY10 (Mar) |
10.7 |
8.5 |
$2.05 |
4.146% |
19.16 |
Interim 1.75ct ; Final 6.75ct |
TELCO
|
Stock |
Period |
EPS cts |
DPS cts |
Mkt |
Yield |
PE |
Div Breakdown |
|
SingTel |
FY10 (Mar) |
24.55 |
14.2 |
$3.14 |
4.522% |
12.79 |
Interim 6.2ct ; Final 8ct |
|
M1 |
FY09 (Dec) |
16.8 |
13.4 |
$2.19 |
6.119% |
13.04 |
Interim 6.2ct ; Final 7.2ct |
|
StarHub |
FY09 (Dec) |
18.68 |
19 |
$2.58 |
7.364% |
13.81 |
Q1 4.5ct ; Q2 4.5ct ; Q3 5ct ; Q4 5ct |
Funds / Infrastructure
|
Stock |
Period |
DPS cts |
Mkt |
Yield |
NAV |
Div Breakdown |
|
SPAus |
2H10 (Mar-10) |
A4.0 (Gross) |
$1.090 |
9.344% |
A$0.94 |
2H10 A4.0ct ; 1H10 A4.0ct |
|
MIIF |
1H – Jun10 |
1.50 |
$0.545 |
5.505% |
$0.830 |
2H09 1.5ct ; 1H09 1.5ct |
* SPAus DPU in A$. Yield is Calculated Using Latest Exchange Rate (1.2731) fm Yahoo
NOTES :
- Mkt Price is as on 30-Sep-10
- SBSTransit : Q210 (Jun) – 4.5ct
- ComfortDelgro : Q210 (Jun) – 2.7ct
- MIIF : 1H10 (Jun) – 1.5ct
- StarHub : Q210 (Jun) – 5ct ; Q110 (Mar) – 5ct
- ST Engg : Q210 (Jun) – 3ct
- SingPost : Q111 (Jun10) – 1.25ct
- M1 : 1H10 (Jun) – Interim 6.3ct
- SingTel : 2H10 (Mar10) – Final 8ct ; 1H10 (Sep09) – Interim 6.2ct
- SPAus : 2H10 (Mar10) – A4ct (before tax) / A3.7739ct (after tax) ; 1H10 (Sep09) – A4ct (before tax) / A3.8113ct (after tax)
- SATSvcs : Q410 (Mar10) – Final 8ct ; Q210 (Sep09) – Interim 5ct
- SMRT : Q410 (Mar10) – Final 6.75ct ; Q210 (Sep09) – Interim 1.75ct
- SPH : 1H10 (Feb) – 7ct
- StarHub : FY10 Div Policy 20ct ie. 5ct/Q
SPAUSNET-BT
SP AusNet said on Friday that it has filed its defence with the Supreme Court of Victoria concerning the Feb 7, 2009, Black Saturday bushfire known as the Kilmore East fire.
SP AusNet denies it was negligent and claims that its conduct was at all times reasonable as well as in compliance with technical regulations.
The company is facing a class action with more than 600 claimants against it. The action claims that proper maintenance and correctly identifying a damaged power line could have avoided the Kilmore East fire.
SP AusNet has also made counterclaims against several parties: the Department of Sustainability and Environment, the State of Victoria (Victoria Police), the Country Fire Authority and a contracted inspector of electricity assets.
The purpose of the counterclaim is to join other parties where they may be relevant to the Court's consideration of the causes and consequences of the Kilmore East fire.
If SP AusNet's defence of the claim is successful, the counterclaim will become irrelevant and will not be pursued.
SingTel – CIMB
Smartening the pipe
• Maintain UNDERPERFORM. SingTel showcased its ambitions to become the leader in cloud computing by hosting an i.Luminate Business Innovations Forum. We view this as SingTel’s attempt to reinvent itself from being a “dumb pipe” broadband provider to one that offers businesses value-added services, much like its ambition to be a multimedia company for residential users. Cloud computing should also help SingTel retain customers with the advent of NGNBN. Riding its existing infrastructure, SingTel can provide these services across the region. While we view its move positively, we estimate that contributions from cloud computing will not be significant in the foreseeable future. Meanwhile, SingTel faces earnings pressure in Singapore, India and Australia. Hence, we maintain our UNDERPERFORM rating and SOP-based target price of S$3.09. We prefer M1 as we believe it will be the largest beneficiary of NGNBN, and offers capital-management potential.
• One-stop ICT solutions provider. SingTel wants to move up the value chain from a mere provider of managed and professional services to cloud computing i.e. SingTel has assembled solutions from many providers, offering software, platform and infrastructure services to which businesses can subscribe as and when they need them.
• SingTel’s counter-attack. We view the above as part of SingTel’s defence of its dominance in broadband services to small and medium enterprises. SingTel’s near monopoly in this market segment has been made vulnerable by NGNBN which will connect all buildings and commercial areas in Singapore with fibre optics.
STEng – Phillip
Contract wins till date
• Total value of announced contracts till date had surpassed that of entire FY2009. Contract value announced till date stands at S$2.27bn.
• ST Aerospace’s Maintenance-By-the-Hour (MBH™) contracts will benefit from increased utilization by its airline customers. Hence, the capacity additions by global airlines and freighters are reflective of increases to Aerospace revenue in 6 to 12months. Being the largest revenue and profit contributor to STE, a rebound for the global aerospace industry is positive for the group.
• We estimate that the MBH™ contracts won by ST Aerospace from Jet Airways, Spring Airlines & T’Way Air in 2010 will add approximately S$130mn to the yearly sales of its commercial aircraft business.
• Under the current low interest rate environment, we believe that STE offers healthy earnings yield at the current price. We expect a 12M-Fwd earnings yield of 5%, which is a 3% premium over 10yr Bond Yield on Singapore Government Securities of approximately 2% (above the 5yr average earnings yield premium of 2.48%). Hence, we maintain our BUY call with a revised target price of S$3.69 based on our FCFE-model (COE: 8.3%, Terminal G= 3.5%).