Starhub FY 2016 results was released last evening. Disappointed results indeed, and seems worse than M1. This shall be a short post with no fancy charts or iconic pictures. 穷小子 had no mood to elaborate further but will not sugar-coat the results.
If you had followed 穷小子 throughout, you must have known that 穷小子 had bought the telcos at early 2015, which is around the all time high and is one of the bad moves. Mainly due to the greed on the attractive dividends yield at that time, and no patience. 穷小子 is not trying to bad-mouth the company but serve more of a reminder to himself. Do remember that he is affected as well.
Total telcos shares holdings is about 29.71% of the total portfolio , and among this telcos shares holdings, Starhub is holding at about 47.68% as of yesterday.
In summary, YoY results:
Total revenue, down 2%
EBITDA, down 3%
Net Profit after Tax, down 8%
FCF / Fully Diluted Share, down 15%
More disappointed at the QoQ results:
Total revenue, Non significant changes
EBITDA, down 14%
Net Profit after Tax, down 33%
FCF / Fully Diluted Share, down more than 300%
Most disappointed will be on the dividends.
FY 2016 will be maintained at $0.05 per quarter, but intend to pay a quarterly dividend of $0.04 per quarter for FY 2017.
Moving forward, 穷小子 will not panic sell, but plan to average down slowly whenever possible.
The attractiveness for this stock gets dimmer as the forecast payout for FY 2017 will be at $0.04 per quarter, $0.16 per year, a 20% cut. This greatly change the stories for 穷小子on Starhub, for all the reasons which he bought in the first place.
Next step will be work hard, save more, and build more warchest. The telco industry in Singapore will going to be a long cold war. Embrace for a sell down on Monday, but who knows how Mr Market may react irrationally again.
Saturday, 4 February 2017
Wednesday, 18 January 2017
CapitaLand Commercial Trust (CCT) FY 2016 Financial Results
CCT released their FY 2016 Financial Results this morning. Seems a strong results for 2016 overall per se. 穷小子 shall touch on some of the key factors.
Starting off with the much anticipated on CapitaGreen contributions injections to the portfolio. Note that its contributions is 100% only from 01 Sep 2016 onwards, so expecting the 11% to grow continuously for its full contributions in FY 2017. This will be a good news for investors, and if remember correctly, CapitaGreen was funded internally by CCT, with no rights issued that time.
Portfolio was up by 13.6% YoY, and again mainly due to the increased stake in CapitaGreen.
Debt maturity are evenly spread for the next 6 years with 38% matured on FY 2020. Once again, S$890M (27%) are due to the increased stake in CapitaGreen.
CCT did measures to curb the interest rate hikes effects. Only 20% of the borrowings are on Floating Rate.
Despite oversupply of offices for past few years, CCT is able to consistently above market occupancy, ending the last quarter of 2016 with 97.1% against 95.8%.
Although there is a dipped of 0.2% in the last QoQ, it has been an impressive increasing for the past 17 quarters consecutively.
Well spread of portfolio lease expiry although with majority on 2019. 25% and 7% for Office and Retail respectively.
Every investors' favourite, including 穷小子 too. Income, Assets, DPU and NAV increasing consistently over the years. As Peter Lynch stated in "Beating the Street", "The dividend is such an important factor in the success of many stocks that you could hardly go wrong by making an entire portfolio of companies that have raised their dividends for 10 or 20 years in a row."
Sounds logical.
CCT's portfolio committed an impressive occupancy rate of above 90% consistently for the past 10 years. If omitted the 94.8% in 2009 which is due to Global Financial Crisis, technically speaking should above 95% consistently.
Maybe 穷小子 is bias and a bit of exaggerating in this review because this is the highest holdings REITs stock in his portfolio, but an impressive 10 years track records doesn't lies.
穷小子's concludes that this can be one of the "safe" stock for now until 2019 and 2020, the year which has the most portfolio lease expiry and the highest debt maturity amongst respectively. 穷小子 believes that the management will take necessary measures when the time are nearer.
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| CapitaGreen's contributions is 100% with effect from 01 Sep 2016 |
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| Portfolio up by 13.6% YoY |
 |
| Debt Maturity |
 |
| Borrowings |
 |
| Portfolio Occupancy rate |
 |
| Monthly average office rent |
 |
| WALE |
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| Consistently delivery value |
Sounds logical.
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| Consistently above 90% |
Maybe 穷小子 is bias and a bit of exaggerating in this review because this is the highest holdings REITs stock in his portfolio, but an impressive 10 years track records doesn't lies.
穷小子's concludes that this can be one of the "safe" stock for now until 2019 and 2020, the year which has the most portfolio lease expiry and the highest debt maturity amongst respectively. 穷小子 believes that the management will take necessary measures when the time are nearer.
Sunday, 8 January 2017
What a good start for 2017!!
What a good start for 2017!! STI from 2880.76 on the last day of 2016 to 2962.63 on the end of first week, that's almost a 100 points, roughly 2.84% increased, for a short 4 days. Can we see a STI 3000 by month end?
穷小子 shared about his Christmas Shopping previously, so how have they performed?
Capital Gains
Those REITs which bought on the last month of 2016, grew from a low of negative 2.54% to positive 2.68% averagely. Seems like a strong comeback of 5.22% within 2 weeks. Hmm. But REITs are meant for long-term anyway. Hehe~~
Dividend Yield
These 4 REITs return an average dividend yield of 5.87%. Aiming for a 6% average initially, but perhaps too impatient and afraid of missing the opportunities.
Assuming if the prices and dividend payouts are remain around this range for 2017, these 4 REITs may be able to return a total of about 8.55% this year. Capital Gain + Dividend Gain.
Shall accumulate and re-balance the portfolio if rate hikes again. Is this so called a 把危机转变为商机? Shall revisit this post again by end of 2017.
Lets see how the second week of 2017 performs.
穷小子 shared about his Christmas Shopping previously, so how have they performed?
Capital Gains
Those REITs which bought on the last month of 2016, grew from a low of negative 2.54% to positive 2.68% averagely. Seems like a strong comeback of 5.22% within 2 weeks. Hmm. But REITs are meant for long-term anyway. Hehe~~
Dividend Yield
These 4 REITs return an average dividend yield of 5.87%. Aiming for a 6% average initially, but perhaps too impatient and afraid of missing the opportunities.
Assuming if the prices and dividend payouts are remain around this range for 2017, these 4 REITs may be able to return a total of about 8.55% this year. Capital Gain + Dividend Gain.
Shall accumulate and re-balance the portfolio if rate hikes again. Is this so called a 把危机转变为商机? Shall revisit this post again by end of 2017.
Lets see how the second week of 2017 performs.
Friday, 30 December 2016
穷小子 Year 2016 accomplishments
2016 is coming to the end with few days remaining. What an eventful year with the continuation of Oil Crisis, Brexit, Trump's presidency, Italy referendum and Interest rate hikes. What 穷小子 had accomplished?
Financial's achievement
Savings
Manged to save about 44% of his salary after all the insurances and household allowance deductions. Target to save 50% for 2017. Not sure if this can be done, but since if 穷小子 can't save more, why not try to earn more to bring up the ratio.
With the 44% of savings this year, he managed to build back the "emergency funds" which he had used last year for investments, and with some bad choices were made. As long as 穷小子 is still working, he will build them back, as a promise to himself.
The emergency funds used a 6 months' expenses as a guide, shall proceed with 12 months' expenses target by end of 2017
Putting all these aside, 穷小子 also managed to deposit $10,000 in a joint account with his loves ones. This amount is untouchable and shall continue to grow, for the house and renovations, and hopefully can get a good queue number from the government.
Investment
Had began to analyse the financial results. Starting off with OCBC's and M1's. Shall continue with the final year results which will be out some where around next April with 穷小子's noob's analyst skills.
Health's accomplishments
Participated 3 runs this year with 10KM each, Safra Run, Yolo Run, and Stanchart Marathon. All participated but yet to achieve the below 1 hour mark target. Feels body is getting older each year.
Anyway, at least 穷小子 cleared the IPPT for last birthday year, but have not attempt any for this birthday year. Gotta start training now. Target for another Silver award!!
Self-Improvement's achievement
Purchased another Peter Lynch's book few months back. Target to finish it by this year initially, but change of plans to take some certifications with relevance to 穷小子's career instead. Now we are at the last month of the year, neither did 穷小子 got his certifications nor completing the book. Reading is just not one of his traits. Too much work involvements or simply just too lazy to get it started.
Year 2016
Total dividends collected: S$4,365.35
Average dividends per month: S$363.77
Average dividends per day: S$11.92
Happy New Year~~
Financial's achievement
Savings
Manged to save about 44% of his salary after all the insurances and household allowance deductions. Target to save 50% for 2017. Not sure if this can be done, but since if 穷小子 can't save more, why not try to earn more to bring up the ratio.
With the 44% of savings this year, he managed to build back the "emergency funds" which he had used last year for investments, and with some bad choices were made. As long as 穷小子 is still working, he will build them back, as a promise to himself.
The emergency funds used a 6 months' expenses as a guide, shall proceed with 12 months' expenses target by end of 2017
Putting all these aside, 穷小子 also managed to deposit $10,000 in a joint account with his loves ones. This amount is untouchable and shall continue to grow, for the house and renovations, and hopefully can get a good queue number from the government.
Investment
Had began to analyse the financial results. Starting off with OCBC's and M1's. Shall continue with the final year results which will be out some where around next April with 穷小子's noob's analyst skills.
Health's accomplishments
Participated 3 runs this year with 10KM each, Safra Run, Yolo Run, and Stanchart Marathon. All participated but yet to achieve the below 1 hour mark target. Feels body is getting older each year.
Anyway, at least 穷小子 cleared the IPPT for last birthday year, but have not attempt any for this birthday year. Gotta start training now. Target for another Silver award!!
Self-Improvement's achievement
Purchased another Peter Lynch's book few months back. Target to finish it by this year initially, but change of plans to take some certifications with relevance to 穷小子's career instead. Now we are at the last month of the year, neither did 穷小子 got his certifications nor completing the book. Reading is just not one of his traits. Too much work involvements or simply just too lazy to get it started.
Year 2016
Total dividends collected: S$4,365.35
Average dividends per month: S$363.77
Average dividends per day: S$11.92
Happy New Year~~
Thursday, 22 December 2016
Christmas Shopping
穷小子 is having his festive seasons shopping for the past few weeks. Shopping for gifts for friends, families, and self. Mainly being to Raffles City, Bugis, Vivocity, Waterway Point, Suntec. Managed to get a perfect gift for everyone, and with much shopping malls rewards points accumulations as well as credit cards rebates. Most importantly, 穷小子 had bought most of the REITS from his watchlists too. Yay! Interest rate hikes was over for this year, but do anticipate to have three rate hikes in 2017 with Fed's projection.
CapitaLand Mall Trust
CapitaLand has always been one of 穷小子's favourite shopping organisations. CapitaLand Mall Trust has 16 properties leading famously with Bugis, Plaza Singapura and Raffles City. This is in the top of 穷小子's target list. Snap it impatiently with slightly above book value immediately after the rate hikes news last week. The price had dropped about 1.8% after since, but nonetheless, 穷小子 is comfortable with the 5.77% yield. Looking out for this if it drops more. On side note, CapitaLand is 穷小子's first stock after all, long time supporter.
Mapletree Commercial Trust
穷小子 must admit that this was never in his watchlist until recently. 穷小子 went Vivocity to shop for the presents and notice that the crowd was overwhelming. Not that we didn't know that it is popular, but the crowd was still impressive every time 穷小子 visited it, and even after 10 years of operation. Vivocity holds a significant position in the southern part of Singapore. It is a bottleneck passage towards Sentosa, one of Singapore's iconic tourist attractions. Every visitors would need to pass through Vivocity to get into Sentosa, either by the Sentosa Express or by walking. If one would want to have a cheaper decent meal out from Sentosa, the nearest will be Vivocity.
On top of all these, there is Harbourfront Ferry Terminal which is just right next to it. Another group of crowd formed by tourists and locals who want to get into Batam or cruise.
Vivocity, Singapore's largest mall, will never be lacking of crowds with all these strategic advantages.
Another plus point is the diversification of Mapletree Commercial Trust. It has 5 properties only, but ranging from retail, to CBD offices, business park. On the downside, 穷小子 had paid about 6% premium to its book value for this. Will not be adding any more unless the next purchase is below its book value.
Fraser Centrepoint Trust
It comprises six suburban malls, Causeway Point, Northpoint, Changi City Point, Bedok Point, YewTee Point and Anchorpoint. 穷小子 had not personally visited any of these in the past weeks yet, but mainly inspired by The Centrepoint and Waterway Point, both which are under its parent's flagship. Likes with the new Centrepoint, a more open-concept layout with more F&B outlets after its renovations. Yes, Punggol Waterway point again, as blogged previously. Pinning on hopes that Fraser Management will inject Waterway point into Fraser Centrepoint Trust, to become the seventh "Point". Comfortably with about 6.2% yield and paid slightly lower than its book value.
Suntec Reit
Suntec City used to live in a shadow behind Raffles City and Marina Square, because of its accessibility disadvantages, losing out to both malls which are nearer to City Hall Station. The game had changed ever since the opening of Circle Line, and also with the completion of its renovations.
One of Promenade Station's exit is just right in front of Tower 3 entrance. Another would be Esplanade Station which is pretty close to the Convention Tower. 穷小子's observations is that the 2 stations' exits are bringing more crowd nowadays, more than City Hall's. Suntec is making good use of its good strategic location, and with the conventions halls filled with events all year round.
Did a small purchase last month before the rate hikes, but the price never come back ever since. Didn't add any more new positions this time round, but this definitely still within 穷小子's top reits target.
Glad that had "ate" some last month, so not in hurry to "eat" again.
CapitaLand Commercial Trust
Had reduced 40% of CapitaLand Commercial Trust about 3 months ago, after it had a great run to $1.64. 穷小子 is definitely happy to have it back before end of the year. Of course didn't get it back at the $1.45 low last month, due to too much fear about the rate hikes. Do not time the market. Haha.. Anyway, at 5.8% yield with about 15% discount to its book value is good enough for now.
With all the REITs purchased, 穷小子 shall close shop for this year. Let's see how the market react to the new year ahead. Total REITs' holding is at about 33% of the whole portfolio currently. Will be more mindful for any more REITs increase as 穷小子 don't wish REITs to be over-weighted.
Merry Christmas and a Happy New Year!!
CapitaLand has always been one of 穷小子's favourite shopping organisations. CapitaLand Mall Trust has 16 properties leading famously with Bugis, Plaza Singapura and Raffles City. This is in the top of 穷小子's target list. Snap it impatiently with slightly above book value immediately after the rate hikes news last week. The price had dropped about 1.8% after since, but nonetheless, 穷小子 is comfortable with the 5.77% yield. Looking out for this if it drops more. On side note, CapitaLand is 穷小子's first stock after all, long time supporter.
Mapletree Commercial Trust
穷小子 must admit that this was never in his watchlist until recently. 穷小子 went Vivocity to shop for the presents and notice that the crowd was overwhelming. Not that we didn't know that it is popular, but the crowd was still impressive every time 穷小子 visited it, and even after 10 years of operation. Vivocity holds a significant position in the southern part of Singapore. It is a bottleneck passage towards Sentosa, one of Singapore's iconic tourist attractions. Every visitors would need to pass through Vivocity to get into Sentosa, either by the Sentosa Express or by walking. If one would want to have a cheaper decent meal out from Sentosa, the nearest will be Vivocity.
On top of all these, there is Harbourfront Ferry Terminal which is just right next to it. Another group of crowd formed by tourists and locals who want to get into Batam or cruise.
Vivocity, Singapore's largest mall, will never be lacking of crowds with all these strategic advantages.
Another plus point is the diversification of Mapletree Commercial Trust. It has 5 properties only, but ranging from retail, to CBD offices, business park. On the downside, 穷小子 had paid about 6% premium to its book value for this. Will not be adding any more unless the next purchase is below its book value.
Fraser Centrepoint Trust
It comprises six suburban malls, Causeway Point, Northpoint, Changi City Point, Bedok Point, YewTee Point and Anchorpoint. 穷小子 had not personally visited any of these in the past weeks yet, but mainly inspired by The Centrepoint and Waterway Point, both which are under its parent's flagship. Likes with the new Centrepoint, a more open-concept layout with more F&B outlets after its renovations. Yes, Punggol Waterway point again, as blogged previously. Pinning on hopes that Fraser Management will inject Waterway point into Fraser Centrepoint Trust, to become the seventh "Point". Comfortably with about 6.2% yield and paid slightly lower than its book value.
Suntec Reit
Suntec City used to live in a shadow behind Raffles City and Marina Square, because of its accessibility disadvantages, losing out to both malls which are nearer to City Hall Station. The game had changed ever since the opening of Circle Line, and also with the completion of its renovations.
One of Promenade Station's exit is just right in front of Tower 3 entrance. Another would be Esplanade Station which is pretty close to the Convention Tower. 穷小子's observations is that the 2 stations' exits are bringing more crowd nowadays, more than City Hall's. Suntec is making good use of its good strategic location, and with the conventions halls filled with events all year round.
Did a small purchase last month before the rate hikes, but the price never come back ever since. Didn't add any more new positions this time round, but this definitely still within 穷小子's top reits target.
Glad that had "ate" some last month, so not in hurry to "eat" again.
CapitaLand Commercial Trust
Had reduced 40% of CapitaLand Commercial Trust about 3 months ago, after it had a great run to $1.64. 穷小子 is definitely happy to have it back before end of the year. Of course didn't get it back at the $1.45 low last month, due to too much fear about the rate hikes. Do not time the market. Haha.. Anyway, at 5.8% yield with about 15% discount to its book value is good enough for now.
With all the REITs purchased, 穷小子 shall close shop for this year. Let's see how the market react to the new year ahead. Total REITs' holding is at about 33% of the whole portfolio currently. Will be more mindful for any more REITs increase as 穷小子 don't wish REITs to be over-weighted.
Merry Christmas and a Happy New Year!!
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