09-03-2014, 08:43 PM
Great analysis! I am vested, but I don't have very good vibes about this counter as I don't quite understand the business, partly because they don't disclose a lot of things. Thanks much.
(10-03-2014, 06:34 PM)Boon Wrote: [ -> ]In addition to lack of disclosure in what they have invested in (Listed equity + bonds), another concern of mine is the high activities of “trading” as evidenced by high turnover of its financial assets as % of total net asset – this is high at least by my standard.
As at 31-December-2013
Total Net Asset= SGD 270 million
Purchase of financial assets = SGD 232.9 million (86% of total net asset)
Proceeds from disposal of financial assets = SGD 146.4 million (54% of total net asset )
(not vested)
Quote:3) On 8 January 2014, the Company announced that the Manager is entitled to the Manager Incentive Fee of SGD 1.215 million (on top of base management fee for FY2013 = SGD 1.573 million). This is the first time the Manager will be receiving the Manager Incentive Fee since its appointment on 25 November 2009. Interestingly, this was a “share price based incentive scheme” which I do not like.