1Q2013 NAV =$6.5. Revenue reduced 4-5%. Now might not be a good time to buy in.
Wait till March-May period for a buy in $6.5 or below
SMRT
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Sunday, December 9, 2012
Market Updates
SGX
1Q2013 NAV =$6.5. Revenue reduced 4-5%. Now might not be a good time to buy in.
Extremely high borrowing costs, accompanied by strong operations/maintance costs puts SMRT in a bad shape.
Watch out for their next results. Cash flow generated from operations have to increase significantly in order to fund high borrowings from the acquisition of ~30% in F&N.
High cash generated from operations, together with less investing and financing costs puts this company in a very strong financial position. Bought in at $0.465.
Cash flow indicates a higher borrowing cost to fund its overseas expansion. If net cash generated from operations are able to cover financing and investing cost, then it may be an indicator to start buying.
Cash flow indicates more debt than earnings due to the revamp of Wisma Atria. May need to wait a while for this counter to rebound as it need more time to repay borrowings.
1Q2013 NAV =$6.5. Revenue reduced 4-5%. Now might not be a good time to buy in.
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