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n3wbie Elite	19-Oct-2020 12:14        n3wbie About Contact  Quote this Post! Style: Fundamental
x 0   x 0  Alert Admin	Based on the previously announced transaction when M1 was privatised, SPH increased their effective stake in M1 to ~16% but they consolidate as an associate on their books because they hold a 20% stake in Konnectivity which was the vehicle created with Keppel for the privatisation and accordingly owns ~80% of M1. rocketman      ( Date: 19-Oct-2020 11:50) Posted: Any idea what is the percentage which SPH hold in M1? Or any ? Trader1987      ( Date: 19-Oct-2020 11:39) Posted: Either SPH REIT is super overpriced, or SPH is super underpriced. Not forgetting SPH hold ~15% of iFast ($130M in today' s context
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rocketman Master	19-Oct-2020 11:50        rocketman About Contact  Quote this Post!
x 0   x 0  Alert Admin	Any idea what is the percentage which SPH hold in M1? Or any ? Trader1987      ( Date: 19-Oct-2020 11:39) Posted: Either SPH REIT is super overpriced, or SPH is super underpriced. Not forgetting SPH hold ~15% of iFast ($130M in today' s context) rocketman      ( Date: 19-Oct-2020 10:49) Posted: MIRACLE is only when this cross above $1.10..anything below that I am still Penny in the making in my humble opinion....
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Trader1987 Veteran	19-Oct-2020 11:39        Trader1987 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Either SPH REIT is super overpriced, or SPH is super underpriced. Not forgetting SPH hold ~15% of iFast ($130M in today' s context) rocketman      ( Date: 19-Oct-2020 10:49) Posted: MIRACLE is only when this cross above $1.10..anything below that I am still Penny in the making in my humble opinion....
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rocketman Master	19-Oct-2020 10:49        rocketman About Contact  Quote this Post!
x 0   x 0  Alert Admin	MIRACLE is only when this cross above $1.10..anything below that I am still Penny in the making in my humble opinion....
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St.Maximus Supreme	19-Oct-2020 10:14        St.Maximus About Contact  Quote this Post!
x 0   x 0  Alert Admin	A miracle may be possible today. Another green close. I will hold plus wait
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rocketman Master	19-Oct-2020 09:01        rocketman About Contact  Quote this Post!
x 0   x 0  Alert Admin	Either u go SHORT or wait for Better Entry price.. Better to wait, your Negative is only perhaps get in at a slightly higher price if ever a rebound start at all.. But it helps to preserve your initial capital outlay in my humble opinion.
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rocketman Master	19-Oct-2020 08:59        rocketman About Contact  Quote this Post!
x 0   x 0  Alert Admin	Yes, Waiting is FREE anyway.. It has always been Newer Lows even before Covid-19 Pandemic hits..So why not wait for CHEAPER and yet CHEAPER shares to come in my humble opinion. St.Maximus      ( Date: 19-Oct-2020 08:19) Posted: Good morning Rocketman and all. Bless u guys! So what u say is this. Do not buy now. Buy later at a lower price. Am I right?
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St.Maximus Supreme	19-Oct-2020 08:19        St.Maximus About Contact  Quote this Post!
x 0   x 0  Alert Admin	Good morning Rocketman and all. Bless u guys! So what u say is this. Do not buy now. Buy later at a lower price. Am I right?
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rocketman Master	19-Oct-2020 07:29        rocketman About Contact  Quote this Post!
x 0   x 0  Alert Admin	WAITING IS FREE, WAIT FOR UNDER DOLLAR or PENNY to come in my humble opinion. No Harm anyway... Better than catching a Falling Knife.. Smile
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n3wbie Elite	18-Oct-2020 23:30        n3wbie About Contact  Quote this Post! Style: Fundamental
x 0   x 0  Alert Admin	Similarly thank you for a constructive discussion and very valid concerns too. I agree that the pandemic accelerated the adverse impact of the Media business which was in the midst of a structural decline. Not making any assurance on SPH, just stating a fact that they have sufficient liquidity to tide the businesses through in the near-term but I echo your concern that it is not from positive operating cash flow. If investors are lenient, FY20 was quite a washout year so question is will we see the recovery and are we at trough valuation? Only time will tell. Frankly, I don' t have an opinion on the counter, one can debate the multitude of reasons that led to the emergence of ' value' seen with the stock trading at less than 0.5x PB. The PBSA business was promising until Covid-19 came around and threaten the future of higher education as a health crisis which potentially undermine an otherwise defensive asset class as seen with past recessions.  As with any investments, we will need to form our assumptions of sorts. I have been following this counter for some time but whenever I think value is emerging, it gets cheaper (well, unfortunately many other SGX counters suffer the same fate). St.Maximus      ( Date: 18-Oct-2020 23:06) Posted: Thank you sir for your discussion. You are the only one who engaged me on my any of my points raised It contains many forward looking statements/assumptions esp. in the second paragraph. SPH had been in decline even before COVID. So this year is just an accelerated decline. Your assurance on SPH " high levels of liquidity" is not convincing because most of that so-called liquidity is obtained from loans (financing cash in-flows) and not from operating cash flows. But I thank you for your optimistic assessment which I have noted contains many forward looking assumptions and ' shoulds' . n3wbie      ( Date: 18-Oct-2020 22:29) Posted: A good point but I would imagine that most companies ICR would be impacted due to Covid-19. Somewhat unfortunate all businesses of SPH are hit and certainly one of the largest contributors of SPH' s EBIT is their consolidated earnings from SPH REIT and of course, their Media business. PBSA should be ok given that bookings are extended till Jan 2021 (though the lockdown situation in UK remains to be seen) Assuming a gradual recovery in the retail businesses (particularly opening of borders which will benefit tourist dependent Paragon), and that interest expenses remain (with no further undertaking of debt for acquisitions), ICR should improve as EBIT recovers. I think the other aspect is that they could potentially refinance some of the outstanding debt (perhaps not the perps and senior notes tho) so that can help lower interest expense as well. The positive is that they still maintain high levels of liquidity on their balance sheet so that should alleviate some of the gearing pressures, at least in the near term.
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St.Maximus Supreme	18-Oct-2020 23:06        St.Maximus About Contact  Quote this Post!
x 0   x 0  Alert Admin	Thank you sir for your discussion. You are the only one who engaged me on my any of my points raised It contains many forward looking statements/assumptions esp. in the second paragraph. SPH had been in decline even before COVID. So this year is just an accelerated decline. Your assurance on SPH " high levels of liquidity" is not convincing because most of that so-called liquidity is obtained from loans (financing cash in-flows) and not from operating cash flows. But I thank you for your optimistic assessment which I have noted contains many forward looking assumptions and ' shoulds' . n3wbie      ( Date: 18-Oct-2020 22:29) Posted: A good point but I would imagine that most companies ICR would be impacted due to Covid-19. Somewhat unfortunate all businesses of SPH are hit and certainly one of the largest contributors of SPH' s EBIT is their consolidated earnings from SPH REIT and of course, their Media business. PBSA should be ok given that bookings are extended till Jan 2021 (though the lockdown situation in UK remains to be seen) Assuming a gradual recovery in the retail businesses (particularly opening of borders which will benefit tourist dependent Paragon), and that interest expenses remain (with no further undertaking of debt for acquisitions), ICR should improve as EBIT recovers. I think the other aspect is that they could potentially refinance some of the outstanding debt (perhaps not the perps and senior notes tho) so that can help lower interest expense as well. The positive is that they still maintain high levels of liquidity on their balance sheet so that should alleviate some of the gearing pressures, at least in the near term.   St.Maximus      ( Date: 17-Oct-2020 11:26) Posted: Third important point. Borrowings have increased some 70% YOY. And it is this that concerns me. Although the net debt to asset ratio has increased only slightly to 32.7%, its interest coverage has fallen more than 25% to 3.8 times. I am sfraid SPH should not take on any more debt. Else it will sink under the enormous debt servicing over the next 3.4 years - its weighted average debt to maturity. Anyone shares my concerns?
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n3wbie Elite	18-Oct-2020 22:29        n3wbie About Contact  Quote this Post! Style: Fundamental
x 0   x 0  Alert Admin	A good point but I would imagine that most companies ICR would be impacted due to Covid-19. Somewhat unfortunate all businesses of SPH are hit and certainly one of the largest contributors of SPH' s EBIT is their consolidated earnings from SPH REIT and of course, their Media business. PBSA should be ok given that bookings are extended till Jan 2021 (though the lockdown situation in UK remains to be seen) Assuming a gradual recovery in the retail businesses (particularly opening of borders which will benefit tourist dependent Paragon), and that interest expenses remain (with no further undertaking of debt for acquisitions), ICR should improve as EBIT recovers. I think the other aspect is that they could potentially refinance some of the outstanding debt (perhaps not the perps and senior notes tho) so that can help lower interest expense as well. The positive is that they still maintain high levels of liquidity on their balance sheet so that should alleviate some of the gearing pressures, at least in the near term.   St.Maximus      ( Date: 17-Oct-2020 11:26) Posted: Third important point. Borrowings have increased some 70% YOY. And it is this that concerns me. Although the net debt to asset ratio has increased only slightly to 32.7%, its interest coverage has fallen more than 25% to 3.8 times. I am sfraid SPH should not take on any more debt. Else it will sink under the enormous debt servicing over the next 3.4 years - its weighted average debt to maturity. Anyone shares my concerns?
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St.Maximus Supreme	18-Oct-2020 17:36        St.Maximus About Contact  Quote this Post!
x 0   x 0  Alert Admin	Cos I am considering selling after dividend... been holding too long.
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St.Maximus Supreme	18-Oct-2020 16:38        St.Maximus About Contact  Quote this Post!
x 0   x 0  Alert Admin	Rocketman, you are finally here! Have you considered just selling this potential heart attack causer away? rocketman      ( Date: 18-Oct-2020 10:31) Posted: Multi-years fall from over $4 to $1.. Wah Piangz.. Like Skiing down the Alpine Slope. Heart attack...
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St.Maximus Supreme	18-Oct-2020 16:36        St.Maximus About Contact  Quote this Post!
x 0   x 0  Alert Admin	By ' fierce' you mean some independent consultant like Mackenzie, Goldman Sachs, etc. SengTan      ( Date: 18-Oct-2020 09:36) Posted: Its time to engage a Fierce consultant to Help SPH improve.By just doing yourself with your old school ideals will lead to the same Result.
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rocketman Master	18-Oct-2020 10:31        rocketman About Contact  Quote this Post!
x 0   x 0  Alert Admin	Multi-years fall from over $4 to $1.. Wah Piangz.. Like Skiing down the Alpine Slope. Heart attack...
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SengTan Member	18-Oct-2020 09:36        SengTan About Contact  Quote this Post!
x 0   x 0  Alert Admin	Its time to engage a Fierce consultant to Help SPH improve.By just doing yourself with your old school ideals will lead to the same Result.
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St.Maximus Supreme	18-Oct-2020 00:35        St.Maximus About Contact  Quote this Post!
x 0   x 0  Alert Admin	One cannot persuade. He will not step down of his own accord. He has to be pressured out.
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Peter88 Senior	18-Oct-2020 00:33        Peter88 About Contact  Quote this Post!
x 0   x 0  Alert Admin	The CEO has a records of poor leadership from NOL to SPH , but he just has to go for the good of this company  , but how to persuade him to step down ?
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St.Maximus Supreme	17-Oct-2020 23:55        St.Maximus About Contact  Quote this Post!
x 0   x 0  Alert Admin	But no... Shareholders must not be lifeless and dead. We will make our voices known! Rocketman, Fallingman, Danger, St. Maximus, and a whole company of people in Singapore will stand together heart to heart. SPH you will rise again.
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