Sunday, May 9, 2021

SPH: Told my family members to cut loss

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. 

To be fair, SPH faced a lot more constrains then a normal listed company, the NPPA makes selling the business to another party highly tricky if not impossible. 

But, there are profitable ones too.

https://www.investopedia.com/stock-analysis/021815/worlds-top-ten-news-companies-nws-gci-trco-nyt.aspx

The top 2 are well known and all are listed entities.

And why throw it the towel in the middle of a pandemic ? 

6 comments:

  1. Hello
    We 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

    ReplyDelete
  2. This link on insurance was very useful for my search. To get best insurance plan click here to know more :- doctor video consultation

    ReplyDelete
  3. You 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

    ReplyDelete
  4. I 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


    ReplyDelete
  5. For 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.

    ReplyDelete
  6. FRESH SPAMMED UPDATED-2024 FULLZ|PROS|LEADS|INFO

    CC 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

    ReplyDelete