15-05-2016, 08:34 AM

no one update this counter after AR and 1Q 2016. 2016 1Q result is pretty good.

http://infopub.sgx.com/FileOpen/COGENT_A...eID=404708

Here is my summary after AR 2016 and 1Q2016. Hope to see more discussion on this counter.

Summary on 2016 AR and 1Q2016:

http://infopub.sgx.com/FileOpen/COGENT_A...eID=404708

Here is my summary after AR 2016 and 1Q2016. Hope to see more discussion on this counter.

Summary on 2016 AR and 1Q2016:

- 2015 Revenue grows 9%, while NP grow 40% if excluding one-off gain in 2014. NP from the 4 quarters 2015 are ~5.3, 5.8, 6.8, 7m. NP increase significantly from 3rd quarter. 4th quarter margin at 23%, much higher than first 2 quarters. This due to 96% utilization of cogent 1 from mid2015 as AR showed. 98% utilization by end 2015. Hint: 2016 first 2Q will continue the significant growth due to margin improvement. 20161Q revenue at 32.8, similar as 3Q, 4Q 2015. NP for 2016 1Q is 7.8m, up 45% yoy, 11% qoq; NPM improve further to 24%. Anualized NP 31m, EPS 6.4 cents.

- Malaysian operation: Phase 1 of warehouse on 536K square feet completed on Dec 2015, start operation from Jan 2016, 100% occupied. Further proceed Phase 2 in 2016 for another 419K sq feet, completion on Apr 2017, will be 100% occupied for 3 year lease. Hint: Malaysian revenue will increase for 2016, contribution to growth xx%? Need to see from later result.

- Cogent 1 logistic hub: land-productive and cost effective. Valued at S$450m.

- Will develop, own and operate same size logistic hub issued by EDB in Oct 2015. Impact on cash flow in next 2 years.

- Cost side:

- Decrease relating to Cogent: Rentals decrease 8% to 28m; Storage/Handling decrease 23% to 3.5m; Repair/Maintenance decrease 9% to 3.9m.

- Fuel/Utility: Decrease 19% to 7.2m due to oil drop.

- Cash Flow: OCF doubled due to Cogent 1; Investing CF increase due to PPE and payment of Malaysian warehouse land.

- Finance: Debt at 107m, while cash at 44m. OCF 41m.

- Director remuneration extremely high due to high bonus payout. Tan MC, 2m, Tan YK 2m, Edwin Tan 1m.

- Top 20 holders have 92.56% holdings; slightly increase from 2014’s 92.53%.