Author: The Fifth Person

8 things I learned from the 2019 Keppel Infrastructure Trust AGM

Keppel Infrastructure Trust (KIT) is a business trust listed on the Singapore Exchange. KIT’s stable base of strategic infrastructure assets in energy, distribution & network, and waste & water provides essential services to a wide range of customers including government agencies, multinational corporations, commercial and industrial enterprises. As at 31 December 2018, KIT has $$3.8 billion in assets under management. Here are eight things I learned from the 2019 Keppel Infrastructure Trust: 1. Revenue increased 0.8% year-on-year to S$637.4 million in 2018. This was mainly contributed by City Gas as a result of higher town gas tariffs, which was...

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7 things I learned from the 2019 Hektar REIT AGM

Malaysians love shopping malls in general. Shopping malls are a one-stop solution for most of our shopping, entertainment, and dining needs. Most importantly, they offer free air-conditioning in this tropical region! No matter how much I don’t like crowds, I still somehow end up in a mall once every fortnight. Still, there are too many shopping malls in the Klang Valley. Retail space per capita in the Klang Valley increased from 7.3 to 9.2 square feet in 2018 and is expected to reach 10.5 square feet in 2020. In comparison, retail space per capita in major cities usually ranges...

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8 things I learned from the 2019 BreadTalk AGM

A couple of years ago, I wrote that BreadTalk aimed to achieve a net profit margin of 8% by 2020. Yet so far, its net profit margin (2.1% in FY2018) is still far below its intended target. This prompted a shareholder at this year’s AGM to ask the management whether their target still remained valid.   The answer was ‘yes’. But the bad news is that BreadTalk only has two years left to hit its target. Can they really achieve it? It looks like a far-fetched goal at this point in time. But I gained a few insights on...

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11 things I learned from the 2019 CapitaLand Mall Trust AGM

CapitaLand Mall Trust (CMT) is the largest retail REIT in Singapore, and the first REIT to be listed on the SGX back in 2002. It currently owns 15 malls across Singapore, which is worth a total of S$10.1 billion as of 31 December 2018. CMT is known for its remarkable financial standing and income stability. Rated ‘A2’ by Moody’s, CMT is the highest-rated REIT in Singapore. Despite this, there are a number of concerns over the REIT’s future growth, especially because its operations are limited to the Singapore market. I attended CMT’s AGM to find out about the company’s...

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12 things I learned from the 2019 Maybank AGM

Malayan Banking Berhad (Maybank) is the largest financial services group in Malaysia and has a regional presence in 18 countries, including all 10 ASEAN countries with Malaysia, Singapore, and Indonesia as its home markets. It is also the largest listed company in Malaysia with a market capitalisation of around RM100 billion. In ASEAN, it is the fourth largest bank by asset size. I took the opportunity to attend its recent annual general meeting. Here are 12 things I learned from the 2019 Maybank AGM: 1. Dividend per share grew 3.6% year-on-year to 57 sen in 2018, which translates to...

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6 things I learned from the 2019 CapitaLand Retail China Trust AGM

CapitaLand Retail China Trust (CRCT) is Singapore’s first China retail real estate investment trust (REIT) with a portfolio of 11 shopping malls. The malls have a diverse mix of approximately 1,600 tenants which include leading brands like UNIQLO, Xiaomi, ZARA, Nanjing Impressions, Nike, Sephora, Starbucks and Sisyphe. As at 31 December 2018, CRCT’s portfolio is valued at S$3.0 billion. According to CEO Tan Tze Wooi in the latest annual report, the Chinese retail space remains resilient amid a slowdown in China’s GDP growth and the economic uncertainty arising from the U.S.-China trade war: ‘China’s retail sales of consumer goods...

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12 things to know about Bursa Malaysia before you invest (updated 2019)

Listed in 2005, Bursa Malaysia is the official bourse of Malaysia and one of the leading exchanges in Southeast Asia. It offers a comprehensive range of services which include the listing, trading, clearing, settlement, and depository of equitiy and derivative products. As at 13 May 2019, Bursa Malaysia is valued at RM5.0 billion in market capitalization. In this article, I’ll bring an update on its recent financial results and valuation figures. Here are 12 things to know about Bursa Malaysia: 1. Securities revenue has grown by a compound annual growth rate (CAGR) of 6.75% over the last 10 years...

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10 things I learned from the 2019 QAF AGM

QAF Limited is a food company with core businesses in bakery, primary (pork) production, and distribution and warehousing. The company is the maker of Gardenia Bread – the number one selling bread brand in Singapore, Malaysia, and the Philippines. As successful as QAF’s bakery segment is, its pork production business has been beset with challenges and a drop in global pork prices. I last attended QAF’s AGM in 2017 when the company had plans to list its pork business on the Australian stock exchange, which was subsequently shelved due to the headwinds in the industry that followed. As pork...

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12 things I learned from the 2019 Capitaland AGM & EGM

The opening of Jewel Changi Airport has been the talk of the town recently. The new mega-mall located at Changi Airport features the tallest indoor waterfall (at 40 metres), an indoor forest, and over 280 new shops and restaurants. Jewel is 49%-owned by CapitaLand, one of Asia’s largest real estate companies, which manages a portfolio of integrated developments, shopping malls, lodging, offices, homes, real estate investment trusts (REITs) and funds worth over S$100 billion. While Jewel has certainly made it onto the headlines and Instagram feeds everywhere, the bigger news for investors is CapitaLand’s S$11 billion acquisition of Ascendas-Singbridge...

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12 things I learned from the 2019 Carlsberg Malaysia AGM

Established in 1969, Carlsberg Brewery Malaysia Berhad (Carlsberg Malaysia) is a listed subsidiary of Carlsberg A/S, which is incorporated in Copenhagen, Denmark. Carlsberg Malaysia is a brewer that carries various well-known alcoholic beverages ranging from Carlsberg to Somersby Cider. Carlsberg Malaysia has operations in Malaysia and Singapore, and owns a 25% stake in an associate company, Lion Brewery (Ceylon) PLC, in Sri Lanka. It also exports products to various countries including Thailand, Taiwan, Hong Kong, Laos, Maldives, and Guam. Carlsberg Malaysia recently saw its share price hit an all-time high of RM27.16 in April 2019 on the back of...

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4 things you need to know before investing in the Uber IPO

After a decade in the making, Uber is finally debuting on the New York Stock Exchange in May this year at a valuation of up to US$100 billion. We are all clamouring to know if this will be an investment opportunity of a lifetime or one-way drive in the wrong direction. What makes Uber interesting is its role as a disrupter in the taxi industry. I’m sure we’re all familiar with Uber – it is a ride-sharing platform that connects users who are looking for a ride with a personal driver that will drive them to their destination. Users...

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12 things to know about Maybank before you invest (updated 2019)

Founded in 1960, Malayan Banking Berhad (Maybank) has grown over the decades and now has a physical presence in 18 countries, including all 10 nations in Southeast Asia. Presently, Maybank is the largest integrated financial services group in Malaysia and the fifth largest in Southeast Asia based on market capitalisation (RM102.8 billion as at 6 May 2019) and remains the only Malaysian stock to exceed the RM100 billion mark. I recently received and reviewed its latest 2018 annual report. Hence, I’ll be covering its latest financial results and valuation figures. Here are 12 things that you need to know...

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7 things I learned from Warren Buffett’s 2018 letter to Berkshire shareholders

Every year, I eagerly wait for Berkshire Hathaway to release its annual letter to shareholders. In it contains nuggets of wisdom that gives you insights on how Warren Buffett built his Berkshire Hathaway empire from scratch from a failing textile maker in 1965 to a Fortune 500 company today. He also shares the mistakes he made along the way like acquiring Dexter Shoes Co. for US$433 million in Berkshire Class A shares in 1993 which folded just eight years later. Buffett candidly lays out all these stories in his letters and explains them in a way that even an...

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7 things I learned from the 2019 KLCCP Stapled Group AGM

KLCC Property Holdings Berhad (KLCCP) was incorporated and listed in Malaysia in 2004. In 2013, a corporate restructuring exercise was undertaken by stapling KLCCP to KLCC REIT to form the existing KLCCP Stapled Group. KLCC REIT owns PETRONAS Twin Towers, Menara ExxonMobil, and Menara 3 PETRONAS. KLCCP owns a property portfolio that includes Suria KLCC mall (60%-owned); Mandarin Oriental, Kuala Lumpur (75%-owned); Kompleks Dayabumi; Menara Maxis (33%-owned); and Lot D1, a vacant plot of land adjacent to Mandarin Oriental. Therefore, as at 31 December 2018, KLCCP Stapled Group has eight properties with a combined gross floor area of over...

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