SMRT – LTA – New Rail Financing Framework (NRFF)

Today LTA announced New Rail Financing Framework (NRFF) by which all existing operating assets of SMRT  (MRT & LRT trains and signalling etc) shall be transferred to LTA and in turn SMRT shall pay licence charge to lease and operate trains on currently running MRT & LRT rail lines. Summary of NRFF: All SMRT operating trains and signalling assets and related Read More …

Centurion Corporation – 2016 – Analysis and Outlook

Business: Workers & Students Accommodation in Australia, Malaysia Singapore & UK 74,000 beds by 2017 from 40K beds in 2015 Lian beng (SGX listed) owns 5% stake Workers accommodation under the brand Westlite Strengths: Very high margin business – The gross margin is in range of 60% to 70%. NPM is around 30% to 40% which is extraordinary by any standards. Read More …

SingPost – Analysis and Outlook

The most popular post in Feb10 Capital blog is analysis of  SingPost (https://feb10capital.wordpress.com/2014/04/05/singpost-analysis-and-outlook-after-q3-fy1314/) and I am again doing analysis on Singpost. There were lot of changes in SingPost since my last analysis and lets have look at them. Business: Mail business – letters etc. Logistics – delivery, customs handling, POP stations e-commerce – End to End service from warehousing, selling Read More …

Lantrovision – Takeover offer by MIRAIT

Today (27th Jan 2016) Lantrovision announced (SGX Announcement) that MIRAIT holdings (A Japanese company with main focus on telecommunications services) offered to buy all of Lantrovision at $3.25 per share. MIRAIT plans to delist Lantrovision provided it gets approval for enough shares (90%) to delist as per SGX rules. Lantrovision Business Involved in cabling from design, installation, testing and commencement for financial, Read More …

Haw Par Corporation – Analysis

Business: Tiger balm & health care related business – Primary Leisure – Under Water World Singapore & Pattaya Property – Rental income – Singapore Investment – stake in UOB bank, UOL  and UIC – All are listed on SGX. Strengths: Strong margins – 30%  -40%. Sustainable business – need for health care remains strong Significant stake in good companies – continuous Read More …

Hock Lian Seng Stock – Analysis

Disclaimer: By reading this blog post you agree that you shall be wholly and solely responsible for whatever action you taken based oninformation provided in this post. Business:  Civil engineering – main business Property development – Industrial dev, Condo (The Skywood – consortium) Property investment – Dormitory Strengths:  Major player in civil engineering construction – contracts from LTA – Marina Read More …

Raffles Medical – Analysis

Disclaimer: By reading this blog post you agree that you shall be wholly and solely responsible for whatever action you taken based oninformation provided in this post. Business: Hospital – Singapore (Bugis), new one in china Clinics – Spread across Singapore, Japan, Hongkong, China, Vietnam & Combodia Health care services Raffles Health Institute – teaching Raffles Research labs – research Read More …

SATS Stock – Analysis

  Disclaimer: By reading this blog post you agree that you shall be wholly and solely responsible for whatever action you taken based on information provided in this post. Business:  Catering service to airlines at various airports – Singapore, Narita (Tokyo), KL Cargo handling & Gateway services at Singapore Airport Gateway services – passengers, cleaning & cargo handling Food business – Catering Read More …

Kingsmen Creatives – Analysis

Disclaimer: By reading this blog post you agree that you shall be wholly and solely responsible for whatever action you taken based on information provided in this post. Business:  Shop fixtures & decorations (51% of revenue) Exhibitions & Museum (41% of revenue) Marketing solutions Singapore is biggest market with 41% of revenue Strengths:  Premium events handler – F1, WTA finals, Read More …