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UMS
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superstartup
Supreme |
27-Jun-2023 09:18
Yells: "Enjoy doing Fundamental Research" |
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Did DBS up target price yesterday / today? Anyone know? And if yes, can share report over here? Thanks. |
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Joelton
Supreme |
23-Jun-2023 10:43
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UMS and Rex&rsquo s CEOs most overpaid in 2022 relative to their share price performances: UOB Kay Hian
Singapore Exchange (SGX)-listed companies were generally fair in paying their CEOs and their board of directors in 2022, with some CEOs generating more value than the rest, notes UOB Kay Hian analyst Adrian Loh and the Singapore research team.
&ldquo We have charted Singapore companies&rsquo CEO compensation in 2022 vs their respective return on equity (ROE) and share price performance for that year,&rdquo says Loh in his June 22 report.
&ldquo While both showed positive correlations, it was notable that on a relative basis, compensation for CEOs of large-cap companies correlated more to share price performance vs small/mid-cap companies which showed the least correlation between CEO compensation and share price performance,&rdquo he adds.
One way of determining whether a CEO was fairly paid was to look at the company&rsquo s net profit after tax (NPAT) for the FY2022 as a multiple of the CEO&rsquo s compensation.
&ldquo Simplistically, this tries to answer the question of whether a CEO has added value to their company and if this is reflected in their pay,&rdquo says Loh.
Based on this, the companies that got the most value out of their CEOs were Yangzijiang Shipbuilding (YZJ), Singapore Telecommunications (Singtel) and Singapore Airlines C6L 0.00% (SIA).
Large-cap companies that recorded ROEs of over 15% in FY2022 such as SGX, Starhub, Singapore Technologies Engineering (ST Engineering), SIA and YZJ also appear to have paid their CEOs fairly.
In the small- and mid-cap space, RH Petrogas T13 0.54% and PropNex, which had FY2022 ROEs of 53% and 48% respectively, also seem to have paid their CEOs fairly.
Regarding the CEOs&rsquo salaries compared to the companies&rsquo share price performances, Loh notes that it was fair to say that the CEOs at Seatrium, Sembcorp Industries U96 0.37% and Keppel Corporation BN4 0.00% were &ldquo well-justified&rdquo .
&ldquo For the small/mid-caps, Marco Polo Marine 5LY 0.00% was the standout with a share price gain of 52% in 2022 versus CEO Sean Lee&rsquo s pay of [around] $750,000,&rdquo says Loh.
YZJ&rsquo s CEO, Ren Letian, was the lowest paid on an absolute basis with a compensation of $78,000 for the FY2022. Ren&rsquo s pay was also significantly lower than the average CEO pay of $3.6 million within the stocks under UOB Kay Hian&rsquo s coverage.
Notably, YZJ&rsquo s FY2022 NPAT was over 7,000 times higher than its CEO&rsquo s pay, although YZJ&rsquo s CEO received $8.3 million in dividends from the company over the same period.
&ldquo We also highlight that YZJ&rsquo s top three management (excluding CEO) was paid less than $0.4 million in total, while the total compensation of its board of directors was less than $0.3 million,&rdquo says Loh.
On the other end, the most overpaid CEOs relative to their companies&rsquo share price performances in 2022 were from UMS and Rex.
UMS&rsquo s CEO, Andy Luong, received a remuneration of $7.4 million for the year while Rex&rsquo s CEO, Mans Lidgren, drew an annual salary of $4.1 million even though their share prices fell by 19% and 28% respectively. That said, UMS&rsquo s NPAT for the FY2022 grew by 85% y-o-y while Rex&rsquo s FY2022 fell by 99.5% y-o-y.
In comparison, Sheng Siong&rsquo s CEO, Lim Hock Chee, drew a pay of $5.8 million, higher than that of Rex&rsquo s CEO, although the supermarket group&rsquo s share price rose by 18% in 2022 with an ROE of 29.1%, nine to 10 percentage points higher than that of UMS&rsquo s and Rex&rsquo s.
&ldquo We also note that Rex&rsquo s board is one of the highest paid at $5.1 million, which attracted the attention of a corporate governance expert at the National University of Singapore who questioned its payment of performance bonuses to its non-executive directors,&rdquo says Loh.
Temasek-linked companies&rsquo CEOs fairly paid
Seven of the top 20 highest-paid CEOs in UOB Kay Hian&rsquo s universe of coverage were from Temasek-linked companies, notes the analyst. DBS&rsquo s Piyush Gupta was the highest paid at $15.4 million followed by Keppel&rsquo s Loh Chin Hua at $8.1 million and CapitaLand Investment&rsquo s (CLI) Lee Chee Koon at $6.0 million.
However, Loh notes that DBS had the highest ROE within the financials sector while both Keppel and CLI demonstrated &ldquo material share price performance&rdquo in 2022, up 49% and 13% and easily outperforming the benchmark Straits Times Index (STI).
Meanwhile, Loh also flagged a few companies that have either not disclosed their respective CEOs&rsquo compensation or provided broad guidance that renders it &ldquo meaningless&rdquo . Some of the companies mentioned are DFI Retail Group D01 0.37% and Food Empire.
&ldquo From a governance perspective, this could raise questions from the market about their governance standards, especially for DFI which has the second-highest paid board of directors in our coverage universe at just over $11 million in 2022 (Sheng Siong at $17.9 million had the highest paid board). For Food Empire, it has stated that it will start to disclose its CEO&rsquo s compensation from FY2024 onwards,&rdquo says Loh. The SGX RegCo, on Jan 11, said that it would require its listed issuers to disclose the exact amount and breakdown of the salaries paid to companies&rsquo directors and CEOs in their annual reports. The new rule will take effect for annual reports prepared for the financial years ending on or after Dec 31, 2024.
To Loh, perceptions of fair pay may vary with the concept of fairness itself being subjective.
&ldquo Ultimately, the goal is to strike a balance between attracting and retaining top talent while ensuring that CEO compensation is reasonable, justifiable, and aligned with the long-term success of the organisation,&rdquo he writes.
&ldquo Ways in which a company can achieve a level of fairness is to benchmark CEO pay to industry peers and similar-sized companies, and putting in place performance-based incentives (e.g. financial metrics such as revenue growth, profitability, and stock price, or non-financial measures like market share, customer satisfaction, and employee engagement),&rdquo he adds. &ldquo In general, we find that most Singaporean listed companies adhere to such standards, with disclosure lacking in some.&rdquo
In addition, the company' s board of directors play a crucial role in determining the CEO&rsquo s compensation as it represents shareholders' interests.
&ldquo They establish a remuneration committee (RC) to review and approve executive pay packages as well as directors&rsquo fees, ensuring alignment with company goals and shareholder interests. However, in a recent isolated case in Singapore, a small-cap oil company&rsquo s board allowed for performance bonuses for its non-executive directors which raised the issue of corporate governance &ndash in this particular instance the key failure is a conflict of interest as it was the RC members who awarded themselves such performance bonuses,&rdquo notes Loh.
The analyst&rsquo s top picks within the Singapore market are CLI, Keppel, Mapletree Logistics Trust M44U -0.6% (MLT), Lendlease Global Commercial REIT JYEU 0.76% (LREIT), Oversea-Chinese Banking Corporation (OCBC), SATS, Sea Limited, Seatrium, Sembcorp, Singtel, Wilmar and YZJ.
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beng1102
Elite |
14-Jun-2023 22:12
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It looks like moving towards 1.12.
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bishan22
Supreme |
13-Jun-2023 16:58
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Good closing.👍 | ||||
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wehuattogether88
Supreme |
13-Jun-2023 09:53
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From UOB Kay Hian: UMS Holdings (UMSH SP) Trading Buy Range: S$1.02-1.03 Last price: S$1.04 Target price: S$1.10 Protective stop: S$0.995 The price correction appears to be halted at the middle Bollinger band, aka the 20MA. MACD remains bullish with both of its lines above the zero line. As long as the price stays above the middle band, we could see the price rebounding to move higher. We see increasing odds of stock price testing S$1.10. Stops could be placed at S$0.995. |
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john_ric
Supreme |
06-Jun-2023 16:45
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Need to go below one dollar before surging again. | ||||
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Joelton
Supreme |
06-Jun-2023 09:41
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UMS, AEM, Grand Venture Tech and Venture Corp to benefit from semicon trade diversification: DBS
Singapore looks set to benefit from the China+1 strategy, with the country being well-poised to compete in the leading-edge nodes of 7nm and above, observe the analysts at DBS Group Research.
The China+1 strategy refers to the supply chain resilience moves that businesses have had to embark on with the ongoing geopolitical uncertainties, and severe disruptions to chips and components supply that were caused by Covid-19.
In their May 30 report on the semiconductor sector, Ling Lee Keng, Sachin Mittal and the Singapore research team note that although the US still retains the bulk of the share in the global semiconductor market at 48%, China&rsquo s share has grown exponentially from close to 0% to 7% recently. The profit pool of the semiconductor sector is highly concentrated among the leaders in the most advanced nods at 3/5nm, the analysts add.
&ldquo Yet, mature nodes should not be left out, required in many of the appliances and devices, Almost half of Taiwan Semiconductor Manufacturing Company&rsquo s (TSMC) revenue comes from non-leading-edge chips (16nm and above),&rdquo they write.
In addition, Singapore is in a good place for companies that are looking to diversify their strategies. To the analysts, Singapore&rsquo s focus should be on higher value-add activities, with integrated device manufacturers (IDMs) being in the &ldquo sweet spot&rdquo .
&ldquo It is also possible to cast the net wider to include the higher end of outsourced semiconductor assembly and test (OSAT) companies,&rdquo the analysts write.
Meanwhile, they note that the scope of players competing for the diversification pie against Singapore are mainly in Asia.
&ldquo We view Malaysia as our closest competitor owing to its growing semiconductor ecosystem in addition to its lower labour costs. Thailand is also another potential competitor due to its strong manufacturing base and cheaper costs. India is also up and coming, gaining popularity with access to skilled labour in semiconductor design, coupled with relatively lower labour costs,&rdquo say the analysts.
&ldquo We do not view Taiwan, Korea, and Japan as direct competitors as they benefit from a highly established semiconductor ecosystem,&rdquo they add.
To this end, companies that will benefit from the trade diversification are UMS 558 -0.95% , AEM AWX 0.27% , Grand Venture Technology (GVT) JLB 0.00% in the upstream space, as well as Venture Corporation V03 0.07% in the downstream space. All of these companies have their key production facilities outside of China.
On the sector overall, the analysts see &ldquo pain&rdquo in the near-term while the longer-term uptrend remains intact.
&ldquo With the ongoing macro headwinds, we see the semiconductor glut continuing, at least into 2Q2023, which could bring about another set of weak results for most companies,&rdquo they write. &ldquo However, we expect the long-term uptrend for the semiconductor industry to remain intact, driven by the growing semiconductor applications and demand in almost all industry verticals such as artificial intelligence (AI), industrial automation, and autonomous driving.&rdquo
The analysts have given &ldquo buy&rdquo calls for UMS Holdings and Grand Venture Tech with target prices of $1.20 and 56 cents respectively. They have given AEM Holdings a &ldquo hold&rdquo call with a target price of $3.35.
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bishan22
Supreme |
25-May-2023 15:02
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Good recovery.👍 | ||||
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Maxgrow68
Elite |
25-May-2023 10:23
Yells: "Right and Kind. Choose Kind then you are always Right !" |
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Tks for sharing....
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Huataarrhh
Senior |
25-May-2023 10:01
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DBS report on tech stocks today 25 May 2023 Singapore Stock Pulse: Singapore Technology &ndash Nvidia&rsquo s robust outlook a positive
Trending SectorSingapore Technology Nvidia&rsquo s robust outlook is positive for Singapore chip-related stocks
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Maxgrow68
Elite |
25-May-2023 09:55
Yells: "Right and Kind. Choose Kind then you are always Right !" |
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AEM up 17c to 3.39 Pulled up the rest....in the sector
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Maxgrow68
Elite |
25-May-2023 09:52
Yells: "Right and Kind. Choose Kind then you are always Right !" |
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Oic...Tks! The long sufferers now have a chance to resurrect.....PTL !
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Sgvale
Supreme |
25-May-2023 09:48
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Story looks for laggard like Aztech now
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Maxgrow68
Elite |
25-May-2023 09:47
Yells: "Right and Kind. Choose Kind then you are always Right !" |
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What is the story ...... | ||||
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SuperLuckyCorn
Supreme |
25-May-2023 09:45
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Yes, we can make that..
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Maxgrow68
Elite |
25-May-2023 09:45
Yells: "Right and Kind. Choose Kind then you are always Right !" |
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x 0 Alert Admin |
 Chiong Ah!!!It is about time.....
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wehuattogether88
Supreme |
25-May-2023 09:11
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Regained the lost ground of $1. Can UMS push forward to above $1.05. Let us see watch. |
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Stocky901
Supreme |
23-May-2023 10:12
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Slowly recovering..👍 May hit above $1.00 again this week✌ ️ ✌ ️
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Stocky901
Supreme |
22-May-2023 19:14
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Dragged down by Frencken?😢 | ||||
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GoldenPig
Veteran |
20-May-2023 19:16
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These are old news. And basically all tech counters were recovering together. So it' s not company specific. Probably sentiment led. I suppose whether it will fly or plunge next is guesswork.
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