Cory Diary : Reading DBS GROUP HOLDINGS LTD First Quarter 2016

DBS Stock Price 8th July '16 : $15.70 since the low of $13.02 Feb and high of $21.43 July last year. That's +17.1% from bottom and -36.5% respectively from top. That's more than one third drop in price.


DBS First Quarter 2016

Retail income increased 29%. Loan and Deposits up 35%. Investment product flat.
Strong results. Used 8th July price to compute below.

Non-Performing Loans (NPL) 1.0%
Past quarters increased from 0.9% to 1.0%. Percentage increase 11%.

NAV $16.39
Increases $1.09 from $15.30 2015Q1. That's 7.1% up.
BV will be 0.96.

EPS
$1.92 annualised. That's 12.2 % earning yield. PE 8.5.

Dividends
Regular Dividends assuming 60 cts (Yield 3.82%,  Shares 2,502,742,178) that will be at least $1.5 B annual distribution. 1Q16 earning alone is $1.2 B. Attractive room for Capital Growth.

Conclusion
Overall appears the company is doing well. The steep drops in stock price is puzzling to me. The current price is trading at $16.10.


Cory
20160719

Cory Diary : Middle Income Crisis

Gross Monthly Income From Work
Median Gross Monthly Income From Work of Full-Time Employed Residents for Year 2015 : S$3949

Monthly Income
After deducting Employer CPF : S$3375

"The variable portion of your wages can include the 13th month bonus or Annual Wage Supplement (AWS), bonus and variable payments. These payments are not compulsory, unless they are in your contract."

Assuming 3 months including AWS, Annual Income including employee CPF : $50,625

If you are drawing annual income in the range of $100,000, do you still consider yourself "Middle Income" ?

Cory

20160718

Cory Diary : Frasers Centrepoint Trust 3Q16

3Q16 Results Highlights

The main theme is North Point on-going AEI. Not to be mistaken by the picture, 3/4 area from the right is the up coming malls below North Park Residences ( Integrated Condo ) which will be attached to North Point of FCT in the left 1/4 area. The whole area will be the future north star of Singapore with integrated facilities such as library, community centre, mrt, bus interchange ground, garden, condo with lots of pools, Cinema, Food courts, malls and more malls. Hospital and schools nearby and a bridge connected to the hinterland.

Financial performance

• 3Q16 DPU of 3.04 cents, up 0.1% year-on-year (3Q15 DPU: 3.036 cents)

Some pressure to maintain the continue DPU growth or same (0.1% up) especially from the statement that 3Q16 distribution to unitholders includes $2.1m from cash retained in the previous quarters. It would have been negative per the Net Property Income of $31.2 million, 5.1% lower year-on-year which translate to annualised 5.3% yield instead of 5.7%.

North Point AEI reduced income by $1.74 M. Cushioned by rental increase specifically Causeway point 9.x% rental revision which is nothing to shout about considering we are comparing to average rental 3 years ago. Looks to me Phase 1 upgrading has much more impact than Phase 2 so FY2017 quarter reports should expects to be better. One more quarter of AEI bottom i suppose.

• Net Asset Value per Unit of $1.90 as at 30 June 2016 (31 March 2016: $1.91)
Share price last $2.12. Book Value is 1.11.

• Gearing level at 28.5% as at 30 June 2016 (31 March 2016: 28.3%)
Which i kind of like it.

Moving forward, I would rate high chance of interest rate hike soon with DOW breaking 18 K level clearly this week which may affects borrowing cost as currently FCT interests is just 2.259%. Do note large lease expiry in FY2017 and FY2018 so retail and sg economy will matters then.


Cory
20160716