Singapore - GIC, Temasek, MAS, MoF & CPF 03 (Aug 11-Feb 20)

Re: Singapore - GIC, Temasek, MAS, MoF & CPF 03 (Aug 11-Dec

Postby behappyalways » Tue Jul 11, 2017 8:40 am

(To bring down 20 years average from 4% to 3.7%, then 2017 returns must have been negative)

Expect lower portfolio real returns in the coming years: GIC
https://www.theedgesingapore.com/invest ... -years-gic
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Re: Singapore - GIC, Temasek, MAS, MoF & CPF 03 (Aug 11-Dec

Postby winston » Wed Jul 12, 2017 7:58 am

Temasek's one-year returns hit 13% but current high valuations a concern

Portfolio value hits record S$275b even as 2017 becomes the firm's first net divestment year since fiscal 2009

by KENNETH LIM

"Given the market environment and high valuations, we see less investment opportunities because we just find that generally speaking the market pricing is a bit too high"


That dearth of reasonably priced deals also helped to explain unlisted assets taking a 40 per cent share of the total portfolio, up from 39 per cent a year ago.


Source: Business Times

http://www.businesstimes.com.sg/governm ... =EREC-16-1[BT_Newsletter_1]-20170712-[Temasek%27s+one-year+returns+hit+13%25+but+current+high+valuations+a+concern]&xts=538380
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Re: Singapore - GIC, Temasek, MAS, MoF & CPF 03 (Aug 11-Dec

Postby behappyalways » Wed Jul 12, 2017 8:06 am

5 takeaways from the Temasek Review 2017 press conference
http://mothership.sg/2017/07/5-takeaway ... onference/
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Re: Singapore - GIC, Temasek, MAS, MoF & CPF 03 (Aug 11-Dec

Postby behappyalways » Thu Jul 13, 2017 8:34 am

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Singapore - Market Direction 11 (Nov 14 - Dec 17)

Postby behappyalways » Sun Aug 06, 2017 12:19 pm

iceberg-questions-role-mas-after-blogging-noble-sinking
https://www.theedgesingapore.com/iceber ... le-sinking
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Re: Singapore - GIC, Temasek, MAS, MoF & CPF 03 (Aug 11-Dec

Postby behappyalways » Wed Aug 30, 2017 4:08 pm

Singapore's Hopeful, Worrying India Property Play
https://www.bloomberg.com/gadfly/articl ... perty-play
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Re: Singapore - GIC, Temasek, MAS, MoF & CPF 03 (Aug 11-Dec

Postby behappyalways » Tue Sep 26, 2017 11:49 am

gic-acquiring-51-stake-sheraton-grande-tokyo-bay-hotel-612-mil
https://www.theedgesingapore.com/gic-ac ... el-612-mil
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Re: Singapore - GIC, Temasek, MAS, MoF & CPF 03 (Aug 11-Dec

Postby behappyalways » Thu Oct 26, 2017 7:24 pm

investors-are-underestimating-global-risks-mas-warns
https://www.theedgesingapore.com/invest ... -mas-warns
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Re: Singapore - GIC, Temasek, MAS, MoF & CPF 03 (Aug 11-Dec

Postby behappyalways » Wed Apr 18, 2018 7:11 pm

Global search for next SMRT CEO ends up with someone with zero experience in transport industry
https://www.theonlinecitizen.com/2018/0 ... -industry/
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Re: Singapore - GIC, Temasek, MAS, MoF & CPF 03 (Aug 11-Dec

Postby iam802 » Tue Jun 12, 2018 5:01 pm

Singapore Inc buys an overpriced ticket to Hainan

https://www.bloomberg.com/view/articles ... -to-hainan

Is there any valuation at which Temasek Holdings Pte could buy into Hainan Airlines Holding Co. at a decent price? Considering the indebtedness of China’s most highly rated carrier, it’s hard to think of one.

Hainan Air’s shares have been suspended for six months while controlling shareholder HNA Group Ltd. is in intensive care. But the 7 billion yuan ($1.1 billion) valuation for a 20 percent stake to a group including a Temasek-owned fund gives you a decent idea of what it might be worth.

On first sight, the roughly 35 percent discount to the price at which Hainan Air’s shares last traded looks like a good deal. Still, once you throw in net debt of $7.8 billion you’re looking at an enterprise value around 50 percent larger than that of Temasek’s key airline shareholding Singapore Airlines Ltd., despite Ebitda about 15 percent lower.

Even if all Hainan Air’s equity was sold for a single yuan, that hefty debt pile would mean it was changing hands at a higher enterprise value-to-Ebitda ratio than Singapore Air, one of the best-run carriers on the planet. That feels like a rich price to pay.
To Boldly Go

Hainan Airlines may look a bargain based on its market capitalization, but enterprise value tells a different story

Source: Bloomberg, company reports, Bloomberg Opinion calculations

To be sure, there are potential strategic advantages for Temasek in building links between the two airlines.

Hainan Air’s passenger-traffic growth has been moving at a double-digit pace for five years and topped an incredible 46 percent in 2017. It now carries more people than Singapore Air, at a better net income margin.

In terms of revenue passenger kilometers - a measure of passenger traffic - Hainan Airlines just overtook its Singaporean rival



And while Hainan Air’s premium rating is a neat match with the city-state’s flag-carrier, its non-fuel operating costs are also comparably world-class. At 4.29 U.S. cents per available seat kilometer, they’re not all that much less than Singapore Air’s 5.01 cents, and higher than Qantas Airways Ltd. at 3.76 cents.

Hainan Air’s net debt, meanwhile, is larger than that of the far bigger Delta Air Lines Inc. and Deutsche Lufthansa AG, and almost 26 times Singapore Air’s modest borrowings.

One crucial advantage of a deal could be a seat at the table of China’s domestic aviation market, something that Temasek and Singapore Air were blocked from in 2008 when shareholders in China Eastern Airlines Corp. rejected their bid for a 24 percent stake.

Again though, it’s questionable whether a less-than-20-percent interest in a fourth-placed carrier controlled by an indebted conglomerate is a good route to that – especially when you consider that Hainan Air’s regulatory release doesn’t even mention a board seat, which should be considered the bare minimum for a strategic investment of this sort. Next to arch-rival Cathay Pacific Airways Ltd.’s cross-shareholding in flag-carrier Air China Ltd., Temasek’s cash barely gets it a foot in the door.

Earning a Place

Singapore Air's trailing 12-month Ebitda clearly outperforms that of Hainan Airlines


The worrying prospect is that the transaction will be a repeat of the investments that both Singapore Air and HNA have made in Virgin Australia Holdings Ltd. Like Hainan Air, Virgin is a decent carrier for passengers and a miserable one for investors, with an immense debt load and shares that barely change hands.

Attempts to use the stake to crack open a valued domestic market for Singapore Air after it bought into the stock in October 2012 ended in failure. Qantas is as dominant in Australia now as it ever was, while Virgin shares have fallen by more than half. The remaining investors are locked in a Mexican standoff, with no player in a good position to either bulk up or sell out.

As we’ve argued previously, while there are benefits to a love-in between Temasek and HNA, the Singaporeans should extract some bargain prices in return for their cash. Judging by this first deal, there’s precious little evidence of that.

1. Always wait for the setup. NO SETUP; NO TRADE

2. The trend will END but I don't know WHEN.

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