Author: SGDividends

Unsatisfactory reply from SGX Regarding SIAEC – Part 2

Oh boy, i sound like the mad dog who refuses to let go. Actually, if they have read my blog, they would have realised i already checked the annual reports and also checked the funds JP Morgan holds. Curious case of SIA Engineering Sia Engineering – trying to make sense JP Morgan’s sale SIA Engineering and JP Morgan Asset Management Unsatisfactory reply from SGX regarding SIAEC The annual report reflects many nominee accounts who hold shares for people and one of these nominee accounts could be holding shares for JP Morgan. Most likely DBS Nominees or Citbank Nominees since...

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Unsatisfactory reply from SGX regarding SIAEC

Alamak. What kind of reply is this? Why is SGX asking me to clarify with the source of the information when it is already published publicly in Reuters and SPH Business Times .Unless they are implying the above news is unverified.  SIA Engineering and JP Morgan Asset Sale SIA Engineering – Trying to make sense of JP Morgan sale Curious case of SIA Engineering Reply by SGX Anyway,  for the sake of continous learning and curiousity, i have emailed...

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SIA Engineering and JP Morgan Asset Management

I understand that SIA Engineering was dropped as a STI Component on 1 Sep 2017 and this remains the most possible explanation for now, though lingering doubts remain. The Curious Case of SIA Engineering SIA Engineering and try to make sense of JP Morgan’s sale Based on SGX website, the Edge Singapore mentioned JP Morgan Asset Management Real Assets (Singapore) Pte Ltd, so i went to google and it brought me to a list of funds managed by JP Morgan Asset Management. The most likely place a stake such as SIA Engineering would be hiding in would be in...

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Sia Engineering – trying to make sense JP Morgan’s sale

SIA Engineering’s response to SGX queries still sheds no light on why JP Morgan offered to sell 28 million shares. Looking at the volume traded on 4 october, about 5.5 million shares changed hands through SGX. The past 2-3 months total volume also don’t add up to 28 million which mean they haven’t sold it yet. Could they have done it through a married deal and who is the counterparty? According to SGX rulebook, married deal needs to be reported. 8.7.4 Direct Business must be reported through the married trade reporting system of the Trading System under Rule 8.7.5. I need...

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Curious case of SIA Engineering

Straits Times reported a massive selling of 38.8 million shares in SIA engineering by JP Morgan. This likely being the reason why it plunged 6% to $3.15. BUT…………….A look at the Twenty Shareholders breakdown in their latest Annual Report shows Singapore Airlines Limited holding on to 77.72% JP Morgan is not in the list. So where did JP Morgan get 38.8 million shares to sell?A look at SGX website Stockfacts on 04/10/2017 also shows JP Morgan not in the list. The next biggest shareholder is Matthews , holding 22,873,500 shares which is much lesser than JP Morgan’s short sale...

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Bought Comfortdelgro and hoping for the best

The dividends being 5%+ and a currently, consistently free cash flow positive company with little or no debts. With the PE being in the low teens, it is a sin for me not to take part. Judging by the huge gap down coinciding with the huge short-sell volume on 15 Sept and 18 Sept, this indicates that the huge down is due to short-sellers, not genuine sellers. A short-seller has to buy back the shares eventually. Short-sell value 19 Sept – SGD 7,335,227 18 Sept – SGD 13,958,536 15 Sept – SGD 19,597,813 14 Sept – SGD 1,642,692 13...

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Considerations about Hyflux

    “Should i sell my perpetuals (BTWZ) or preference shares(N2H) of Hyflux?” asked a concerned HNW individual. ” I don’t know..it is complicated.”I said. “Don’t ask a church mouse”. But that got me thinking. There is no denying that Hyflux is super leveraged and it is issuing debt to repay old ones. In May 2017,the issuance of $500 million perpetual securities (N2H) was done at a good time for the company because the closest comparison , Hyflux Preference shares (BTWZ) has been trading consistently above par of $100 since its issue, even reaching $105 at one point (...

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About Corporate Bonds: My nearly itchy fingers

My banker called me one day and asked me if i wanted to participate in a certain OTC ( over-the- counter means its not on any exchange like Singapore Exchange) Singapore company bond issue denominated in SGD in the primary market ( meaning IPO of bonds). It’s really HOT, she said…many people subscribing ! Buy Buy Buy Buy …and im feeling a little bit dizzy already.  Ok she can’t say that by regulation…Many times i exaggerate.. Specifications 1)Unrated, perpetual. This means the company has a choice not to pay back the principal. 2)Dividend stopper . This means equity holders...

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Penny pinching season

Officially, other than the monthly $1k ETF through POSB invest saver which pays me “brokerage” when i buy, there is nothing i dare buy from the local stock market at this point in time. The old adage:’Buy when there is blood on the streets’ came true again and i hope you took opportunity of that short period of time from late 2015 to early 2016. What will i be doing since STI has surged – Dec 2016 How to stop oneself from being greedy – Feb 2016 Lessons learnt in this bear market – Jan 2016 Controlling my emotion –...

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Its not me – part 2 – Fraser Hospitality Trust

It’s human instinct to want fairness and i am all for fairness.  In one of the facebook group ” Remove Sabana Reit” ,a member by the name of Mr Goh  mentioned that Sabana’s rights are renounceable while Soilbuild rights are non-renounceable. This may explain why Sabana’s rights expense was 12 times more expensive than Soilbuild. Renounceable rights can be traded through SGX while non-renounceable rights cannot be traded on SGX. Naturally, since one has to engage investment bankers to list these tradable rights on SGX , it will cost more. Fair enough.  However, it doesn’t explain why the expenses...

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It’s not me – Soilbuild Reit

Having followed the 2 facebook groups to remove manager of Sabana, one member mentioned that the cost paid to raise the proceeds through their rights was quite huge. Let’s compare with industry practice again. This skill honed from years of working under a boss who keeps asking me why i want a raise every year and the need to compare with industry practice. So the closest one to compare with Sabana would be Soilbuild, both being industrial reits, closest in market capitalization size and closest in rights issuance dates. Soilbuild Reit’s market cap = $662 million Sabana Reit’s market...

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A fortunate series of events – AIMS, Mapletree, Soilbuild, Cambridge, Ascendas and Sabana Reits

I am “Old Cow Eat Tender Grass” a.k.a SGDividends HYST called me and shouted:” May the year of the Rooster see you lose lots and lots of money and after losing all your money, lose your hair too! Just because you gave me $2 and a bunch of expired discount vouchers with minimum spend of $88…. You suck!” She slammed the phone, before i could retort and say :” It was just a joke, look at your DBS paylah, i put $88 in it…….” A bad joke, which reminded me of the Bee Gees song. “I started a joke...

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Sabana Reit – At the cusp of an epoch

HSYT HSYT keeps saying my english sucks and i am unintelligible. Hence, the need of a nice cheem title to show that i have some class in my english. Anyway, HSYT came to collect angbao from me today and before she left, she muttered the following under her fragrant breath, just to rankle and jiggle this old brain of mine.( got class?) “ First they came for the Socialists, and I did not speak out— Because I was not a Socialist. Then they came for the Trade Unionists, and I did not speak out— Because I was not a...

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Sabana Reit – An opportunity to unlock value

On 25 January, Sabana released their latest results presentation. I had a very troublesome time trying to calculate their price-to-book value post-rights.  The adjusted NAV per unit shown refers to pre-rights but naturally, everyone would be interested in knowing the post-rights one as the rights shares has already been issued. I can’t find any information on the new right units in their latest presentation. I had to dig up previous documents in order to find out the number of new rights units… so troublesome. New rights units = 310,712,244 Units in issue as at 31 Dec 2016 = 742,371,286...

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Singpost – Don’t count on it for dividends

Singpost is not longer the high dividend paying stock it used to be with the change in dividend policy. With the increased shares due to placement, their latest half year earnings per share is illustrated to be 2.63 cents.  Extrapolating this to a full year earnings per share = 5.26 cents. With a 60% payout ratio = 3.156 centsDividend yield (last done price $1.495) = 2.11%With a 80% payout ratio ( last done price $1.495) = 4.208 centsDividend yield = 2.81% The range of 3.156 – 4.208 cents is a fall from the usual and consistent 6.25 cents. To...

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