Author: The Fifth Person

8 things I learned from the 2019 Pharmaniaga AGM

Pharmaniaga Berhad is a healthcare company and generic pharmaceuticals manufacturer in Malaysia. It conducts research and development, procures, and manufactures generic pharmaceutical products. It markets and distributes pharmaceutical products and medical equipment through its logistics and distribution segment and owns a community pharmacy business. It is also present in Indonesia through its listed subsidiary, PT Millennium Pharmacon International Tbk. As a government-linked company that is majority-owned by Armed Forces Fund Board (a pension fund for the Malaysian armed forces) indirectly through Boustead Holdings Berhad, Pharmaniaga was recently flagged by the cabinet for being a market monopoly. Here are eight...

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8 things I learned from the 2019 StarHub AGM

StarHub is a ‘quad play’ telecommunications (telco) provider that delivers services in mobile, fixed broadband, pay TV and enterprise solutions. The liberalisation of the Singapore telco industry has seen the entry of five virtual telcos and TPG Telecom – which won the bid to become the country’s fourth major telco. In total, there are now nine operators offering mobile subscription plans in a market of 5.6 million people. The heightened competition has seen a price war erupt among players with each offering more data at ever lower prices in a bid to win (or protect) market share. As a...

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8 things I learned from the 2019 IGB REIT AGM

IGB REIT owns Mid Valley Megamall and The Gardens Mall in Kuala Lumpur with a combined net lettable area (NLA) of about 2.7 million square feet. The former is a lifestyle mall that targets mainly locals in the Klang Valley whereas the latter is a premium shopping centre. Mid Valley Megamall and The Gardens Mall have been in operation for the twentieth and twelfth year of operations respectively. As at 16 June 2019, IGB REIT has a market capitalisation of RM6.6 billion. Both malls, which are connected via a link bridge, are well-patronised by locals and quite crowded on...

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10 things I learned from the 2019 Public Bank AGM

Listed in 1967, Public Bank is the third largest banking group in Malaysia in terms of asset size and has over 10 million customers. Public Bank has been a darling stock among many Malaysian investors for years. As founder Teh Hong Piow entered the meeting hall, he was given a standing ovation by shareholders. The entire annual general meeting was never short of compliments and applause from floor. Shareholders were even invited to give Teh another round of standing ovation in the midst of the meeting. Why the adulation? Here are 10 things I learned from the 2019 Public...

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7 things I learned from the 2019 UOB AGM

United Overseas Bank (UOB) is a leading bank in Asia with a global network of more than 500 branches and offices in 19 countries and territories in Asia Pacific, Europe and North America. The bank provides a wide range of financial services globally through three core business segments: group retail, group wholesale banking and global markets. Here are seven things I learned from the 2019 UOB Bank AGM. 1. UOB’s total income rose 6% year-on-year to S$9.12 billion in 2018. The growth was driven by a 13% increase in net interest income — in line with the rising interest...

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7 things I learned from the 2019 OCBC Bank AGM

Banks have always been a favourite among retail investors in Singapore. But with an uncertain global trade outlook and interest rate environment, bank stocks have been trading sideways since the beginning of the year. Hence, I decided to go OCBC Bank’s annual general meeting to gain some insights. Here are seven things I learned from the 2019 OCBC Bank AGM. 1. The purpose of digital transformation is to improve the bank’s customer experience by providing better, faster, and cheaper services. The proportion of retail customers who transact through digital channels has increased over the last five years, from 36%...

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11 things to know about UOB Bank before you invest (updated 2019)

United Overseas Bank (UOB) is one of the five largest banking groups in Southeast Asia. Presently, it operates over 500 branches located in Southeast Asia and Greater China. As at 11 June 2019, UOB is valued at S$41.2 billion in market capitalisation. In this article, I’ll bring you an update on UOB’s latest financial results and valuation. Thus, here are 11 things to know about UOB Bank before you invest. 1. UOB’s loan portfolio has grown by a compound annual growth rate (CAGR) of 11.2% in its loan portfolio over the last 10 years, from S$99.2 billion in 2009...

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11 things to know about OCBC Bank before you invest (updated 2019)

Oversea-Chinese Banking Corporation (OCBC) is the second largest financial services group in Southeast Asia. The bank has built a significant presence in several key markets such as Singapore, Malaysia, Indonesia, and in Greater China. As of 10 June 2019, it is worth S$45.8 billion in market capitalisation. In this article, I’ll bring an update on its latest financial results and its valuation. Here are 11 things to know about OCBC before you invest. 1. Loans and bills receivable has increased by a compound annual growth rate (CAGR) of 13.62% over the last 10 years, from S$80.9 billion in 2009...

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11 things to know about DBS Bank before you invest (updated 2019)

DBS Bank is a leading financial services group in Asia with a presence in 18 markets worldwide. As at 1 June 2019, DBS is valued at S$62.3 billion in market capitalisation. It is a major constituent of the Straits Times Index as DBS is one of the 30 largest companies listed on the SGX. In this article, I will bring an update on its recent financial results and valuation figures. Here are 11 things to know about DBS Bank before you invest: 1. Loans and advances grew to S$345.0 billion in 2018, from S$323.1 billion in 2017. This was...

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11 things I learned from the 2019 ST Engineering AGM

ST Engineering is an integrated engineering company with four key segments: aerospace, electronics, land systems, and marine. It provides products and services for both commercial and military applications, which means that its financial figures usually demonstrate more resilience than its less diversified peers. I attended ST Engineering’s 2019 AGM thinking that there wouldn’t be anything too interesting; I was expecting it to be boring, actually. You can’t blame me — revenues grew at a CAGR of 0.2% over the past five years, while earnings fell over the same period. It seemed like a stable blue chip having immense difficulties...

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7 things I learned from the 2019 UOA REIT AGM

UOA REIT currently owns five commercial properties in Kuala Lumpur. In terms of total shareholder performance, it is one of the top 5 Malaysian REITs that made you money if you invested from their IPOs. I wondered how UOA REIT would fare amidst the increasing office supply in Kuala Lumpur with an additional 2.8 million square feet of commercial space from the Exchange 106 at the Tun Razak Exchange, 1.7 million square feet from Merdeka PNB 118 in the pipeline and more from the upcoming Bukit Bintang City Centre project. Here are seven things I learned from the 2019...

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8 things I learned from the 2019 ComfortDelGro AGM

ComfortDelGro Corporation Limited (CDG) is an integrated transport service provider with operations in Singapore, United Kingdom, Australia, China, Vietnam, and Malaysia. Its four key segments — public transport, taxi, automotive engineering and testing services — contributed over 97% of its 2018 revenue. Most people know CDG as a taxi business that is being disrupted by ride-hailing platforms like Grab and Gojek. I had a similar impression until I did a deeper dive into the company’s business model. In reality, 70% of CDG revenues come from its majority stake in public transport operator SBS Transit, with a meagre 20% coming...

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8 things I learned from the 2019 ComfortDelGro AGM

ComfortDelGro Corporation Limited (CDG) is an integrated transport service provider with operations in Singapore, United Kingdom, Australia, China, Vietnam, and Malaysia. Its four key segments — public transport, taxi, automotive engineering and testing services — contributed over 97% of its 2018 revenue. Most people know CDG as a taxi business that is being disrupted by ride-hailing platforms like Grab and Gojek. I had a similar impression until I did a deeper dive into the company’s business model. In reality, 70% of CDG revenues come from its majority stake in public transport operator SBS Transit, with a meagre 20% coming...

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10 things I learned from the 2019 Propnex AGM

Propnex is Singapore’s largest listed real estate agency, with 7,670 property agents under its wing as of 23 April 2019. The bulk of its revenues come from its real estate brokerage business, where agents generate commissions from facilitating property transactions. It also provides project marketing, property management, training services, and administrative support services. Propnex is a relatively new listing on the SGX mainboard, with its IPO less than a year ago. Having heard of the company before, I was tracking its IPO rather closely, and to me, the volatility of Propnex stock in its first trading week was nothing...

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5 things I learned from the 2019 Centurion Corporation AGM

I followed Centurion many years ago when it was just a worker dormitory player in the market. In recent years, the company has also ventured into the student accommodation business which looks like a lucrative place to be in.  To be honest, I’ve not been tracking Centurion for some time, but I received several enquiries by readers about the company. Hence, I decided to update myself on their latest developments and attended their annual general meeting to find out more. Here are five things I learned from the 2019 Centurion Corporation AGM: 1. Centurion’s business model is to be...

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