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(13-12-2013, 10:22 AM)specuvestor Wrote: [ -> ]Interesting... Singtel injecting more equity into OpenNet, partly funded $16.6m by Netlink ($28m-$11.4m)... Isn't OpenNet supposed to be highly profitable or that's accounting PnL? Did they disclose OpenNet standalone financials?

My guess is when they do REIT this entity, the financials would be consolidated.

It is no surprise to me. I didn't have access on its account, but base on clues from its shareholders and contractor, its PnL is pretty bad. Otherwise it wouldn't be sold so cheap, would it?

Yes we were wondering back then why the sale was "cheap" but theoretically OpenNet being the AssetCo should have been profitable, depending how they share cost with Netlink, the other AssetCo.

http://www.citynetlink.com.sg/index.php/overview

Now that they are all folded under same entity, the fee transfer will become irrelevant. Singtel no longer can benefit from OpenNet. Makes a lot of sense to me that they backpaddle on Netco and AssetCo on a National policy perspective, but unlikely to be positive Singtel

BTW anyone knows the shareholding of CityNet the Trust Manager? I can guess but just want to confirm

(23-08-2013, 10:53 AM)CityFarmer Wrote: [ -> ]

(23-08-2013, 10:36 AM)specuvestor Wrote: [ -> ]I don't quite understand this. The original idea for OpenNet bid is to have a network that is "independent" from Singtel's original telecom backbone? Divesting NetLink Trust to ensure this "independence"?

Is this considered a clawback of IDA policy deja vu Mediacorp and Mediaworks?

It was a long story, a story of "patching", started from the day NGNBN was drafted. It has provided an opportunity for the "smarter" to gain. In this game, SingTel is the biggest winner.

OpenNet was started independent, none of the telecom has controlling stake, and only SingTel was involved. But OpenNet, an NetCo, needs infrastructure owned by SingTel to operate efficiently, so the idea of AssetCo proposed. To remain independent, Netlink was established, and SingTel agreement to divest in due time. A trust-manager was appointed to oversee the management, without SingTel involvement.

SingTel, as the owner of the "critical" infrastructure, became the sole contractor of OpenNet, and secured more than 750 mil of revenue so far and still growing. On top of that, OpenNet also paid NetLink a regular hefty fee to use the infrastructure...

I have been following the story since 2010...

(13-12-2013, 11:35 AM)specuvestor Wrote: [ -> ]Yes we were wondering back then why the sale was "cheap" but theoretically OpenNet being the AssetCo should have been profitable, depending how they share cost with Netlink, the other AssetCo.

http://www.citynetlink.com.sg/index.php/overview

Now that they are all folded under same entity, the fee transfer will become irrelevant. Singtel no longer can benefit from OpenNet. Makes a lot of sense to me that they backpaddle on Netco and AssetCo on a National policy perspective, but unlikely to be positive Singtel

BTW anyone knows the shareholding of CityNet the Trust Manager? I can guess but just want to confirm

CityNet is the Trust Manager, it is a 100% subsidiary of CitySpring Infrastructure Trust. Any reason for the question?

Sorry Cityspring Trust owns CityNet which manages NetLink Trust? Asking because the premise is Singtel is separate from NetLink Trust management.

PS I think just got my answer here:
http://www.valuebuddies.com/thread-760-p...l#pid59390

It's bit misleading cause it should be Netlink trust buying Open Net... and I think CitySpring owns CityNet... owner is not the CitySpring trust. The SGX announcement is clearer than the headlines

(13-12-2013, 03:53 PM)specuvestor Wrote: [ -> ]Sorry Cityspring Trust owns CityNet which manages NetLink Trust? Asking because the premise is Singtel is separate from NetLink Trust management.

PS I think just got my answer here:
http://www.valuebuddies.com/thread-760-p...l#pid59390

It's bit misleading cause it should be Netlink trust buying Open Net... and I think CitySpring owns CityNet... owner is not the CitySpring trust. The SGX announcement is clearer than the headlines

CityNet provides only management-trustee service, nothing more. The Netlink's asset isn't in the CityNet balance sheet. CityNet received service fees from Netlink as its revenue.

Netlink's asset is also not consolidated in SingTel account, it is accounted as associate, instead of subsidiary.

The setup is unique, with my limited accounting knowledge.

1. Human error - employee borrow blowtorch from others instead of using the standard issued blowtorch.
2. Ineffective training - employee attended a few safety training conducted by MOM, SCDF but is not enough for worker responsible for hot works.
3. Lapse in alarm re-activation procedure - prior to the hotwork, the fire alarm was de-activated. however, it was not re-activated after the hotwork was completed
4. Did not use thermal image camera for inspection - the blowtorch started a slow burning fire at the lead sleeve seal. This slow burning could be detected if the worker use the supplied thermal image camera to check.
5. Site supervisor / safety officer - is recommended to be well verse with procedure involved hotwork. **frame on: not sure whether supervisor is needed to be present during hotwork **frame off**

+++++++++++
recommendation:
1. switch 100% to technologies that do not required hotwork
2. review SPOF (equipment, network and entrance path)
3. audit diverse path especial physical layer as some physical fibre path is wrongfully assume to be diverse
4. avoid fold rings aka no traffic should go into temporary fold ring
5. committee to regularly review human resources and safety procedures and policies
6. engage relevant regulator to review Fire code and Electric code
7. initiate a framework for telco stakeholders to communicate especially during a incidence
8. consider develop a new harmonized written protocol and communicate to both supervisor and workers
9. clarify the roles especially supervisory staff check and balance role during high risk activities such as hotwork
10. enforce a more effective process to control and record physical access to cable chambers

[Image: 16590899.JPG?itok=GAnTyT9D]

I have a need for speed - topgun
<vested>

A subsidiary in Shanghai, China to provide IT consultancy service and managed service to local customers? Will SingTel participate in telecom service liberalization in China?

INCORPORATION OF SUBSIDIARY

Singapore Telecommunications Limited wishes to announce that its wholly-owned
subsidiary, STI Solutions Pte. Ltd., has incorporated a wholly-owned subsidiary in the
People’s Republic of China known as STI Solutions (Shanghai) Co., Ltd. (“STIS
Shanghai”). STIS Shanghai has a registered capital of US$100,000. The principal
activity of STIS Shanghai is the provision of IT consultancy services and IT managed
services to its customers in China. The directors of STIS Shanghai are Chang York
Chye, Quah Kung Yang and Chan Chung Jung.

Ref: http://infopub.sgx.com/FileOpen/576-sgx....eID=268933

It isn't targeted on locals, with its prepaid plan, which is logical...

SingTel launches Facebook-only unlimited data plan

SINGAPORE — A prepaid mobile data plan which enables SingTel customers to access Facebook has been launched, the telecommunications company said today (Jan 8).

The plan allows prepaid customers to stay connected through the popular social networking site with Apple’s iOS, Android, Windows and Blackberry smartphone and tablets, as well as devices that support the Facebook application.

The plan covers all activities within Facebook such as sharing photos, videos and “liking” statuses.

Clicking on links that take the user out of the site or app, such as clicking watching a video on YouTube, will incur additional charges, however. A pop-up notification will warn the customer and ask if they still want to proceed, SingTel said.

The cost of the prepaid Facebook plans for one day, seven days and 30 days cost S$0.50, S$3 and S$6, respectively.
...
http://www.todayonline.com/singapore/sin...-data-plan

(26-12-2013, 07:27 PM)CityFarmer Wrote: [ -> ]A subsidiary in Shanghai, China to provide IT consultancy service and managed service to local customers? Will SingTel participate in telecom service liberalization in China?

INCORPORATION OF SUBSIDIARY

Singapore Telecommunications Limited wishes to announce that its wholly-owned
subsidiary, STI Solutions Pte. Ltd., has incorporated a wholly-owned subsidiary in the
People’s Republic of China known as STI Solutions (Shanghai) Co., Ltd. (“STIS
Shanghai”). STIS Shanghai has a registered capital of US$100,000. The principal
activity of STIS Shanghai is the provision of IT consultancy services and IT managed
services to its customers in China. The directors of STIS Shanghai are Chang York
Chye, Quah Kung Yang and Chan Chung Jung.

Ref: http://infopub.sgx.com/FileOpen/576-sgx....eID=268933

Is this what SingTel's newly established subsidiary for? That is a good news if the answer is positive...

China to let foreign telcos offer some services from Shanghai zone

[SHANGHAI] China will allow foreign investment in seven telecoms value-added services in the Shanghai Free Trade Zone, with full foreign ownership permitted in five of the services, the official Xinhua news agency reported.

The five services with no cap on foreign ownership include app stores, store-and-forward services, domestic multi-party communications, call centres and home Internet access, it quoted Wen Ku, head of the telecom development department of the Ministry of Industry and Information Technology, as saying.

Foreign ownership will be capped at a maximum of 55 per cent in online data and dealing analysis services, Wen was quoted as saying in a report published late on Tuesday. - Reuters

Source: Business Times Breaking News

SingTel performance in general, is better than I anticipated. I will update and review the detail in the report soon...

(vested)

SingTel 3Q net profit rises on strength of regional affiliates

Singapore Telecommunications beat forecasts with a 6% rise in third-quarter net profit, as strength in its regional affiliates helped overcome the negative impact of a volatile foreign currency market.

Southeast Asia’s largest telecommunications operator posted a net profit for the Oct.-Dec. quarter of $872 million ($688.62 million), beating an average forecast of US$857 million ($1.08 billion) by five analysts polled by Reuters.

Its earnings before interest, taxes, depreciation and amortisation (EBITDA) were nearly flat from a year earlier at $1.26 billion.

The company’s operating revenue declined 7.3% on the year to $4.26 billion, hit by the sharp decline in the Australian dollar, it said on Thursday.

SingTel’s share of its associates’ pre-tax profits saw a strong 11% gain, mainly thanks to robust earnings growth from Bharti Airtel, the top mobile phone operator in India in which SingTel has a 32% stake.

Its total number of mobile customers increased 3% in the quarter to 501 million, SingTel said.

SingTel’s major overseas businesses are in Australia, India and Indonesia. The Australian dollar, the Indonesian rupiah and the Indian rupee declined 9%, 18% and 12% respectively against the Singapore dollar during the quarter.

The company revised guidance on segment performance for the financial year ending March 2014, expecting low double-digit declines in consumer business revenue and low single-digit falls in enterprise business income.

“We have updated our revenue guidance for Group Consumer and Group Enterprise as a result of the weak Australian dollar and the more cautious business environment and spending,” Group CEO Chua Sock Koong said in a statement.

Ref: http://www.theedgesingapore.com/the-dail...iates.html