Sunday, 18 November 2018

How to Save 50% On Your Meal and Get a $5 Voucher at the Same Time

So yesterday wifey and I went to Suntec City with baby M to attend an event. And on the way there we were thinking what to have for our late lunch.

Suddenly I had an epiphany. I have downloaded an app called eatigo for more than a year but have not used it so far.

So I decided to give it a try and search for some ideas for our lunch place.

eatigo is basically an app to make reservation for dining. The app itself is pretty intuitive and there are various criterias for you to base your search on.

Our search for Suntec City turned up a number of choices. Since we do not have any particular craving, we made a reservation with the eatery that provides the most discount. In this case, a whooping 50% discount excluding drinks.

The whole process of reservation took less than a minute.

Now the amount of discount depends on the timing. In our case since it was already 2.30 pm I guess it's the off peak hour hence the 50% off.

Here's the dessert picture of our lunch. The main course is already in my tummy before I realised at least a photo should be taken.

Ok long story short. This is how you get the $5 voucher.

You got to be a first time user of eatigo.

Download the app and register using my referral code: eatiewft

Alternatively, you can register via my link at

After that you can proceed to make your first reservation with an eatery of your choice.

Once you have fulfilled your reservation, 100 points will be credited to your eatigo account.

This 100 points is equivalent to a $10 eatigo voucher, a $5 NTUC voucher or a $5 Coffee Bean and Tea Leaf card.

There are other stuffs that can be exchanged with higher no. of points too. You can check it out in the app.

In all honesty, using the above referral code or link will enable me to earn 100 points too.


Disclaimer: This is not a sponsored post and I am not related to eatigo. This is purely a post to share some good stuff. 

Thursday, 15 November 2018

Recent Transactions & Dividends Update

Dividends Update

Dividends received to date: $5,602.80

Coming dividends: $466.28

From: MNACT, Suntec REIT and Netlink Trust

Total for the year: $6,069.08.

Target hit.

Recent Transactions
Purchased my maiden lots of Mapletree NAC Trust @ $1.11 during the recent bearish trends in the market.

Ever since they made the foray into Japan, I began to take a deeper look into MNACT because I like the geographical diversification taken by the management.

Have been monitoring MNACT for awhile since and when it hit my TP I pressed the trigger.

This is my second purchase of the Mapletree family. The first being Mapletree Logistics Trust.



Gross revenue, NPI, distributable income and DPU all increased for the first half of this FY.

Gearing is a tad too high for my liking at 39% though it's still below the 45% regulatory limit.

Other Metrics:

Like the fact that 78% of the debt is tied to fixed interest cost. Assuring in the rising interest rates environment.

Also like the reduced forex risk with 80% of FY18/19 distributable income hedged into SGD. Prudent management.


My purchased price is well below the NAV of $1.325.

One of MNACT directors recently bought 200,000 of its shares at $1.12. Since I'm buying at a cheaper price I would like to think this is a price with enough safety margin.


With the exception of Gateway Plaza (98.7%), all other properties in the portfolio enjoy 100% occupancy. Average portfolio WALE of 3 years ensures continuity for the near future.

And with Festival Walk, Gateway Plaza and Sandhill Plaza all contributed higher average rental rates for the first half of the year, it seems that there is no lack of suitors for MNACT's mix of retail and office spaces.

I especially like the fact that GP and SP are located in the tier 1 cities of Beijing and Shanghai.

Finally, contribution from the newly acquired Japanese properties should provide the impetus for the trend of increasing incomes and DPU to continue.

A well-managed REIT with prudent management and >6% yield. Great.

Added Netlink Trust @ $0.77 to my existing IPO holdings. Waited for its XD before buying as I reckoned it should fall further below NAV levels.

My holding price averaged to $0.79 with this tranche. Close to its NAV of $0.792 as of 30 Sept 2018.

Reasons for buying Netlink Trust have been covered in previous post and those reasons have not changed.

I like this counter for its stable and recurring income.


Revenue, EBITDA and profit after tax are higher than projection for H1 FY19.

Can't find the gearing in the financial statements so I did a quick calculation using their loans and net assets. The gearing stands at 20.5%.

Annualised DPU of $0.0488 is higher than the $0.0464 projection and yields 6.18% against my cost.


Purchased price is a slight discount to book.


Netlink Trust maintains a strong economic moat as the dominant player in the field of fibre cable laying and associated installation.

In the short to mid term, Starhub's cessation of its cable network and transition of its broadband customers to fibre network by July 2019 provides likely upside.

In the mid to long term, the increasing residential units will continue to spearhead Netlink Trust as the residential connection segment contributes ~60% of its topline.

The low gearing puts the company in good stead if they wish to expand their business beyond the core offerings, though that will require shareholders approval.

If there is one worry it will be a reduction in the regulated returns during the next review period after Dec 2022.

Lower installation revenues highlighted in the financial report ought to be noted for next half (2H FY19) monitoring as well.

Meanwhile let's collect the >6% yield per annum first.

Wednesday, 14 November 2018

Review of CapitaLand 3Q18 Results

CapitaLand has just released its 3Q18 results this morning.

All in all it is a good set of numbers as expected.

PATMI increased by 13.6% to $362.2 M.

Due to higher operating PATMI and assets recycling.

Operating PATMI increased by 13.3% to $233.7 M.

Due to contributions from newly acquired and opened investment properties.

EBIT increased 0.2% to $796.3 M.

Due to recurring income from investment properties and contributions from development projects, fair value uplift and portfolio gains from divestments.

Topline for the quarter fell 16.9% to $1.26 B.

Due to lower contributions from development projects in China and Singapore, partially mitigated by higher rental revenue from newly acquired and opened properties as well as consolidation of revenue from three entities.

$4.0 B of assets are divested YTD and recycled into $6.1 B of new investments including higher yielding assets that are immediately incoming producing.

Gearing stands at 0.51x (2018 YTD)

Notable Points

1) RMB6.36 B and more than S$71.2 M of sales will be recognised in 4Q18 from China and Vietnam markets.

2) CapitaLand / GIC JV's acquisition of Shanghai's tallest twin towers along the north bund. This iconic landmark will be CapitaLand's 3rd Raffles City in Shanghai and 10th globally.

Property construction is expected to be completed by next June.

3) There is 44% drop in portfolio gains comparing YoY. I need to spend some time to further understand this. Nonetheless is still a gain not a loss.


No matter how I look this is a decent set of results from CapitaLand. However it does not seems to provide the catalyst for the uplift of its share price. Same as with previous cases.

In fact CapitaLand was among the top institutional selling last week.

Perhaps the big boys deemed this to be not good enough. Or perhaps there is a deliberate attempt to push down the share price.

My feel is that CapitaLand is always on the radar of the institutional players and therefore will always be subject to the effects of the big boys trade.

With a slew of developments in the pipeline (e.g. new acquisitions, malls management, coliving, coworking, dormitories, etc) the outlook for CapitaLand is exciting to look forward to.

At this point of writing, CapitaLand is trading at an attractive level. Will continue to add.

Thursday, 8 November 2018

Why I Feel M1 is a Hidden Dragon

Recently there are a number of happenings surrounding M1.

Firstly is the offer from Konnectivity which everybody would have heard of by now.

And earlier this week it was announced that CEO Karen Kooi will be stepping down on 6th Dec.

It is my belief that the first point stated above is related to what I am going to write as follows.

TL:DR version.

M1's involvement in smart metering will be the next driver for its business.

Previously I have written about how I feel about the potential of M1's new acquisitions and initiatives including the move towards IoT.

Amongst IoT, I personally believe that smart metering will play a major role in the transformation of our country.

With M1's involvement in the smart metering environment, probably Keppel and SPH know how 'big' is the potential (and value) and how much it will benefit M1 in the coming future.

Hence the offer for buyout.

As it stands currently the biggest issues that Singapore face is water and power.

With the trend towards NEWater and desalination both of which requires tremendous amount of power, the water issue is essentially a power issue as well.

Furthermore with the recent power outage which affected more than 140,000 consumers in many parts of Singapore on the night of 18 Sept 18, it is apparent that certain elements of our power generation is not equipped to cope with sudden peak demands.

This is one of the areas where smart metering can comes into play.

What does a smart meter do?

1) A smart meter measures and records energy usage in short intervals.

2) It provides two way communication at the meter. Energy usage is communicated in real time allowing the utilities to be remotely monitored.

3) It can facilitate better electricity supply, better in-home data and better load programs.

4) Remote load control. A smart meter can be programmed so that high usage equipment can be turned on and off based on time or price or other parameters through the communications.

5) Exported power generation can be measured. This is useful with the trend towards solar energy generation in Singapore.

6) Outage detection. Utilities service providers can remotely check the status of any meter.

7) Meter tamper detection. A smart meter can also be monitored to see if it has been accessed without authority.

8) Remote time synchronisation. A smart meter's internal clock can be kept accurate without site visits.

9) Any events e.g. voltage spikes, voltage drops, outages, etc can be recorded by the meter.

Referring to points 1 - 4 above. Imagine if Singapore is already a smart grid nation, the outage on 18 Sept would likely have been prevented or at least rectified more quickly.

Furthermore imagine the man-hours saved! The SP services guys will not need to check the meters outside your house every other month.

How does it helps to improve our national electricity market?

As Singapore moves from centralised power generation towards integration with distributed generation, smart grids with smart metering may be the solution to many problems currently faced.

Firstly the reliability of the grid is always a great concern. Smart grids make troubleshooting grids much easier as information flows digitally from all areas of the grid making it easy to determine the problem source.

Secondly our electricity demand has been increasing and generators may struggle to supply the power required during periods of peak demand. Smart grids with demand side management (DSM) can ease the pressure on the supply by giving consumers incentives to lower their energy consumption and use electricity more efficiently during peak periods.

Thirdly the increased use of distributed generation (particularly from renewable energy sources) poses new problems for utilities companies who must integrate this new source into the grid. Smart grids have the capacity to integrate multiple power flows hence allowing for better integration of these technologies through improved communication.

M1's move into the smart metering segment means that it is directly involved in the transformation of our national electricity market which may well proved to be the game changer or at least a new major driver for M1 business.

Wednesday, 7 November 2018

My Solo Attempt at Baby Sitting

Since wifey and I are both working, usually we will bring our baby (baby M) to my MIL's place on Sunday night and bring her back on Friday night.

However as the Tuesday that just went by was a public holiday, I decided to leave the baby at home on Sunday which means I will be taking care of her alone on Monday as wifey will be working.

Now this is not a post to brag but I felt compelled to pen this experience down as I really enjoyed it.

I woke up baby M around 8.30 am to bathe her, change her diapers and feed her.

Surprisingly the feeding went well and she finished her milk in one go.

Did the customary burping and off to sleep again for baby M.

After washing the bottle I took the opportunity to work on my laptop and do some studying for an upcoming assessment.

In between also sneaked in to check on her and see her cute and beautiful face at times.

Usually baby M drinks her milk every 3 hours or so. However this time she took a longer than usual nap before waking up for her next feed.

This time it went smoothly too. Did a change of diapers for her too and off to nap again.

Washed the bottle and continued with my studying. Thanks to baby M's cooperation, I had more time than expected to study. Perhaps she knows her daddy has an upcoming assessment?

Seeing her cute face gives me motivation to continue. Haha.

Around 5 pm she woke up again for her third feed. But this time the pushing of bottle and her body contouring started. This is her usual way of telling me 'anything but the milk!'. It wasn't easy feeding her whenever she starts behaving this way. Only managed to feed her half bottle.

By then she has grown increasingly cranky and no amount of cajoling seems to help in calming her down.

So there I was, running between the bed room and living room while pacifying her and preparing the 'necessities' bag as the plan is to bring her to the mrt station to welcome mummy back.

Eventually at 6.20 pm we went out to meet mummy for dinner.

All in all I must say it's not too hard a day for me but it wasn't plain sailing all the way. Baby M was very cooperative and I had more than expected time to do some reading. If she had been in her cranky mood since morning I doubt I would be able to do my work as well as finish my revision for the day.

Baby M, papa loves you.

Wednesday, 10 October 2018

Fixed Deposit Rates and Singapore Savings Bond

Recently I was looking around for options to park a portion of cash from my corporate account to earn some interest.

Instead of letting my funds 'sit' idly in the existing current account which doesn't gives any interest, I prefer to let them work harder and make additional 'friends'. The returns can be small but must be practically risk-free.

Having said that, options are not much. The first thing that comes to mind are interest-bearing current accounts and corporate fixed deposits (FD).

I went online to do some comparison work. Surprisingly some foreign banks are offering pretty attractive interest rates for their current accounts and FDs.

Some of the offers are for personal deposit only but I will list it down as well for readers' reference.


Validity: Till further notice
Caveat: Not sure whether it's applicable for corporate FD.

For ICBC FD + Current Account

Validity: 31st Oct 2018


Validity: 31st Oct 2018
Caveat: For personal FD only. Not for corporate.


Validity: 31st Oct 2018
Caveat: For personal FD only. Not for corporate. 

For CIMB FD + Current Account

Validity: Till further notice
Caveat: For corporate FD only. Not for personal.

12 months FD only Rate: 1.65% P.A.
12 months FD + Current Account Rate: 1.83% P.A. (FD) + 0.78% P.A. (Current Account, Min. S$30k)

I also did a comparison with the upcoming Singapore Savings Bond (SSB) with issue date of 1st Nov 2018.

Again it's not applicable for corporate but just sharing for reference sake.

The offerings from CIMB actually compare favourably with the SSB if I take up the FD + current account bundle. However that might affect my cash flow since a minimum of S$30k has to be maintained in the account on top of the amount that I want to put into the FD.

Readers with extra personal cash wanting to park somewhere for risk-free interest, you might want to consider the FD offered by CIMB. At 1.84% interest, it is slightly higher than the 1.80% from the SSB.

However if you are going for longer tenor like 2 years and more, the SSB is still a more attractive option.

Tuesday, 9 October 2018

The Best 'Coin' I Ever Had

This post has to start off with a picture. There's simply no other way.

On a wet rainy afternoon yesterday, wifey and I were in the car pondering where to go for a bite. As fate has it, we decided to go to a place which I have long wanted to go but have not so far.

The recommended dish here is the coin prata which we ordered together with a kosong and egg prata.

The moment I had my first bite of the coin prata I was overwhelmed. This has got to be the best that I've ever had. The sound of crispiness when my molars pressed down can almost rival that of a potato chip.

That's how crunchy it is on the outside. However the inside retains the fluffiness that a prata should have.

The accompanying curry is fantastic too. I finished the entire plate which surprised wifey. Haha.

On the flip side (pun intended), it is not cheap. 6 coin pratas cost $4.00.

Nevertheless I think it is worth every cent.

There are few eateries that I would purposely drive all the way down. This is one of them.

SIC location for interested foodies like me: Blk 24 Sin Ming Rd

Disclaimer: we are not related to the stallowner except for being a very satisfied customer.