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(Post 1 of 59) 12/10/1999.15:47:00 |
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Hi Oldman, What is your opinion on the close-end listed unit trust? They generally trade a discount to their NTA. I feel that they have outlive their usefulness due to the proliferation of open-ended unit trust and what with the government welcoming fund managers to relocate here. I feel that this fund is more "useful" for Mr Wee as it holds a substantial portion of its assets in the shares of the UOB stable! The listing status is also diminishing in value as the SES (or more accurately, the SGX) adopts a loosening regulatory stance on the listing of companies. Personally, I feel that this counter is a good candidate for a "swap" into Haw Par warrants. Comments .....Oldman, (and Fundollar)? Thanks Vested Interests |
| (Post 2 of 59) 12/10/1999.22:20:00 |
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Dsea, the other way of looking at these companies is that they offer very good shell possibilities. This is the same reason why I bought into Harimau. I am of the opinion that a listed status is still very valuable and certainly worth at least a premium to the NTA. Of course, if an internet play gets injected into such companies, then a trip to Mars may not be too far fetch. Also, I hope to see large fund managers coming into Singapore and I wonder if these make good vehicles for them. I look at these as long term buys just based on their discount to NTA. |
| (Post 3 of 59) 12/11/1999.12:56:00 |
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with the changes in investment climate, e.g. mediaring, the linux stuff in nasdaq.. the value of 'listing' might drop.. even though its still easier to get a backdoor listing, but the impact u can achieve thru a good 'sounding' name and in the nicer industry might not be there via a backdoor listing! |
| (Post 4 of 59) 12/13/1999.02:52:00 |
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never mind the illiquidity. i'm holding this one for longer term (until the divident yield gets less attractive).. currently abt 6%. provides steady income. value wise, a discount to nta (abt 1.6+). hence actually cheaper than open fund. i'm also holding this one to get my investments diversified out of local mkt. also noted in midst of region crisis, this one did well. btw.. this happens to be one of my core holdings.. good luck! xdollar |
| (Post 5 of 59) 12/27/1999.19:19:00 |
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The Board of Directors of United International Securities Limited wishes to announce that the unaudited consolidated net tangible assets backing per share as at 30 November 1999 was S$1.83. |
| (Post 6 of 59) 02/23/2000.01:04:00 |
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full yr results.. profit after tax = $16.9 mil (up 28.94%), NTA = $1.85, earnings per share 12.17cts (PE 9.3x based on last prx). Divident 6.5cts (+ special divident 5cts) => total 11.5cts. Zero borrowing. This is one of my core holding. rgds, xdollar |
| (Post 7 of 59) 03/09/2000.06:37:00 |
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UNITED INTL SECURITIES LTD The Board of Directors of United International Securities Limited wishes to announce that the unaudited consolidated net tangible assets backing per share as at 31 January 2000 was S$1.75. By Order of The Board Vivien Chan Company Secretary Singapore, 8 March 2000 Submitted by Vivien Chan, Secretary on 8 January 2000 to the SES |
| (Post 8 of 59) 03/17/2000.22:53:00 |
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Xdollar Conservation of capital with a dose of decent returns it seems is top priority for u. rite? Getting 11.5cts on today's prx of 115-116 is tempting - abt 10% return. but it may revert to 6.5cts next year. this means a 5-6% on a longer term. Getting investment diversified out of local mkt and a trip to Mars as suggested by Oldman to Dsea are certainly strong pull factors. Not too comfortable with the harvest/famine earnings profile though looking at the BS - the line on unrealised gain(loss)on investments. It reads like this:- 1997 - $13.201m gain 1998 - $ 6.199m loss 1999 - $72.914m gain Actually the numbers for 1999 look good when looking at the tabulated figures. For all we know some of these gains may have been locked in by now - to provide bread for year 2000 payout. What may be of concern is the announcements in today's ses site - selling by City of London Investment Group. they hold an aggregate of some 10m shares. Dsea - any idea what's cooking? Anyway i am staying in tune with developments on this one. it is going to take some rejig of my portfolio as i am almost always fully invested. thanks for the lead Xdollar. Dsea and Oldman by way of your postings here. Btw have u visited Singapore Reinsurance? it is rite down your alley. was giving 12.5cts dividend but now stands at 10cts - payout twice a year. Can keep you posted if u r interested. Had a long courtship separated around 1.40 (think so) then made up between 70 and 100. minor holding 6% and hoping something to happen insurance reform comes around. rgds |
| (Post 9 of 59) 03/19/2000.18:38:00 |
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Marco, Conservation of capital.. yes, this is a high priority for me. But to use another way to describe my investment/trading behaviour, i would say good returns at affordable risk. Which means i'm also willing to take position in some other counters which are deemed more risky but they don't form part of my core. You mentioned the unrealized loss $6.199 mil reported for 1998 results. My opinion is that this is not surprising considering the mkt situation then (in this region) and that they shld have close to 70% of total equity holdings invested in this region. I'm do not have the 1998 report so can only estimate based on their portfolio reports on 1997 & mid-1999. Also, looking at the assets mixed plus equity allocation across the different countries, must say they did quite a good job. In the 1997 report for instance, they only have total of 1.8 % invested in Korea, Thailand & Indonesia. We know these 3 countries bored the brunt of the currency crisis. When other funds report losses (realized) in 1998, UIS choose to book profit and give higher dividents to shareholders as a sign of confidence in charting the way ahead. This is a positive step in midst of an uncertain period when many other companies are reorting losses (having to do hugh write-offs). In fact, i'm of view that some companies took that opportunity then to write-off as much as they could and then blame it on the "crisis" (suposedly not within their control). As you said, divident revert back to 6.5% next yr is possible. But that's still 5.86 % based on 1.11 (1.16 - 0.05 special div). This is still close to 2 times the current best FD in town (3%). But if next yr they continue to do well, they may well give another bonus divident. And if they don't do as well, at least i'm quite comfortable they won't do too badly either as there's good mix of asset divisification. I believe they will be shifting more funds to Europe this yr (based on their comments in latest report) and Europe is also where i'm quite keen on at moment just that not too sure abt exact timing of entry and which fund to buy into. So being shareholder of UIS, just let the mgt do the work. Yes, directors are paid fees. But it's same thing if we buy Unit Trust. In unit trust, we already lose 5% upfront even if buy/sell at same prx. In my case, another complication is that all my UIS are held using cpf-$ (which has reached 50% limit). If i sell and swap to Unit Trust, i need to pay Broker Commission, Bank Transfer Charges, Unit Trust Commission. If i stick to holding UIS, i get back 8.6cts div (after tax) this yr and this gets added to my CPF profit for next yr's withdrawal (my mthly statement already show profit for withdrawal for each consecutive mth from oct onwards; last yr's profit already taken out). The main issue here will be after x-divident, how much the prx going to correct downwards (if it does) from current level ? City of London.. trying to guess what makes them sell is not easy esp. as i do not have details on when they bought their current 10% and at what prx. Could be just a routine case of fund switching for them. Or some profit taking if they've bought much lower. Another reason could be that they cannot have tax refund (unlike us) so the actual divident take back only is 8.6cts whereas in our case, it's 8.6cts + some IRA refund. Then question of whether these dividents will be taxed again in their home country (i'm not sure) and hence heavy divident payout is a disincentive to them concern ? Or maybe they have better alternative use for the cash raised. For eg, they may think it's better that they invest direct into those companies that they believe in (here & abroad). But this is not something that an average investor here can do easily as we lack mkt information (at least for those foreign mkts). So far they've sold 405,000 shares (abt 3.9%) done on avg above 1.15. So at least it's not a massive selling program and believe they'll also like to see the prx not being sold down too far (has some meaning to their books). Another point to note is that not all buyings (by major shareholders or company share buy-backs) will result in prx appreciation (at least not short term). Kep Corp one eg. Similarly, not all sellings by major shareholders will result in prx slump in immediate term. But agree need to take note and monitor for further action. UIS has so far help to keep my portfolio in good shape in current mkt sell-down (it actually appreciates by few cts). And current prx is still maintaining above M-100 & M-200 and i don't see any sign that the trend's going to change yet in the near term. But maybe some TA expert can comment better on the trend of UIS ? S'pore Reinsurance.. sorry not able to comment on this one now.. rgds, xdollar |
| (Post 10 of 59) 03/19/2000.19:45:00 |
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Xdollar Thanks for your info. I will be doing my due dilligence on this coy. But first to monitor further activities by City of London Investment Group. It brings back painful memories of brushing off one College Retirement Fund divesting their holdings on ACMA some time back. On ACMA the coy wrote off huge losses. Subsequentlt prx dived along with the market. Director went shopping Will revert later. Ciao for now |
| (Post 11 of 59) 03/20/2000.11:43:00 |
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UIS - An stock with bond features In designing a balance portfolio, it is necessary to have some bond or fixed income (~25%) in your portfolio. In Singapore context, it is not easy to find bond investment for <$10,000. UIS, with its low price volatility and high yield, displays all the feature of a bond investment. I do not expect UIS to rally with the market nor do a free fall. But I expect the good yield of 6-10% to continue, barring any economic crisis. I am currently building a small portfolio using my CPF money and UIS is my definitely in my small basket of stock pick. |
| (Post 12 of 59) 03/20/2000.21:33:00 |
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Are u the x$ whom Jacky knows? |
| (Post 13 of 59) 03/20/2000.21:50:00 |
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Wsm UIS is safe and certainly one stock to be included in any balanced portfolio purely from the yield point of view. Yes dividend has been on the rise especially in the last three years from 5 percent in 1997 to 6.5 to 6.5+5 for 1999. It stood at 3.5 percent for the previous years. Net earnings also rose in tandem with the dividend. The yield of course depends on entry point. Am I right to conclude that one could indeed grab some action on the ups and down once or twice a year and get a total of say 10 percent a year? Right now we can take 6.5 percent as a basis. At today's entry point of 1.15/1.16 the yield is just under 6 percent. As it is UIS though not very exciting is not to be sniffed at. As it was noted earlier the $72m unrealised gain shown in the current BS suggests that a dividend exceeding 6.5 percent for year 2000 can be seen as a strong possibility. The problem is that today there are so good buys around. Just look at the chart of Sembcorp posted yesterday by (Wormbunny? my apologies if I get u wrong.) The chart looks a beau after having been bombed out the last many weeks. It looks like it has bottomed out and the rebound is strong enough though volume was not. Today it made another zig. It is certainly an opportunity for a 30-40% return over 6-12 months. Sorry i am digressing a little. Perhaps I should explain that I am not inclined to consider UIS as my core holding. Not yet. At least for now. I am open to any arguments that I should. Please take this in the spirit of the forum i.e. to express our opinions. Frank and blunt if you must. Looking at earnings I am hard pressed to find quality which I translate as core earnings. It leads me to for growth prospects. To do that one digs into the numbers that are available and try to understand the biz. Unfortunately I am not in the funds biz where I invest other people's monies. I am still groping. The other problem is timely (fortunately or unfortunate remains to be seen) announcements of the activities by City of London Investment Group. there is another posting again today in ses.com.sg. Could you or Xdollar advise what stakes do the various Directors have in UIS. Rgds |
| (Post 14 of 59) 03/21/2000.00:09:00 |
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hello Jacky, yes, that's me! At ShareInvestor, i can't register "x$" so has to use "xdollar". I wish you well and hope to hear from you again. best rgds! Marco, I only have only provide details from 1997 report. One of directors (Dr Hsu) has 459,240 shares (0.33%). Wee shld have his interest via Tye Hua Nominees (42.89%) or 59,637,820 shares. Agree that City of London Investment Group recent selling adds some fuzziness to the equation. However, they sell in small batches is a sign that they're in no hurry to let go and also want to maintain prx stability. Prx still stay around 1.16 inspite of a fund selling so not that bad. Do agree with you that there are also other options in the mkt right now. All boils down to personal investment objective. Wsm is also right to point out that this one is closer to bond status. But i would add that it may be better than a bond in that it has (a) chance of special bonus divident if they continue doing well (b) better chance of capital appreciation (c) current divident yield better than most bonds (d) a discount to NTA (e) offers diversification (f) cheaper method of engaging international mkts as compared to buying Open End fund. Now back to City of London Investment Group. I'm now half guessing maybe they now realized it's cheaper for them to engage mkts by buying direct into company shares. Maybe for tax reasons (just one round at company level and no need to pay tax again from UIS profits). Maybe some other reasons. But this is only guesswork so may not be correct. Anyway, won't be relevant to me as it won't be efficient for me to buy direct into shares of companies abroad (& lack of info for decision making). Buying into a Unit Fund also incur cost. So for purpose of diversification & to lock the divident into CPF profit for next yr, then yes.. i will hold on to those lots i now owned (all using CPF-$). But cannot say same for all as each person has his/her own investment purpose/strategy. rgds, xdollar |
| (Post 15 of 59) 03/21/2000.05:37:00 |
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UNITED INTL SECURITIES LTD Notice Of Substantial Shareholder's Interests . Name of substantial shareholder: City of London Investment Group PLC Date of notice to company: 17/03/2000 Date of change of interest: 15/03/2000 Name of registered holder: DBS Nominees Pte Ltd Circumstance giving rise to the change: Sales in open market at own discretion No. of shares of the change: 44,000 % of issued share capital: 0.03 Amount of consideration per share excluding brokerage,GST,stamp duties,clearing fee: S$1.15 No. of shares held before change: 9,987,000 % of issued share capital: 7.18 No. of shares held after change: 9,943,000 % of issued share capital: 7.15 Submitted by Leo Hee Wui, Assistant Secretary on 20/03/2000 to the SES |
| (Post 16 of 59) 03/21/2000.05:37:00 |
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UNITED INTL SECURITIES LTD Notice Of Substantial Shareholder's Interests . Name of substantial shareholder: City of London Investment Group PLC Date of notice to company: 17/03/2000 Date of change of interest: 15/03/2000 Name of registered holder: DBS Nominees Pte Ltd Circumstance giving rise to the change: Sales in open market at own discretion No. of shares of the change: 44,000 % of issued share capital: 0.03 Amount of consideration per share excluding brokerage,GST,stamp duties,clearing fee: S$1.15 No. of shares held before change: 9,987,000 % of issued share capital: 7.18 No. of shares held after change: 9,943,000 % of issued share capital: 7.15 Submitted by Leo Hee Wui, Assistant Secretary on 20/03/2000 to the SES |
| (Post 17 of 59) 06/15/2000.18:56:00 |
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Surprise! surprise!, instead of the usual one-liner "...the net tangible assets backing per share was S$x.xx", UIS has released more details.... Now this is what I call PROGRESS, hopefully we will also get to see OCBC's HARIMAU, DBSH's GENERAL SECURITIES (GIS) and OUB's OUS waking-up and also disclosing more info about their respective close-end funds in the months ahead. UNITED INTL SECURITIES LTD MONTHLY ANNOUNCEMENT The Board of Directors of United International Securities Limited wishes to make the following announcement in respect of the Company's assets as at 31 May 2000:- 1. NET TANGIBLE ASSETS The unaudited consolidated net tangible assets backing per share was S$1.60. 2. COMPOSITION OF ASSETS ......................................(S$'000).......... % Equities............................176,934......... 79.7 Fixed Income Securities .......36,846......... 16.6 Cash & Other Liquid Assets......8,305.......... 3.7 Total................................222,085......... 100.0 3. TOP TEN HOLDINGS (Counter) United Overseas Bank Limited United Overseas Land Limited Times Publishing Limited DBS Group Holdings Limited Singapore Press Holdings Limited Samsung Electronics Company Republic of Korea Bond 8.875% Due April 2008 Powerchip Semiconductor Corporation (GDR) Singapore Airlines Limited United Kingdom Treasury Strip 0% Due December 2005 By Order of The Board Vivien Chan Company Secretary Singapore, 15 June 2000 Submitted by Leo Hee Wui, Assistant Secretary on 15/06/2000 to the SGX |
| (Post 18 of 59) 07/26/2000.11:15:00 |
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extract from announcement to SES :- Review of the performance of the company and its principal subsidiaries Group profit after tax was 52.1% higher for the first half of this year due mainly to higher dividend income and profit realised from sale of long-term investments. Net tangible assets backing per share increased by 4.8% when compared to the value as at 30 June 1999 and decreased by 6.5% when compared to the value as at 31 December 1999. Commentary on current year prospects The strong performance of the financial markets in the latter part of last year continued into the early part of this year. The market saw volatile swings in March when the NASDAQ index suffered a severe correction due to concerns over valuation excesses and fears of higher interest rates. The US economy is showing signs of a slowdown after six rounds of interest rate hikes. The recent correction in the technology-laden NASDAQ market has reduced the "wealth effect". But with the recent rise in energy prices, the risk remains skewed toward higher inflation. The Asian economies continued its recovery on the back of strong demand for exports. However, domestic demand remains weak and loan growth has not returned to pre-crisis levels. The pace of growth is expected to slow. The main risk still emanates from a possible hard landing for the US economy arising from higher interest rates with its resultant impact on corporate earnings. There is growing evidence that the Chinese economy is both cyclically and structurally on the mend. This should help Asia. We would continue to be cautious on the US stock market and remain positive on the Asian markets especially North Asia. |
| (Post 19 of 59) 08/16/2000.01:12:00 |
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MONTHLY ANNOUNCEMENT The Board of Directors of United International Securities Limited wishes to make the following announcement in respect of the Company's assets as at 31 July 2000:- 1. NET TANGIBLE ASSETS The unaudited consolidated net tangible assets backing per share was S$1.74. 2. COMPOSITION OF ASSETS
3. TOP TEN HOLDINGS Counter United Overseas Bank Limited United Overseas Land Limited DBS Group Holdings Limited Singapore Press Holdings Limited Samsung Electronics Company Republic of Korea Bond 8.875% Due April 2008 Singapore Airlines Limited United Kingdom Treasury Strip 0% Due December 2005 China Mobile (Hong Kong) Limited Powerchip Semiconductor Corporation (GDR) By Order of The Board Vivien Chan Company Secretary Singapore, 15 August 2000 Submitted by Leo Hee Wui, Assistant Secretary on 15/08/2000 to the SGX |
| (Post 20 of 59) 09/16/2000.03:42:03 |
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MONTHLY ANNOUNCEMENT
Submitted by Leo Hee Wui, Assistant Secretary on 15/09/2000 to the SGX |