In 2018, I spotted a telecom operator that has in excess of a 10% free cash flow yield. So I took a look at it. Till today, I could not increase my conviction in this stock due to the limited information that I could uncover about the business. It is not a very sexy business and I think in recent years, not many folks would touch it due to the challenges in the industry. My posture has always been to let the company’s result tell me if I was wrong, or that I was cautiously right. The world is different today, but the share price is not too far off from where I first pick it up A Brief Introduction to Citic Telecom Citic Telecom (stock code: 1883) was established in 1997 and listed on the Hong Kong Stock Exchange in 2007. The company provides a whole assortment of telec

By Mak Yuen Teen I am often asked how I decide which company to look into or select for writing a case study. The appointment and departure of directors, including independent directors, is one of the key starting points. This is because while certain corporate actions require shareholders’ approval, most are made by the board of directors. If there are questions surrounding the integrity, independence, competence or commitment of directors on a board, that is usually an early warning sign. One company which caught my attention on Christmas Eve was Catalist-listed Metech International, which announced the appointment of 71-year old Mr Chng Hee Kok as independent director with effect from Boxing Day. Mr Chng is a name who is familiar to me because he had been sanctioned as a

Updated on December 28, 2019 at 5.45 pm By Mak Yuen Teen I applaud the swift response of SGX Regco to questions I had raised on Christmas eve regarding (a) the appointment of Mr Chng Hee Kok as independent director at Metech International; (b) the independence of the sponsor RHT Capital from Metech; and (c) the failure to disclose the reprimand imposed by SGX on Mr Simon Eng at Advanced SCT (now Citicode) in Metech’s 2019 annual report as required for his re-election at the company’s October 2019 AGM. What is particularly praiseworthy about the immediate action taken by SGX Regco is directing the company to convene an EGM and re-seek the re-election of Mr Eng, given that the information disclosed was “inaccurate and incomplete”. The disclosure lapse ought

First published in Business Times on January 14, 2020 By Chew Yi Hong and Mak Yuen Teen On Oct 29, 2019, at 7.57 am, Sakae Sushi responded to queries by Singapore Exchange (SGX) issued four days earlier regarding, among other things, the auditors’ basis for disclaimer of opinion and the supplemental information on directors who were seeking re-election. The annual general meeting (AGM) was to take place at 3 pm that day, and those who have lodged proxies would have done so before Sakae provided the information. Sakae was just one of at least 11 issuers in 2019 asked to provide the information required in Appendix 7.4.1 of the SGX Rulebook for each director seeking election/re-election at the AGM, after failing to do so in accordance with the new requirement. This requiremen

The weekly 4 Stocks This Week column on DollarsAndSense was started in 2017 with a simple objective was simple: to provide a convenient read each week for busy investors to stay updated with what is happening on the Singapore Exchange. 4 Stock This Week is not a recommendation from us to buy or sell any of the stocks that wke feature. Its purpose is to highlight interesting stocks that investors should be aware of, rather than to analyse these stocks. For this week’s edition, instead of the usual coverage of four stocks, we’ll do a year in review of the other 51 instalments of 4 Stocks This Week that our team has written in 2019. Over the past year (51 weeks), we’ve covered 123 SGX-listed stocks, 4 ETFs and 8 Daily Leverage Certificates. The most covered stock was Sas

The industrial sector on the Singapore Exchange (SGX) may not be the most popular sector that Singapore investors think about but it’s definitely worth taking a deeper look. With more than 200 stocks listed in the industrial sector across different segments such as industrial conglomerates, construction & engineering, air freight & logistics, transportation, aerospace & defence and human resource & employment services, there are hundreds of investment options that Singapore investors can consider. In this week’s edition of 4 Stocks This Week, we take a closer look at the best performing yield-to-date (YTD) stocks in the industrial sector for 2019. CITIC Envirotech (SGX: CEE) Incorporated in 2003, CITIC Envirotech is an environmental protection solutions provider primari