GIC IPO - Global Logistics Property

Can someone extract for me the following financial figures for GIC IPO of Global Logics Properties?

Net tangible asset per share
Earnings per share
Change in EPS for the past few years?
Issue price: $1.96 per share

I was told that the prospectus contained over 100 pages, and is quite difficult to read. If this is the case (and I stand corrected), why are retail investors encouraged to subscribe to the IPO through the ATM, based on just blind trust? I don't know if this information was provided in the mainstream media previously. I might have overlooked it.

Tan Kin Lian

Contribution by DareToAct

What i found: data are all Pro Forma

NTA of listed entity is USD 6.2 billion, or USD 1.38 per share, or SGD 1.81 per share (USDSGD=1.31).  At S$1.96 per share, the IPO is about 1.09X book.

EPS for year ending Mar 08, 09, 2010 are +12.79 US cents, -6.4 cents, -3.47 cents. ---> 3 month ending June2010 is +10.87 cents.

I do not think looking at the data has much meaning (not to me at least) as the company has been on the asset accumulation phase from 08 till 2010.  its a different animal every year.

Here are two pages containing the key financial information, extracted from the prospectus of  Global Logistics Property that is now being offered to the public. The full propectus can be obtained from the MAS website.
www.tankinlian.com/latest.aspx

Reasonable charge for incidental service

Our business corporations are carrying out questionable practices in levying excessive charge for incidental services. They customers have no choice but to pay the ransom. This type of behavior should be checked by the regulators.

www.tankinlian.com/latest.aspx

Information about shares

This local site not bad...can get results date, ipos, mgmt QnA, AR

http://www.listedcompany.com/ir.pl?action=events_upcoming&type=results

DareToAct

Swimming Team at Commonwealth Games

Here are several letters about the disqualification of the swimming team from the Commonwealth Games

www.easyapps.sg/sgep/latest.aspx

Too big to fail?

International bank regulators are planning new rules to govern the big banks. Read
www.tankinlian.com/latest.aspx (New rules for big banks).

The Sleep Test

Contributed by DareToAct
When looking at an investment, most people think only about the upside. Very few consider the downside.  


Most think about what they can do with the profits (potential). "Upgrade car", "vacation", "kids education!". Seldom they think of whether they can stomach the downside.  And when the market disappoints and mark-to-market losses get bigger, they start to lose sleep and fear begins to build up. Long term investment view suddenly shortens and investors suddenly realize they are more risk averse than they belief themselves to be.  They sell their investments and realize the losses.  


They stay away from investing in the stockmarket until the next bull run, when their friends and families good fortune nudge them back into the market.

DareToAct

Shield claim - change of insurer

Here is a case story of the stress faced by a policyholder after switching a Shield plan to a new insurer. The previous insurer refused to honor the claims arising from an accident that occurred before the switch. I believe that the action of the previous insurer is unjustified and should be reprimanded.

www.tankinlian.com/latest.aspx

HOTA vs HIPA

Contributed by Kim
I recalled briefly that PM LHL in his recent National Day 2010 message mentioned something to the effect that the 2 casinos in Singapore are meant for foreigners to spend $$$ and Singaporean should NOT be patronising these to gamble away their hard earn money. I’m sure many concerned Singaporean shared the same sentiment. 
In line with the spirit of PM National Day message, parliament should passed a Bill to enact something similar to the Human Organ Transplant Act (HOTA), which will include all Singapore Citizen and Permanent Resident for casino self-exclusion unless they have opted out. Similar to HOTA, Singapore Citizen and Permanent Resident can freely choose to opt-out if they wish to by submitting an official form, witnessed and signed by says 2 immediate family members.
Suggest this new act be called HIPA, (Human dIgnity Preservation Act). Similar to HOTA, which seeks to preserve human life and dignity and ease the pains, burden and suffering of not just the patient, but also that of their family members and loved ones, the proposed HIPA seeks to preserve basic human dignity thru discouraging casino gambling which can potentially destroy every iota of human dignity as well as wreak havoc and untold pains and suffering on countless families in Singapore. 
From that perspective, HOTA and HIPA are not much different in the spirit of their objective. 
- Kim

Restructure the Global Economy - a comment

Here is a comment submitted to my survey.


S'pore's economy is traditionally based on an MNC model. It favours MNCs, while locals who are employed are somehow marginalised as "workers" under a capitalist model. And our GLCs also follow this model. As such we are too subjected to "global" influences. So I agree we need our "own culture" and to set own "priorities" with a certain degree of protectionism, for our workers and also local SMEs. The bringing-in of cheaper FTs and general workers further aggravates the situation. 


The NTUC and labour union movement is somehow "muted" despite the Govt's selling of tri-partite cooperation. Sectoral differences are wide and exploitation due to non-existent "minimum wage" is valid and true. Even PMETs are marginalised and exploited. 


The traditional MNC models was built based on long-term employment and benefits. While seniority-based wage structure was torn down, nothing is done to promote better wages through performance based wages with PMETs getting cheaper and also disposable, thus threatening the firm's core-competencies. Practices by MNC firms are still distorted. It is "caught-in-between" in strategy with cost cutting measures still emphasied in extreme and then the current hiatus towards "productivity". The alignment in policies is still not clear or well-implemented. The re-structuring is necessary.

As the capitalist model of the world economy fails, we need to be more organic ... and firms must evolve more organically towards what the market wants in order to sustain employment, not what politicians wants to be re-elected.


Survey respondent

Unaffordable housing

Quote
One gauge of how depressing these numbers are, he said, is to look at how unaffordable housing has become in some major cities. As a ratio of median home price to median family income, it will take 5.2 years to afford a home in Toronto, 7.1 years in London and 9.3 years in Vancouver.


Mr. Kotkin
Adjunct Fellow
Legatum Institute in London.


My view
In my book on financial planning (www.tankinlian.com/ishop), and the educational talk that I give under FISCA (www.fisca.sg), I recommend that a consumer should buy a property not exceeding 5 years of the family income. I find that some consumers are paying 7 years of family income for their property, which is too high.  This quote from Mr. Kotkin give a similar benchmark on what is an affordable housing.

Cruise ships and sampans

Article contributed by DareToAct


Brokerage company CLSA published in September a 150 page report on Singapore, titled "Passport of Choice, Singapore - A new brand story".  


It is a very bullish report on Singapore as a magnet to foreigners, both individuals and institutions.  Lured by business-friendly environment, especially low taxes, foreign companies and rich individuals are expected to flock to Singapore. Many governments, example US and UK, are likely to tax high income earners more and also find ways to tax business corporations.  These people and institutions are looking for friendly places to go to. Singapore is one such places.  


The Singapore government has been selling this idea to it's people, that letting in foreigners will raise the economic tide and thus lift all boats.  So far, the reaction of some part of Singapore suggests that some boats are being let behind, or the boats felt like they have been left behind.  Will the Singapore government bull-doze through the next phase of foreign-led growth without ceding to the voices of the masses?

DareToAct