SPH restructuring is a bad deal for shareholders, in the near to middle term.
While a demerger from Sembmarine did Sembcorp good, there are several differences.
1) Sembcorp Industries shareholders receive Sembmarine Shares. SPH shareholders get nothing, in fact, they lose NTA value for "nothing"
2) SCI post demerger can focus on renewables, and while one can argue that SPH can now focus on property, SPH is now a property company commanding a valuation that is on par with Capitaland and don't see how it can be compared to Capitaland. In fact, UOL is trading at 0.65 book value, and smaller but established players like CES, Centurion with students accommodation business and also workers accommodation business is trading at 0.47 PB.
HongKong Land, btw trades at 0.3.
I would agree that SPH would have a different asset portfolio but I think you get the drift.
3) Valuation wise, we can also value a company by dividends yield. SPH used to be a dividends stalwart, I used to owned it too. Stripping away revaluation loss, SPH earns about 150 mio for the last 2 years. Assume 30% payout, it is 2.5 to 3 cents dividends. If you think think 3% yield is fair price, then for 3 cents to give 3% yield, SPH is $1.
Hardly compelling, unless you say SPH is going to double its earning in the next few years.
4) Operational or strategic expansion
Finally, I wouldn't really want a CEO with no control over its own emotions to be heading a company.
Hello
ReplyDeleteWe are professional traders, earning on forex and binary for investors weekly, will love to tell you all more about our investment platform where you can invest funds as little as $200 and start earning $2500 weekly, alot of people has benefited from this investment offer before and during this convid-19 virus, if you passing through financial difficulties due to this coronavirus and you need help paying bills simply choose a suitable investment plan for yourself and start making profit weekly
$500 to earn $5,000 in 7 days
$1000 to earn $10000 in 7 days
$5000 to earn $50000 in 7 days
To Start your investment now contact Via whatsapp: (+12166263236)
email: carlose78910@gmail.com
This link on insurance was very useful for my search. To get best insurance plan click here to know more :- doctor video consultation
ReplyDeleteYou need personal informations from companies,family and friends that will better your life and you need easy access without them noticing just contact james or you’re financially unstable or you have a bad credit score, he will solve that without stress,he and his team can clear criminal records without leaving a trace and can also anonymously credit your empty credit cards with funds you need,all these are not done free obviously but I like working with James and his team cause they keep you updated on every step taken in order to achieve the goal and they also deliver on time,I tested and confirmed this I’m still happy on how my life is improving after my encounter with him ,you can send a mail to premiumhackservices@gmail.com
ReplyDeleteI got my already programmed and blanked ATM card to withdraw the maximum of $1,000 daily for a maximum of 20 days. I am so happy about this because i got mine last week and I have used it to get $20,000. Mike Fisher Hackers is giving out the card just to help the poor and needy though it is illegal but it is something nice and he is not like other scam pretending to have the blank ATM cards. And no one gets caught when using the card. get yours from Mike Fisher Hackers today! *email cyberhackingcompany@gmail.com
ReplyDeleteFor comic book fans, discovering the fascinating world of manga and comics from many cultures around the world is the ideal fantasy.On the website tcb scan , readers can access manga scans for their enjoyment.
ReplyDeleteFRESH SPAMMED UPDATED-2024 FULLZ|PROS|LEADS|INFO
ReplyDeleteCC with CVV
SSN DOB DL ADDRESS
SIN DOB ADDRESS
NIN DOB DL SORTCODE ACCOUNT # & ADDRESS UK
High Credit Scores Pros 700+
DL|ID Front Back with Selfie
Business EIN Company Fullz
Young Age Fullz 2002 to 2014
Passport Photos
Multiple Countries ID & DL Front Back with selfie
Cloning Cards Dumps Track 101 & 202 with PIN
KYC & Tax Return Filling Fullz
SBA|PUA|UI|UBEREATS|DOORDASH Account Opening Fullz
TOOLS & TUTORIALS ARE ALSO AVAILABLE
SMTP|RDP|C-PANELS
SHELLS|WEB-MAILERS
BULK SMS SENDER|EMAIL SENDER
I.P's|PROXIES
CARDING METHODS & TUTORIALS
LOAN METHODS
SPAMMING ALL TOOLS WITH TUTORIALS & GUIDES
Everything will be Fresh, Genuine & Legit
100% Verified info will be provided
No Refund Policy|Only Replacement
Payment option USDT|BTC or any crypto
Below are our contact details:
ICQ = 752822040|@killhacks
Telegram = @killhacks|@leadsupplier
Email = hacksp007 @ DNMX . org
Skype = @peeterhacks
An online marketplace where users may purchase different social media services to increase their online presence is known as an SMM panel, or Social Media Marketing panel. These services include increasing the number of views, comments, followers, and likes on social media sites including YouTube, Facebook, Instagram, and Twitter. SMM panel are a quick and easy way for businesses and individuals to expand their audience and boost social media engagement. Generally simple to use, these panels come in a range of bundles at various price points to accommodate a range of needs and budgets.
ReplyDeleteI greatly recommend you Via our ongoing Invitation to join our Great Elite Brotherhood known as the Illuminati,
ReplyDeleteBringing the poor, the needy and the talented to the limelight of fame, riches and powers, knowledge, business and political connections. This is the right time for you to put all your worries, your health issues, and finance problems to an end by joining the Elite Family of The illuminati!. Are you sick, Barren or having divorcing problems, finding it difficult to get job promotions in your place of work in order to excel in life just like you wish? If YES! Then join the illuminati empire you will get all these numerous benefits and solutions to your problems.
This organization; is the world's oldest and largest fraternity. We are one Family under one father who is the Supreme Being. In Illuminati we believe that we were born in paradise and no member should struggle in this world. Hence all our new members are given Money Rewards once they join in order to upgrade their lifestyle.; interested viewers should get instant initiated to the Elite Brotherhood and get membership benefits to start a profitable business.
Note: that this message was created solely for the purpose of our recruitment scheme which will end next month and this offer is for unique ones only; if you are not serious on joining the illuminati empire, then you are advice not to contact us at all. This is because disloyalty is highly not tolerated here in our organization.
Join us today and get a membership benefit to start a profitable business and earn a monthly reward for Inviting new members to the organization. Please note, Kindly make sure all your responses are sent directly to the Illuminati secret Authorities Email contacts: contact@illuminatiinvite.org and illuminatiinviteorganization@gmail.com For more instructions on our membership process.