The Trading Floor - July 2018

Discussion in 'The Trading Floor' started by Amator, Jun 30, 2018.


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  1. sotong11

    sotong11 Well-Known Member

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    today eat grass day...can knock off... and go exercise le?
     
  2. nottibird

    nottibird Moderator

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  3. nottibird

    nottibird Moderator

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    Last week, DBS and SingTel were Top 10 BUYs by institutions.


    [​IMG]
     
  4. plutus2

    plutus2 Well-Known Member

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    good morning.. new week new huat
     
  5. sotong11

    sotong11 Well-Known Member

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    morning snipers
     
  6. nottibird

    nottibird Moderator

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  7. plutus2

    plutus2 Well-Known Member

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    NOPE... dont know why market macham dont want to move.. not sure what STI is waiting for? expecting a major correction??
     
  8. nottibird

    nottibird Moderator

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    Got JEEP Dua Bui Soh boh har?
    Engine starting.
     
  9. plutus2

    plutus2 Well-Known Member

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    good the morning
     
  10. nottibird

    nottibird Moderator

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  11. Amator

    Amator Well-Known Member

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    SINGAPORE (July 12): OCBC Research expects transaction volumes for mortgage loans to come off after Singapore unexpectedly announced more property cooling measures last week.

    OCBC says the property cooling measures are reminiscent of those introduced in Jan 2013, which led to a 4.5-year decline in residential property prices in Singapore. This round, there is an increase in additional buyer’s stamp duty (ABSD) and the loan-to-value ratio was brought down by 5% across the board.

    From Jan 2013 to the trough in 2016, the Real Estate index shed 28.4% before staging a recovery starting in early 2017. From early 2017 to October 2017, the index gained 33% -- touching a new five-year high.

    However, with the latest round of cooling measures, the resultant sharp selldown brought the index down 13.2% year-to-date. Key developer stocks bore the brunt of the uncertainty and fell sharply. Based on historical trends from 2013, the impact is more severe for property stocks than banking stocks.

    Based on 1Q18, housing loans accounted for 22% of DBS’s loans book versus 26% for OCBC and 28% for UOB. Together with last Thursday’s bumper sales of more than 1,000 units during the four hours after the announcement of the cooling measures, OCBC expects this to lessen the impact of slower new loans growth this quarter. However, the longer term potential drop in transaction volumes could impact loans growth.

    “We have dropped our valuation to 1.7x book (in line with the decline in regional peers from 1.6x to 1.5x), dropping our fair value from $34.60 to $32.67,” says OCBC, “At current price, dividend yield is 4.6%.”

    Meanwhile, the recent regional selldown has brought valuations lower, OCBC says. DBS deserves a higher premium than its peers in this region.
     
  12. Amator

    Amator Well-Known Member

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    SINGAPORE (July 12): CGS-CIMB Research is downgrading Venture Corporation to “hold”, from “buy” previously, on the back of lower revenue growth forecasts amid fears that the trade war between US and China could escalate further.

    “If the situation escalates into a full-blown trade war, costs will generally increase and demand will be affected,” says analyst William Tng in a Wednesday report.

    “We think that MNCs may ask suppliers to help offset the additional tariff-induced costs,” Tng says. “The bigger worry is cuts in spending by MNCs as they turn cautious given these uncertainties.”

    Adopting a more cautious stance and factoring potential revenue headwinds, CGS-CIMB is cutting Venture’s average revenue growth over FY18-20 to 7.3% -- the average rate achieved by the group in FY14-16.

    The brokerage is also lowering its target price-to-earnings (PE) multiple to 12.3 times, and slashing its FY18-20 earnings per share (EPS) forecasts by between 8.7% and 14.5%.

    Consequently, CIMB-CGS has cut its target price for Venture to $17.83, from $25.64 previously.

    However, Tng notes that Venture has not yet seen any changes as a result of the trade war. According to Tng, Venture has also reiterated that it is targeting growth in FY18.

    “The company is in constant contact with its customers to manage the situation,” he says. “Despite the threat from higher costs due to the tariff impact as well as the ongoing component shortage, we leave our margin assumptions intact as we assume that Venture will continue to manage costs well.”
     
  13. Amator

    Amator Well-Known Member

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    SINGAPORE (July 12): DBS Vickers Securities is maintaining its “hold” call on Singapore Press Holdings (SPH) with a lower target price of $2.58 compared to $2.60 previously, after lowering FY19-20F earnings by 21-35% on slower residential property sales from the group’s Bidadari development, The Woodleigh Residences.

    This comes after recent news of property cooling measures, which has led DBS to believe property sales and recognition The Woodleigh Residences will now be backend-loaded towards FY21 on the back of cooling demand.

    Further, the research house notes that SPH’s latest set of 3Q18 results indicated higher-than-expected costs the media segment due to the continued decline of advertising revenue. Based on the cautious GDP growth outlook as of late due to ongoing trade tensions between the US and China, Singapore’s two largest export markets, it also expects ad spend to be muted going forward.

    In a Wednesday report, analyst Alfie Yeo says his adjusted FY20F earnings projections are below consensus after recognising slower-than-expected residential sales for SPH’s Bidadari property project going forward, following the recent adjustment in Additional Buyer’s Stamp Duty (ABSD) and Loan-to-Value limits (LTV).

    Nonetheless, he believes The Seletar Mall will be injected into SPH REIT eventually, which should offer relief and support to SPH’s share price and dividend per share (DPS), in his view.

    “We value SPH's core newspaper and magazine operations at 58 cents per share based on discounted cash flow model, SPH’s property business at $1.63, and net cash and investments at 37 cents,” says Yeo of the revised target price, which is based on sum-of-parts valuation.

    “A strong economic recovery and pick-up in consumption will lead to adex improvement, which is a key risk to our view. Sale of its investments, such as M1 or spin-off of The Seletar Mall could also lead to higher special DPS expectations,” he adds.
     
  14. nottibird

    nottibird Moderator

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    Current market is a window to buy before everyone shifts their focus back to earnings season.
     
  15. sotong11

    sotong11 Well-Known Member

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    morning snipers
     
  16. nottibird

    nottibird Moderator

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    SPH...

    Profits up but due to lower impairment only. Revenue in fact fell.
    For a company to grow, revenue must go up.
    If higher profits is attributable to higher revenue, there is growth.
    But if higher profits is attributable to lower cost and/or due to one-time gains, then there is no growth and if this continues,
    the company is in trouble. A rise in profits due to lower costs is only a temporary relief. Macam like kicking the can further
    down the road. Becoz there is a limit to how much cost you can cut. When cut until nothing left to cut ler and revenue is
    still the same or lower, then the company will be flat.

    Having said the above, last week, she was amongst institutions' Top 10 BUY.
    Need to see if institutions are still buying.
    If not, then we can expect her to trade to the downside with nothing left to support her price.
    Her next dividend payout... 9 cts last year... is in Dec.
     
  17. nottibird

    nottibird Moderator

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  18. Amator

    Amator Well-Known Member

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    SINGAPORE (July 11): Singapore Press Holdings reported 3Q18 earnings increased 64.3% to $47.4 million from $28.9 million in 3Q17 on the back of lower impairment charges.

    Howeve, total revenue for the quarter was 3.8% lower at $250.1 million from $260.0 million a year ago.

    This was mainly due to an 8.0% y-o-y decrease in revenue from the group’s media segment to $167.9 million and a 2.4% y-o-y decrease in its property segment to $60.1 million, but partially offset by a 38.5% increase in its others segment to $22.0 million.

    Impairment of goodwill and intangibles dropped 40.9% to $22.3 million from $37.8 million last year.

    During the quarter, the group recorded a profit of $2.16 million from its share of results of associates and joint ventures, compared to a loss of $0.56 million in 3Q17.

    As at May 31, the group’s cash and cash equivalents stood at $236.3 million.

    Ng Yat Chung, CEO of SPH says, “As we continue to sharpen our Media capabilities in the face of digital disruption, we are seeing early signs of a slower decline of our Media revenue.”

    “At the same time, we are making efforts to diversify, with new growth thrusts. Our new strategy is to focus on the acquisition of cash-yielding real estate assets overseas. We are also preparing the Aged Care business for overseas expansion,” adds Ng.
     
  19. Amator

    Amator Well-Known Member

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    SPH REPORTS 64% RISE IN THIRD QUARTER NET PROFIT OF $47.4 MILLION

    ● Digital-first strategy gaining traction with growing digital subscriptions and e-paper readership
    ● Management bench strengthened for digital transformation
    ● Real estate asset management strategy progressing with deals being actively pursued

    SINGAPORE, 11 July 2018 – Singapore Press Holdings Limited’s (SPH) third quarter net profit attributable to shareholders rose 64.3% to $47.4 million compared with the same period a year ago. This was due to lower impairment charges, the Group said in the results announcement for the third quarter ended 31 May 2018 (3Q 2018) today.
     
  20. Amator

    Amator Well-Known Member

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    SINGAPORE (July 11): Singapore Telecommunications was around back when the telegraph was still cool. Now the 139-year-old company is experimenting with video games as a way to raise its profile with millennials.

    The telecom giant yesterday announced it plans to start a competitive gaming league this year and will eventually sponsor its own team.

    Esports may already be big business in markets ranging from the US to China, but it’s going to be bigger. Goldman Sachs Group estimates global sales will reach US$3 billion ($4.1 billion) annually by 2022, with an audience that rivals the current viewership of the National Football League in the US.

    The foray into gaming is the brainchild of Arthur Lang, the former Morgan Stanley banker who took over Singtel’s international operations last April, looking to diversify from traditional businesses where competition is toughening. City regulators in 2016 granted a fourth telecom license to rival TPG Telecom and streaming services like Netflix Inc. are pulling viewers away from Singtel’s television channels.

    “Telecom companies around the world are facing certain challenges with the changes that we’re seeing in the digital economy. Singtel and other companies are preparing to adjust to that,” said Rohit Sipahimalani, joint head of the portfolio strategy and risk group at Singapore’s state investment firm, Temasek Holdings, which owns almost half of the company.

    To remake itself, Singtel has bought cyber security and digital marketing businesses, but it still gets about 76% of its sales from telecom services. The shares have lost more than a quarter of their value since their 2015 peak, although they’ve had a bounce in the last week as investors snapped up defensive shares amid trade-war jitters.

    Lang, 46, said he doesn’t play video games, but in an interview last week at Singtel’s headquarters, he laid out a rationale for the new venture.

    “This is really an effort to engage our customers,” he said. Esports are becoming mainstream and will draw in millennials, who make up most of the region’s 600 million subscribers, he said.

    Lang started making moves soon after coming over from property developer CapitaLand, where he was chief financial officer. In November, he signed a deal that made Singtel the only provider in Asia offering Razer Inc.’s gaming smartphone at retail stores.

    In March, he announced a plan to connect all of Singtel’s mobile wallet services in a single network, so customers will be able to use their phones to make payments at shops just about anywhere in Southeast Asia.

    “I knew after even a month of visiting these companies, there was something we had to do,” he said, referring to Singtel’s subsidiaries in Indonesia, Philippines, Thailand and India. “If we want to target the millennial customer, how we can engage them more is really talking about new content.”

    One model for the gaming plan came from South Korea, where SK Telecom Co. has been using esports as a marketing tool for years, sponsoring a team that dominates play in “League of Legends,” a game that last year attracted 58 million viewers for its world finals.

    [​IMG]

    Singtel is starting its gaming push by holding its first regional esports championship in early October at Singapore’s Suntec convention center, with the event broadcast on its channels and partner platforms. The company plans to sell 3,000 tickets for the 3-day tournament.

    Players will compete for a prize pool of US$300,000 and games will include Valve Corp’s “Dota 2", Activision Blizzard Inc's “Hearthstone”, and an international version of Tencent Holdings’ “Honour of Kings” marketed as “Arena of Valour". The plan is to add more tournaments each year.

    Singtel also said it will recruiting a team to represent Singapore in international competitions, such as the 2022 Asian Games in Hangzhou, China, where gaming will be a medal sport along with swimming, soccer, and track and field events.

    Lang declined to say how much money Singtel had budgeted for the project, but he currently has 9 employees working to get the business off the ground.

    “Singtel needs to find something beyond the pure carrier business,” said Sachin Mittal, an analyst at DBS Group Holdings. “I think they’re moving in the right direction, but the gestation period for these new businesses is long.”
     
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