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Right Timing
Watch for balance sheet liquidity, not just P/NAV
For valuations, look beyond P/NAV to balance sheet liquidity to identify undervalued stocks
June 13, 2024
Results
City Developments announces new launches, lower interest cover in 1QFY2024 update
CDL announces new launches, AEIs for four hotels, higher gearing and lower interest cover.
May 21, 2024
Stocks To Watch
CapitaLand Investment: Liquid balance sheet throws up growth opportunities
CapitaLand Investment's liquid balance sheet will enable it to seize opportunities
January 17, 2023
REITs
CapitaLand Integrated Commercial Trust faces challenges as Raffles City valuations take a hit
CapitaLand Integrated Commercial Trust's DPU fell by 27.4% y-o-y in FY2020 as Raffles City faces challenges
January 22, 2021
REITs
ARA US Hospitality Trust could raise equity to strengthen capital position
Both Sasseur REIT and ARA US Hospitality Trust could experience revaluation losses this year if their total rental revenues continue to fall. However, the negative impact will affect ARA US Hospitality Trust a lot more.
June 26, 2020
Financially Savvy
Developers clear up misconception around perpetual securities
On May 13, during a 1HFY2020 results briefing by Frasers Property’s (FPL) management, there were some questions on the company’s higher gearing, which had risen to 106.8% by March 31, 2020, from 85.9% as at Sept 30, 2019. The compa
May 22, 2020
REITs
MAS raises gearing limit to 50%, defers ICR implementation, MOF, IRAS extend timeline for tax transparency
On April 16, the Ministry of Finance (MOF), the Inland Revenue Authority of Singapore (IRAS), and the Monetary Authority of Singapore (MAS) announced that MOF and IRAS will extend the timeline for S-REITs to distribute at least 90% of
April 16, 2020
REITs
Chinese retail malls outperform US office REITs
Real estate investment trusts, especially US REITs listed on SGX, may be in for further volatility. The huge stimulus that the US administration is proposing will have to be funded by debt and that could drive up US risk-free rates r
March 20, 2020
Debt and defaults
What are the lessons from the Hyflux haircut?
(Dec 20): In the 1970s, long-haired visitors to Singapore were required to cut their hair on arrival as unkempt locks were linked to hippie culture.
December 20, 2019
Broker's Calls
Could changes to Cosco’s core business be underway?
SINGAPORE (Aug 8): DBS Vickers Securities is maintaining its “hold” call on Cosco Shipping International (Singapore) with an unchanged target price of 27 cents after the group last week reported a narrowing of its 2Q losses to $20.8 million.
August 08, 2017