Prior to his retirement, Chan Kit Whye worked more than 30 years as Regional Finance Director, Financial Controller and Manager in a multinational specialty chemical business. He has played an active role in CPA (Australia) Singapore Branch, taking up positions in its Continuing Professional Development and Social Committees. Kit Whye is a Fellow of CPA Australia, CA of Institute of Singapore Chartered Accountants and CA of the Malaysian Institute of Accountants. He holds a BBus(Transport) Degree from RMIT, MAcc Degree from Charles Sturt University and MBA from Durham Business School.
COSCO closed at 69.5 cents yesterday (Feb 26). Chart: BloombergCOSCO: Net profit dropped by $117 million or 69% y-o-y to $52.8 million.
Revenue of $3.5 billion declined 6%, but gross profit fell by $164 million mainly due to a significant decline in gross profit percent to sales from 13% in previous year to 9% in 2013.
Full year profit attributable to shareholders was $30.6 million, 71% lower than previous year's $105.7 million.
Dividend has been cut from 2 cent a share previously to 1 cent a share.
Current PE is 52 times and price-to-book ratio is 1.18 times.
With such a high PE, Cosco share price may not hold unless management can convince shareholders that the future will be better in terms of profits, earnings per share and dividends.
SIM LIAN: Announced a portfolio acquisition in Australia totaling A$133 million. The portfolio comprises five shopping centres in total, two in New South Wales, two in Victoria and one in Queensland. The one in Queensland is under construction and is expected to be completed around April 2014. Sim Lian's half-year 2014 profit came in close to $94 million, 10% higher than the previous half-year's. NAV per share is S$0.90. The acquisition strategy is to ensure "stable and recurring income streams in a bid to smoothen the Group’s fluctuating development profits". Funding the acquisition will be a combination of internal funds and bank borrowings. |
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@ SIM LIAN's AGM: Company focusing on recurring income from properties
SIM LIAN: "Why I Like This Old And Family-Controlled Business"
