Author: The Fifth Person

11 things I learned from the 2019 Aeon Credit Service AGM

Incorporated in 1996 and listed on the Main Board of Bursa Malaysia in 2007, Aeon Credit Service (M) Berhad provides consumer financing through easy payment and hire purchase schemes for consumer durables and motor vehicles as well as personal financing and credit cards in Malaysia. The company currently has a network of more than 12,000 participating merchant outlets nationwide and more than 4.6 million card members for various products. Aeon Credit is a subsidiary of Aeon Financial Service Co., Ltd., Japan, which is in turn part of the Aeon Group of companies, a global retail and financial services group...

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12 things to know about Fortune REIT before you invest (updated 2019)

Fortune REIT is a dual-listed REIT that trades on the Stock Exchange of Hong Kong and Singapore Exchange. The REIT currently owns a portfolio of 16 retail properties located in Hong Kong worth HK$42.0 billion. I received a copy of Fortune REIT’s latest annual report and I’ll be giving an update on Fortune REIT’s latest financial results, long-term performance, and valuation. Here are 12 things to know about Fortune REIT before you invest: 1. Fortune REIT’s portfolio value has grown at a compounded annual growth rate (CAGR) of 15.5% over the past 10 years. It has grown from a...

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12 things to know about Aeon Credit Service before you invest

Listed in 2007, Aeon Credit Service (M) Berhad offers a diverse range of financing services for the purchase of motor vehicles and consumer durables in Malaysia. Presently, it operates out of six regional offices and has a network of 71 branches and service centres in shopping malls across Malaysia. As at 15 July 2019, Aeon Credit is worth RM4.2 billion in market capitalisation. In this article, I’ll bring an update on the company’s latest financial results, long-term performance, and valuation. So here are 12 things to know about Aeon Credit before you invest: 1. For the financial year ended...

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8 things I learned from Temasek Review 2019

Temasek Holdings, an investment fund wholly-owned by the government of Singapore, released its financial results for the year ended 31 March 2019 during Temasek Review 2019. Temasek Review is an annual event in which Temasek executives examine the fund’s performance over the past year and share their thoughts on a host of topics from portfolio allocation to market outlook. After attending the Temasek Review 2019 media conference, I came away with a much better understanding of Temasek’s portfolio, its investment principles and its outlook for global markets going forward. While Temasek is not a listed company that investors like...

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9 things I learned from the 2019 Telekom Malaysia AGM

Telekom Malaysia (TM) is a telecommunications company that began as the national telco of Malaysia. 2018 was a challenging year for the company as it faced regulatory pressure to provide broadband services at ‘double the speed, half the price‘. Amidst declining market capitalisation, it was removed from the FTSE Bursa Malaysia KLCI in December 2018. Will TM continue to be paying a steady dividend to shareholders? I attended its recent annual general meeting to find out. Here are nine things I learned from the 2019 TM AGM: 1. Revenue lowered by 2.2% year-on-year to RM11.8 billion in 2018. TM...

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12 things to know about Sheng Siong before you invest (updated 2019)

Listed in 2011, Sheng Siong Group Limited is the owner and operator of one of the largest supermarket chains in Singapore. As of 7 July 2019, Sheng Siong is worth S$1.65 billion in market capitalisation. In this article, I’ll give a review of its latest results, long-term financial performance, and valuation ratios. Here are 12 things to know about Sheng Siong before you invest. 1. Group revenue has grown at a compound annual growth rate (CAGR) of 6.4% over the last eight years, from S$578.4 million in 2011 to S$890.9 million in 2018. Source: Sheng Siong Group annual reports...

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8 things I learned from the 2019 Beijing Tong Ren Tang AGM

Founded in 1669 during the Qing Dynasty in China, Beijing Tong Ren Tang was the exclusive royal  pharmacy for 188 years since 1723, ‘spanning the reign of eight emperors’. With 350 years of history, it is a well-known household name in China. Beijing Tong Ren Tang Chinese Medicine Company Limited manufactures, wholesales, and retails traditional Chinese medicine (TCM) and healthcare products. It also provides Chinese medical consultation and treatments. It first established operations in Hong Kong in 2004, listed on the Growth Enterprise Market in 2013 before moving to the Main Board of the Stock Exchange of Hong Kong...

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6 things I learned from the 2019 Jardine Cycle & Carriage AGM

Most investors in Singapore should be familiar with Jardine Cycle & Carriage and the other Jardine-related companies. When I chat with investors about the Jardine group of companies, many of them will say they are well-managed and shareholder friendly. The last Jardine C&C annual general meeting I attended was in 2017. At the last AGM, I left with a good impression of the management team and at how well-mannered the meeting was conducted. This year, I decided to attend the Jardine C&C AGM again to learn new updates and insights about the company. Here are six things I learned...

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7 things I learned from the 2019 Brahim’s Holdings AGM

Brahim’s Holdings Berhad (BHB) provides halal inflight catering to 35 international commercial airlines at Kuala Lumpur International Airport (KLIA), KLIA2, and Penang International Airport. It also operates restaurants and cafes in KLIA and KLIA2 and provides cabin-handling services. On average, it serves 50,000 meals to 200 flights daily. BHB used to solely be in the warehouse and logistics business until it acquired a 51% stake in LSG Sky Chefs — an in-flight caterer and service operator — in 2008, before acquiring the remaining 49% stake in 2012. However, in March this year, BHB triggered Practice Note 17 (PN17) status...

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12 things I learned from the 2019 TIME dotCom AGM

Listed in 2001, TIME dotCom Berhad is a Malaysian-based fixed line telecommunications provider that delivers both domestic and global connectivity, data centre and managed services to its customers across ASEAN. The company also offers fibre home broadband services. Compared with copper networks, fibre networks transmit more bits of data per second, offer significantly better signal durability, are more resistant to fire or other interferences. In late 2018, TIME launched a fibre broadband plan offering speeds of 1 gigabit per second (Gbps), the fastest in Malaysia, as well as providing the most competitively priced home broadband services in the country:...

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Do inverted yield curves really cause recessions?

The yield curve, which plots bond yields across various maturities, has reached its most inverted level in over 12 years amid rising trade tensions between the United States and the rest of the world. As expected, this sparked renewed recession chatter on many mainstream media platforms. It is easy to see why — every U.S. recession over the past 60 years has been preceded by an inversion of the yield curve. This isn’t the first time we have seen aggressive media coverage on the topic. Back in mid-2018, American media sources started writing about the yield curve as it...

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7 things I learned from the 2019 Elsoft Research AGM

Elsoft Research Berhad carries out research, design, and the development of test and burn-in systems. These test systems are used by its customers to test their opto-electronic devices such as light-emitting diodes (LED), image sensors, and automotive lightings before the products are released into the market. The name of the company is derived from two words, namely electronics and software that symbolise its core competency in electronics design and software innovation. It also operates a butterfly farm through its 30.9%-owned associate, Butterfly House (PG) Sdn. Bhd. (Entopia), which was loss-making in 2018. As I entered the meeting hall, I...

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7 things I learned from the 2019 Uchi Technologies AGM

Uchi Technologies Berhad is a middleware supplier that designs and produces electronic control modules for manufacturers of coffee machines. The company also produces bio-tech instruments, precision/industrial weighing scales, and LED displays. Since its listing in 2000, Uchi has averaged a return on equity of 28.3% over the last 19 years, with nearly zero debt. Its gross and net profit margins have averaged 66.1% and 43.3% respectively. With such an impressive financial track record, I attended Uchi’s recent annual general meeting to find out more about the company. Here are seven things I learned from the 2019 Uchi Technologies AGM:...

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8 things I learned from the 2019 CDL Hospitality Trust AGM

CDL Hospitality Trust (CDLHT) is a REIT that invests in hospitality-related assets such as hotels and resorts. It currently owns 19 properties with a total of 5,088 hotel rooms across eight countries, namely Singapore, Australia, New Zealand, Japan, United Kingdom, Germany, Italy and Maldives. Singapore remains CDLHT’s largest revenue contributor, accounting for 60% of net property income. As of 31December 2018, these properties were valued at S$2.8 billion. Despite growth in incoming tourist numbers over the past few years, the Singapore hospitality sector has been weak due to an uptick in supply. This caused local hotel room rates to...

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8 things I learned from the 2019 Pharmaniaga AGM

Pharmaniaga Berhad is a healthcare company and generic pharmaceuticals manufacturer in Malaysia. It conducts research and development, procures, and manufactures generic pharmaceutical products. It markets and distributes pharmaceutical products and medical equipment through its logistics and distribution segment and owns a community pharmacy business. It is also present in Indonesia through its listed subsidiary, PT Millennium Pharmacon International Tbk. As a government-linked company that is majority-owned by Armed Forces Fund Board (a pension fund for the Malaysian armed forces) indirectly through Boustead Holdings Berhad, Pharmaniaga was recently flagged by the cabinet for being a market monopoly. Here are eight...

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