$RAFFLES MEDICAL GROUP LTD(BSL.SI)$HighlightsDividend Policy ° Changed to Annual Dividend (from Semi-Annual). ° Formula - Up to Half of Average Sustainable PATMI. I assume 'sustainable' to mean recurring operating income & 'average' to give them flexibility to maintain the same or gradually increasing dividend (starting from 2.5ct) ° For FY21, Expected Div = 2.5ct (same Total Dividend since FY18)China Operations °  The main drag on RafflesMed for the past few years had been the China hospitals. During the construction phase, it drags down FCF due to high CAPEX. Upon completion, it drags down profitability till there's enough critical mass of patient load. ° ChongQing Hospital ought to be profitable soon,

$Berkshire Hathaway(BRK.B)$What's That? ° IIRC, Intrinsic Value (IV) a term either coined or popularized by Benjamin Graham (Warren Buffett 's 师父） ° It helps fundamental investors to put a value to a stock & use it as a basis for buy/sell decisionsWhy Is It Useful? ° BRK have a huge pile of cash & does share buybacks below IV ° Prior to Jul-18, the benchmark used was 1.2 x NBV per share but this had been shifted higher but not made known (else, they hardly get to do any buyback as investors will grab the shares the moment it drops below IV)I'm Still Listening ... ° My estimate is 1.3 x NBV / share, ° Look at the 30% Column (Pink) & Buy Back Column (Yellow) for correlation, prior to '20 °

$Altimeter Growth Corp.(AGC)$For investors / traders of AGC, do take note of shares releases from July. Current number of AGC SPAC shares is low compared to what's going to be freed. Fm now till July, I'd expect AGC share prices to have volatile swings but will unlikely go below $10, the SPAC IPO price(?). This is also the PIPE price & unfortunately doesn't provide a higher base price support (unlike other SPACs with PIPE at $15). If prices should go up a lot, do note that fm Jul, there'll be a huge multiple of shares which may flood the mkt. The higher the price, the stronger would be the temptation by Grab employees to take profit.Just sharing my thoughts which are usually NOT correct. In the meantime, let's co

$KEPPEL INFRA TRUST WEF 2015(A7RU.SI)$IMO, KIT ought to be doing a Rights Issue soon as the mkt condition seems just abt right.To recap, they completed the acquisition of PCSPC recently,What is PCSPC?What's the cost?Why do we care?OMG! How much money do I need to reserve for this? As reference, KIT did a bigger Rights Issue in 2019 to raise $500m,This time round, they require S$357.6m. Assuming they plan to maintain the same Gearing Ratio, that means ~$243m in new shares, with the rest in borrowings.In the worst case (ie max to raise fm new shares to existing shareholders), Total Shares = 4,990,437,786Divide $243m by that means 4.87ct/shareie 1-for-10 @ $0.50 can easily do the trick!However, during the last Equity Fund Raising, they also had a Pri

$KEPPEL INFRA TRUST WEF 2015(A7RU.SI)$Why Invest in KIT? •Yield = 6.8% @ $0.545 • Stable Distribution, Payout twice a year • FCFE > DPUWhat Do They Do? • Infrastructure like Power, Gas & Water, mostly government concessions for fixed terms & profit margins. • Recent acquisitions provide diversification into non-concession based business.Very Scary, Huge Losses in FY20!! • They're asset heavy, Depreciation Expenses are very hefty & Net Losses in their Income statements are not unexpected. • As KIT is a Business Trust & are allowed to pay out 100% of available cash flow, we should look at FCF (Free Cash Flow) instead, • FCF = OCF - CAPEXMore importantly, we're more interested in DCF (Distrib

$Berkshire Hathaway(BRK.B)$ Background • In my 1st Post in B/May after their Q121 Results, I posted on why their IV is 1.3 x NAV • In my 2nd Post in B/Aug after their Q221 Results, I posted on why their IV may be as high as 1.435 x NAV • With Q321 Results just announced, this post will expand on this topic Q321 Results Figures for Computing NAV Shares BuyBack for Q321 Compilation & Computation Observations •This is the 2nd Consecutive Q where their Average Monthly Share Buyback Price is Higher than my Original 1.3 x NAV Estimate. ---> Not as High as 1.435 x NAV for Q221 but still 1.351 x NAV for Q321. • Useful Reference Prices in Q421 for me, ---> $279.24 (1.3x) - For BUY, up to this price ---> $290.19 (1.351x) - For SEL

$SINGAPORE PRESS HLDGS LTD(T39.SI)$Offer PriceBuy, Hold or Sell ° Decision is yours to make! ° There's a discount now of ~5% if you were to buy SPH now. However, the value of the offer is dependent also on KREIT & SPH REIT prices. Further, it requires approval via EGM plus completion of the earlier Media co. spin off.Estimated Timeline