By Calvin Yeo
– New Chip Eng Seng SGD 3yrs announced with strong IOIs received post SG roadshow
– Issue size: $150 Mil
Tuan Sing 4.5 2019 at 100, 4.50%
Koh Brothers 4.8 2018 at 101, 4.46%
– Chip Eng Seng Corporation Ltd. (“CES”) is a diversified real estate company with core businesses in construction and property development in Singapore and Australia
– Listed on the Mainboard of the SGX-ST since November 1999, CES has a market capitalisation of SGD564m as at 8 October 2014
– Well-established track record of over 30 years’ experience in general construction and is a leading contractor for public housing projects and recognised developer of quality properties
– Construction arm is registered with the Building and Construction Authority under the A1 classification for general building construction and civil engineering, allowing it to tender for public sector projects of unlimited value – a recent notable project was the The Pinnacle@Duxton, the biggest and tallest public housing project in Singapore to date
– Strong earnings visibility over the next 2 – 3 years with a Construction net order book of SGD548m as at end 1H2014, of which more than …read more
By Alvin Chow
Roland and Yew Kin from Wealth Directions initiated this event and have put a lot of effort in organising it. Kudos to them!
How It All Started
Roland was inspired by a financial blogging event in the United States and he felt that it provided a relevant perspective to investment for the masses. Most investment seminars are conducted by veterans and professionals in the finance industry. However, retail investors do not have the same resources and abilities as the financial institutions, and they find it difficult to apply the information gained from these seminars. Hence, Roland wanted to create an event to get retail investors to speak and share their ways of managing money and making investments. He approached many bloggers and I am one of the honoured fellows to speak at the event.
Why I Wanted To Speak
I knew Roland and Yew Kin back in the days when Dennis Ng was still around and conducting courses. My observations and experience tell me that they always do things with good intentions. That is a very important start point. When they approached me to join this event I jumped on the invite immediately. I knew they are going to create a lot of …read more
By Calvin Yeo
Issuer: United Energy Financing (Bermuda) Limited
Guarantor: United Energy Group Limited
Status: Direct, unconditional, unsubordinated and unsecured Notes
Format: Reg S, S274 & S275 of Singapore SFA, issuance off SGD 1 Billion Multicurrency Medium Term Note Programme
Initial Price Guidance: 7.0% area
Issue Size: $350 Mil
Issue Date: [●] October 2014
Maturity Date: [●] October 2016
Change of Control: Change of Control investor put at 101% plus accrued interest, in accordance with the Programme
– Consolidated Total Equity is not less than US$900,000,000
– Consolidated Total Debt / Consolidated Total Equity ≤1.2x
– Consolidated Secured Debt / Consolidated Total Assets ≤0.6x
– Consolidated EBITDA / Consolidated Interest Expense ≥6.0x
Redemption for Taxation Reasons : Yes, in accordance with the Programme
Use of Proceeds : General corporate purposes and such other purposes as the Group may specify in the applicable pricing supplement.
Listing/Law/Clear: SGX-ST/Singapore Law/CDP
KRISSP (KrisEnergy) 6.25% 06/17 @ 103.00, 5.02%
KRISSP (KrisEnergy) 5.75% 08/18 @ 100.55, 5.59%
MIEHOL (MIE Holdings) 6.875 02/18 @ 100.50, (USD Yield 6.70%)
Thanks to the currency war that the FOMC minutes have turned the world …read more
By Calvin Yeo
Swissco Holdings Ltd. is an offshore oil and gas marine services provider. The Company provides marine logistics-related assets, which comprise mainly of vessels, as well as associated offshore vessel chartering and marine logistics and support services. Swissco also provides logistics outsourcing services.
• Issuer: Swissco Holdings Ltd.
• Not rated
• Expected issue size: S$80m – S$100m
Market Cap : SGD 678 mio
Saw a 5 year high in stock price for the last quarter which means it is good time to ISSUE SOME BONDS !
The financials are in pristine shape mostly, having recently turned profitable and transferring to the main board of the SGX after spending about 9 years in Catalist (SESDAQ). Financial Leverage 2 times (ASL Marine & Ezra & Ezion all 2.9X ). More than enough revenues to cover interest and Debt/Equity of 70%. A little weak on the liquid assets side of things, without only 0.5 times to meet current liabilities which is the reason for this bond issue, I guess.
They are in a phase of rapid expansion buying the first liftboat (boat with a LIFT) for SE Asia and another 4 rigs. Yes they need money but the good thing so far is that their MTN programme …read more
For those of us who are in sales or purchasing – where we do a lot of human interactions and communications – we are quite attuned to the hidden message of words not spoken.
Women in general are better than men in this regard as women are more in tuned with the little subtleties of a gesture, a changed inflection of the voice, or the raising of the eyebrow.
Men on the other hand can be so clueless when you tell him “Oh, you don’t have to buy me anything”, he really comes home empty-handed!!!???
Next time you read an article or talk to another person, try and have some fun deciphering the hidden message of those words not spoken.
No, not just so you can read CEO messages or Central Bankers statements better, but so we can be better in building relationships.
Unless of course you want to be a rock or an island.
By Calvin Yeo
It is more important than ever to teach kids how to be financially savvy from a year age. Unlike the previous generations who were not as wealthy, the younger generation these days do not need to worry about money thanks to the wealth built by their parents. Given the tougher economic times, the previous generations learnt about the value of money the hard way.
While Asian economies are generally doing much better and households are becoming wealthier, there is also an alarming trend where many of the young people do not have much savings despite working for a couple of years. Worse still, many have racked up credit card debt and personal loans. How do you ensure that your children do not fall in the same trap?
1. Teach Them That Money Does Not Grow on Trees
The most important lesson these days which many kids don’t seem to understand is that money does not grow on trees. They seem to think that money just appears magically, which is why they kick up a fuss when the parents do not buy them new toys. Teach them that money is finite and …read more
By Alvin Chow
I have been making good returns from options trading since the unfortunate blow up in Jan.
I restarted the account with US$10k capital and the track record was as such by the end of Sep 14:
- No of trades = 29
- No of wins = 20
- No of losses = 9
- Win Ratio = 69%
- Loss Ratio = 31%
- Total Amount Win = $8,820.32
- Total Amount Loss = $6,332.43
- Av. Amount Win = $441.02
- Av. Amount Loss = $703.60
- Expectancy = $85.79 (or +0.12R)
It is very important to track your trading records in this way so that you know if the strategy has a positive expectancy. Traders have losses and winners, and summing them up over the long run should give you higher winnings. As you can see the expectancy is positive in this case, it means I would make $85.79 for each trade based on a capital of $10k.
In percentage returns, the portfolio gained 25% in 8 months. A pretty good returns I should say. The natural response to this is to scale up. Increase the number and size of trades and I can trade for a living. Key in a few trades and enjoy the rest of the day at Bahamas.
But I have decided to stop trading. …read more
By Singapore Man of Leisure
Watch this 6 minute video:
You know what? Sometimes the same idea can be stumbled onto by two separate persons miles apart and yet having similar conclusions. The interesting thing is that they are both educators.
The similar idea in local context: Persistence and Grit triumphs Talent
I’ve a great Geography teacher at Gan Eng Seng School during my secondary 2.
She told me, “Jared, don’t give up. Others study 10 minutes, they understand. If you need 7 hours, so be it. Once you understand, there’s no difference.”
Mdm Foo is still teaching at Gan Eng Seng and still very much loved by her current students and past students; judging by the comments in Facebook.
Compared to some teachers who take the easy way out by encouraging students to drop subjects (don’t mess up their KPIs), how not to love and respect teachers like Mdm Foo?
And that’s pretty much the story of my life. Others have i7, I’m stuck with Pentium 386….
When I cross the finishing line in life’s marathon, there’s no cheering crowd, no organisers to give me a certificate, no cameras, no nothing.
But if someone asks me whether I have completed life’s marathon, I can …read more
At a cocktail reception last week, I ended up chatting with an American lady. Let’s call her Susan.
Susan is an acupuncturist. She practices acupuncture in a neighboring country up north. Now, an American practicing traditional chinese medicine is definitely not a common occurrence, at least in my context. My curiosity was piqued and I asked her how she got down to studying and eventually practicing it.
Susan was happy to share. She has been a clinical psychologist for many years before. She had many patients coming to see her for their problems, including but not limited to alcoholism, drug abuse, depression and so on and so forth. She helped some but many fell by the wayside.
She thought there must be a more concrete way of helping these people other than just listening and giving them advice. With that in mind, Susan went in search of alternative medicine and enrolled herself in acupuncture school. According to her, she had absolutely no idea what acupuncture entails before she started.
School took some years and those were formative times for Susan. She began to understand and appreciate the art of putting needles into the human body. She saw how proper treatment under a skilled practitioner …read more
Last night, I ended up at this round table discussion whereby Young NTUC has been gathering feedback from the many youths on their concerns between the balancing of social and economic priorities in Singapore, while maintaining the family as the foundation.
Wait. How did I ended up there again? I’m not exactly a spring chicken…
Oh! It’s for the FREE dinner. (I’ll do anything to get a free meal nowadays.)
Hey! Lim Swee Say was there too! Excellent speaker. Adept at using stories to put ideas across too.
But enough name dropping!
And no worries, I won’t bore you with the details; I’m not an activist or mouth piece.
When I signed in, I saw there’s an “Activist” designation next to my name. I crossed it out and wrote: “Pacifist”. Wink.
3 informal sessions were already held with singles, newlyweds, long-time married couples, single parents, etc.
Last night was the presentation of their collective feedback and asking us at the round table to give inputs.
I noticed one glaring omission – Time.
The presentation was peppered with benefits and money, and the usual wish lists. I suspect those they interviewed must have been office executives working from 9-6 in 5 day work week.
So I spoke …read more