Deciphering real estate markets globally., Rems Advisors

TAN Kok Keong

Deciphering real estate markets globally.

Rems Advisors

Thematic (Sector/Industry)

<div><h2>Private Residential Primary Sales Status (Excluding Executive Condominiums)</h2></div>Primary home sales in Singapore rebounded after the month of school holidays in June. We saw a total of 1,091 units of new homes (ex-ECs) were sold by developers, more than twice the number in June and the highest number of units sold in a month in 2016. However, the number of unit sold is still 34% below that of last year (see Figure 1). Figure 1: July 2016 Primary Sales (Excluding Executive Condominium)<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/011/766/original/July%202016%20Primary%20Sales%20%28Ex%20EC%29.png?1471318799" class="editor-image img-responsive" data-smartkarma-image-id="11766"></figure>  Source: URA…

Private Residential Primary Sales Status (Excluding Executive Condominiums)Primary home sales in Singapore rebounded after the month of school holidays in June. We saw a total of 1,091 units of new homes (ex-ECs) were sold by developers, more than twice the number in June and the highest number of units sold in a month in 2016. However, the number of unit sold is still 34% below that of last year (see Figure 1). Figure 1: July 2016 Primary Sales (Excluding Executive Condominium)  Source: URA…

Singapore Property Snapshot: Primary Home Sales Rebounded in July

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Equity Bottom-Up

Standard Chartered reported a strong first half of 2016, with good progress on its restructuring. The bank reported a first-half pretax profit of $1 billion versus a loss of $550 million last year. We see improvements in nearly all areas as the reforms take hold, but the bank is pushing back its 8% and 10% return on equity targets for 2018 and 2020 indefinitely as a result of weaker global and trade growth expectations and lower-for-longer interest rates.For a relatively short time frame, Standard Chartered is making good progress on its restructuring. Costs fell 13% from last year’s levels to $4 billion, and the bank is on track to exceed its $1 billion goal in cost savings for 2016. Loan impairments were $1.1 billion (or 85 basis points) versus $2.4 billion last year (143 basis points), demonstrating an impact from the bank’s stronger risk controls.Analyst: Stephen Ellis

Standard Chartered reported a strong first half of 2016, with good progress on its restructuring. The bank reported a first-half pretax profit of $1 billion versus a loss of $550 million last year. We see improvements in nearly all areas as the reforms take hold, but the bank is pushing back its 8% and 10% return on equity targets for 2018 and 2020 indefinitely as a result of weaker global and trade growth expectations and lower-for-longer interest rates.For a relatively short time frame, Standard Chartered is making good progress on its restructuring. Costs fell 13% from last year’s levels to $4 billion, and the bank is on track to exceed its $1 billion goal in cost savings for 2016. Loan impairments were $1.1 billion (or 85 basis points) versus $2.4 billion last year (143 basis points), demonstrating an impact from the bank’s stronger risk controls.Analyst: Stephen Ellis

Standard Chartered Reports Strong First Half, Good Progress on Restructuring

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Nobody can argue with the profit turnaround at STAN. I am not sure that a 17bps ROA is something to cheer about. Even Japan’s banks are about double this figure, and arguably the worst at running banking than anywhere.  STAN still claims to be an emerging market bank, and indeed it operates in many of these countries.  However, its returns are more akin to France, or Italy, and it begs the question: is STAN is really benefiting from being in higher growth economies?

Nobody can argue with the profit turnaround at STAN. I am not sure that a 17bps ROA is something to cheer about. Even Japan’s banks are about double this figure, and arguably the worst at running banking than anywhere.  STAN still claims to be an emerging market bank, and indeed it operates in many of these countries.  However, its returns are more akin to France, or Italy, and it begs the question: is STAN is really benefiting from being in higher growth economies?

Singapore property market in the second half of 2016 continues to remain challenging with declining price index, in view of the deteriorating fundamentals and high level of unsold inventory. We expect vacancies to continue its uptrend and rental market continues to soften in the coming quarters. We also expect the developers to launch their projects with more reasonable prices in the next half of the year.

Singapore property market in the second half of 2016 continues to remain challenging with declining price index, in view of the deteriorating fundamentals and high level of unsold inventory. We expect vacancies to continue its uptrend and rental market continues to soften in the coming quarters. We also expect the developers to launch their projects with more reasonable prices in the next half of the year.

Singapore Property : Mid-Year Health Check

Chairman, sgtradex

Tan Chin-Hwee

Chairman

<blockquote>“Speculation is a hard and trying business, and a speculator must be on the job all the time or he'll soon have no job to be on.” - Reminiscences of a Stock Operator, 1923</blockquote>My first day at <a href="https://en.wikipedia.org/wiki/Amaranth_Advisors" target="_blank">Amaranth </a>could have been my last.After my Masters at Yale back in 2003, I joined this American multi-strategy Hedge Fund in Greenwich, Connecticut. It was my very first experience working in the rough-and-tumble world of a trading floor in the global hedge fund industry. I rescinded my trading position back in…

“Speculation is a hard and trying business, and a speculator must be on the job all the time or he'll soon have no job to be on.” - Reminiscences of a Stock Operator, 1923My first day at Amaranth could have been my last.After my Masters at Yale back in 2003, I joined this American multi-strategy Hedge Fund in Greenwich, Connecticut. It was my very first experience working in the rough-and-tumble world of a trading floor in the global hedge fund industry. I rescinded my trading position back in…

10 Years' Anniversary of the Collapse of Hedge Fund Amaranth - Reminiscences of a Stock Operator

United Kingdom

Standard Chartered PLC is an international banking group operating principally in Asia, Africa, and the Middle East. The Company offers its products and services in the personal, consumer, corporate, institutional and treasury areas.

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Standard Chartered (STAN LN)

Singapore Property Snapshot: Primary Home Sales Rebounded in July

Private Residential Primary Sales Status (Excluding Executive Condominiums)Primary home sales in Singapore rebounded after the month of school...

TAN Kok Keong

Standard Chartered Reports Strong First Half, Good Progress on Restructuring

Standard Chartered reported a strong first half of 2016, with good progress on its restructuring. The bank reported a first-half pretax profit of...

Morningstar, Inc.

STAN ROA Now at 0.17%

Nobody can argue with the profit turnaround at STAN. I am not sure that a 17bps ROA is something to cheer about. Even Japan’s banks are about...

Daniel Tabbush

Singapore Property : Mid-Year Health Check

Singapore property market in the second half of 2016 continues to remain challenging with declining price index, in view of the deteriorating...

TAN Kok Keong

10 Years' Anniversary of the Collapse of Hedge Fund Amaranth - Reminiscences of a Stock Operator

“Speculation is a hard and trying business, and a speculator must be on the job all the time or he'll soon have no job to be on.” - Reminiscences...

Tan Chin-Hwee

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