Author: The Fifth Person

12 things you need to know about Maybank before you invest (updated 2018)

Formed in 1960, Malayan Banking Berhad (Maybank) operates more than 2,400 branches across 20 countries including all 10 nations in Southeast Asia. Presently, it is the fourth largest banking group in Southeast Asia. As of 14 June 2018, Maybank is worth RM106.8 billion in market capitalization and is the only stock in Malaysia that has exceeded the RM100 billion mark. In this article, I’ll bring a detailed account of Maybank’s past performance over the last 10 years and its outlook toward the near future. Therefore, here are the 12 things you need to know about Maybank before you invest....

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13 things to know about Parkway Life REIT before you invest

Parkway Life REIT (PLife REIT) was listed on the SGX on 23 August 2007. It owns a portfolio of income-producing healthcare properties located in Singapore, Japan, and Malaysia. Presently, it is one of Asia’s largest listed healthcare REITs with a portfolio value of S$1.75 billion. In this article, I’ll bring an overview of PLife REIT’s performance since IPO, a segmental breakdown, and its near-term growth prospects. Here are 13 things you need to know about Parkway Life REIT before you invest. Singapore and Malaysia 1. PLife REIT has a portfolio of three world-class private hospitals located in Singapore: they...

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8 things I learned from the 2018 Tune Protect AGM

The share price of Tune Protect Group Berhad has nearly halved from a year ago; it was trading at RM0.80 when I attended this year’s AGM in June. Unfortunately, it’s even worse for those who got in at the IPO price of RM1.55 back in 2013. Such a significant drop in share price can be depressing for those who invested their hard-earned money in the company. At the start of the annual meeting, I witnessed a shareholder, who is also a former director of a general insurance company in Malaysia, voice his unhappiness to the board, “Your share price...

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5 structural safeguards in the Astrea IV PE-backed bonds

While there has been much discussion on the background of the Astrea IV bond issuance and the Class A-1 bonds available for the retail public, less discussion is available on the structural safeguards built into the bond issuance in general. Flipping through the Astrea IV prospectus, we note that there are five key structural safeguards: Reserves accounts; Sponsor sharing; Maximum loan-to-value ratio; Liquidity facility; and Capital call facility In order to have a better understanding as to how these safeguards can secure investors’ interests, let us take a deeper look at each safeguard and what they mean. 1. Reserves...

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Astrea IV PE-backed bonds – 3 things you need to know before you invest

The upcoming Astrea IV retail bonds issued by Temasek subsidiary, Azalea Group, have been the talk of town. It’s the first time retail investors have had the opportunity to be exposed to private equity bonds in Singapore. It was placed in the limelight especially after Temasek CEO, Ho Ching, commented that it can be used to supplement one’s retirement portfolio. Given that private equity investment opportunities are normally reserved for sophisticated investors, we were surprised that these bonds were accessible by the retail market. Although the prospectus tried hard to simplify the issuance, it is still quite a handful...

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7 things we learned from the 2018 Carlsberg Malaysia AGM

The year 2017 marked a significant milestone for Carlsberg as it celebrated 170 years since its very first beer was brewed in Copenhagen, Denmark. The city played host to beer lovers from all over the world as they joined the anniversary celebration that included art exhibitions, beer-infused food pairings, special beer tasting sessions, visits to iconic landmarks and the home of Carlsberg founder J.C. Jacobsen. On the business end, the Carlsberg group embarked on a seven-year strategic plan known as SAIL’22. In Malaysia and Singapore, Carlsberg Brewery Malaysia Limited aimed to strengthen its market position and continue to deliver...

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8 things I learned from the 2018 Keppel REIT AGM

Keppel REIT is a commercial REIT that owns nine premium grade/Grade A office buildings located in Singapore and Australia. Its Singapore properties include Ocean Financial Centre, Marina Bay Financial Centre, One Raffles Quay, and Bugis Junction Towers. Since its IPO in 2006, Keppel REIT has grown its assets under management (AUM) from $600 million to over $8.5 billion as at 31 March 2018 — a growth of over fourteenfold! While its asset growth has certainly been impressive, Keppel REIT’s distribution per unit (DPU) has been falling steadily over the last few years, much to the disappointment of its unitholders,...

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MyEG Services has crashed over 70% since the Malaysian election… what now?

On 9 May 2018, Malaysians celebrated a momentous day in their country’s political history as they voted a new government into power, breaking Barisan Nasional’s 61-year rule in Malaysia. A total of 14.4 million voters cast their votes and, after the results were tallied, the opposition party, Pakatan Harapan (Coalition of Hope), secured the majority of seats in the new Malaysian parliament in a stunning upset. Following the historic victory, former Malaysian prime minister, Tun Dr Mahathir Mohamad, returned to become Malaysia’s seventh prime minister and immediately embarked on a slew of financial and economic reforms including abolishing the...

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8 things I learned from the 2018 OCBC AGM

OCBC Bank is the longest established Singapore bank. It was formed in 1932 from the merger of three local banks, the oldest of which was founded in 1912. OCBC has a presence in key markets such as Singapore, Malaysia, Indonesia, and Greater China. It has 590 branches and representative offices in 18 countries and regions. As of 31 December 2017, it has total assets of $455 billion. When you attend several AGMs in the space of two weeks, it is very easy to lose track of where you are. Before I knew it, I found myself back at the...

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8 things I learned the 2018 DBS AGM

DBS Group is a leading financial services group in Asia, with over 280 branches across 18 markets. Headquartered and listed in Singapore, the bank has a growing presence in three key Asian markets: Greater China, Southeast Asia and South Asia. As of 31 December 2017, DBS has total assets of $518 billion. Recently, DBS has strived to position itself as the Digital Bank of Singapore – a play on its original name Development Bank of Singapore. However, not only are banks getting smarter through digital transformation; shareholders are also getting smarter too. They buy one lot of shares and...

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An open letter to our readers who want to win the game of stocks

Ove the years, we’ve written articles on some of our favourite stocks in Asia and the U.S., and why we thought they were great investments at that point in time. Here are some of them. For example, we’ve been a huge fan of BreadTalk since 2012 when we bought its stock at 49 cents. As of 21 May 2018, BreadTalk is trading at $1.80 – a return of 267.3%. We held on through its ‘fresh soya milk’ saga in 2015 (remember that?) and we’re still holding on today because we think it’s a company that has a scalable business...

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11 things to know about Frasers Property before you invest

Frasers Centrepoint Limited listed on the SGX in January 2014. The company is a multinational integrated real estate conglomerate with a wide range of properties located primarily in Singapore, Australia, and China. As at 30 September 2017, Frasers Centrepoint has a total of S$27 billion in assets. On 1 February 2018, Frasers Centrepoint Limited changed its name to Frasers Property Limited to reflect its ambition of building a global property brand, and to provide greater clarity on its brand identity as the company has been operating under the name Frasers Property outside of Singapore for many years. In this...

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10 things to know about Carlsberg Malaysia before you invest

Years ago, I went to a pub for a small get-together with a group of mates. After some pleasantries, a friend of mine signalled for a waitress to order a round of drinks. I, however, am not a drinker and had absolutely no idea which poison to pick. So when the waitress asked what we’d like to drink, my mates went, ‘Kronenbourg!’ ‘I’ll have Conner’s.’ ‘Asahi Super Dry for me.’ When it came to my turn, I hesitated before saying, ‘Erm… I’ll have a Carlsberg.’ ‘Carlsberg?!’ My friends exclaimed that was soon followed by a burst of laughter. ‘Come...

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The Investment Quadrant: The 4-step formula to picking the best stock investments

Here at The Fifth Person, we use a 4-step formula to analyse all our stock investments. We call it The Investment Quadrant. As the name suggests, there are four quadrants to The Investment Quadrant – Business, Management, Financials and Valuation. Before we invest a single dime in any stock, we always run it through The Investment Quadrant to make sure the company passes all our minimum criteria and benchmarks. This way you know that the companies that do pass the test are the some of the best stock investments around and have a high degree of certainty of being profitable in the long...

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8 things I learned from the 2018 CapitaLand Commercial Trust AGM

CapitaLand Commercial Trust (CCT) is Singapore’s first and largest commercial REIT. It owns 10 centrally-located office and commercial properties in Singapore including Capital Tower, Raffles City, and CapitaGreen. As at 31 December 2017, CCT’s portfolio of properties is worth $10.4 billion. I attended CCT’s 2017 annual meeting where former CEO Lynette Leong shed a tear expressing her gratitude to the staff of CCT. In November 2017, Leong left her role and was appointed as CEO of CapitaLand Commercial Limited (CCL), a wholly-owned business unit of CapitaLand, while head of asset management, Kevin Chee, succeeded her as CEO. Though the...

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