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Hi Greenrookie, all sensible discussions are valuable since I can gain insight to what I missed.
On that HKD2650, HPH will need to generate lesser than that as it should have already got part of it from Q3. From the last few quarters' report the distributed incomes have been:
FY2011 - HKD4,206 SDG678 (I am assuming SGD:HKD of 1:0.1613)
FY2012 - HKD6,421 SGD1,036
FY2013 (expecting) - HKD5,021 SGD810
Cash from ops as followed:
FY2011 - HKD5,533
FY2012 - HKD5,635
FY2013 (9mths) - HKD4,499
Assuming all other cash outflows are "billed" under the cash remained of the proceed from IPO and bank loan taken during 2011 and they pay unitholders and non-controlling interesting out from OCF, based on total OCF so far (from 2011), they have already got enough at this point to meet the guided full HKD40 cents DPU for FY2013. Any cash generated from Q4 can go to pay all other expenses or add to the net cash (frankly I still have absolutely zero idea how to determine that distribution income). They seems more committed to the guided DPU payout so capex can come from other sources.
A few other thoughts/questions:
- I am expecting that they are going to refinance that HKD30bil+ odd current loan in the coming quarter.
- There is an item called "Customer relationships" in the balance sheet and I wonder what that is?
- Is the income statement of any use other than offering depreciation info in this case?
- Also the high PE might be due to it being seems as a perpetual business?
Well the lifetime of this business might be till-the-end-of-the-world type and when the port operation increases due to recovering economy, more cash might be generated and the business might worth more that they paid for. They might keep it for more cash or dispose it at a premium or do any other things necessary to get more money out of it.
Based on $0.85, the half year yield is about 3.9% - 4%.
Beside the financial figures which are drawn from their quarter reports, the rest are all my personal view. Not a call to buy, hold or sell.
(still vested and thinking but not so hard now!)
On that HKD2650, HPH will need to generate lesser than that as it should have already got part of it from Q3. From the last few quarters' report the distributed incomes have been:
FY2011 - HKD4,206 SDG678 (I am assuming SGD:HKD of 1:0.1613)
FY2012 - HKD6,421 SGD1,036
FY2013 (expecting) - HKD5,021 SGD810
Cash from ops as followed:
FY2011 - HKD5,533
FY2012 - HKD5,635
FY2013 (9mths) - HKD4,499
Assuming all other cash outflows are "billed" under the cash remained of the proceed from IPO and bank loan taken during 2011 and they pay unitholders and non-controlling interesting out from OCF, based on total OCF so far (from 2011), they have already got enough at this point to meet the guided full HKD40 cents DPU for FY2013. Any cash generated from Q4 can go to pay all other expenses or add to the net cash (frankly I still have absolutely zero idea how to determine that distribution income). They seems more committed to the guided DPU payout so capex can come from other sources.
A few other thoughts/questions:
- I am expecting that they are going to refinance that HKD30bil+ odd current loan in the coming quarter.
- There is an item called "Customer relationships" in the balance sheet and I wonder what that is?
- Is the income statement of any use other than offering depreciation info in this case?
- Also the high PE might be due to it being seems as a perpetual business?
Well the lifetime of this business might be till-the-end-of-the-world type and when the port operation increases due to recovering economy, more cash might be generated and the business might worth more that they paid for. They might keep it for more cash or dispose it at a premium or do any other things necessary to get more money out of it.
Based on $0.85, the half year yield is about 3.9% - 4%.
Beside the financial figures which are drawn from their quarter reports, the rest are all my personal view. Not a call to buy, hold or sell.
(still vested and thinking but not so hard now!)