Author: The Fifth Person

12 things I learned from the 2018 Starhill Global REIT AGM

Starhill Global REIT (SGREIT) is a Singapore-listed REIT that owns a portfolio of 10 malls and office buildings located in Singapore, Malaysia, Australia, China and Japan. As at 30 June 2018, its portfolio was valued at S$3.1 billion. SGREIT has been in my portfolio for a number of years now and given me a positive overall return despite its share price falling 12.8% year-to-date. This is largely due to the steady dividends I’ve received thus far. However, SGREIT’s distributions per unit (DPU) have been falling the past two years from 5.18 cents to 4.55 cents. This is worrying as...

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A quick summary of the Trump trade war and how it could affect your stock portfolio

­­During his presidential election, Donald Trump pledged to ‘Make America Great Again.’ He promised to boost economic growth and ‘be the greatest job-producing president in U.S. history’. To do that, he needs to create more than 21.5 million jobs in eight years if he plans to beat record-holder, Bill Clinton. To bring jobs back to America, Trump recently renegotiated the North American Free Trade Agreement (NAFTA) which is now set to be replaced by the United States-Mexico-Canada Agreement (USMCA). The agreement will affect a range of industries, but the biggest changes are in the automotive industry. Automakers have to...

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8 things I learned from the 2018 Silverlake Axis AGM

I received many requests from our readers to share my takeaways from the latest 2018 Silverlake Axis annual general meeting, so I decided to take some time to pen them down here. This year’s AGM is slightly shorter, and certainly less dramatic, than the annual meeting last year, but I hope my pointers will still give you more insights into Silverlake Axis. Over the last 30 years, Silverlake Axis has built and maintained the core banking systems of banks and financial institutions around the region. Forty percent of the 20 largest banks in Southeast Asia are clients of Silverlake...

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Warren Buffett used this one strategy to ‘kill the Dow’ and earn the highest returns of his career

Most people recognise Warren Buffett as the most successful exponent of value investing. And with good reason too – Buffett is currently the third richest man in the world and his holding company, Berkshire Hathaway, has seen its per-share book value grow from $19 in 1964 to $211,750 in 2017, a rate of 19.1% compounded annually over 53 years. Buffett today is well-known for investing in high-quality companies with wide economic moats like Apple, Coca-Cola, and American Express. He looks for companies with strong brands, a dominant market position, and sustainable growth in earnings — so the company will...

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14 things to know about Padini Holdings before you invest (updated 2018)

Padini Holdings Berhad is a fashion retail conglomerate which owns nine household brands in Malaysia. They include Padini, Padini Authentic, P&Co, PDI, Miki, Brands Outlet, Vincci and Vincci Accessories. Collectively as a group, Padini markets its merchandise in over 200 locations across 10 countries. In this article, I’ll bring an update on Padini’s financial results and introduce a few valuation metrics to assess its current stock price. Here are 14 things you need to know about Padini Holdings before you invest. Padini subsidiaries 1. Yee Fong Hung remains the largest revenue contributor to Padini, accounting for 38.4% of group...

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Is Cortina Holdings a net-net stock worth looking at right now?

Cortina Holdings is a distributor and retailer of luxury watches like Rolex, Patek Phillipe, and Tag Heuer. Established in 1972, Cortina has now grown to 28 outlets in Singapore, Malaysia, Thailand, Hong Kong, and Taiwan. Since its peak in September 2018, Cortina’s share price has fallen 12% to 95 cents currently: As I was going through Cortina’s latest financial statements, something jumped out at me – the company’s net current assets are worth more than its entire market capitalisation right now. Net-net investing Net-net investing was developed by Benjamin Graham (the mentor of a certain Warren Buffett) who preached...

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6 things to know about Haidilao before you invest

On 26 September, Chinese hotpot chain Haidilao (HDL) shares debuted on the Hong Kong Exchange and climbed as much 10% on its first trading day. The initial public offering (IPO) raised nearly US$1 billion for the company. To be honest, I’ve patronised HDL quite often since it entered Singapore many years ago and their truly exceptional service level is one of the reasons behind my repeated visits. You could say that I am a fan of HDL, but as an investor I have to remain unbiased and objective when analysing a company. We received several emails from our readers...

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Temasek retail bond: 5 things to know before you invest in the T2023-S$ bond

Back in June, Temasek’s wholly-owned subsidiary, Azalea Group, offered the Astrea IV bond to retail investors in Singapore. The bond was the first ever private equity backed-bond to be listed here. This week, Temasek once again broke new ground with the T2023-S$ bond offer — it is the very first time that Temasek bonds are open to retail investors in Singapore, which was previously available only to institutions and accredited investors. For those who don’t already know, Temasek Holdings is a private investment company fully-owned by the Singapore government that manages a portfolio of assets worth S$308 billion (as...

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How we made 59.4% returns (and growing) investing in Dairy Farm International

I know the title of this article sounds a like a boast but if you bear with me and read the article to the end, I’ll reveal the investment thought process that led to why we decided to buy and, subsequently, sell our stake in Dairy Farm International. History Back in October 2015, I publicly presented my analysis on Dairy Farm International at InvestX Congress. Those who attended the live event would have learnt that Dairy Farm has a deep history stretching back as far as 1886. The company began selling cow’s milk as founder Sir Patrick Manson realised...

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5 things to know before you invest in the Phillip SING Income ETF

A year ago, Phillip Capital Management, along with Lion Global Investors, launched the Lion-Phillip S-REIT ETF. The ETF aimed to give investors a way to invest in a diversified basket of Singapore REITs (S-REITs) which paid a steady stream of distributions. (At the moment, the average distribution yield for S-REITs is 6.8%.) The ETF was met with a largely positive response from the market – Lion Global Investors and Phillip Capital Management initially aimed to raise S$40-50 million but exceeded their target when the fund raised over S$100 million last October. Capitalizing on the Singapore market’s appetite for yield,...

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4 simple ways to maximise and grow your CPF savings for retirement

Whether you’re a fan or critic of the CPF, we all have to admit that it is a fact of life in Singapore. So why not make the most of it and maximise your CPF savings for your retirement? While the limitation of your CPF savings is that you can only withdraw it when you reach 55 years of age, the upside is that you’re putting your money in a effectively risk-free AAA-rated investment that pays you 4% returns annually. You’d be hard-pressed to find anything like that elsewhere in the markets. So if you’re the kind that doesn’t...

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12 things to know about Axis REIT before you invest (updated 2018)

Axis REIT is the first Islamic business space and industrial REIT to be listed on Bursa Malaysia. As at 30 June 2018, Axis REIT has a portfolio of 42 properties worth RM2.66 billion. In this article, I’ll cover Axis REIT’s results for the last 10 years and discuss its plans for growth in the near-future. Here are 12 things to know about Axis REIT before you invest: Group financials 1. Axis REIT \expanded its portfolio size by a compound annual growth rate (CAGR) of 14.91% for the past 10 years — from 19 properties worth RM730 million in 2008...

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12 things I learned from the 2018 SGX AGM

Singapore Exchange (SGX) is an equities, fixed income, derivatives, commodities, and foreign currency exchange. SGX operates the largest stock market exchange in Southeast Asia with nearly S$1 trillion in total market capitalisation of listed equities. SGX is also Asia’s largest debt securities exchange with more than 3,100 bonds from 47 countries listed. As an exchange operator and a regulator, SGX occupies two roles which are usually separated – for example, the independent Securities and Exchange Commission regulates the New York Stock Exchange and Nasdaq in the U.S. Because of its dual roles, SGX has had to deal with criticism...

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5 best sources to read to find new investment ideas in Singapore

One of the many common issues faced by investors is the trouble at finding new investment ideas. Some investors expect great investment ideas to appear on their laps without any effort on their part but, in fact, finding new investment ideas requires you to actively look for them. And, sometimes, the best way to find new ideas is to simply start reading. You’ll be amazed at the number of potential companies you can invest in by scanning the news and writings around you. For investment ideas in Singapore, these are the five best sources I recommend and personally read...

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