I think we got to accept the fact that a company may remain unprofitable for a few quarters but most important question is can they survive the crisis? Some companies may take opportunities to buy assets at depressed levels during current environment. Some companies may choose to sit tight and improve their costs of operation to ride through the crisis. The bottom line is it all depends on the health of the companies’ balance sheet. A company with good cash on hands and lower debt are more likely to come out stronger than others in future.
I decided to compile a list to show the net gearing and cash & cash equivalent per share of all the STI stocks. I have intentionally left out the banks as they got a different method to calculate how well their capitalisations are. Some of the companies are not there because I can’t find their latest results yet from Reuters.
Just for your information, I have used the following formulas to calculate.
Net Gearing = (Total Debt – Cash & Cash Equivalents) / Total Equity
Net Cash & Cash Equivalent per Share = (Cash & Cash Equivalents - Total Debt) / Shares
From the list, I hope you can figure out which companies are better capitalised. For example, take a look at Genting. The company has reported successive quarters after quarters of losses. But despite of all the negative earnings, its balance sheet is still healthy afterall.
| Stock | Currency | C&C (M) | Total Debt | Total Equity | Shares (M) | Net Gearing | Net C&C per Share | Ending Period |
| CAPITALAND | SGD | $4,228.40 | $9,829.30 | $10,681.70 | 3,445.23 | 0.52 | $(1.63) | 4Q2008 |
| CAPMALL TRUST | SGD | $173.10 | $3,202.20 | $4,079.60 | 1,817.08 | 0.74 | $(1.67) | 4Q2008 |
| CITY DEVELOPMENT LTD | SGD | $795.60 | $4,146.70 | $5,429.70 | 954.3 | 0.62 | $(3.51) | 4Q2008 |
| COSCO CORP | SGD | $1,568.40 | $188.80 | $1,165.50 | 955.3 | -1.18 | $1.44 | 3Q2008 |
| FRASER & NEAVE | SGD | $1,213.20 | $5,297.90 | $5,230.00 | 1,389.65 | 0.78 | $(2.94) | 4Q2008 |
| GENTING INTL | SGD | $1,068.60 | $1,405.90 | $2,737.70 | 9,637.74 | 0.12 | $(0.03) | 4Q2008 |
| GOLDEN AGRI - RESOURCES | USD | $146.40 | $553.90 | $4,613.70 | 9,975.90 | 0.09 | $(0.04) | 4Q2008 |
| HONGKONG LAND | USD | $1,119.00 | $3,719.50 | $11,313.30 | 2,276.60 | 0.23 | $(1.14) | 4Q2008 |
| JARDINE C&C | USD | $843.30 | $2,175.50 | $2,262.70 | 355.7 | 0.59 | $(3.75) | 4Q2008 |
| JARDINE MATH 400 | USD | $2,252.00 | $3,971.00 | $8,248.00 | 353 | 0.21 | $(4.87) | 4Q2008 |
| JARDINE STR 500 | USD | $1,896.00 | $3,598.00 | $9,705.00 | 619 | 0.18 | $(2.75) | 4Q2008 |
| KEPPEL CORP | SGD | $2,575.70 | $1,970.20 | $4,596.20 | 1,587.48 | -0.13 | $0.38 | 4Q2008 |
| KEPPEL LAND | SGD | $626.40 | $2,121.80 | $2,442.60 | 720.88 | 0.61 | $(2.07) | 4Q2008 |
| NOBLE GROUP | USD | $1,318.20 | $2,556.10 | $1,851.20 | 3,254.77 | 0.67 | $(0.38) | 4Q2008 |
| NOL LTD | USD | $293.20 | $1,086.40 | $2,604.80 | 1,469.37 | 0.30 | $(0.54) | 3Q2008 |
| OLAM INTER | SGD | $1,077.40 | $3,493.90 | $964.80 | 1,735.56 | 2.50 | $(1.39) | 3Q2008 |
| SEMBCORP INDUSTRY | SGD | $2,400.90 | $808.30 | $2,594.20 | 1,788.80 | -0.61 | $0.89 | 4Q2008 |
| SEMBCORP MARINE | SGD | $2,054.00 | $346.00 | $1,318.00 | 2,065.94 | -1.30 | $0.83 | 4Q2008 |
| SGX | SGD | $625.30 | $18.10 | $660.90 | 1,071.41 | -0.92 | $0.57 | 4Q2008 |
| SIA ENGINEERING | SGD | $270.00 | $0.80 | $1,131.10 | 1,078.00 | -0.24 | $0.25 | 4Q2008 |
| SIA LTD | SGD | $5,578.60 | $1,656.70 | $14,532.20 | 1,194.83 | -0.27 | $3.28 | 4Q2008 |
| SPH | SGD | $978.80 | $743.80 | $2,050.60 | 1,460.14 | -0.11 | $0.16 | 4Q2008 |
| SINGTEL | SGD | $1,233.10 | $8,253.90 | $19,161.00 | 15,951.40 | 0.37 | $(0.44) | 4Q2008 |
| ST ENGINEERING | SGD | $819.50 | $904.90 | $1,580.40 | 3,058.54 | 0.05 | $(0.03) | 4Q2008 |
| STARHUB | SGD | $126.90 | $913.70 | $102.60 | 1,718.61 | 7.67 | $(0.46) | 4Q2008 |
| WILMAR INTL | USD | $3,747.80 | $5,573.20 | $9,606.50 | 6,385.68 | 0.19 | $(0.29) | 4Q2008 |
| YANLORD LAND | SGD | $384.00 | $1,500.30 | $1,869.30 | 1,956.15 | 0.60 | $(0.57) | 4Q2008 |
No comments:
Post a Comment