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Taking the cycle as a whole from the start of the crisis and through the recovery both GIC and Temasek have done creditably in comparison to their international peers among major global managers. They have fully recovered their declines in portfolio values occurred during the crisis. The long-term investment orientation of GIC and Temasek has allowed them to tolerate short-term volatility and ride out market cycles, in order to achieve long term gains.

To evaluate their performance, we therefore have to look at how they performed over the long term , rather than in the short term where their performances would be influenced by the immediate market cycle. Moreover, they have to be evaluated based on changes in their overall portfolio values rather than by how much they have made or lost on individual investments. No, the Government has not and does not transfer funds to Temasek or GIC to improve their performance figures.

As shareholder in Temasek, the Government injects capital into the company taking into account the long-term returns and risks associated with such investment. An occasional misperception is that capital injections can be used to improve the reported returns performance of Temasek. Capital injections can enable Temasek to increase the size of its portfolio, but do not improve investment returns 5.

Capital injections do not increase or decrease the current market value or historical purchase prices of investments. This TSR since inception would have benefited from the transfer of Government companies such as SingTel to Temasek, their transformation, and the subsequent listing of these assets. An occasional misperception is that the Government made the Constitutional amendments in and to allow for the transfer of Past Reserves between Fifth Schedule entities and the Government so as to be able to conceal investment losses.

This is wrong. We have explained that a transfer of funds cannot be used to hide investment losses see Q The amendments in and were made to enable the transfer of Past Reserves within the Reserves protection framework i. Past Reserves cannot be transferred outside of the Reserves protection framework without the approval of the President. The amendments in and did not alter this position.

Past Reserves may need to be transferred to facilitate the restructuring of Fifth Schedule entities to better deliver public services. The Constitutional amendments make clear that there is no draw on Past Reserves as long as i Past Reserves are being transferred among entities that are within the Reserves protection framework; and ii the receiving entity undertakes to protect the Past Reserves that are transferred over. The President is entitled to all information that the Cabinet and the boards of the Fifth Schedule entities are entitled to.

The President is entitled to ask Ministers, Permanent Secretaries and senior public officers and any of the board members, directors or CEOs of the Fifth Schedule entities for such information. When asked, all these persons are duty bound to supply the information requested. The President has full information about the size of the reserves including a listing of physical assets like land and the performance of the investment entities.

These statements are independently audited by the Auditor-General. A misperception that crops up from time to time is that former President Ong had been denied the information needed for him to perform an effective role in protecting the Past Reserves. In fact, President Ong was given all the information required for the purpose.

At his 16 July press conference, President Ong spoke of how he had been informed by the Accountant-General that it would take "52 man-years" to produce the value of the full list of physical assets of the Government. At a meeting with the President on 14 Aug i. Updates were subsequently sent to the President's Office. At the point of sale, land is valued, and the Reserves protection framework requires only that the land be sold at fair market value.

First, the reality was that much of State land would remain as State land, i. Second, the value of each piece of land depended on planning and zoning restrictions, which the Government could change. A man-year is a measure of the amount of work to be done, and not of the time it will take to do it. This arrangement assures that the CPF Board will be able to pay its members all their monies when due, and the interest that it commits to pay on CPF accounts. This is a solid guarantee.

The Singapore Government is one of the few remaining triple-A credit-rated governments in the world. No CPF monies go towards government spending. The comingled funds are first deposited with MAS as government deposits. MAS converts these funds into foreign assets through the foreign exchange market. These assets are ultimately transferred to GIC to be managed over a long investment horizon.

GIC is a fund manager, not an owner of the assets. It merely receives funds from Government for long-term management, without regard to the sources of Government funds, e. The Government does not specify to GIC the sources of the assets that are placed with it. The Government also does not specify whether the assets are encumbered or unencumbered, nor state the proportions. The investment of the assets was in keeping with the traditional approach of central banks, with large allocations to liquid, low-risk instruments.

This was to enable the assets to be invested in higher risk instruments that could be expected to earn higher returns over the long term. Temasek hence does not manage any CPF monies. Temasek manages its own assets, which have accrued mainly from proceeds from sale of its investments and reinvestments of dividends and other cash distributions it receives from its portfolio companies and other investments. Temasek also has its own borrowings and debt financing sources. The information above elaborates on that provided at Q2.

CPF interest rates are pegged to risk-free market instruments of comparable duration. However, there is also a minimum interest rate on CPF savings that protects members when market interest rates fall to low levels, such as in recent years. Lower and middle-income members also benefit from extra interest paid on smaller CPF balances. Those with larger balances also enjoy this 3. More than half of all CPF members earn 3. The OA is a liquid account. The monies in the OA can be withdrawn at any time for housing.

Many members withdraw substantial amounts from their OA. The SMRA are for longer-term retirement and medical needs. The interest rates that CPF members receive are hence significantly higher than for equivalent, risk-free market instruments currently. CPF members receive fair returns as described above, with no investment risk. The Government invests the SSGS proceeds together with its other assets through the GIC, and takes investment risks aimed at achieving good long term returns.

However, the consequence of taking risk as a long-term investor is that returns may be weak or even negative over shorter periods. The Government has a significant buffer of net assets, i. The Government has significant net assets, i. This is because the Government has large unencumbered assets, which are not matched to liabilities. These assets were accumulated through past government surpluses, land sales receipts and the investment income earned on those assets over the years.

The relatively large size of net assets enables the Government to take investment risk on its balance sheet, without impairing its ability to meet its liabilities. GIC has delivered creditable results from investing the Government assets over the long term. Investment returns can fluctuate widely, depending on global market cycles and shocks. The Government is able to bear this investment risk because its substantial buffer of net assets ensures that it can meet its obligations.

This enables it to give GIC the mandate of investing to achieve good long-term returns, in full knowledge that the portfolio will be exposed to significant risks over the shorter term as the markets experience cycles and volatility. A standalone fund would have to be managed much more conservatively, to avoid the risk of failing to meet obligations to CPF members — including not only a capital guarantee but the commitment to pay the minimum interest rates on CPF funds, regardless of market conditions.

The fund would not be aimed at accepting risks that enable good long-term returns, but at avoiding any short-term shortfalls. The investment returns in excess of the SSGS rates that the Government expects to make over the long term by taking the risks of long-term investments are not hoarded away in the reserves. The NIRC has provided the Government valuable resources that have allowed us to embark on new priorities for Singapore, including the strengthening of our social safety nets.

Yes, our assets are much larger than our liabilities. There is no net Government debt. Singapore is in fact a net creditor country, not a debtor country. This is why international credit rating agencies give the Singapore Government the highest short and long-term credit ratings of AAA. Our top credit ratings reflect the following:. SSB are issued to provide individual investors with a long-term saving option. The investment returns are more than sufficient to cover the debt servicing costs.

The Singapore Government has a strong balance sheet that has assets well in excess of its liabilities. This is why it is able to earn significant investment income on its net assets see Q This is a prudent approach to fiscal policy that some other countries are seeking to adopt. Looking only at the liabilities i. More details of Singapore Government Borrowings are found here.

The Singapore Government operates on a balanced budget over each term of Government. It also has a strong balance sheet that has assets well in excess of its liabilities. The Government does not borrow 10 to fund its budget. SGS are marketable debt instruments issued for purposes of developing Singapore's debt markets. They provide a risk-free benchmark against which other risky market instruments are priced off. These investment returns are more than sufficient to cover the debt servicing costs.

Singapore therefore does not have any net Government debt, and instead has a strong net asset position see Q This is recognised by international credit ratings who give the Singapore Government the highest short- and long-term credit ratings of AAA.

A Singapore Government Agency Website. Advanced Search. Search within: Ministry of Finance Whole of Government. Expand All. Collapse All. Reserves Our Nation's Reserves 1. What does the Constitution protect? Who manages our reserves? Who audits the financial statements of our investment entities? Why does the Government not disclose the overall size of our reserves? What constitutes a draw on Past Reserves?

Why are Past Reserves used to fund land-related projects? Is an investment loss considered a draw on Past Reserves? How have GIC and Temasek performed? What information is available on their investment returns? Table 2: Nominal Annualized Return and Volatility of the Reference Portfolio in USD, for periods ending 31 March Over the three time periods, and particularly over the last five years, the GIC Portfolio had lower volatility than the Reference Portfolio due to its diversified asset composition and pre-emptive measures to lower portfolio risk.

Have GIC and Temasek lost value as a result of the financial crisis in ? The actual NIRC taken in at the end of the FY may vary due to changes in the fiscal position and differences in the actual outturn for the maximum NIRC, compared to what was budgeted at the estimates stage. Companies like SingTel and PSA have contributed to a competitive and efficient infrastructure for the Singapore economy.

CAG was corporatized in and has remained directly owned by the Government. Can reserves be transferred easily among our investment entities to buffer their losses? What kind of information does the President have access to? This was against the backdrop of the Global Financial Crisis where other jurisdictions were guaranteeing bank deposits as well. If Singapore had not provided a guarantee, we would have run the risk of funds flowing out of Singapore to other jurisdictions that had guarantees, even though our financial system was sound.

The guarantee lapsed on 31 December , without being triggered. In this case, Past Reserves were not drawn on, although it could potentially have been. The two measures were the Jobs Credit Scheme which subsidised employers' wage bills and the Special Risk-Sharing Initiative which helped viable companies gain access to credit.

This was the first time that Past Reserves were drawn on. This is because the economy had recovered well from the recession, putting our fiscal position on a stronger footing. While there is no legal or constitutional obligation for the Government to return to Past Reserves any amount drawn, it is the responsible and prudent thing to do, once a Government has secured a stable fiscal position within its term. This is the way to uphold the philosophy that has enabled us to build up and maintain our reserves, and derive from it income each year to meet our strategic needs.

Can the President direct the investment strategies of our investment entities? The President does not direct the operations of Fifth Schedule entities. In particular, the President is not empowered to direct the investment strategies of GIC and Temasek.

Check to see if the company is paying a consistent dividend over the last 5 years. There is no guarantee that firms will continue to have access to bank funding ahead. In a scenario where funding liquidity dries up, significantly leveraged stocks will find themselves in trouble.

Hence, I look to identify counters with a strong balance sheet, characterized by a low net debt to equity ratio. A low PER ratio tends to indicate a certain level of undervaluation although this should be evaluated on a sector to sector basis. The healthcare sector typically also commands a much higher PER multiple relative to the industrial sector. With that, these are the 5 Singapore dividend stocks that are potentially undervalued based on the 6 criteria above:.

Frencken Group is a global high-tech capital and consumer equipment service provider. The company has two key business divisions: 1 Mechatronics and 2 IMS. Within the two business divisions, the company operates in 5 business segments: 1 Semiconductor, 2 Medical, 3 Analytical, 4 Industrial Automation and 5 Automotive. The diversification across these business segments ensures that the company is not overly reliant on any particular business entity as well as exposed to customer concentration risk.

The company has guided that its plants in China are back to normal operation while its factories in Malaysia are partially affected by the Movement Control Order. With its strong balance sheet where the company is in a net cash position, Frencken is in a much better position to weather the current macro volatility due to COVID With a forward PER that is still among the lowest vs.

Its factories in Malaysia remain impacted by the Movement Control Order and this will likely hurt its production in 1H Other key customers of Philip Morris such as Illumina, Agilent Technology, Keysight Technology blue chip-life US tech companies have all seen their share prices rebound strongly from the recent sell-down. Management has guided that it is looking to pay out a sustainable dividend. Venture could be one of the key global blue-chip OEM that will not only survive the COVID crisis but could emerge as a much stronger entity, taking market share from its weaker and more debt-laden peers.

AEM, a popular retail stock, is not in this list of preferred dividend stocks as its yield of 2. The counter also has a high customer concentration risk in Intel. CSE Global is a leading systems integrator targeting the oil and gas, petrochemical, utilities, public infrastructure, environmental and healthcare industries. Due to the depressed oil prices, many oil companies are planning to reduce their CAPEX and this is likely going to have a flow-through impact for CSE Global, which has been on a roll lately, with its new order wins near historical high level in New order wins in should fall back to at least the level, similar to the slump in oil prices back then.

However, if oil demand destruction becomes structural, sustained low oil prices might be here to stay and this will hurt future new orders for CSE Global in the coming years. The COVID pandemic which resulted in the implementation of the circuit breaker here in Singapore for a duration of approx. The long-term outlook for the company remains a positive one although its short-term earnings performance will be negatively impacted, both from the revenue front due to lower ridership as well as on the cost front where the company needs to replace an aging bus and train fleet as well as attract and retain staff.

Based on historical earnings, the counter is trading at approx. This multiple should increase to around 15x on a forward basis. With a balance sheet that is marginally in a net debt position, spotting a net debt to equity multiple of 0. Revenue between both divisions is now skewed towards the higher-margin ICE division vs. The subsequent decline of LED lighting demand from Philips resulted in both revenue and earnings disappointment as its share price took a tumble in With demand from mass-market LED lighting dwindling, the company refocuses its attention on diversifying its revenue base through higher-margin projects from the ICE division.

Revenue from this segment subsequently increased from c. Current net cash accounts for approx.

RBC Direct Investing purchases shares 2 in the same companies on your behalf on the dividend payment date.

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RETAIL FOREX ACCOUNTS

They are a key defence for Singapore in times of crisis, and it will be unwise to reveal the full and exact resources at our disposal. A draw on Past Reserves can occur in several ways. First, a draw on Past Reserves occurs if the Government or a Fifth Schedule entity spends more than the reserves it has accumulated during the current term of Government. Second, a draw on Past Reserves takes place when an asset is sold below its fair market value and the difference is not topped up from the reserves that were accumulated in the current term of Government.

Past Reserves are used to fund land-related projects such as land reclamation and the creation of underground space 2 like the Jurong Rock Cavern as well as land acquisition projects like Selective En-bloc Redevelopment Scheme SERS 3. This is a conversion of Past Reserves from one form financial assets to another State land.

The land and space that is created or acquired forms part of our State land holdings and is hence protected as Past Reserves. Further, when such land or space is subsequently sold, the proceeds accrue fully to Past Reserves. There is thus no drawdown of Past Reserves. No, an investment loss does not constitute a draw on Past Reserves, as long as the disposal of the investment is done at fair market value.

The Reserves protection framework aims to prevent any form of sale that is deliberately carried out at below fair market value, e. When any bona fide investment decision is made, there is expectation of a gain. However, no large investor is able to avoid taking some losses in investments after they are made, as investments carry some element of risk. After an investment is made, any losses arising from its sale at fair market value do not constitute a draw on Past Reserves.

Similarly, mark to market losses i. The issue of whether the investment of the reserves results in gains or losses over time is therefore distinct from the question of whether there is a draw on Past Reserves. Whether the entities which manage the reserves are making a gain or loss has to be evaluated based on changes in their overall portfolio values rather than by how much they have made or lost on individual investments.

Further, we have to look at how they have performed over the long term, rather than over the short term where their performances would be influenced by the immediate market cycle. Over the year period that ended 31 March , the GIC Portfolio generated an annualised real return of 2. The year annualised real rate of return metric is the key focus for GIC, which matches its mandate and investment horizon. A year period is appropriate as it spans a few business cycles and hence encompasses a number of market peaks and troughs.

GIC also discloses the nominal rates of return over 5-year, year and year periods. These time frames give a sense of the ongoing performance of the portfolio. Table 1 below shows the portfolio's annualised nominal rates of return over the 5-year, year and year periods in USD terms and the corresponding portfolio volatility. Over the 5-year period, the GIC Portfolio return slowed to 3. The Reference Portfolio is not a performance benchmark for the GIC Portfolio, but serves as a reference for its portfolio risk.

It also does not include adjustments for costs that would be incurred when investing. Over the three time periods, and particularly over the last five years, the GIC Portfolio had lower volatility than the Reference Portfolio due to its diversified asset composition and pre-emptive measures to lower portfolio risk. Despite this lower risk exposure than the Reference Portfolio, the GIC Portfolio has performed creditably over a year period.

However, since , Temasek has taken active steps to invest in Asia and other markets. Its statements were audited by KPMG. GIC and Temasek have fully recovered from the global financial crisis. During the financial crisis, the portfolios managed by GIC and Temasek had suffered declines in their portfolio values in line with global market declines. However, these declines came after much greater increases in their portfolio values in the preceding five years.

Taking the cycle as a whole from the start of the crisis and through the recovery both GIC and Temasek have done creditably in comparison to their international peers among major global managers. They have fully recovered their declines in portfolio values occurred during the crisis. The long-term investment orientation of GIC and Temasek has allowed them to tolerate short-term volatility and ride out market cycles, in order to achieve long term gains.

To evaluate their performance, we therefore have to look at how they performed over the long term , rather than in the short term where their performances would be influenced by the immediate market cycle. Moreover, they have to be evaluated based on changes in their overall portfolio values rather than by how much they have made or lost on individual investments.

No, the Government has not and does not transfer funds to Temasek or GIC to improve their performance figures. As shareholder in Temasek, the Government injects capital into the company taking into account the long-term returns and risks associated with such investment. An occasional misperception is that capital injections can be used to improve the reported returns performance of Temasek. Capital injections can enable Temasek to increase the size of its portfolio, but do not improve investment returns 5.

Capital injections do not increase or decrease the current market value or historical purchase prices of investments. This TSR since inception would have benefited from the transfer of Government companies such as SingTel to Temasek, their transformation, and the subsequent listing of these assets. An occasional misperception is that the Government made the Constitutional amendments in and to allow for the transfer of Past Reserves between Fifth Schedule entities and the Government so as to be able to conceal investment losses.

This is wrong. We have explained that a transfer of funds cannot be used to hide investment losses see Q The amendments in and were made to enable the transfer of Past Reserves within the Reserves protection framework i.

Past Reserves cannot be transferred outside of the Reserves protection framework without the approval of the President. The amendments in and did not alter this position. Past Reserves may need to be transferred to facilitate the restructuring of Fifth Schedule entities to better deliver public services. The Constitutional amendments make clear that there is no draw on Past Reserves as long as i Past Reserves are being transferred among entities that are within the Reserves protection framework; and ii the receiving entity undertakes to protect the Past Reserves that are transferred over.

The President is entitled to all information that the Cabinet and the boards of the Fifth Schedule entities are entitled to. The President is entitled to ask Ministers, Permanent Secretaries and senior public officers and any of the board members, directors or CEOs of the Fifth Schedule entities for such information.

When asked, all these persons are duty bound to supply the information requested. The President has full information about the size of the reserves including a listing of physical assets like land and the performance of the investment entities. These statements are independently audited by the Auditor-General. A misperception that crops up from time to time is that former President Ong had been denied the information needed for him to perform an effective role in protecting the Past Reserves.

In fact, President Ong was given all the information required for the purpose. At his 16 July press conference, President Ong spoke of how he had been informed by the Accountant-General that it would take "52 man-years" to produce the value of the full list of physical assets of the Government. At a meeting with the President on 14 Aug i.

Updates were subsequently sent to the President's Office. At the point of sale, land is valued, and the Reserves protection framework requires only that the land be sold at fair market value. First, the reality was that much of State land would remain as State land, i. Second, the value of each piece of land depended on planning and zoning restrictions, which the Government could change. A man-year is a measure of the amount of work to be done, and not of the time it will take to do it.

This arrangement assures that the CPF Board will be able to pay its members all their monies when due, and the interest that it commits to pay on CPF accounts. This is a solid guarantee. The Singapore Government is one of the few remaining triple-A credit-rated governments in the world. No CPF monies go towards government spending. The comingled funds are first deposited with MAS as government deposits. MAS converts these funds into foreign assets through the foreign exchange market.

These assets are ultimately transferred to GIC to be managed over a long investment horizon. GIC is a fund manager, not an owner of the assets. It merely receives funds from Government for long-term management, without regard to the sources of Government funds, e.

The Government does not specify to GIC the sources of the assets that are placed with it. The Government also does not specify whether the assets are encumbered or unencumbered, nor state the proportions. The investment of the assets was in keeping with the traditional approach of central banks, with large allocations to liquid, low-risk instruments.

This was to enable the assets to be invested in higher risk instruments that could be expected to earn higher returns over the long term. Temasek hence does not manage any CPF monies. Temasek manages its own assets, which have accrued mainly from proceeds from sale of its investments and reinvestments of dividends and other cash distributions it receives from its portfolio companies and other investments.

Temasek also has its own borrowings and debt financing sources. The information above elaborates on that provided at Q2. CPF interest rates are pegged to risk-free market instruments of comparable duration. However, there is also a minimum interest rate on CPF savings that protects members when market interest rates fall to low levels, such as in recent years.

Lower and middle-income members also benefit from extra interest paid on smaller CPF balances. Those with larger balances also enjoy this 3. More than half of all CPF members earn 3. The OA is a liquid account. The monies in the OA can be withdrawn at any time for housing. Many members withdraw substantial amounts from their OA.

The SMRA are for longer-term retirement and medical needs. The interest rates that CPF members receive are hence significantly higher than for equivalent, risk-free market instruments currently. CPF members receive fair returns as described above, with no investment risk. The Government invests the SSGS proceeds together with its other assets through the GIC, and takes investment risks aimed at achieving good long term returns. However, the consequence of taking risk as a long-term investor is that returns may be weak or even negative over shorter periods.

The Government has a significant buffer of net assets, i. The Government has significant net assets, i. This is because the Government has large unencumbered assets, which are not matched to liabilities. These assets were accumulated through past government surpluses, land sales receipts and the investment income earned on those assets over the years. The relatively large size of net assets enables the Government to take investment risk on its balance sheet, without impairing its ability to meet its liabilities.

GIC has delivered creditable results from investing the Government assets over the long term. Investment returns can fluctuate widely, depending on global market cycles and shocks. The Government is able to bear this investment risk because its substantial buffer of net assets ensures that it can meet its obligations. This enables it to give GIC the mandate of investing to achieve good long-term returns, in full knowledge that the portfolio will be exposed to significant risks over the shorter term as the markets experience cycles and volatility.

A standalone fund would have to be managed much more conservatively, to avoid the risk of failing to meet obligations to CPF members — including not only a capital guarantee but the commitment to pay the minimum interest rates on CPF funds, regardless of market conditions. The fund would not be aimed at accepting risks that enable good long-term returns, but at avoiding any short-term shortfalls.

The investment returns in excess of the SSGS rates that the Government expects to make over the long term by taking the risks of long-term investments are not hoarded away in the reserves. The NIRC has provided the Government valuable resources that have allowed us to embark on new priorities for Singapore, including the strengthening of our social safety nets.

Yes, our assets are much larger than our liabilities. There is no net Government debt. Singapore is in fact a net creditor country, not a debtor country. This is why international credit rating agencies give the Singapore Government the highest short and long-term credit ratings of AAA.

Our top credit ratings reflect the following:. SSB are issued to provide individual investors with a long-term saving option. The investment returns are more than sufficient to cover the debt servicing costs. The Singapore Government has a strong balance sheet that has assets well in excess of its liabilities.

This is why it is able to earn significant investment income on its net assets see Q This is a prudent approach to fiscal policy that some other countries are seeking to adopt. Looking only at the liabilities i. More details of Singapore Government Borrowings are found here.

The Singapore Government operates on a balanced budget over each term of Government. It also has a strong balance sheet that has assets well in excess of its liabilities. The Government does not borrow 10 to fund its budget. SGS are marketable debt instruments issued for purposes of developing Singapore's debt markets. They provide a risk-free benchmark against which other risky market instruments are priced off. These investment returns are more than sufficient to cover the debt servicing costs.

Singapore therefore does not have any net Government debt, and instead has a strong net asset position see Q This is recognised by international credit ratings who give the Singapore Government the highest short- and long-term credit ratings of AAA. The company has guided that its plants in China are back to normal operation while its factories in Malaysia are partially affected by the Movement Control Order.

With its strong balance sheet where the company is in a net cash position, Frencken is in a much better position to weather the current macro volatility due to COVID With a forward PER that is still among the lowest vs. Its factories in Malaysia remain impacted by the Movement Control Order and this will likely hurt its production in 1H Other key customers of Philip Morris such as Illumina, Agilent Technology, Keysight Technology blue chip-life US tech companies have all seen their share prices rebound strongly from the recent sell-down.

Management has guided that it is looking to pay out a sustainable dividend. Venture could be one of the key global blue-chip OEM that will not only survive the COVID crisis but could emerge as a much stronger entity, taking market share from its weaker and more debt-laden peers.

AEM, a popular retail stock, is not in this list of preferred dividend stocks as its yield of 2. The counter also has a high customer concentration risk in Intel. CSE Global is a leading systems integrator targeting the oil and gas, petrochemical, utilities, public infrastructure, environmental and healthcare industries. Due to the depressed oil prices, many oil companies are planning to reduce their CAPEX and this is likely going to have a flow-through impact for CSE Global, which has been on a roll lately, with its new order wins near historical high level in New order wins in should fall back to at least the level, similar to the slump in oil prices back then.

However, if oil demand destruction becomes structural, sustained low oil prices might be here to stay and this will hurt future new orders for CSE Global in the coming years. The COVID pandemic which resulted in the implementation of the circuit breaker here in Singapore for a duration of approx. The long-term outlook for the company remains a positive one although its short-term earnings performance will be negatively impacted, both from the revenue front due to lower ridership as well as on the cost front where the company needs to replace an aging bus and train fleet as well as attract and retain staff.

Based on historical earnings, the counter is trading at approx. This multiple should increase to around 15x on a forward basis. With a balance sheet that is marginally in a net debt position, spotting a net debt to equity multiple of 0. Revenue between both divisions is now skewed towards the higher-margin ICE division vs. The subsequent decline of LED lighting demand from Philips resulted in both revenue and earnings disappointment as its share price took a tumble in With demand from mass-market LED lighting dwindling, the company refocuses its attention on diversifying its revenue base through higher-margin projects from the ICE division.

Revenue from this segment subsequently increased from c. Current net cash accounts for approx. Given its strong balance sheet with a huge cash hoard likely the envy of many debt-heavy companies , I believe Valuetronics have a bigger than even chance to emerge out of this crisis, not only unscathed but also to gain market share from weaker competitors, many of whom might not survive this current downturn.

Assuming that its final 4QFY20 quarter is a wash-out with zero earnings, FY20 earnings could be approx. HKDm which translates to c. At HKD0. RHB recently upgraded the counter from Hold to Buy, believing that the worst is over for the company. These are the 5 undervalued Singapore dividend stocks that investors could consider to purchase on dips. Amid the current market volatility, their best-in-class balance sheet ensures that these companies will remain in existence when funding liquidity dries up.

In a positive scenario, they will emerge not only unscathed but with a higher market share as they capitalize on weaker peers exiting from the industry. Disclosure: The accuracy of the material found in this article cannot be guaranteed. Past performance is not an assurance of future results. This article is not to be construed as a recommendation to Buy or Sell any shares or derivative products and is solely for reference only.

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