Portfolio July 2018

thanks for sharing, Joseph. I agree ISEC is doing nicely. Valuation-wise, how does it compare with Singapore Medical Group, in your view? Is ISEC still a better bet than Singapore Medical Group?

Hi bigfish, i think Singapore Medical Group is a good company. Valuation is fair. and company likely to produce better profits going forward. Main reasons i opted for ISEC n Singapore O&G are that both companies have lower valuation and both give dividend.

Results for the 5 counters in my Portfolio July 2018 are out. Results below:

Excelpoint (1st half ' 17 against 1st half ' 18)
revenue ... up 18.4% from US$536229 to US$635043
profit ... up 32.8% from US$2.762 mil to US$3.669 mil

Chasen (1st quarter' 18 against 1st quarter ' 19)
revenue ... up 1% from S$31.2 mil to S$3.2 mil
profit ... up 97% from S$0.755 mil to S$1.487 mil

Singapore O& G (1st half ' 17 against 1st half' 18)
revenue ... up 18.1% from $14.247 mil to S$16.832 mil
profit ... up 50.4% from $4.141 mil to S$6.228 mil

ISEC (1st half' 17 against 1st half ' 18)
revenue ... up 13.2% from $17.710 mil to S$20.044 mil
profit ... up 22.0% from $3.614 mil to S$4.414 mil

Lippo Mall
Of the 5 stocks Lippo Mall Trust has the highest dividend yield.
Its recent result was below last year due to higher tax n weaker
currency. Dividend yield around 8%

Dividends
ISEC declared higher dividend from 0.5 cts to 0.78 cts up 56%
Singapore O& G declared higher dividend from 0.61 cts to 0.8 xts up 31.1%

The trailing p/e (price earning ratio) are :

1. Chasen ... 5.5 X
2. Excelpoint ... 6.7 X
3. Singapore O& G ... 16.2 X
4. ISEC ... 18.0 X
5. Lippo Mall Trust ... 22.7 X

ISEC and Singapore O& G have declared higher interim dividend current year.

ISEC
2017 interim dividend ... 0.5 cts.
current year interim dividend ... 0.78 cts.
This is 56% higher than last year.

Singapore O& G
2017 interim dividend ... 0.61 cts.
current year interim dividend ... 0.80 cts.
This is 31.1% higher than last year.

The annual dividend yield for both companies are expected to be above 5% given

A look at ISEC, Singapore O&G (SOG) and Singapore Medical SM);

Revenue
ISEC ... FY'15.. 26690; FY'16 .. 30780; FY'17 .. 36976; 1H'18 .. 20044
SOG ... FY'15.. 16412; FY'16 .. 28674; FY'17 .. 29901; 1H'18 .. 16832
SM ..... FY'15.. 30967; FY'16 .. 41580; FY'17 .. 68001; 1H'18 .. 40824

Profit
ISEC ... FY'15.. 2760; FY'16 .. 6443; FY'17 .. 7907; 1H'18 .. 4414
SOG ... FY'15.. 5341; FY'16 .. 8803; FY'17 .. 8507; 1H'18 .. 6228
SM ..... FY'15.. -148; FY'16 .. 2423; FY'17 .. 8499; 1H'18 .. 6827

Dividends
ISEC ... FY'15.. 0.22; FY'16 .. 0.99; FY'17 .. 1.2; 1H'18 .. 0.78
SOG ... FY'15.. 3.1; FY'16 .. 3.1; FY'17 .. 1.5; 1H'18 .. 0.8
SM ..... FY'15.. nil; FY'16 .. nil; FY'17 .. nil; 1H'18 .. nil

Cash as of June 2018.
ISEC ... 26020
SOG ... 18230
SM ..... 14294

Debt as of June 2018.
ISEC ... nil
SOG ... nil
SM ..... 20075

Trailing p/e:
ISEC ... 18 X
SOG ... 15.7 X
SM ..... 18.2 X