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  1. #11
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    Overall Sticky Fibre Broadband Base For Telcos

    Overall Sticky Fibre Broadband Base For Telcos

    Other than the 3 Telco players that offer fixed fibre broadband services, there are other retail service providers (RSPs) that also offer such fixed fibre broadband services.
    There are roughly some 20 RSPs in Singapore that offer a variety of access plans for residential and enterprise users.
    The core advantage that the Telco players have over the other RSPs is that they are able to provide a compelling service bundle with their mobile services, and this makes their existing customers extremely sticky.
    This is a point that RSPs fail to compete effectively on and will continue being a core competitive advantage of the Telcos.
    M1 currently has some 114k subscribers for its fixed fibre broadband services. Given the penetration rate of some 50 percent for fibre broadband in end 2014, the adoption rate of fibre is expected to continue and provide tailwinds for growth to all three Telco players, including M1.

  2. #12
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    No Cable-TV Service, No Biggie

    No Cable-TV Service, No Biggie
    While it is true that SingTel and StarHub have the ability to bundle packages of mobile services, fibre broadband services, and that of Cable-TV services together, it is not true that M1 is entirely losing out in any way whatsoever.
    The Cable-TV industry is already entering into a sunset mode, and whilst M1 does have its MiBox service, it is essentially spared from the burden of legacy, which SingTel and StarHub will need to deal with, especially on the infrastructure previously paid, which was needed to deliver the content.
    Operationally, M1 is also the best and most efficient among the two other Telcos.
    Table 2 shows the metric that tracks such efficiency; EBITDA margin against service revenue.

    It is notable that this efficiency and corresponding increases in ARPU, mobile service revenue, is achieved without having the option of the Cable-TV allure within its bundle, something that SingTel and StarHub has aggressively advocated in their packages.

  3. #13
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    Data Trend And The New mySim Plan

    Data Trend And The New mySim Plan

    We are in the era of witnessing a significant explosion happening in the data arena, and increasingly seeing Telcos shifting their revenue reliance over to data.
    After all, it is nothing new to hear voice revenue sliding. It was the same thing we witnessed for the replacement of data/wifi enabled messaging applications like whatsapp, completely wiping off the relevance of sms revenue at one point.
    There’s a reason why Telcos are cutting mobile plans’ data cap from the generous 12GB per month usage, to the 2-3GB per month data entitlement band in mobile plans these days. Simply put, more revenue will be expected to come from this space moving forward.
    Table 3 shows the increasing contribution, and thus the next important factor of growth, for M1’s service revenue.

    Leveraging on this front, the new plan launched by M1 less than a month back, dubbed mySim, offers 5GB of data and 300 minutes of talktime, at a basic monthly rate of $30 for a 12-month term.
    This is effectively targeting the new trend of users who buy smartphones directly from the brands themselves or via online mediums.
    Should subscribers choose a one-month plan instead, the same price will entail 3GB of data and 300 minutes of talktime.
    I see this plan particularly attractive because a) M1 will not have to incur handsets subsidies for customers signing up for this plan and b) offers the flexibility of a pre-paid (for the one-month plan) but also encourages a conversion to a 12-month plan.

  4. #14
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    Fourth Telco Player, Concerns?

    Fourth Telco Player, Concerns?

    Now that everyone already know about the fourth telco player in Singapore; MyRepublic (MR), the natural question is what impact can we foreseeably infer on the existing telco players?
    MR is expected to launch commercial services in the mobile space beginning mid-2017. We opine it will not be easy for MR to snap up market share from the existing players as a)MR is not opting for a price disruptive strategy to enter into the space, b) customers of existing players are usually sticky (bundling strategies) or tied to a 2-year contract, c) not as strong network quality/coverage.
    We feel that possible pressure on M1 will be felt, considering it being the smallest among the current telco players, but not significant.
    Apart from heavy capital expenditure needed to meet the quality of service criteria imposed by IDA and thinking of ways to get the sticky customers from existing telco players over, MR will have a lot to do to significantly dent the rice bowls of the existing telcos.
    That said, it is notable that MR currently holds some 5 percent of the fibre broadband market in Singapore.

  5. #15
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    Financial Stability, Dividend Yield

    Financial Stability, Dividend Yield

    Though the growth rate of revenue and net income over the past three years of M1 have been relatively flattish, profitability metrics tracked by us showed us good stability overall.
    Return on assets, crucial for capital expenditure heavy companies like telcos, have exhibited consistency around 13 percent over the past three years. This is a good sign of asset utilisation.
    Return on capital (ROC) and return on equity (ROE) are also consistently high, averaging around 20 percent for the past five years (ROC) and close to 50 percent for ROE over the past five years.
    Although M1’s net debt to earnings before interest, taxes, depreciation and amortisation (EBITDA) stands at some 0.9x, M1’s interest cover of 74x is the highest among its peers (SingTel: 16.7x , StarHub: ~32x).
    This denotes M1’s superior ability to pay off any short term debt. This is due to M1’s effective interest rate being low at around one to two percent, resulting in lower interest expenses, while its peers’ effective interest rates are at around three to four percent.
    The average dividend per share paid out by M1 over the past 5 years stand at around 17.6 cents.
    At the time of writing, M1’s yield is currently trading at 6.3 percent, which is higher than its average 5.9 percent and higher than that of SingTel (4.4 percent) and StarHub (5.2 percent).

  6. #16
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    14 August 2015 Highlight Singapore property developers not affected by Tianjin blast

    14 August 2015 Highlight Singapore property developers not affected by Tianjin blast SINGAPORE (Aug 14): Two days after two blasts at a warehouse owned by Ruihai Logistics exploded in Binhai New Area, Tianjin Port, spewing chemical vapour into the air, fires are still burning. The explosion was so large it could be seen from space, the BBC reports, and the US Geological Survey picked it up as seismic activity.
    In the immediate term, none of the local property developers is affected. A spokeswoman from Global Logistic Properties says its properties are unaffected by the blast. A CapitaLand executive says its 182,313 sq m mixed development, International Trade Centre (ITC), located in Tianjin’s Hexi District and within the CBD (some 50 km east of Binhai), is also unaffected.
    Other Singapore companies with assets in Tianjin include UOL Group. It owns Pan Pacific Tianjin, a 319-room hotel situated along the Haihe River . The hotel is part of a mixed development, The Esplanade, which is 90% owned by UOL. In addition to the hotel, The Esplanade comprises 522 residential apartments, 48 office units, and 6,164 sq m of lettable retail space. As at end-2014, 96% of the 522 residential units were sold and one of the two office towers was launched with 71% of the units sold.
    In a recent report, JP Morgan says that some Hong Kong-listed developers with a presence in Tianjin include COLI, SUNAC, Guangzhou R&F and Sino Ocean Land. “Their projects are quite far away from the explosion site and we think the impact on them is likely to be minimal” the JP Morgan report says.
    Analysts point out that the Sino-Singapore Eco-City is 20 km from the blast site, and developers with projects in the Eco-City are Shimao, Beijing Capital Land, Country Garden and Keppel Land, which was privatised earlier this year. Keppel Land’s Serenity Villa has 24,941 sq m of unsold GFA and the project has a gross value of RMB267 million ($58 million).
    Despite Eco-City not being near Binhai, sentiment could turn negative. “I think the blast will impact home sales in the area”, an analyst says.
    Elsewhere, only 28% of the 1,308 units launched at CapitaLand’s ITC has been sold, although its retail mall is 82% committed. At any rate, the developer took a $60 million impairment on the property in 1HFY2015. CapitaLand has an asset size of $46 billion, and Tianjin is comparatively small.
    A team of military chemical experts is testing for toxic gases at the scene and rescuers have been ordered to wear protective clothing, state media reported. The major concern is that if chemicals get into the water, or are dispersed along the river, tourism and other industries will be affected.

  7. #17
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    14 August 2015 Greek bailout on a tightrope - again

    14 August 2015 Greek bailout on a tightrope - again Greece's third bailout is back in the hands of euro zone finance ministers, who are meeting Friday to discuss whether to go ahead with the deal - or delay it.
    The baton has been passed on to Brussels after the Greek government, which had debated the reforms that need to be introduced to secure the much needed funds through the night, secured enough votes to pass the bailout bill.
    However, further uncertainty was heaped on the bailout process with reports from Reuters that left-wing prime minister Alexis Tsipras seeking a vote of confidence from the parliament after August 20.
    The Eurogroup of finance ministers will be meeting in Brussels to debate the latest developments in the latest 85 billion euro ($94.8 billion) bailout programme for Greece.
    "It's obvious we have to sign (a bailout deal) and we have to implement this agreement," Kostas Chrysogonos, a Syriza member of the European parliament (MEP) told CNBC Friday following the Greek vote, saying that he hoped a deal would be completed at the Eurogroup meeting later today.
    A confidence vote was the last thing Greece needed right now, he added, so soon after Tsipras was elected in January.
    "I'm hopeful that many of the dissenters will resign their parliamentary seats…and the confidence vote will be enough to gain the confidence of the parliament for this government. It's obvious that the last thing that we need right now is a general election, a country that stands at the edge of default cannot afford the luxury of having a second general election within eight months."
    Although the country and its international lenders and those overseeing the programme - the European Commission, European Central Bank, European Stability Mechanism (ESM) with input from the International Monetary Fund (IMF) -have agreed technical details, a political agreement in the euro zone by member state governments is now necessary before any aid is release.
    But that is easier said than done with tensions running high both in Greece and Germany, Greece's largest euro zone lender, over the bailout. This raises the possibility that the bailout deal could be delayed and Greece issued a bridging loan to tide it over - it has a 3.2 billion euro payment due to the ECB on August 20. Syriza split?
    In Greece, members of parliament debated the third bailout package through the night after a long delay to the proceedings due to procedural objections saw the plenary session only get underway at 2am local time (midnight London time). The vote on the bailout deal finally started at 7.30 London time with the government securing enough votes - 222 votes to 64 - to get the bailout approved.
    Tensions were running high in the Greek parliament, with high profile members of the ruling Syriza party, including former finance minister Yanis Varoufakis and parliamentary speaker Zoe Konstantopoulou, opposing the deal which involves more austerity, spending cuts and reforms.
    After the bailout was voted through the Greek parliament, Reuters, quoting a government official, said that Tsipras will seek a confidence vote in the Greek parliament after the August 20 deadline for payment to the ECB. A government spokesman told CNBC that he could not confirm the Reuters report but was expecting a statement shortly.
    Read MoreDejà vu: Is Germany about to scupper Greek bailout?
    Rebellion has been growing in the ranks of Tsipras' party from a far-left faction led by former energy minister Panagiotis Lafanazis, threatening to break away from the party.
    Speaking on Friday morning ahead of the vote, Tsipras said the bailout agreement was a "necessary choice for us," according to Reuters. He also said he didn't regret compromising with lenders in July, when he capitulated to lenders demands on reforms in order to prevent more financial crisis in Greece, which had by then implemented capital controls and looked set to exit the euro zone without a deal. Appeasing Germany
    Greece is not the only country where trouble is brewing over yet another bailout. The German Finance Ministry has said it wants the Eurogroup to address its unanswered questions about the bailout programme on Friday, namely, whether the IMF will contribute financially to the deal. German officials have repeated over the last few days that IMF participation is crucial.
    For its part, the IMF answered that question in a statement released on Thursday night, reiterating its stance that it would "make an assessment of its participation in providing any additional financing to Greece once the steps on the authorities' programme and debt relief have been taken, expected at the time of the first review of the ESM programme."
    Debt relief is a big problem for Germany, however. It has vehemently opposed any kind of debt relief fearing that it will set a precedent for other indebted euro zone neighbours. Nonetheless, economists think some kind of debt relief is inevitable.
    David Owen, chief European economist at Jefferies International, told CNBC Friday that debt sustainability was still not visible in Greece and "we know there will have to be some kind of debt forgiveness."
    "Maybe the Germans' plans is that we get them (Greece) going and don't write off any debt or give any debt forgiveness now but then maybe, maybe in a few months down the line if they stick to the programme we can extend (debt maturities) and pretend further," he said.
    If the bailout is not approved by the Eurogroup, it could decide to grant Greece 6.04 billion euros in bridge financing, according to German newspaper Bild, citing a European Commission proposal for the meeting.
    Greece's leader Tsipras said Friday morning that that would mean a "return to a crisis without end" for Greece but it may be the only way to appease Germany.

  8. #18
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    14 August 2015 SunVic Chemical turns profitable in 1H

    14 August 2015 SunVic Chemical turns profitable in 1H SINGAPORE (Aug 14): SunVic Chemical posted total comprehensive income of RMB16.8 million ($, compared with a net loss of RMB1.5 million the year before.
    This came on the back of stronger operating income of RMB324 million in 2Q, up sharply from RMB6.9 million a year ago.
    The group recorded revenue of RMB690 million in 2Q, down 51.7% from the same quarter last year. This was due to a decrease in revenue from sale of AA & EE and PMIDA & glyphosate. Sales volume and average selling price for AA & AE decreased due to oversupply of AA in China.
    Operating income came from the sale of propylene and other chemical material to a joint venture, interest income from Arkema and tax rebates.
    The group says it injected the Line 3 AA facility into the joint-venture entity with Arkema, and expects to record a gain on disposal of about RMB68.5 million from the injection.
    SunVic Chemical closed 5.6% lower at 25.5 cents.

  9. #19
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    14 August 2015 Tianjin Zhong Xin Pharmaceutical posts 24% jump in 2Q earnings

    14 August 2015 Tianjin Zhong Xin Pharmaceutical posts 24% jump in 2Q earnings SINGAPORE (Aug 14): Tianjin Zhong Xin Pharmaceutical Group Corp, a traditional Chinese medicine pharmaceutical specialist, reported a 24% growth in earnings to RMB119.5 million ($26 million).
    Group revenue fell 2% to RMB1.7 billion for the quarter ended June, from RMB 1.8 billion a year earlier.
    The group recognised other credits of RMB44 million due to the increased proceeds from the transfer of equity interest of Tianjin Hualida Biotech Co and the proceeds from compensation for demolition and relocation.
    Tianjin Zhong Xin says that it expects to face challenges from the rising costs of raw materials, energy and human resources and the uncertainty in government procurement policy for pharmaceuticals.
    The group did not declare any dividends for the current financial period.
    Tianjin Zhong Xin closed 3.9% higher at $1.35.

  10. #20
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    14 August 2015 Intraco is back in the black

    14 August 2015 Intraco is back in the black SINGAPORE (Aug 14): Investment holding firm Intraco has returned to profitability in 1HFY2015.
    It recorded earnings of $1.2 million in the half year, compared with a net loss of $586,000 a year ago.
    Revenue declined 14.4% to $58.6 million, however, as the company recorded a lower contribution from its trading and others business.
    Revenue from its projects segment grew from 1.3% in 1HFY2014 to 10% in 1HFY15 of total revenue, owing to the inclusion of revenue from its new acquired subsidiary, KA Group.
    Intraco’s shares closed at 31 cents, down 11.4%.

 

 

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