05-08-2014, 08:50 PM
1H2014 results (all in SGD) :
AUM (Total):
As at FY 2013 = 25.1 billion
As at 1H2014 = 25.8 billion = 2.6% increase.
AUM (Reits):
As at FY 2013 = 18.2 billion
As at 1H2014 = 19.4 billion = 6.7% increase (“Above 10% growth rate, if annualized”)
Total Revenue (million):
1H2013 = 64.130
2H2013 = 76.266 (18.9 % increase compared to 1H2013)
1H2014 = 78.610 (23.0 % increase compared to 1H2013 ; 5.4% increase compared to 2H2013)
NPAT (million):
1H2013 = 32.111
2H2013 = 42.139 (31.29 % increase compared to 1H2013)
1H2014 = 38.664 (20.0 % increase compared to 1H2013 ; 8.2% DECREASE compared to 2H2013)
Management Fees (million):
1H2013 = 56.155
2H2013 = 57.848 (3.0 % increase compared to 1H2013)
1H2014 = 60.984 (9.0 % increase compared to 1H2013 ; 5.4% increase compared to 2H2013)
Acquisition, divestment and performance fees (million):
1H2013 = 2.292
2H2013 = 12.379 (440.0 % increase compared to 1H2013)
1H2014 = 3.216 ( 40.0 % increase compared to 1H2013 ; 74.0 % DECREASE compared to 2H2013)
Finance Income (million):
1H2013 = 5.640
2H2013 = 5.943 ( 5.4 % increase compared to 1H2013)
1H2014 = 12.190 (116.0 % increase compared to 1H2013 ; 105.0% increase compared to 2H2013)
Administrative Expenses (AE) - (million):
1H2013 = 20.363
2H2013 = 21.105 ( 3.6% increase compared to 1H2013)
1H2014 = 25.059 (23.0 % increase compared to 1H2013 ; 18.7 % increase compared to 2H2013)
Comments:
1) Total AUM is still growing but at SLOWER pace – only grown 2.6% over 1H2014.
2) AUM for Reits is still growing at above 10% on annualized basis.
3) Total revenue is still growing - though at slower pace – but ahead of total AUM growth rate.
4) Net Profit looks GREAT compared to 1H2013 but it actually DECREASES compared to 2H2013 - .
5) Management Fees (recurring revenue) is still trending up.
6) Acquisition, divestment and performance fees (ADPF) - are non-recurring irregular one-off fees which could fluctuate up and down greatly from quarter to quarter and from year to year – So is Finance Income (FI) which contains a few one-offs. Potentially, ADPF and/or FI could drag the headline NPAT in a particular year down –it hasn’t happen yet on y-o-y basis - would not be too concern if it does happen - once in a blue moon.
7) Interestingly, comparing 1H2014 to 2H2013, revenue seems to have grown at a faster rate than AUM ; but NPAT has DECREASED 8.2% – what has contributed to this? A combination of “Drag down by 74% decrease in ADPF” & “18.7% increase in AE”, I suppose.
8) Administrative Expenses has grown at a faster rate than revenue – it is a concern.
(vested)
AUM (Total):
As at FY 2013 = 25.1 billion
As at 1H2014 = 25.8 billion = 2.6% increase.
AUM (Reits):
As at FY 2013 = 18.2 billion
As at 1H2014 = 19.4 billion = 6.7% increase (“Above 10% growth rate, if annualized”)
Total Revenue (million):
1H2013 = 64.130
2H2013 = 76.266 (18.9 % increase compared to 1H2013)
1H2014 = 78.610 (23.0 % increase compared to 1H2013 ; 5.4% increase compared to 2H2013)
NPAT (million):
1H2013 = 32.111
2H2013 = 42.139 (31.29 % increase compared to 1H2013)
1H2014 = 38.664 (20.0 % increase compared to 1H2013 ; 8.2% DECREASE compared to 2H2013)
Management Fees (million):
1H2013 = 56.155
2H2013 = 57.848 (3.0 % increase compared to 1H2013)
1H2014 = 60.984 (9.0 % increase compared to 1H2013 ; 5.4% increase compared to 2H2013)
Acquisition, divestment and performance fees (million):
1H2013 = 2.292
2H2013 = 12.379 (440.0 % increase compared to 1H2013)
1H2014 = 3.216 ( 40.0 % increase compared to 1H2013 ; 74.0 % DECREASE compared to 2H2013)
Finance Income (million):
1H2013 = 5.640
2H2013 = 5.943 ( 5.4 % increase compared to 1H2013)
1H2014 = 12.190 (116.0 % increase compared to 1H2013 ; 105.0% increase compared to 2H2013)
Administrative Expenses (AE) - (million):
1H2013 = 20.363
2H2013 = 21.105 ( 3.6% increase compared to 1H2013)
1H2014 = 25.059 (23.0 % increase compared to 1H2013 ; 18.7 % increase compared to 2H2013)
Comments:
1) Total AUM is still growing but at SLOWER pace – only grown 2.6% over 1H2014.
2) AUM for Reits is still growing at above 10% on annualized basis.
3) Total revenue is still growing - though at slower pace – but ahead of total AUM growth rate.
4) Net Profit looks GREAT compared to 1H2013 but it actually DECREASES compared to 2H2013 - .
5) Management Fees (recurring revenue) is still trending up.
6) Acquisition, divestment and performance fees (ADPF) - are non-recurring irregular one-off fees which could fluctuate up and down greatly from quarter to quarter and from year to year – So is Finance Income (FI) which contains a few one-offs. Potentially, ADPF and/or FI could drag the headline NPAT in a particular year down –it hasn’t happen yet on y-o-y basis - would not be too concern if it does happen - once in a blue moon.
7) Interestingly, comparing 1H2014 to 2H2013, revenue seems to have grown at a faster rate than AUM ; but NPAT has DECREASED 8.2% – what has contributed to this? A combination of “Drag down by 74% decrease in ADPF” & “18.7% increase in AE”, I suppose.
8) Administrative Expenses has grown at a faster rate than revenue – it is a concern.
(vested)