Author: Sillyinvestor

Comparison of Industrial Reits Part 2

I will be comparing Mapletree and Ascendas Reit in this post. Both are bigger reits with government-linked heritage.   Capital management Both have prudent refinancing schedule stretch over more than 6 years. With the exception of FY19/20 (27%) for Mapletree, both have less than 20% of bank borrowing scheduled for refinancing for any one year.Portfolio management Both reits managed positive rental renewal across all property segments. Average rental reversion is 6.3% compared to a year ago for ascendas, but data not available for Mapletree. As for new leases, light industrial new leases rate is 21% lower than 1 year...

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Comparison of industrial Reits Part 1

I will be comparing Sabana and Cambridge Reit in this post. Both are smaller reits with weaker sponsors. Sabana and Cambridge has similar Master Lease to Multi-tenant mix. Sabana is 59% to 41% Cambridge is 56.5% to 43.5% Theoretically, Sabana with its higher Master Tenant Lease, should have a lower operating expenses. But given the difference in insignificant, lets not be too harsh. Cambridge’s NPI to revenue is 78% Sabana’s NPI to revenue is 72% Cambridge managed “renewed approx 300,000 sq ft of leases in 3Q2014, amounting to 1.6 million sq ft of leases YTD2014 with positive rental reversion”,...

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Random thoughts: Pain, the indispensable ingredient for success

Pain, get ready for it. The faster you accept it, the better you mind is attuned to face it. What I show my students 1 week ago, before I start my intensive revision. In order not to feel guilty, I decided to do something too. I like to take little snacks to treat myself as comfort items. I sometimes go out of my workplace to have lunch, have a good breakfast, buy some snacks to eat before I start the afternoon session of work. Now, for the past week, every time I feel like buying the “Gong Cha” for...

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Random thoughts: striking a balance between engagement and effectiveness

Between the two, which is a must have? Which is a good to have? My answer is, there is no good balance. You sought both, you get nothing. One has to make some way for the other. However, if you are very highly effective, there will be rub-off engagement, vice versa is true. In my previous school, engagement is the key to effectiveness, now, effectiveness is the key to engagement.  A fellow colleague from another workplace, told me his boss value , engagement a lot, care a lot of his staff welfare. Nope, it is not lip service, all...

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Always fully vested vs Market Timing (War Chest) approach

I did a simple test, using these 2 approaches to STI index investing and want to see which one will fare better when back dated 20 years. At such, the investor would have go through AFC, Sars + Gulf war and the GFC. To do this test, I make a lot of assumptions, for academic purposes, investors from either 1 approach could well do better or worse if some of the assumptions do not hold true. Assume: 1) Investor A and B both start with $5000 and have $1000 fresh funds to invest every year. Investor A:Investor A stay...

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My thoughts on S-chips

There is plenty of negative sentiments surrounding s-chips and I would say it is not without justifiable reasons. There are plenty of fraud cases, and I have my fair share of hits and losses. The thing is, for me, those that I was vested before, at least we’re still around, and some did well. What I am sharing is just my personal opinion. Different types of S-chips: S-chips are defined by companies with all of its business or most of it business in China. There is a tighter definition, S -chip are companies with most of its business in...

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Besides numbers, what to look for in an ARs

There is no end to numbers and ratio when I dig a company ARs. Maybe I share some of my thoughts when reading annual reports qualitatively. 1) management assessment of industry: You can also read about the management outlook. You can read if it’s pessimism or optimism is valid. The safe approach is always to be conservative and surprise on the upside. But I have read reports where managements stick their head out and say their see growth pockets or headwinds. It is ok to be wrong ocassionally, we Are no oracles, but if they are right most of...

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Blood spilling?

No blood on the street, but obviously there are some “injured”counters that were not too far off my “willing price” recently. For fun sake, and also to keep my itchy fingers off, I decided to share what are some of the companies that are cheap if they fall further. I will haphazard a ┬ácheap price to convince myself to do nothing now. So tempted to trade. Bad Sillyinvestor Disclaimer: I am just sharing freely, I may or may not buy when prices are met or even below my willing price. I am not afraid to let other know what...

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Sembcorp industries Part 1

Trying to consolidate my thoughts here. Sembcorp is a cash generating net cash company, with positive FCF 11 out of the 15 years record that I tracked. I am particularly interested in the utilities segment, as I see it as both a cash cow and a growth sector. Since its inception in 2001, it has almost an unbroken track record of growing EBIT (I used this for consistency with earlier 2001-2002 data). While I still cannot not ascertain how much of the revenue is recurring, but I know recurring income form a portion of it, otherwise, it is unlikely...

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Random thoughts: Bo Tar Chey, the in theme now?

I subtly noticed after our PM mentioned about success even without a degree, many have started sharing the Bo Tar Chey BTC ( never study) success stories. In fact, some of the otherwise mild people now openly declare their success as compare to their BTC status. My thoughts on this matter: 1) I agree that u dun need a degree to be successful. 2) However, no need degree does not mean BTC. People who BTC are usually forced by circumstances and not by choice. It could be their family circumstances then were not favorable for education to be pursued....

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Random thoughts: The Mind, Method and Money in the recent correction

Actually I would hardly call this a correction, something around 5-10 % perhaps would mean a correction. Maybe we will get it come next week. Nonetheless, I think the “mind” part of me is better now. I am reading up companies which I think are successful, sembcorp industries, Keppel, Sembmarine, OsIm… Just for fun as I expand my radar. The Money part is already fully vested, so no motivation to do detailed analysis. If the M is there, starhill global and low Keng Huat will be what I will accumulate. Too bad I don’t have strong vitamin M. No...

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Random thoughts: A day without my car

Sent my car for repair. Had both good and bad experiences. The good: Thought it is a good opportunity for my son to experience public transport. Brought him along to the service center and took bus back. He enjoyed the trip. Took the chance to teach him about working life, priority seat and how much cheaper it is to take bus. His fare is free, and he innocently remarked that his trip to school in school bus is also free. I told him it is not free, in fact it cost $2.5 a trip. He couldn’t understand and insist...

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Random thoughts: Making the best out of work

About 6 years ago, I went to see a psychiatrist for anger management problem. He couldn’t find out what is the cause of my flare-up. He ask me how would I grade my satisfaction or happiness I have with my job. I gave a 7. He told me that is very good. Fast forward to today, I would still give it a 7- 7.5. How would u grade your job? In my job, or perhaps in many jobs, passion is important. I remember a trainer telling me his secret to keeping his passion alive. I thought I share his...

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Random thoughts: A short, temporary change of surroundings

We often heard the saying, we need to change ourselves to adapt to the surroundings. Guess you would have heard the saying, “if you don’t change, everyone will be the same” Of course, such classics sayings have their truth. But I have 2 different experiences to share. 1) I went back to Whampoa to visit my parents with my family. The Whampoa Balestiar Area is where I grow up, besides the good food, which the place is famous for, it also has a very high proportion of elderly in the area. I almost missed one old uncle standing on...

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Random thoughts: Chaos at Hong Lim

My view after reading the article “Chaos at Hong Lim  Park Charity Carnival”.  I have this to say to the organizers of the protest and who disrupt the charity event.  1) You are appalling! I am ashamed of your actions. Have you not heard the phrase, pick on someone your size? I would be less appalled had you protested in front of CPF buildings. You have no balls to do it than sticked to you yard at Hong Lim! 2) You do not represent Singaporean, you do not even represent those disgruntled with the CPF system. You are selfish,...

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