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On the NAV issue, I read that most of its asset valuation(listed or unlisted) increases base on its acquired date to end of June 07 with the exception of an Old Folk Home. However, due to the current subprime crisis and market correction around the globe, these valuations may have to be adjusted downward accordingly. So lets be very careful and stay vigilant!
1.26 is based on company, if based on group it is only 1.19 [$1,524,582,000/1,279,687,000 shares]. if based on diluted shares 1,282,452,000, it is 1.188
Intangible assets=5,094,000
Goodwill = 32,455,000
NTA = 1.16[ better gauge as intangible asset & goodwill will be amortized in P/L later]
Well, central banks around the world are doing their work right now.
They are trying to hold the market until the dust settled. We have to see by end of this week whether their injection will work, and also they are not going to pump endless cash into the market. If the market can hold out, then we will see recovery, else fed have to come in end of this week or early next week to adjust their rates. Hence, this week, we may see 100pts up or down daily.
M&A is no longer causing a ripple through the market anymore. It will help in the particular affected counter only, but will not have the effect of the previous month... bring the whole market sentiment with it.
However, the whole fundamental of major singapore counters, especially local banks are still intact... in fact strong... they are still making profits from loans, properties still booming, construction work still on-going. We are see olympic next year, the halo effect will bring asia economic along... F1 will run here next year and IR will still be built. So local REITs are still profitable. Hold on to your counters that have good fundamentals, and prevent from shorting and contra during this period of time... unless you are a risk taker and good at doing that.
On the technical front I think it may be prudent to queue at 1.03 to entry a trade. Topside currently at stuck at 1.06SGD and thin support at 1.03SGD. Wanna buy also must buy it cheep.. really cheep HOWEVER the catch here may be to SELL before XD for whatever upward price movement. If it continues towards XD at 1.05 with 41.5SGD dividend for every lot, we may see the price action gap down on XD opening at 1.008.
This is just my hunch so pls dun take it as the gospel truth. :) Vested.
Thanks Pinnacle! Totally agreed with you.
I think the current weakness of share price has got something to do with its parent's losses in some of its hedge funds although I believe it shouldn't have any direct link and the results clearly shown.
However, going forward, due to the global market credits and liquidities drying up, it may have some effect on its M&A activities. Anything to share?
Net Asset Value per share S$1.26 .
Current share price at $1.05 is seriously undervalued.
Potential another $0.10 upside + dividends.
Macquarie International Infrastructure Fund Limited (MIIF) announced today the Book Closure and Dividend Payment Date for the half year ended 30 June 2007.
The ex-dividend date will be on 24 August 2007. The register of shareholders of MIIF will be closed at 5.00 p.m. on 28 August 2007 for the purpose of determining shareholders? entitlements to MIIF?s interim dividend of 4.15 cents per share for the half year ended 30 June 2007.
Dividend Payment Details
The dividend of 4.15 cps for the half year ended 30 June 2007 will be paid on 14 September 2007. A separate notice of the book closure and dividend payment date will be released to the SGX-ST.
As MIIF is a Bermuda-incorporated mutual fund company and is not resident in Singapore for tax purposes, dividends paid by MIIF are regarded as foreign-source income.
The foreign dividend received by individuals
Singapore does not currently impose withholding tax on dividends paid to non-Singapore tax resident shareholders. in Singapore (whether resident or otherwise) is exempt from Singapore income tax. Foreign dividends received by foreign investors with no permanent establishments in Singapore are generally not subject to Singapore income tax. Foreign dividends when received in Singapore by corporate shareholders8 are subject to tax.
Additional Debt Facilities
Positioning it to take advantage on short notice of any new acquisitions opportunities that meet MIIF?s investment criteria, MIIF raised an additional S$200 million in revolving credit facilities in July 2007 which could be used for bridge financing equity commitments.
A group led by Australia and New Zealand Banking Group Ltd and DBS Bank Ltd arranged and provided a S$100 million tranche of additional debt facilities. The transaction was open to only a limited number of selected banks and was well supported. The other tranche of S$100 million was provided by United Overseas Bank Ltd.
Together with existing facilities, MIIF now has approximately S$700 million in revolving debt facilities with terms ranging from one to three years. The facilities are currently drawn to S$303.9 million
Mr Kerr said that MIIF?s portfolio was starting to reflect its greater focus on Asia and that the additional debt facilities puts it in an excellent position to pursue further investment opportunities by bridge financing acquisitions..
Recent Investment Portfolio Activity
In line with its commitment to sourcing high-quality investment opportunities in Asia, MIIF acquired a 20 per cent economic interest in Cable TV SA, the ultimate holding company of TBC, in July 2007 for approximately US$178 million (S$272.2 million
?The acquisition of TBC was an excellent opportunity for MIIF to acquire cable infrastructure in Taiwan and participate in the third largest cable television market in the Asian region, after China and Korea, in terms of number of subscribers,? Mr Kerr said.
Following the TBC acquisition, 21.2 per cent3 of MIIF?s portfolio is now located in Asia, up from 8.5 per cent at the beginning of the year.
?We remain very pleased by the prospects of Asia?s strongly growing economies and the implications of substantial investments in infrastructure assets needed to sustain that growth,? Mr Kerr said. ?We are seeing Asian economies increasingly support and facilitate ownership and operation of infrastructure assets by the private sector. We continue to develop a strong pipeline of Asian investment opportunities, which we expect will lead to more investments in accretive Asian infrastructure assets.?
?In terms of funding future acquisitions, MIIF has a range of options including utilising its existing debt facilities as well as opportunistically divesting its non-Asian assets to fund its Asian deal pipeline,? Mr Kerr said.
In line with the commitment to focus the portfolio on Asia, MIIF has also recently divested of its stakes in DUET Group (DUET), Macquarie Communications Infrastructure Group (MCG) and Macquarie Infrastructure Company (MIC). The divestments collectively earned MIIF total gross proceeds of approximately S$271.8 million4 and a combined return of 14.4 per cent per annum against the combined cost of acquisition. The proceeds were used to repay part of the drawn balance on MIIF?s debt facilities.
In April 2007, MIIF took up its share of the Arqiva rights issue for £87 million (S$261 million5), in support of the acquisition of National Grid Wireless for £2.5 billion (S$7.5 billion5) by Arqiva?s parent, Macquarie UK Broadcast Ventures Limited. The entire rights issue was strongly supported by Arqiva?s existing shareholders.
Also in July 2007, Arqiva, which makes up more than a quarter of MIIF?s portfolio by value, signed a long-term contract with SDN Ltd to design, build and operate a new high-power national digital terrestrial TV network in preparation for digital switchover in the UK. The contract signed in July with SDN, which is a wholly-owned subsidiary of ITV plc, is worth approximately £500 million (S$1,534 million6) and will run until 2034.
Mr Kerr said: ?Arqiva?s acquisition of NGW is expected to create significant value for MIIF shareholders by allowing Arqiva to grow its existing core businesses. MIIF?s commitment to Arqiva is consistent with its stated intention of supporting acquisitions by its existing investments where those opportunities are anticipated to be accretive to MIIF.?2) including transaction costs.
Macquarie International Infrastructure Fund Limited (MIIF) announced today a substantial increase in net asset value in the first half of 2007 and a 5.1 per cent increase in its first half distribution to 4.15 cps from the pcp.
MIIF?s strong performance was a direct result of strong half year revenue and operating earnings growth in its direct investments. These results are expected to be further augmented by MIIF?s recent acquisition of a 20 per cent economic interest in Taiwan Broadband Communications (TBC), which is anticipated to support MIIF?s ability to grow distributions in the future.
MIIF?s net asset value gained 15.2 per cent in the six months ended 30 June 2007 to S$1,611.6 million from S$1,399.2 million at the beginning of the year, taking its net asset value per share to S$1.26. Net income on an adjusted basis for the half year was S$52.8 million, or 4.1 cps, which is a 16.6 per cent increase on 31 December 2006.
The half year results were boosted by strong net income on an adjusted basis for the quarter ended 30 June 2007 of S$48.1 million, or 3.8 cps which represents a 22.2 per cent increase on pcp.
Gavin Kerr, Managing Director of MIIF?s manager, said: ?This pleasing result for MIIF?s shareholders is based on solid performances across MIIF?s portfolio, with the businesses in which MIIF has invested directly performing particularly well.?
MIIF?s direct investments include stakes in: one of Asia?s best-performing cable network operators, Taiwan Broadband Communications; China?s multi-purpose cargo port, Changshu Xinghua Port; the UK?s leading broadcaster, Arqiva; Belgium?s only major airport, Brussels Airport; long-term aged care provider, Canadian Aged Care; and German oil and chemicals storage provider, TanQuid.
MIIF will pay a dividend of 4.15 cps - an increase of 0.2 cps or 5.1 per cent on the previous corresponding six-month period - representing an annualised trading yield of 7.9 per cent per annum1. Based on the demonstrated ability of the assets within the portfolio to generate stable and growing cash flows, MIIF expects to sustain and grow the current level of dividend payout over time.
?MIIF has been able to increase returns to shareholders by generating increased operational cash flows and optimising the capital structures of its investments,? Mr Kerr said. ?We expect MIIF?s robust asset management approach will allow us to continue to deliver growth in operating earnings and cash flows. It?s been a busy six months for MIIF and we expect to make more accretive acquisitions this year to further enhance MIIF?s ability to grow its dividends and deliver capital growth.?
MIIF ANNOUNCES FIRST HALF RESULTS AND FIRST HALF DIVIDEND
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Net income on an adjusted basis of S$52.8 million or 4.1 cps up 16.6 per cent on prior corresponding period (pcp)
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Net income on an unconsolidated basis of S$333.8 million or 26.1 cps is 6.6 times higher than the pcp
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Net Asset Value per share S$1.26 up 15.2 per cent on December 2006
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Dividend of 4.15 cents per share (cps) up 5.1 per cent on pcp -
Asia focus reflected in Taiwan Broadband Communications acquisition and divestment of interests in three listed funds
Earning announcement on 13 Aug.
Lets hear what they have to say.
BTW, their dividend has always been good. So I don't really bother by the fluctuation of the price.
As long as the RNAV is still reasonable, I don't see there is a need to panic to cash out.
Support at 1.010. The downtrend is still strong so refrain from jumping the gun to buy. Below that my profit stop kicks in.
On one hand they sell to gain cash and on the other hand they increase their holdings due to new shares allocated so it is a win win situation for MacQuarie Bank? It seems in turbulent times they prefer to hold some cash on hand. This is same as we retail investors too. Or they are raising cash to acquire new assets due to current world market downturn mindset can buy some cheap sales?
Macquarie Bank had reduced its stake in MIIF from 13.19 %
To 12.84 % thru sales in open market. Also, on top of the $3.1m performance fee, SGX has approved the issue of 2.76m shares to the manager.....That's why I said its better that this counter dun move much. Just collect divs will do.
Yes Sir.
Fairygal, you should say ' I really appreciate my high div yield holdings not only in a bear market but also in a bull market. '. In a bear market, I still have high yield div, in a bull market, I have an additional one time special dividend on top of the year to year high div. :)
At such a time when market is so volatiile, I really appreciate my holding of MIIF. Though pretty stagnant, but good yield.
Farmer, thats the way to go! The simple boring investment is worth its while. :)