14-09-2016, 02:13 PM
Over the last few years:
Debts (Loans and borrowings) have increased.
“Hybrid-Equities” ( = CPS+ Perp = “ToxSec) have increased.
Service concession arrangement assets (intangible assets arising from SCA + financial receivables) have increased.
Net assets of the Group have increased.
But NAV per share has been decreasing – why?
NAV per share (SGD cents)
FY2012 = 55.8
FY2013 = 58.4
FY2014 = 56.6
FY2015 = 54.2
1H2016 = 44.3
My preliminary assessment is: rate of return from projects undertaken thus far has been less than dividend rate paid on debts/"ToxSec" deployed.
BTW, here is the link on accounting treatment of service concession arrangements which I find interesting …………………..
http://www.assb.gov.sg/docs/attachments/...2_2008.pdf
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Debts (Loans and borrowings) have increased.
“Hybrid-Equities” ( = CPS+ Perp = “ToxSec) have increased.
Service concession arrangement assets (intangible assets arising from SCA + financial receivables) have increased.
Net assets of the Group have increased.
But NAV per share has been decreasing – why?
NAV per share (SGD cents)
FY2012 = 55.8
FY2013 = 58.4
FY2014 = 56.6
FY2015 = 54.2
1H2016 = 44.3
My preliminary assessment is: rate of return from projects undertaken thus far has been less than dividend rate paid on debts/"ToxSec" deployed.
BTW, here is the link on accounting treatment of service concession arrangements which I find interesting …………………..
http://www.assb.gov.sg/docs/attachments/...2_2008.pdf
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Research, research and research - Please do your own due diligence (DYODD) before you invest - Any reliance on my analysis is SOLELY at your own risk.