Passive Loss

Introduction Keppel Limited (SGX: BN4) is a stock ticker I hold dearly to me. I went all in on the counter just around the time when the Seatrium spin-off was announced and I must say it's been an extremely rewarding journey. I've been looking forward to whatever updates the conglomerate has provided and since it's been a while since the last time I took a look at Keppel, I wanted to see if it's still a BUY .  In this brief article, I'll cover Keppel's FY23 Financial Performance and how it holds up against previous years, Balance Sheet health, and find an approximate fair intrinsic value of Keppel.  Keppel Limited's Logo (Source: Keppel Youtube ) Overview of FY23 Keppel FY23 Financial Results (Source: Keppel FY23 Investor Presentation Slides ) To sum it up: - Keppel Corp's 2H23 Dividend increased by 5.5% to $0.19 as opposed to last year's $0.18 -  2H23 Net Profit from continuing operations was $440 million, 9% higher YoY. - Excluding discontinued op...

 It's been a while since I wrote my initial investment thesis on UHREIT, and I think it's about time that I reviewed their recent FY2022 performance and see if it still falls in line with my original idea, albeit I do admit that I'm quite late to the party. Nevertheless, let us delve deep and see how did UHREIT perform! Brief Overview of FY2022 Income Sheet: Source: SGX UHREIT Announcements For simplicity's sake, we will be comparing the financial performance of the REIT on a YoY basis. At a glance, it seems like property expenses have outpaced gross revenue percentage-wise with a 26.4% increase as opposed to 22.2%. Nevertheless, Net Property Income still increased a significant 12.2%, with adjusted distribution per unit (DPU) increasing from 5.35 US cents to 5.85 US cents. You may be wondering why is there a section regarding DPU with Top-Ups and Stipulated Damages. This is due to the absence of income support for UHREIT's Self Storage properties, coupled with the...

Hey all, just wanted to provide my perspective on a recent update of my absolute biggest holding,  Keppel Corp (SGX: BN4) . If you're anything like me, then you're checking the stock market on a regular basis, hell, perhaps even  daily . Now, imagine my surprise when upon opening the SGX tab last Friday, when I was greeted with the scene of Keppel Corp being the top loser, dropping a whopping 5% from 7.65 to 7.27 in a single day. Suffice to say, my portfolio wasn't exactly a pretty sight. Obviously, there's a reason for this; Keppel's earnings report. If you've been  hanging out at the right places , then you'll be aware that many were expecting Keppel to release stellar earnings accompanied by a fat dividend. Alas, reality usually doesn't pan out the way we want it to. In FY2021 H2, Keppel declared a dividend of 0.21 SGD per security, whereas fast forward to today, that same half's dividend dropped to 0.18 SGD per security. I'm quite sure that t...