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Looks like I also want to get onboard this set of minority shareholders.
But I want to wait for a much lower entry price.
But I want to wait for a much lower entry price.
moonsun ( Date: 01-May-2024 13:16) Posted:
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Hopefully more awareness on how minorities are treated and should be accord more respect ..
Continue the great work minorities !
Continue the great work minorities !
Can be improved if complemented with lone bear investor.
Imrpoved awareness and not accept too high ball
Imrpoved awareness and not accept too high ball
SlothSG ( Date: 01-May-2024 11:58) Posted:
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Nice initiative......
Important to improve shareholders awareness and not accept low ball 😂 😂
Important to improve shareholders awareness and not accept low ball 😂 😂
governor ( Date: 01-May-2024 06:19) Posted:
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Wolf Money(portfolio update for end April 2024)part 2 (Great Eastern related)
On the local front, SGX has put in a consultation paper to make submission of resolutions easier during the annual general meeting. Listed companies and board of directors need to facilitate the process, to make it a less costly and lengthy affair. There is increasing minority activism happening in local listed companies. SGX is proposing changes to the listing rule to allow resolutions to be tabled and voted on more easily, avoiding posturing, over legalistic and gatekeeping practices. Continue in the link.
https://lonewolfinvestor.blogspot.com/2024/05/wolf-moneyportfolio-update-for-end.html
A good start to 2024 for ge.
Thank you management and lone wolf
Thank you management and lone wolf
Wolf Money(Great Eastern Holdings Q1 2024 result)
https://lonewolfinvestor.blogspot.com/2024/04/wolf-moneygreat-eastern-holdings-q1.html?m=1
Market auntie will say money is not really yours until you spend it
Money in my pocket is real money. Money in the company they said they have ...
I guess if a company wants to set a dividend policy as 100% payout, one would expect the dividend yield to be higher than an equivalent company with a payout ratio of only 50%.
So dividend yield depends on the policy also.
I get what u mean when a company share price is depressed, it can artificially inflate the yield. So high yield based on a low price is no good.
So we need to look at overall shareholder return as in dividend plus capital gain every year to see if this company is performing.
Thank u for your insightful analysis.
Appreciate your insights
Invest with alignment
So dividend yield depends on the policy also.
I get what u mean when a company share price is depressed, it can artificially inflate the yield. So high yield based on a low price is no good.
So we need to look at overall shareholder return as in dividend plus capital gain every year to see if this company is performing.
Thank u for your insightful analysis.
Appreciate your insights
Invest with alignment
You are confusing dividend policy with dividend yield, in the same way management is.
Dividend policy relates to dividend as a % of earnings ie dividend payout ratio. Your points on dividend policy are perfectly reasonable, as in fact is management' s. Saying that payout ratio is relatively high is a reasonable response to a potential accusation that the company is hoarding capital.
Dividend yield is a separate matter as it relates to the share price as a denominator. Saying as the Chairman did that the company pays a reasonable dividend and using a high dividend yield to justify this ignores the fact that it is the poor share price performance of the company that has resulted in the dividend yield being high - in effect the Chairman is touting the poor share price performance of his own company.
Good companies can have high or low payout ratios depending on their growth profile as you say. But good companies will almost always have relatively low dividend yields, either because the market is pricing in the possibility of growth, or the market values the stability of the dividend flow i.e in both cases the share price is strong. If the management of a company is boasting about their company' s high dividend yield then they don' t understand basic investment theory and should not be in their jobs.
Dividend policy relates to dividend as a % of earnings ie dividend payout ratio. Your points on dividend policy are perfectly reasonable, as in fact is management' s. Saying that payout ratio is relatively high is a reasonable response to a potential accusation that the company is hoarding capital.
Dividend yield is a separate matter as it relates to the share price as a denominator. Saying as the Chairman did that the company pays a reasonable dividend and using a high dividend yield to justify this ignores the fact that it is the poor share price performance of the company that has resulted in the dividend yield being high - in effect the Chairman is touting the poor share price performance of his own company.
Good companies can have high or low payout ratios depending on their growth profile as you say. But good companies will almost always have relatively low dividend yields, either because the market is pricing in the possibility of growth, or the market values the stability of the dividend flow i.e in both cases the share price is strong. If the management of a company is boasting about their company' s high dividend yield then they don' t understand basic investment theory and should not be in their jobs.
MrBear12 ( Date: 27-Apr-2024 10:23) Posted:
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It really depends on the objectives of the company, Alignment.
Dividend policy is set entirely by the management and board to align with the company objectives.
So when we buy into any company, we need to know its dividend policy because it will not only set out the quantum of dividends but also let us know the objective of the company.
Reits e.g. aim to pay out 90-100% of profits. So they will not be high growth type counters.
Berkshire Hattaway never pay a dividend for long long time, but that is because it is aiming at pure growth.
I don' t know that GE aim is. But the overall objective should be for any company to enhance shareholders returns over the long term.
Maybe shareholders do not see that happening here.
Dividend policy is set entirely by the management and board to align with the company objectives.
So when we buy into any company, we need to know its dividend policy because it will not only set out the quantum of dividends but also let us know the objective of the company.
Reits e.g. aim to pay out 90-100% of profits. So they will not be high growth type counters.
Berkshire Hattaway never pay a dividend for long long time, but that is because it is aiming at pure growth.
I don' t know that GE aim is. But the overall objective should be for any company to enhance shareholders returns over the long term.
Maybe shareholders do not see that happening here.
Alignment ( Date: 27-Apr-2024 10:15) Posted:
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Any person who thinks a high dividend yield is a sign a company is being managed well should not be appointed a board member of a listed company, because they do not have even a secondary school level understanding about investment. A listed company should obviously aim for a low dividend yield as a long term objective because that means the share price is highly rated - this is what the Mag 7 companies have ultimately achieved for instance. It is no surprise that Great Eastern' s share price has performed so poorly historically when you have management that think like this - their investment compass is pointing south when it should be pointing north.
Singapore has unfortunately quite a high number of people in board level positions that think this way, even at large companies. You would never get this in the US.
Singapore has unfortunately quite a high number of people in board level positions that think this way, even at large companies. You would never get this in the US.
Great Eastern chairman appeals for patience as shareholders fume over share price &lsquo disaster&rsquo
Board will take into account their concerns and look into their suggestions, says Soon Tit Koon
GREAT Eastern Holdings (GEH) chairman Soon Tit Koon has appealed for shareholders to remain patient as the board continues to work on boosting returns.
Speaking at the annual general meeting (AGM) of OCBC&rsquo s insurance arm on Thursday (Apr 25), Soon said that GEH&rsquo s board has heard its shareholders&rsquo concerns of falling returns, and will look into the suggestions they provided.
&ldquo If the share price has not (met your expectations), we seek your understanding and we appeal for your patience,&rdquo said Soon, who was appointed as chairman in April 2023.
He was responding to repeated comments from shareholders on the decline in GEH&rsquo s total shareholder returns.
At the AGM, which lasted nearly three hours, several shareholders questioned what GEH was doing to improve its returns, in particular its share price, which one investor called &ldquo a disaster&rdquo and another said it had &ldquo underperformed massively&rdquo .
Soon said the board has already taken steps to improve GEH&rsquo s total shareholder returns.
This includes changing its dividend policy to pay out dividends half yearly, and target a full year payout based on the sustainable profit level of the insurer.
The insurer paid out a yearly dividend of S$0.75 per share for FY2023, up from S$0.65 per share a year earlier.
Based on GEH&rsquo s current share price &ndash the counter closed 0.7 per cent higher at S$18.62 on Thursday &ndash this should translate into a &ldquo fairly respectable&rdquo dividend yield of around 4.3 to 4.4 per cent, Soon said.
Given the volatile nature of GEH&rsquo s profits, due to investment contributing a large part to its earnings, Soon said a fixed dividend payout percentage on profits will result in volatile dividends, which &ldquo will not be desirable&rdquo .
Meanwhile, what the board can do for the share price is &ldquo more limited&rdquo , although it has also taken steps such as increasing investor relation activities with key analysts and shareholders, he said.
The insurer has also undertaken capital management measures to have more equity to deploy, he added.
&ldquo We are taking this share price issue seriously, particularly since the last AGM, and we have taken action in order to try to improve both share price and TSR to shareholders,&rdquo Soon said.
Soon also addressed the three resolutions that were proposed by a group of minority shareholders but not tabled at the AGM.
In March, a group of GEH minority shareholders led by former remisier Ong Chin Woo urged for three resolutions to be tabled at Thursday&rsquo s AGM, which they expect will &ldquo protect and preserve&rdquo shareholder value.
The resolutions are calls to withhold directors&rsquo fees, to change the share option schemes of employees, and to appoint an independent financial adviser (IFA).
While the resolutions were eventually not tabled due to legal reasons, GEH said it was prepared to discuss the concerns at the AGM.
On the director&rsquo s remuneration, Soon said that linking the directors&rsquo fees to the insurer&rsquo s share price performance is not desirable, as it may cause directors to drive short-term gains at the expense of long-term profitability.
On replacing OCBC shares in GEH&rsquo s current executive share option schemes with GEH shares, Soon reiterated that the bonuses are based entirely on GEH&rsquo s performance and not OCBC&rsquo s, which encourages employees to continue working hard to improve GEH&rsquo s performance.
He noted that GEH&rsquo s small trading volume makes it difficult to acquire shares and leaves cost uncertain, while the move will also drain liquidity further.
&ldquo The only thing that is lacking, is that (profit) performance need not lead to share price performance. That to me is unfortunate, because the share price (movement) will depend on many other factors.&rdquo
Nevertheless, Soon said that its employees were aligned to improve the performance of GEH.
Soon said the board&rsquo s remuneration committee will review its management compensation structure and find better ways in the year ahead.
It will also take on board all the ideas and suggestions of shareholders and deliberate on them, he added.
As for the third resolution to engage an IFA, Soon said the company received advice consistently from investment bankers and consultants through the year, and the insurer will continue to maintain active engagement after the AGM.
In a media release after the AGM, Ong said the shareholders welcomed the board&rsquo s willingness to discuss the issue and acknowledged its efforts thus far, but &ldquo more can be done&rdquo .
Ong said the reasons behind using OCBC shares to pay deferred bonuses was &ldquo unconvincing&rdquo , and questioned how the &ldquo one OCBC Group&rdquo spirit will promote loyalty to GEH and enhance minority shareholders&rsquo value.
He hopes GEH will articulate a &ldquo clear and concrete plan&rdquo to address its remaining concerns.
Wolf Money(10 things you need to know about Great Eastern Holdings AGM held on the 25th April 2024)
First and foremost, I would like to thank the Chairman for his patience in answering shareholders& rsquo questions. He is calm and respectful. He set a high bar for others to follow with his grace. I thank the management for taking time in answering my questions. My thank you also goes to Chin Woo for galvanising the minorities. The minorities have a competent leader. My apologies for my limited bandwidth if I miss out anything.
https://lonewolfinvestor.blogspot.com/2024/04/wolf-money10-things-you-need-to-know.html
First and foremost, I would like to thank the Chairman for his patience in answering shareholders& rsquo questions. He is calm and respectful. He set a high bar for others to follow with his grace. I thank the management for taking time in answering my questions. My thank you also goes to Chin Woo for galvanising the minorities. The minorities have a competent leader. My apologies for my limited bandwidth if I miss out anything.
https://lonewolfinvestor.blogspot.com/2024/04/wolf-money10-things-you-need-to-know.html
Behind the minority-investor movement at Great Eastern: BT Mark to Market (Ep 41)
https://omny.fm/shows/bt-mark-to-market/behind-the-minority-investor-movement-at-great-eas
https://omny.fm/shows/bt-mark-to-market/behind-the-minority-investor-movement-at-great-eas
If you are a GEH shareholder and wish to support our actions, please pm or email me at:
Mobile: 9862 8896
Email: [email protected]
Hi pls contribute to the minority shareholder movement by WhatsApp Mr Ong, he will send the documents to get your name and signature, he will submit 3 resolutions to great eastern board for the upcoming AGM to enhance shareholder value. Thank you 🙏
Mobile: 9862 8896
Email: [email protected]
Hi pls contribute to the minority shareholder movement by WhatsApp Mr Ong, he will send the documents to get your name and signature, he will submit 3 resolutions to great eastern board for the upcoming AGM to enhance shareholder value. Thank you 🙏
useless counter. wasting money to buy this counter
No, unfortunately. Even though they could have afforded one.
Will there be any special dividend for FY results?
Joelton ( Date: 02-Nov-2023 11:01) Posted:
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