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sgx is the correct one
other, especially if 'free' is likely from data feed that are delayed for 15 minutes or more, thus when u see different website u get different STI
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[Thursday, April 30, 2009
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By R SIVANITHY Published April 30, 2009 THE woes
afflicting China stocks listed here, or S-chips, are by now well known:
accounting irregularities, missing cash, profit warnings, and the resultant
going-concern doubts that have emerged. And they have led to the
sector's spectacular collapse; on Tuesday, 34 out of the 51 S-chips
that comprise the FT ST China Index (67 per cent) traded for below 20
cents, while 43 (84 per cent) traded for below 50 cents. To
make matters worse, there is an e-mail message circulating within the
financial industry titled 'Confessions of an S-chip CEO' that describes
in graphic detail how easy it was to cosmetically transform an
ordinary, struggling China company with little profits and assets into
a seemingly exciting entrepreneurial play with eye-catching earnings,
and to offload shares in such a company to unsuspecting Singaporean
investors via a listing on the Singapore Exchange (SGX). BT
pointed out over the weekend that it doesn't really matter who the CEO
is or who the parties are that facilitated the scams; the more
important point is that because there is some element of truth to the
claims, it is necessary to learn the appropriate lessons and take the
necessary precautions. To those who are either in the industry or have tracked it closely, revelations of cooking the books and insiders working in cahoots with dealmakers, 'angel' investors, fund managers and analysts to basically
hoodwink the public by presenting a misleading investment story (or, to
quote from the e-mail, 'by making a fake company real') are probably
not surprising because it has long been thought to happen. How prevalent the crookedness is, of course, is open to debate and so the first
and most important thing to note is that a few bad apples do not make
the whole barrel of China or overseas- based companies bad. Playing the blame game Second, while it is tempting to point the finger at SGX and ask what it was doing to protect the public's interests
when dubious China companies were getting listed, it is quite
impossible to expect the Exchange to police all aspects of IPOs. It is
actually the financial intermediary community that should shoulder a
large part of the blame for the collapse of confidence in S-chips in
the past year. Furthermore, had SGX clamped down on S-chips via
a tightening of its listing rules in 2004-2007 when the China growth
theme gripped the world's imagination and stocks were racing up, it
would have undoubtedly come under severe criticism from an investing
public desperate to play the China theme at any cost. So, yes,
while regulators should shoulder some blame and, yes, while financial
middlemen are culpable, the public was also partly responsible for
rushing to buy heavily into a largely unknown and risky sector on the
strength of hastily prepared IPO prospectuses (most probably even
without reading those documents) and the accompanying shallow broking
research.
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DBSV report
In the doldrums
At a Glance
• Lowered DPU payout to base distribution level of 2.14
UScts (down 5% qoq)
• No headway yet on financing for the four 13,100 TEU
Maersk vessels due for delivery next year
• In talks with lenders for waiver of debt covenants
• Liquidity challenges next year with impending bullet
loan repayment in April’10
• Maintain HOLD with a reduced TP of S$0.39
Profit stronger than expected. While revenue of
US$32.5m (up 10% qoq) was in line with expectations, net
profit surged 54% qoq to US$11m. This was largely on the
back of lower-than-expected interest expenses and the lack
of transaction fees. Distributable cash flows increased 8%
qoq to US$16.8m. The DPU payout of 2.14UScts
corresponds to only 54% of available cash.
But even existing credit facilities may shrink. With
sharp contractions in asset prices, lenders may choose to
restrict the amount to be drawn down from available
facilities. This is on top of the Trust’s inability to secure
funding for the US$711m of committed capex due next year.
At worst, the Trust may have to sell the Maersk vessels (with
charter) to a 3rd party at a sizeable haircut.
Are more DPU cuts on the way? The Trust would need to
repay about US$158m of loans next year, including a
US$130m tranche in April’10. The possible redelivery of the
Maersk Djibouti in Feb’2010 implies added revenue pressure.
The 5% cut in DPU may, thus, be no more than a signal,
given the uncertainties. However, at current valuations, even
a 50% cut in DPU going forward would imply a FY09 yield
of more than 22%. We conservatively impute a 20% cut in
DPU for the next 3 quarters. Maintain HOLD, TP cut to
S$0.39.
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ok read OCBC report calling to SELL
Rickmers Maritime: Downgrade to SELL
By Meenal Kumar
Mon, 27 Apr 2009, 09:07:13 SGT
Rickmers Maritime (RMT)’s 1Q results were in line with expectations, with revenue up 46% YoY and 10.1% QoQ to US$32.5m. DPU fell 4.9% QoQ to 2.14 US cents and we think it may be at further risk for cuts, or frozen entirely, from 2Q09 on. The manager is asking lenders for waivers on loan-to-value covenants. RMT is committed to buy three Hanjin vessels for US$207m over the next nine months. It may not be able to fully draw down the committed loan facilities due to falling market values. Additionally, we estimate that RMT needs to repay up to US$154m in loans next year. RMT is also contracted to buy four Maersk vessels, due 2010, at US$711.6m. No financing has been arranged so far. As of 31st March, RMT is geared at (in our view, unsustainable) 2.2x debt-to-equity. The committed acquisitions leverage up the risk. Other high risk events include counterparty default or a loan prepayment call. Downgrade to SELL with S$0.29 fair value.
DPU falls. Rickmers Maritime (RMT)’s 1Q results were as expected, but DPU fell 4.9% QoQ to 2.14 US cents. RMT was mandated to pay out 2.14 US cents to all common units - otherwise distributions to sponsor-owned subordinated units were diverted to make up the difference. This subordination period ended 1st April. In light of the challenges listed below, we think a fiscally responsible Board could cut or freeze distributions entirely from 2Q09 onwards.
Likely redelivery in Feb 2010. Charter terms for Maersk Djibouti allow Maersk to trigger an early termination of the lease after Feb 2010. The vessel is currently earning US$22,708/day. The manager says market rates will likely be in the “high four digits”. We have adjusted our earnings estimates accordingly. Next charter expiry is in 2013.
Gearing now 2.2x. As of 31st March, RMT is geared at 2.2x debt-to-equity, up from the 1.5x registered a quarter ago. The manager is currently in negotiations with its lenders, seeking waivers on loan-to-value covenants. If successful, RMT may need to pay higher interest costs or pay a cash top-up quid pro quo. Note that a 30% fall in asset values (not an unfair estimation) essentially wipes out the equity value at this level of leverage.
Facilities at risk, large repayment need. RMT is committed to buy three Hanjin vessels for US$207m over the next nine months. It may not be able to fully draw down the US$174.2m in committed loan facilities, which are contingent on market values staying above a certain (undisclosed) level. Based on the repayment and maturity schedule of existing debt and loan facilities, we estimate that RMT needs to repay up to US$154m in loans next year.
No financing for Maersk vessels. RMT is also contracted to buy four Maersk vessels, due next year, at US$711.6m. No financing has been arranged so far. We note that the acquisition costs for the Hanjin and Maersk vessels are fixed at pre-crisis valuations. So even if lenders provide 100% loan-to-market value, it may not cover the cost of the Maersk vessels.
Downgrade to SELL. RMT is already unsustainably geared as it is. The committed acquisitions leverage up the risk. Other high risk events include counterparty default or a loan prepayment call. Fair value estimate is revised down to S$0.29 (previously S$0.40), and rating cut to SELL.
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i think it is not possible to project price over 1-2 year.
Also, i read several analyse reports... tell u the truth, if you follow them you dare not buy.
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To get the meaning of Ex-date correctly, just remember EX is short
form of EXCLUDE or without. So Ex-Dividend means exclude dividend, Ex-Rights means
exclude-Rights Issues, same for Bonus, etc, etc.
Record date is for CDP to record who is entitled the dividend and distribute them on the Payment
date. For capitaland dividend, entitled shareholders will get paid on 22 May,
Cheque will take a few days to reach your registered address.
On the days when shares are trading EX-Dividend, that means all tradings ( example Capitaland on 6 May) are EXCLUDING dividend.
Therefore, BUYER buy share excluding Dividend, i.e. Buyer does not get Dividend.
On the other hand, SELLER sell his share , excluding Dividend, i.e. Seller keeps the Dividend.
Hope this is clear. So, answer to your Q:
If we buy the capitland before ex-date entitle divdend ? YES, you are Buyer. Buy during Cum-Div means come with dividend
alternative buy
after ex-date entitle divdend ? NO, you are buyer, you choose to buy exclude dividend
or buy before ex-date ( now u are entitled dividend)and sell after
ex-date on 09 May 2009 can get divdend. Yes, seller keep dividend
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'IT is like an act of God. It's like Sars. How long will it last? I don't know. But we're taking all the precautions. So
far, nobody has been affected. I don't know how many of our people are
doing business in Mexico, but if they come back, they will be
quarantined. We're taking no chances. We learnt from Sars.
We've got all the precautions in place, thermal imaging; slightest sign
of something wrong, you go straight into quarantine. We check you,
check for (the) virus, but so far (it's) all right.' Minister
Mentor Lee Kuan Yew, speaking on Tuesday on Singapore's defences
against the spread of swine flu from Mexico and whether the outbreak
could affect tourism |
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Time had passed.
News from The Edge :
Goldtron to cease being a going concern
Electronics manufacturer Goldtron says it will no longer be a going
concern as it is unable to raise about $12 million to satisfy all its
liabilities as well as meet the demands of bank and non-bank creditors
due to its decision to close one of its larger factories in Xiptech
(Wuxi) Co.
On Apr 28, Xiptech Wuxi was notified by the Intermediate People’s Court
of Wuxi city Jiangsu Province that an application has been filed by
Wuxi-Singapore Industrial Park Development Co. (WSIP) on Apr 21 to wind
up operations as it was unable to meet WSIP’s demand for the repayment
of RMB8.6 million.
The petition to wind up Xiptech Wuxi comes amid a strike by workers
at one of the larger factories of Xiptech Wuxi which has led major
customers to cancel all present and future orders. Goldtron’s
management had been in negotiation with the workers to end the strike
action.
But with the winding-up petition, Goldtron says it will close the
larger factory operated by Xiptech Wuxi and terminate the negotiations.
This means payment of minimum wages to the striking workers of Xiptech
Wuxi will cease immediately and help cut the factory’s running costs by
RMB1.2 million per month, enabling the group to conserve its resources
to preserve the smaller factory operated by Wuxi Fortune Technology for
servicing customers after the economy recovers, says Goldtron.
Goldtron says it will make a provision for its investment loss in
Xiptech Wuxi amounting to $15 million and expects to report a loss
after tax for the second half results for the financial year ended June
30.
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When can I sell my ordinary shares? Can I sell it on the ex-right date (12may 2009) . When I sell on 12may 09 , will my right issue gone?
It is all up to you to sell your share on any day, however since Kepland had Rights issue, you just need to learn the meaning of Ex-Rights.
When the share is trading Ex-Rights, it means the share is sold or bought EXCLUDE-Rights share.
So if you sell on ex-rights date of 12 May, then you will keep your Rights Share.
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NOL chart , bearish since Ex-Dividend , down with momentum
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I read this from SJ news, but i do not have membership with investor central . can someone help on details? thanks in advance..
CapitaLand Limited - Cashflow turns negative
Tan Jin San, 24 Apr 2009
Q1 2009 EARNINGS AT A GLANCE
Revenue: -23% to S$480 mln
Net profit: -83% to S$42.9 mln
Cashflow: -S$247.9 mln vs S$242.8 mln
Register at Investor Central now to read the full story
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Can S-Chip next to shine?
Why NOT? just need to pick a few right ones... and spread the risks
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Before you consider INVESTING , please take a look at their 5-year financial highlight. the text file might not align in SJ forum, however, if you copy, print in one page, probably you can see a lot of information about parkway over 5 years.
FINANCIAL HIGHLIGHTS
its
e
2008 2007 2006 2005 2004
$'000 $1000 $'000 $'000 $1000
Profit and Loss Account
Revenue
Healthcare 936,584 865,210 864,508 560,876 416,232
Others 8,802 4,472 3,496 2,740 2,797
945,386 869,682 868,004 563,616 419,029
Earnings before interest expense, tax,
depreciation, amortisation and
REIT Rental (EBITDAR)- 217,526 194,686 189,366 142,401 112,658
% of revenue 23.0% 22.4% 21.8% 25.3% 26.9%
Earnings before interest expense, tax and
exceptional items (EBIT) 119,600 129,590 129,102 101,792 77,549
% of revenue 12.7% 14.9% 14.9% 18.1% 18.5%
Earnings after tax and minority interest but
before exceptional items 88,446 87,225 66,680 63,806 51,853
% of revenue 9.4% 10.0% 7.7% 11.3% 12.4%
Profit attributable to equity holders of
the Company 34,829 297,959 55,283 61,969 50,463
% of revenue 3.7% 34.3% 6.4% 11.0% 12.0%
Balance Sheet
Total Assets 2,934,064 1,102,997 1,231,403 1,344,042 975,889
Net Borrowings 681,373 43,191 354,570 367,497 222,780
Total Shareholders' Funds 1,284,279 580,262 423,928 415,517 425,027
Profitability Ratios (%):
Return on Shareholders' Funds
Before exceptional items 6.9 15.0 15.7 15.4 12.2
After exceptional items 2.7 51.3 13.0 14.9 11.9
Return on Assets
Before exceptional items 3.0 7.9 5.4 4.7 5.3
After exceptional items 1.2 27.0 4.5 4.6 5.2
Gearing Ratio:
Net debt equity ratio 0.53 0.07 0.84 0.88 0.52
Per share Data:
Earnings per share ($)
Before exceptional items 0.09 0.10# 0.09 0.09 0.07
After exceptional items 0.03 0.34# 0.08 0.09 0.07
Gross dividend ($)** 0.032 0.245 0.223 0.105 0.09
Net tangible asset backing per share ($) 0.88 0.48 0.35 0.32 0.54
Net asset value backing per share ($) 1.14 0.75 0.55 0.57 0.59
- Earnings before exceptional items, exchange differences and share of results of associates.
- Gross dividend comprises interim dividend declared during the year and final dividend proposed by directors in respect of that
financial year under review.
Includes special dividend of 13.45 cents and 11.25 cents per share less tax paid in 2007 and 2006 respectively.
s De-+.,+e,a f,,. +He „ffe,.+, ,.f +1,- .4,.k+,. Ia l,.,-,-.')nnQ
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wah haha, piggy: 
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as volume too low, now being delist.. still open for Buy In.
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from DBSV:
Maintain FULLY VALUED on KEP. We maintain our FULLY
VALUED rating and TP for KEP at S$4.45. At current share price,
KEP’s implied FY10 PE for its O&M Division is lofty, at close to the
peak cycle PE of 18-20x for offshore rig builders. Investors should
also be reminded that ex-dividend date for KEP’s final dividend of
21.0 Scts is 28 April 2009.
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freeme, ya, i collect this for long term divvy play.. as their base DPU is USD2.14c per quarter, their business model is 7-10year long term contract to big shippers. so i do this to collect quarterly dividend.. 40% annual...hope to collect for 2.5 years and the rest is profit.. haha
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7 May 2009 Units trade ex-Distribution
20 May 2009 Payment of the Distribution
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Results of 1Q just release, DPU is equal to the base USD0.214
HIGHLIGHTS
• Strong start to the financial year with 61% increase in Cash Flow from Operating
Activities and 60% increase in Income Available for Distribution over previous year
• Healthy gains in revenue and net profits
• Base Distribution of 2.14 US cents per Unit to be paid to unitholders
Singapore, 24 April 2009 – Rickmers Trust Management Pte. Ltd. (RTM), Trustee-
Manager of Mainboard-listed Rickmers Maritime (Trust), today announced the financial
performance of the Trust for the quarter ended 31 March 2009 (1Q2009), reflecting a
strong quarter that saw record quarterly revenue and profit figures.
Financial and Operating Review
Charter revenue for the quarter rose 46% to US$32.54 million, compared to the same
period last year. The revenue growth was attributable to the increase in its operating fleet
from 10 to 15 vessels between April 2008 and March 2009. During the 12 months, the
Trust accepted delivery of five 4,250 TEU containerships, each chartered to leading
Japanese shipping company Mitsui O.S.K. Lines Ltd. on a 10-year fixed-rate charter.
Cash flow from operating activities rose 61% to US$27.18 million, from US$16.93 million
in the same period last year, on the back of higher charter income, lower-than-expected
lubrication oil expenses and smooth operation of its fleet. Income available for distribution
similarly improved 60% to US$19.57 million. Vessel utilisation rate of the operating fleet
remained high at 99.8%, supported by smooth operations and high quality ship
management services, which resulted in few off-hire days.
In line with its revenue growth, Rickmers Maritime recorded a net profit of US$11.04
million for 1Q2009, up 32% from 1Q2008. This is the Trust’s highest quarterly profit
recorded since its listing in May 2007.
Mr Thomas Preben Hansen, CEO of Rickmers Trust Management said, “Despite the
global downturn and a weak shipping market, Rickmers Maritime has kept its momentum
of progress and has turned in another strong set of financial results for 1Q2009. Our
strategy of securing long-term employment with reputable liner companies for all our ships
is working to the Trust’s advantage. Our revenue stream and cash flows have not only
remained stable but increased in line with our growing fleet. None of our charter rates has
been re-negotiated and we have no outstanding charter hire.”
Distribution per Unit
The Board of Directors (Board) has reviewed Rickmers Maritime’s distribution policy for
1Q2009 and decided to make a base distribution of 2.14 US cents per Unit, taking into
account the Trust’s strong performance despite current challenging conditions.
Mr Quah Ban Huat, CFO of RTM, said, “The distribution of 2.14 US cents per Unit
translates into a payout ratio of 46% of our income available for distribution for 1Q2009.
This prudent distribution payout level is in recognition of the difficult and uncertain
environment that we are operating in. Cash conservation will enhance our financial
flexibility and strengthen our balance sheet.”
Outlook for FY2009
The shipping industry continues to be hampered by the worsening performance of the
global economy. The decline in Asian exports continues to impact the container industry
negatively and over-capacity has a persistent downward pressure on freight rates and
charter rates.
Mr Hansen said, “The current situation in the shipping industry is not rosy. However, we
remain strong believers of the long-term fundamentals of container shipping, and expect
continuing world trade, coupled with a gradual recovery of the global economy, to
inevitably fuel demand for container transportation and over time absorb the current
oversupply of tonnage. In addition, with a number of sizeable government stimulus
packages having been launched with the aim to boost bank lending and consumer
confidence, the container industry is hopeful that a foundation for the restoration of cargo
volumes and freight rates has been laid.”
End
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DPU means distribution per unit. this term is used in REITS. it has the same meaning of Dividend Yield for share.
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