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-   -   Hyflux 6% Perpetual Securities (https://forums.hardwarezone.com.sg/stocks-shares-indices-92/hyflux-6%25-perpetual-securities-5372221.html)

tmkedmw 18-05-2016 08:37 AM

Quote:

Originally Posted by homedriver (Post 101419815)
But can trade anytime like stock if need to cash out?

Yes, can trade on sgx just like the previous 6% public tranche.

foozgarden 18-05-2016 08:45 AM

Quote:

Originally Posted by SCG8866T (Post 101419688)
Wow net debt to equity 3.315x worse then aspial and its perpetual means no maturity. Have to study more indepth to decide.

ya, their debt level is scary

SCG8866T 18-05-2016 09:11 AM

Anyone know if temasek is currently vested in Hyflux?

SCG8866T 18-05-2016 09:17 AM

Quote:

Originally Posted by foozgarden (Post 101420098)
ya, their debt level is scary

Sorry should be 0.99x

Asphodeli 18-05-2016 09:19 AM

Quote:

Originally Posted by SCG8866T (Post 101420512)
Anyone know if temasek is currently vested in Hyflux?

Don't think so. From their latest AR:

http://i.imgur.com/CyDqfOi.png
http://i.imgur.com/0rS4xum.png

epiphany01 18-05-2016 09:54 AM

Quote:

Originally Posted by foozgarden (Post 101419092)
in event of default.
bond holders get paid first then mother share holders?

to be precise:
creditors > senior bond holders > subordinated bond holders> pref shares (sometime can be pari passu with sub bond holders) > ordinary share holders

SCG8866T 18-05-2016 10:51 AM

Did more data churning. 70% of their revenue comes from sg. Their net asset (after deducting total liabilities) is S$1.23bil. Net debt(total liabilities minus cash) is $1.216bil. Means net debt to equity is ard 0.99x. Total cash on hand 165mil(quite low). Net gearing 0.98x(quite high).

Pro: majority of their top line comes from Singapore. Municipal sector continued to be the main contributor. TuasOne WTE project is the main driver to 1Q2016 revenue.

They have good access to capital markets, means can easily raise money to refinance.

Con: neg free cash flow, high net debt, exposure to the middle east and china, high gearing. Pref shares and bonds interest expenses eating up most of their bottom line..

Guojing88 18-05-2016 06:06 PM

Can someone explain the May 2020 event in plain English?

lzydata 18-05-2016 08:35 PM

Quote:

Originally Posted by Guojing88 (Post 101429814)
Can someone explain the May 2020 event in plain English?

Starting Nov 2016 and up to May 2020, Hyflux will pay 6% pa every May and Nov.

After May 2020, if the perps are not redeemed, the interest rate will be reset to X% + 6.20% where X% is the 4-year Swap Offer Rate (SOR) on the second business day prior to the reset date. If Hyflux continues not to redeem, this will also happen in May 2024, 2028 etc.

According to the OIS, the 4-year SOR on 16 May 2016 is 1.80%. Assuming the 4-year SOR around May 2020 is the same, the interest rate on the perps will be 1.80% + 6.20% = 8.00% pa.

lzydata 18-05-2016 10:12 PM

Placement results out, looks like the big boys are hungry for yield. $217m subscribed for $50m, now the placement allocation is $165m and public offer is only $115m.

http://infopub.sgx.com/Apps?A=COW_Co...May%202016.pdf

http://infopub.sgx.com/Apps?A=COW_Co...May%202016.pdf

zuoom 18-05-2016 10:26 PM

er, perpetual securities can touch one??

arctician 18-05-2016 11:51 PM

Quote:

Originally Posted by lzydata (Post 101434127)
Placement results out, looks like the big boys are hungry for yield. $217m subscribed for $50m, now the placement allocation is $165m and public offer is only $115m.

http://infopub.sgx.com/Apps?A=COW_Co...May%202016.pdf

http://infopub.sgx.com/Apps?A=COW_Co...May%202016.pdf

5x oversubscribed..very good sign

gg to whack this weekend..hope can get some private placement

arctician 19-05-2016 12:14 AM

Quote:

Originally Posted by StockBot (Post 101436078)
erm... i think cannot like that see

usually for most IPO the insti tranche is way bigger than retail tranche... sometimes insti tranche is 10x or 20x bigger

but for this issue the insti tranche is way way small than usual

however still, the retail tranche will be over subcribed for sure as investors are hungry for yield and blind on the fundamentals

I expect retail tranche to be 2-3 times over subscribed cheers

ya i know..but still 4x oversubscription for institutional investors are a good sign

i subscribed to the perps few years back..only got allocated 20% and up 4% on first day

if you got allocated $100k and it move up by 5%, $5k in pocket

w1rbelw1nd 19-05-2016 12:19 AM

Quote:

Originally Posted by arctician (Post 101436126)
ya i know..but still 4x oversubscription for institutional investors are a good sign

i subscribed to the perps few years back..only got allocated 20% and up 4% on first day

if you got allocated $100k and it move up by 5%, $5k in pocket

All these insurance companies, banks, investment firms etc are in a much better position to take on these risky perpetuals than us peasants... They have access to OTC bond markets to diversify their risk. So having these institutions subscribe may just mean that risk is not too big for them. But for us the same cannot be said...

Sent from OnePlus A0001 using GAGT

Weaboo 19-05-2016 12:24 AM

Yea I rmb Liao that's why I deleted my post

Quote:

Originally Posted by StockBot (Post 101436202)
OTC market few hundred over bonds to buy and build a portfolio
but retail market for SGX.. think only like 6-7 decent bonds so harder to build a bond portfolio

example building a ladder bond portfolio
https://www.fidelity.com/viewpoints/...adder-strategy

for sgx market... very hard to do so for retail investors



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