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MIIF ANNOUNCES FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2011
Key Highlights
• Strong results at Taiwan Broadband Communication and Changshu Xinghua Port
• Decline in traffic at Hua Nan Expressway relative to 2010
• Strong balance sheet maintained with cash balances of S$137.9 million and no corporate-level debt
• Declared interim dividend up 83 per cent to 2.75 cent per share
• Net Asset Value of S$996.7 million or S$0.79 per share, down from S$0.80 per share in the previous quarter
http://info.sgx.com/webcoranncatth.nsf/V...700541FAD/$file/MIIFHY2011Preso.pdf?openelement [Presentation Slides]
http://info.sgx.com/webcoranncatth.nsf/V...700541FAD/$file/MIIFHY2011Results.pdf?openelement [Press Release]
http://info.sgx.com/webcoranncatth.nsf/V...700541FAD/$file/MIIFHY2011SGXReport.pdf?openelement [SGX Report]
A decent set of result with TBC and CXP reporting steady growth and posting a good outlook for 2H 2011. HNE result took a slight decline but the Management is optimistic about its performance in 2012 when another connecting tollroad opens up to boost its demand. MIIF continues to re-purchase its shares since it trade at a discount to its NAV. It will continue to do so unless they find an attractive investment. The B/S at fund level remains sound with no corporate debt and over $137 million cash. At asset level, the debts have been refinanced and continues to be amortized on a regular basis. NAV has declined slightly but this isn't surprising since HNE is a self liquidating investment and partially offset by valuation gains in CXP.
MIIF closed at 55.5 cents giving rise to an annualized yield of 9.9% and a slight discount to its NAV of 79.0 cents. Since both HNE (expires in 2026) and CXP (expires in 2046) are concession assets, its real yield will differ.
(Not Vested)
Key Highlights
• Strong results at Taiwan Broadband Communication and Changshu Xinghua Port
• Decline in traffic at Hua Nan Expressway relative to 2010
• Strong balance sheet maintained with cash balances of S$137.9 million and no corporate-level debt
• Declared interim dividend up 83 per cent to 2.75 cent per share
• Net Asset Value of S$996.7 million or S$0.79 per share, down from S$0.80 per share in the previous quarter
http://info.sgx.com/webcoranncatth.nsf/V...700541FAD/$file/MIIFHY2011Preso.pdf?openelement [Presentation Slides]
http://info.sgx.com/webcoranncatth.nsf/V...700541FAD/$file/MIIFHY2011Results.pdf?openelement [Press Release]
http://info.sgx.com/webcoranncatth.nsf/V...700541FAD/$file/MIIFHY2011SGXReport.pdf?openelement [SGX Report]
A decent set of result with TBC and CXP reporting steady growth and posting a good outlook for 2H 2011. HNE result took a slight decline but the Management is optimistic about its performance in 2012 when another connecting tollroad opens up to boost its demand. MIIF continues to re-purchase its shares since it trade at a discount to its NAV. It will continue to do so unless they find an attractive investment. The B/S at fund level remains sound with no corporate debt and over $137 million cash. At asset level, the debts have been refinanced and continues to be amortized on a regular basis. NAV has declined slightly but this isn't surprising since HNE is a self liquidating investment and partially offset by valuation gains in CXP.
MIIF closed at 55.5 cents giving rise to an annualized yield of 9.9% and a slight discount to its NAV of 79.0 cents. Since both HNE (expires in 2026) and CXP (expires in 2046) are concession assets, its real yield will differ.
(Not Vested)
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