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Choon Yuan Chan

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Stocks Discussion

Lifestyle

Choon Yuan Chan
Choon Yuan Chan
Level 9. God of Wisdom
Updated on 28 Feb 2020
Without a free gift/prize, very few individuals will participate in forums with such niche expertise such as stock discussion and miles etc I moderate a stock forum and i can tell you balancing a forum without incentive, ensuring there is quality and there is quantity are difficult issues. This is because of the thorough knowledge required of the participants and many such participants are reluctant to share such worthy info for free. Furthermore if you want quality posts, there is bound to be a lack of quantity. We have issued warnings to many members who have made one liner comments. It is also a very tedious work for the moderation team because they need to read thru every post to ensure quality and no out of topic, personal attack remarks
šŸ‘ 7

Grab

Miles

KrisFlyer

MileLion

Choon Yuan Chan
Choon Yuan Chan
Level 9. God of Wisdom
Answered on 10 Feb 2020
1. No, Grab can decide any time to stop the redemption of krisflyer miles at a rate of 160 miles for 1,400 points. With the upcoming devaluation of grab points, it is likely this rate will be stopped on MArch 2020 2. Any miles that is redeemed on the grab platform will be credited to your krisflyer account at the end of the month. From the end of the month, there will be a 3 years expiry date. So, you have 3 years to use your krisflyer miles redeemed from your grab platform from the month that you redemmed it
šŸ‘ 1

Stocks Discussion

Investments

Choon Yuan Chan
Choon Yuan Chan
Level 9. God of Wisdom
Answered on 20 Jan 2020
Agree with Ivan. OKH currently has three major industrial projects which it has built, completed and now experience difficulty in selling these units. In my view, OKH's auditor should have asked them to do an impairment review to determine if the current value of the unsold units in these3 projects are unjustified. In the past 3 years, industrial properties have been in a down trough and yet in the past 3 years, OKH global has not done an impairment on its industrial property units. It is a red flag to me and makes me question if there are lapses in the internal and external audit processes of OKH global.
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Stocks Discussion

SGX

Choon Yuan Chan
Choon Yuan Chan
Level 9. God of Wisdom
Answered on 20 Jan 2020
From the cashflow statement for FY2018, AGT gave out JPY$3.4 Billion in Dividends. With the recent release of dividends which is about 2% lower, one can reasonably expect another JPY$3.3- 3.4 billion in dividends provided to investors. However, the question begs- Is the Dividends Sustainable? In terms of Cashflow wise, it does seems sustainable because AGT is producing about JPY$10 billion in operating cashflow annually before working capital changes, with CAPEX in the past 5 years averaging in JPY$1.5 billion as well as income and interest expenses totalling to JPY$2 billion. It does shows that JPY$3.4billion of dividends (or 3.77 Singapore Cents is sustainable). Again cashflow depends on the industry outlook and if AGT business does deteriorate by 40% resulting in a similar in cashflow generated, I do expect dividends to be slightly cut Higher Leverage Ratio AGT's leverage ratio has slightly climbed over the past few year and now stands at a 30.4% loan to value ratio. This is a rise from its 29% when I last looked at it. The slightly elevated ratio is similar to the levels that are deployed by our local REITS currently.
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Investments

Stocks Discussion

Choon Yuan Chan
Choon Yuan Chan
Level 9. God of Wisdom
Answered on 20 Jan 2020
This is one SGX company which has constantly baffled me and that is an S-Chip Sino Grandness. Basically SFIG is a food and beverage company. Its main product is the selling of a canned beverage product line called "Garden Fresh" which claims to be distributed and consumed by consumers in China and Hong Kong. SFIG is a very "profitable" company churning about 5.0 Singapore cents per share in earnings. This means SFIG is now trading at about 1 x PE. By all valuation metrics of finance textbooks, SFIG is a value gem because it trades at a P/E of 1.0 , Price book of less than 0.1 times and from its operations it generates a cashflow annually at the rate of its current market capitalization. It makes it one of the most (if not THE most) undervalued Gem in SGX. Going by my own valuation metrics, the company is worth in the region of 70 cents, an upside of 2000% returns from its current price of 3.7 cents. However despite such a high book value and yet selling at such a low share price, it probably tells me that something is not right such as its increasing receivables and dodgy sales at Garden Fresh.
šŸ‘ 0

Stocks Discussion

Investments

Choon Yuan Chan
Choon Yuan Chan
Level 9. God of Wisdom
Answered on 20 Jan 2020
Silverlake Axis's main competency lies in the core banking system industry and insurance. It produces software which is used to run the operations of financial institution. As the core banking system is a critical system for the bank, there is a high risk and high cost nature involved if banks switch from one core banking system product to another. Hence, this is where Silverlake's business moat lies- It is difficult for its customers to switch out. Silverlake adopts a business model where it sells the software to financial institutions and then charges a recurring annual maintenance fee as a vendor. This model is similar to Sarine Technologies. Given its business model, Silverlake has been able to generate a consistent EPS and cash flow making it easy to estimate the value of the company because it is least affected by economic cycles.
šŸ‘ 0

Stocks Discussion

SGX

Choon Yuan Chan
Choon Yuan Chan
Level 9. God of Wisdom
Answered on 20 Jan 2020
It is a name commonly associated with distributing fruits to the various fruit stalls in Singapore. While the brand is famous, they have been struggling to maintain profitability. This is because the profits for fruits distribution is razor thin and they are fighting in a small market segment- only those fruit stall sellers at markets/HDB stalls are their clients. Supermarkets have their own distribution channel. As a result, the company is a small market cap company on the SGX and its share prices have been constantly manipulated by traders in banks and brokerages. I will strongly recommend avoid investing in it if you are a fundamental investor. However, if you are a trader, this stock is one I would recommend for its high volatility and target of trader manipulation
šŸ‘ 0

Stocks Discussion

Investments

Choon Yuan Chan
Choon Yuan Chan
Level 9. God of Wisdom
Answered on 20 Jan 2020
Far East Orchard is a relatively unknown company on the SGX. However, what I noticed is that it has been constantly declaring a dividend of 6 cents annually. At a current price of $1.18 per share, this translates to a yield of 5.02% Is the 6 cents dividend sustainable? This is the first question I had in mind. While delving into Far East's cash flow, I did not use the reported figure under " net cash from operating activities" but instead "Cash before working capital changes"; this eliminates the chance of companies using trade receivables or trade payables to juice up their operating cashflow. Below is what I found for Far East Orchard: FY14: $50.9 Million FY15: $36.2 Million FY16: $24.7 Million FY17: $27.2 Million FY18: $28.9 Million Far East Orchard has been receiving cash inflow as dividends from its joint ventures of overseas assts. A quick look into their investing activities shows the varying level of dividends received. Cash inflow from Dividends of JV, found in investing cashflow: FY14: $2.8 Million FY15: $17.4 Million FY16: $27.5 Million FY17: $14,1 Million FY18: $36.7 Million To sustain Far East's Dividends, the company needs to generate about $26 million. Netting off interest expense (of about $5.5-6.0 Million) and income tax expense, it seems Far East Orchard has a sufficient buffer of cashflow to sustain its 6 cents dividends
šŸ‘ 0

Investments

ETF

Stocks Discussion

FSM INVEST EXPO 2020

Choon Yuan Chan
Choon Yuan Chan
Level 9. God of Wisdom
Updated on 20 Jan 2020
Dont think there is any jap hospitality reit bundled into a etf. You need to pick your own japanese hospitality reits and do your own research to create your own 'etf'
šŸ‘ 0

Stocks Discussion

Investments

SGX

Choon Yuan Chan
Choon Yuan Chan
Level 9. God of Wisdom
Answered on 20 Jan 2020
I dony really think its time to buy.this is because propnex revenue is dependent on comission earned and sales of properties by its network of agent. With a large proportion of sales in the singapore market. The current slowing in property sales has resulted in propnex experiencing revenue decline and profit drop. I will advise to wait for a pickup in property transactiona before considering propnex again
šŸ‘ 0
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