Nothing lasts forever when change is a constant. Oh wait, that's a lot of cliche in one sentence. Overdose of it perhaps? Getting back to the subject ...
ComfortDelgro is being disrupted by the likes of Uber and Grab.
SPH's print media is being disrupted by digital media, even as it plays catch up while diversifying into retail malls and community care facilities.
SingPost snail mail is being disrupted by e-mail, while its eCommerce offers patchy slivers of opportunities.
Singtel is shifting from a pure play telco into a digital technology company.
It's hard for an incumbent business to adopt digital technology as it has to be accompanied by new business models. It's not just about bringing the traditional medium to a digital platform. The shift is hard.
Plus, there will be a lot of irrelevant work force that is ill suited for the digital age. Does the company stick to the past, or build for the future? With the workforce that is being displaced, what should it do? Should it listen to the heart or listen to the mind? Is there a place where both can coincide? There is too much at stake.
Will traditional consumer staples remain relevant? Can companies like QAF maintain its relevance in food if there is a changing pattern in food consumption? The fight against diabetes could have repercussions.
Will retail malls remain relevant with the increasing shift to eCommerce? Do consumers still shop?
Marine, oil and gas industries need no saying. While some may argue it's all about what Saudi Arabia chooses to do and that it's cyclical, long as it may lasts, perhaps it's also about disruptions from renewable energy?
Disruptions all over. Kodak moments, if you are even old enough to still remember Kodak.
Traditional Blue Chips start to look pretty blue ...
But it is in times of doubts and uncertainties that opportunities exist. Who will survive?
Investment through the ages, from cradle to grave.
Showing posts with label SPH. Show all posts
Showing posts with label SPH. Show all posts
17 October 2017
29 July 2014
Is SPH a Leaky Tap?
"Drip, drip, drip" went my toilet spray (of the toilet bowl). Kinda make me wish for the Japanese type of toilet bowls. All that high - who needs a spray!? But alas, this is Singapore. So a spray it is.
The usual suspect as always was a worn out rubber washer. But it seems to be really hard to find one these days. It used to be easy to get one from those old musky and dark looking hardware stores. But these seem to have gone the way of the dodo bird. Old trade, hard to survive.
Looking at the stocks I own, I wonder if any fall into this category of old trade that is on their way out?
SPH
Newspapers are still being read, magazines are being bought, even if many are also being seduced by electronic media. Personally, I'm still a hardcopy guy and would rather read the printed sheets and magazines. Less damaging for my ageing eyes.
[Source: POEMS, dated 29 Jul 2014]
SPH should do well with a growing and educated population. Unfortunately, with the population growth tapering off and ageing, probably not going to see much growth there.
Advertisers? They will go where the readers are. The draw of Internet of Things is drawing them away. Too seductive to ignore. So it bodes well that SPH is diversifying itself into the Internet space, buying a string of companies in this realm.
At the same time, SPH has diversified by going into development of commercial properties, making use of its cash hoard. A shopping mall in the city and a couple more in the heartlands. Guess its aim is to secure a stream of regular income from these properties. It has always been seen as a steady dividend champion and this is possibly one way to preserve its dividend stream even as it makes the structural shift from pure print to a mix of print and electronic businesses.
Will it survive the transition and continue to be a strong dividend machine with positive long term growth potentials?
A leaky spray can still be fixed. All it needs is a new rubber. *blink blink*
The usual suspect as always was a worn out rubber washer. But it seems to be really hard to find one these days. It used to be easy to get one from those old musky and dark looking hardware stores. But these seem to have gone the way of the dodo bird. Old trade, hard to survive.
Looking at the stocks I own, I wonder if any fall into this category of old trade that is on their way out?
SPH
Newspapers are still being read, magazines are being bought, even if many are also being seduced by electronic media. Personally, I'm still a hardcopy guy and would rather read the printed sheets and magazines. Less damaging for my ageing eyes.
| Stock Data | |
|---|---|
| Market Capitalization (SGD 'mil) | 6,674.71 |
| Common Shares Outstanding ('mil) | 1,616.2461 |
| 52 Week High (SGD) (31/07/2013) | 4.327 |
| 52 Week Low (SGD) (29/08/2013) | 3.845 |
| 52 Week Return (%) | -1.390 |
| Average Volume ('mil) | 2.1671 |
| Beta | 0.57 |
| Financial strength | |
|---|---|
| Current Ratio | 4.82 |
| Quick Ratio | 4.75 |
| Long Term Debt to Equity (%) | 49.15 |
| Total Debt to Equity (%) | 49.23 |
| Interest Coverage Ratio (TTM) | 14.53 |
| Free Cash Flow to Firm (TTM) (SGD 'mln) | -277.09 |
| Margin | |
|---|---|
| Gross Margin (TTM) (%) | 53.58 |
| Operating Profit Margin (TTM) (%) | 34.28 |
| Net Profit Margin (TTM) (%) | 29.98 |
| Dividend § | |
|---|---|
| Annual Dividend per share (SGD) | 0.1500 |
| Dividend Yield (TTM) (%) | 3.60 |
| Dividend Yield (Annual) (%) | 3.60 |
| Payout Ratio (TTM) (%) | 156.61 |
| 3-Year Growth Rate (%) | -2.13 |
| Valuation | |
|---|---|
| Historical P/E Ratio | 15.70 |
| P/E Ratio (TTM) | 20.11 |
| P/BV (latest interim) | 1.92 |
| BVPS (latest interim) (SGD) | 2.1739 |
| EPS TTM (SGD) | 0.2073 |
| ROA (%) | 13.10 | 13.64 | 9.45 | 12.52 | 7.32 |
| ROE (%) | 20.36 | 23.26 | 17.43 | 19.44 | 11.94 |
| DPS (SGD) | 0.1600 | 0.1600 | 0.1600 | 0.1600 | 0.1500 |
| EPS (SGD) | 0.2616 | 0.3085 | 0.2402 | 0.3549 | 0.2656 |
SPH should do well with a growing and educated population. Unfortunately, with the population growth tapering off and ageing, probably not going to see much growth there.
Advertisers? They will go where the readers are. The draw of Internet of Things is drawing them away. Too seductive to ignore. So it bodes well that SPH is diversifying itself into the Internet space, buying a string of companies in this realm.
At the same time, SPH has diversified by going into development of commercial properties, making use of its cash hoard. A shopping mall in the city and a couple more in the heartlands. Guess its aim is to secure a stream of regular income from these properties. It has always been seen as a steady dividend champion and this is possibly one way to preserve its dividend stream even as it makes the structural shift from pure print to a mix of print and electronic businesses.
Will it survive the transition and continue to be a strong dividend machine with positive long term growth potentials?
A leaky spray can still be fixed. All it needs is a new rubber. *blink blink*
24 December 2011
Recollections of 'my' companies
It's the eve of X'mas 2011, and it's a good a time as any to take stock of events in the year that relates to companies I've taken a stake in. It's been a horrible and unforgiving year - tsunami in Japan, massive floods in Thailand and Australia, financial crisis Part II in Europe, SMRT coming out like a disaster movie, repeated floods at various parts of Singapore, and the bird flu apparently making a come back in Hong Kong.
Adampak had one of its factory underwater in Thailand when the floods hit.
Qian Hu is still fishing around and doing poorly this year after the European market tanked. Fishy.
SPH failed to deliver my papers on a few occasions. Not getting their basic service done is a bad sign. And the long time Chairman of SPH has become the President of the Republic.
In contrast, SingPost has consistently delivered my posts. But the amount of junk mails these days is simply amazing! But if it keeps the postman busy, it's good?
Singtel phone bills continue to increase throughout the year as the number of handphones I owned have gone up. How many handphones does one need? I am still not subscribing to any M1 services. What will LTE technology bring to their businesses? More data traffic is the way to go, ever since the rise of the iPhone and iPad. Long live Steve Jobs!
Still haven't bought anything from Aussino. I think I'm still happy with my bedsheets. The trouble is that these things can last quite a while. I'm not hopeful about their business.
HourGlass appears to be doing decent business. Lots of tourists visiting Singapore these days and hopefully there're there in the branded class that the newly rich patronise.
SMB United is in the midst of a takeover bid. Remains to be seen what the outcome will be.
Global Logistics Properties has dived in on the Japanese property market in the months following the Japanese tsunami and nuclear disasters. Looks like some smart moves. It's going to be sometime before we see these pan out. China and Japan are all about exports and emergent consumption. And that means there is a logistics battle to be won.
On the property front, the cooling measures seem to be gradually taking effect. Amazingly, the E-Condo I'm living in now appears to be going at twice the price I bought, and that was just 5 years ago. In land scarce Singapore, this is one area where there is no room for abundance, unless technology breakthroughs bring new opportunities. I'd stay away speculating the home properties given that these will likely continue to attract frequent policy interventions. This is one unstable "C" among the infamous 5Cs. But Capita-Commercial Trust and Mapletree Industrial Trust are alternatives in the commercial and industrial sectors (REITS) for a 'stable' income stream. That's not a bad thing.
Singapore banks have stood the test of the last two rounds of financial crisis in the US and Europe. OCBC remains healthy and I'm sure their OCC 3.93% NCPS will continue to pay out annually. How does the future hold for SP Reinsurance and Sing Inv & Finance? I'm living off their dividends.
Water is the business for Hyflux. However, I certainly wouldn't hold my breadth on Hyflux itself. It had banked on the rich African market which was unfortunately aborted by the Arab Spring. Perhaps the opportunity will present itself again. It has tried to diversify into China and we shall see how that transpires. But their overall business in water and waste should remain viable and hence Hyflux 6% CPS should remain ok for the steady income stream it produces. We need to drink, and we certainly have to shit. One can die from not being able to do either you know.
CSE Global seems to be having trouble making profits out of their software projects. It didn't help to find their customers caught amidst the rising tide of the Arab Spring as well.
Ah China! Who knows where things will go from here. One can certainly see the throngs of newly rich everywhere. And I mean everywhere. So perhaps it's healthy to benefit from their retail growth story via Capita Retail China Trust.
Tat Hong's factory near my neighbourhood seems to have either moved, or else all their cranes have been rented. Bad sign, good sign, depending which way it went. But they're likely benefiting from their business down in Australia. It's a reconstruction and recovery story after the floods in Australia had receded.
When economic woes abound, and the price of oil climbs to ridiculous levels, airlines businesses are all downhill, including filings for Chapter 11 (US)! But I believe SIA will recover and will do well again when things pick up. But one wonders how the new management team is fairing?
By a similar thread, SATS' future rests on the recovery of the air transportation business. They have just secured a contract to operate the new Cruise passenger terminal. That could perhaps help broaden their business to the sea business. In any case, they continue to have the stable business of providing food for the SAF. National Service is good for SATS.
Speaking of food, Brands products from CerebosPac is a must have booster for kids preparing for exams. What a year of exams! That's a lot of Brands Essence of Chicken. It also appears to be one of those staple items for hospitalisation gifts as well. Students and hospitals, it's all about people!
Kian Ann, Innotek, Teck Wah and Meiban Gp? Waiting for the manufacturing and engineering to recover perhaps.
With Certificate of Entitlements rising to epic proportion, car ownership has become another that has gone beyond-the-line-of-sight "C" for followers of the 5Cs. But they all need to go for annual inspections, and the number of cars aren't getting any less despite this. VICOM for next buy?
Merry X'mas!
Adampak had one of its factory underwater in Thailand when the floods hit.
Qian Hu is still fishing around and doing poorly this year after the European market tanked. Fishy.
SPH failed to deliver my papers on a few occasions. Not getting their basic service done is a bad sign. And the long time Chairman of SPH has become the President of the Republic.
In contrast, SingPost has consistently delivered my posts. But the amount of junk mails these days is simply amazing! But if it keeps the postman busy, it's good?
Singtel phone bills continue to increase throughout the year as the number of handphones I owned have gone up. How many handphones does one need? I am still not subscribing to any M1 services. What will LTE technology bring to their businesses? More data traffic is the way to go, ever since the rise of the iPhone and iPad. Long live Steve Jobs!
Still haven't bought anything from Aussino. I think I'm still happy with my bedsheets. The trouble is that these things can last quite a while. I'm not hopeful about their business.
HourGlass appears to be doing decent business. Lots of tourists visiting Singapore these days and hopefully there're there in the branded class that the newly rich patronise.
SMB United is in the midst of a takeover bid. Remains to be seen what the outcome will be.
Global Logistics Properties has dived in on the Japanese property market in the months following the Japanese tsunami and nuclear disasters. Looks like some smart moves. It's going to be sometime before we see these pan out. China and Japan are all about exports and emergent consumption. And that means there is a logistics battle to be won.
On the property front, the cooling measures seem to be gradually taking effect. Amazingly, the E-Condo I'm living in now appears to be going at twice the price I bought, and that was just 5 years ago. In land scarce Singapore, this is one area where there is no room for abundance, unless technology breakthroughs bring new opportunities. I'd stay away speculating the home properties given that these will likely continue to attract frequent policy interventions. This is one unstable "C" among the infamous 5Cs. But Capita-Commercial Trust and Mapletree Industrial Trust are alternatives in the commercial and industrial sectors (REITS) for a 'stable' income stream. That's not a bad thing.
Singapore banks have stood the test of the last two rounds of financial crisis in the US and Europe. OCBC remains healthy and I'm sure their OCC 3.93% NCPS will continue to pay out annually. How does the future hold for SP Reinsurance and Sing Inv & Finance? I'm living off their dividends.
Water is the business for Hyflux. However, I certainly wouldn't hold my breadth on Hyflux itself. It had banked on the rich African market which was unfortunately aborted by the Arab Spring. Perhaps the opportunity will present itself again. It has tried to diversify into China and we shall see how that transpires. But their overall business in water and waste should remain viable and hence Hyflux 6% CPS should remain ok for the steady income stream it produces. We need to drink, and we certainly have to shit. One can die from not being able to do either you know.
CSE Global seems to be having trouble making profits out of their software projects. It didn't help to find their customers caught amidst the rising tide of the Arab Spring as well.
Ah China! Who knows where things will go from here. One can certainly see the throngs of newly rich everywhere. And I mean everywhere. So perhaps it's healthy to benefit from their retail growth story via Capita Retail China Trust.
Tat Hong's factory near my neighbourhood seems to have either moved, or else all their cranes have been rented. Bad sign, good sign, depending which way it went. But they're likely benefiting from their business down in Australia. It's a reconstruction and recovery story after the floods in Australia had receded.
When economic woes abound, and the price of oil climbs to ridiculous levels, airlines businesses are all downhill, including filings for Chapter 11 (US)! But I believe SIA will recover and will do well again when things pick up. But one wonders how the new management team is fairing?
By a similar thread, SATS' future rests on the recovery of the air transportation business. They have just secured a contract to operate the new Cruise passenger terminal. That could perhaps help broaden their business to the sea business. In any case, they continue to have the stable business of providing food for the SAF. National Service is good for SATS.
Speaking of food, Brands products from CerebosPac is a must have booster for kids preparing for exams. What a year of exams! That's a lot of Brands Essence of Chicken. It also appears to be one of those staple items for hospitalisation gifts as well. Students and hospitals, it's all about people!
Kian Ann, Innotek, Teck Wah and Meiban Gp? Waiting for the manufacturing and engineering to recover perhaps.
With Certificate of Entitlements rising to epic proportion, car ownership has become another that has gone beyond-the-line-of-sight "C" for followers of the 5Cs. But they all need to go for annual inspections, and the number of cars aren't getting any less despite this. VICOM for next buy?
Merry X'mas!
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