Without aware, i noticed that i had been promoted to senior member in the VB forum I assume it is base on number of postings, instead of duration of time joined.

It is an honor to me to become senior member. As usual, promotion warrant a speech

Well, I should start with thank-you list.

I thanks KopiKat, who had given me valuable advises and experiences. On top of valuable exchanges of ideas and views.

I thanks Temperament, who had given me a warm welcome on the moment i joined the forum. I enjoyed "talking" to you to exchange ideas and views.

I thanks shanrui_91, who had given me my 1st reputation . I enjoyed the "talk" with you on different ideas and views.

I thanks Nick and momoeagle, who had given me the other reputations.

I thanks dydx, who had given me numerous tips on stocks selection.

I thanks all others who i had exchanged ideas and views. I enjoyed the "talk" a lots.

Next, I would like to apologize to the followings

1st in the list, Drizzt. During the initial period, when i was "integrating" to the VB forum. I had un-intentionally causing depress and embarrassment to Drizzt with my unique way of expression. I had apologized to Drizzt and been kindly accepted. After that, i had learned and changed.

Next is musicwhiz. I am unaware when i wrote my posting, but after reading back some of my posting, i may un-awarely causing embarrassment to musicwhiz. If it is true, i would like to take this opportunity to apologize to musicwhiz.

To any others who i had offended, please forgive me.

The last and not least, i enjoyed "talking" to all of you. I hope i can continue to enjoy it with all of you.

F1 delays $3.7b Singapore IPO on weak markets

Formula One has dropped plans to lodge its IPO prospectus with Singapore authorities. -Reuters

Fri, Jun 01, 2012
Reuters

LONDON/SINGAPORE - Motor sport racing company Formula One has delayed its Singapore initial public offer worth up to US$3 billion (S$3.7 billion) due to weak markets, with the sport's boss and part-owner, Bernie Ecclestone, saying the firm is waiting until the time is right.

Formula One has dropped plans to lodge its IPO prospectus with Singapore authorities next week, a source familiar with the matter confirmed on Friday, becoming the fifth major IPO to be pulled or delayed in Asia over the past week alone.

On Thursday, London luxury jeweller Graff Diamonds scrapped its planned US$1 billion IPO as global markets tumbled on concerns over the euro zone crisis and a slowing Chinese economy.

Ecclestone, commercial head of the sport and also a minority owner of Formula One, signalled the delay in an interview with Reuters on Thursday, saying the owners were biding their time.

He stressed, however, that the IPO had not been pulled.

"We're going through all the normal motions ...," the 81-year-old billionaire said. "We are getting prepared so all these things are done and then whenever we want to go, we can go."

The MSCI's index for Asia ex-Japan has fallen about 11 per cent in the past month, taking a heavy toll on the region's IPO pipeline. Investors were already wary of new offers following the botched Facebook IPO.

The stock price of the biggest social media web site has fallen 22 per cent in 10 trading sessions since its debut in the United States.

Globally, the amount raised from stock market flotations is down 46 per cent this year from the same 2011 period.

Excluding Facebook, 72 US-listed firms have filed, raising US$13.1 billon (S$16.4 billion), which is down 53 per cent, according to Thomson Reuters data.

Stuck on the grid

A second source familiar with the Formula One IPO said pre-marketing for the offer would continue.

"They are still talking to investors, but they are taking a more cautious stance," this source said, adding the IPO could be launched once investors felt comfortable with market conditions.

Ecclestone said it would be wrong to talk of any delay because no firm date had been set for an IPO: "It's going to be this year, we said we would do it this year."

Formula One management has been stressing that it is keeping its options open on its future financial structure.

Chairman Peter Brabeck told Reuters last week no decision had been made whether to proceed with the IPO.

Private equity firm CVC Capital Partners, the major shareholder in Formula One, unveiled a US$1.6 billion deal last month to sell a 21 per cent stake in the business to US investments groups Waddell & Reed and BlackRock, along with Norway's Norges Bank Investment Management.

The sale cut CVC's stake to around 42 per cent and CVC Managing Partner Donald Mackenzie said last week that the agreement had eased the pressure to do an IPO. CVC has been the main owner of Formula One since 2006.

Formula One gets about a third of its revenue from race promotion fees, with countries like Bahrain and Abu Dhabi paying up to US$40 million a year for the rights to host grands prix.

Another third of revenue comes from broadcasting rights, with the rest from advertising and non-core businesses such as transportation of race teams and hospitality at race tracks.

Goldman Sachs, Morgan Stanley and UBS have been hired to lead the IPO.

A case of "More Money, More Problems"? Being rich suddenly can give you more worries and show you how true friends are!

The Straits Times
May 28, 2012
JACKPOT AUNTIE: CHOO HONG ENG
'Now I know who my real friends are'

THE 'Jackpot Aunty' who became cash-rich from taking on the Marina Bay Sands (MBS) casino to claim her winnings now feels poorer for the whole experience.

Madam Choo Hong Eng, a 58-year-old hawker, got the $416,742.16 she won at a slot machine at its casino last November.

But she has also lost friends, some of whom go back 30 years.

She told The Straits Times that she still gets calls every other day from these 'friends', who have come out of the woodwork to ask for help in paying their credit card bills and loans or to restart failed businesses.

The Mandarin-speaking woman, who runs a vegetarian stall in Geylang East, said: 'When I turn them down, they get angry with me and scold me for being heartless. But what can I do? I can't help so many people!'

The devout Buddhist has donated the bulk of her winnings - $280,000 - to 26 charities, with each getting between $5,000 and $20,000.

The charities that did not make it to her list of 26 are another source of stress for her. They have needed placating too.

She said: 'They make me feel so bad. Winning the money has given me more problems.'

Dealing with the pressure of sharing her new-found wealth has whittled 3kg off her frame.

The mother of two adopted girls had won the money at the MBS casino last October, only to be told by a manager that the jackpot machine had a glitch.

She was told she would get $50,000 and a car worth $258,962 instead.

She was adamant about getting what she had won, and complained to the Casino Regulatory Authority. A month later, she was handed her winnings in full.

With the bulk of the money given away to charities, she spent another $60,000 on volunteer work such as cooking up meals for 3,500 residents in welfare homes.

She also bought 10-course restaurant dinners for the residents of an old folk's home and made a donation to the victims of the Bangkok floods.

Not a single cent was spent on herself or her daughters, she said.

She still lives in her five-room HDB flat in Pipit Road and drives her trusty year-old Volkswagen delivery van; her new Samsung smartphone was a gift from her telco for being a loyal customer.

She said that she is an inveterate bargain-bin shopper, and that she was wearing a $1 pair of slippers when she hit the jackpot.

The one thing that has changed: She has sworn off going to casinos.

'The big win was just pure luck and I don't think it will happen again. So why bother wasting my money and, in the end, ruining my own life?'

Saying she is thankful for the few friends who have stuck by her, neither resentful of her fortune nor pestering her for handouts, she added: 'At least, now I know who my real friends are. But I really wish things will go back to normal.'

Yet another scam! I think someday I may have to start a whole net category on Value Buddies just for scams, seeing how commonplace they are! Extremely dodgy - why do people park their money in such unregulated "investments"? Greed?

The Straits Times
May 28, 2012
Investors cry foul over $10m start-up 'scam'
They claim they were tricked into thinking company was doing well

By Jalelah Abu Baker

THEY thought they were investing in the next Google or Yahoo!, but after sinking more than $10 million into a start-up fronted by an entrepreneur from Hong Kong, a group of Singaporean investors have now lodged a police report alleging the proposal was a scam.

More than 20 investors had put money into a website touted to be the first business-to-business portal for suppliers in the region to market their products in China. But they say the start-up has failed to take off.

Among the investors are a former MP, businessmen and lawyers who requested anonymity to avoid embarrassment. Aged 50 to 60, some are seasoned investors while others are first-timers.

Speaking to The Straits Times, eight of them claimed they were approached by a stockbroker, who used to be a trading representative at a securities firm here, in 2006 and 2007. They said they trusted him as he was senior and had several years of experience.

The Hong Kong businessman in question appeared to have a doctorate and has links with Chinese and Hong Kong officials, they said.

The company that would run the website was described as a professional IT firm specialising in e-business solutions and products. According to a presentation the investors attended here, it had invested millions of dollars over six years to develop the website.

The investors bought the company's pre-IPO shares and were told they would get back manifold returns but were not allowed to see its accounts. They were also offered Hong Kong carpark space as collateral.

While most of the investors knew the Hong Kong businessman through the former stockbroker, one of them, a 51-year-old owner of a materials supplier who invested $500,000, had met the businessman in Japan several years ago. He later attended a seminar the businessman had sponsored at a Singapore university. 'He had a way of talking, and making it seem like he knew many people.'

An independent valuation pegged the company's worth at HK$857 million (S$140 million). Several international advisory members were said to be part of the company.

The investors were also told Hong Kong and Macau entrepreneurs such as Mr Richard Li and Mr Stanley Ho were investors.

The businessman even appeared on the cover of a Hong Kong magazine. 'But we found out that it is really easy to get these kinds of magazines produced there,' said another investor, a 52-year-old marketing director who put in $300,000.

Late last year, the investors were told the company was not making money and they could invest in another of his firms. While some of them acknowledge that any investment carries a risk, they claimed the businessman had delayed telling them how the company was doing. They also allege he had tricked them into thinking it was doing well.

They started filing police reports from February. They added that they had been called up for interviews with the Commercial Affairs Department which deals with white-collar crime here.

The former stockbroker, who previously coordinated meetings and handled all administrative jobs here for the businessman, said he himself had made a police report against his former boss.

He claimed he was paid $10,000 per month. He is now working in Malaysia as he said he has suffered damage to his reputation and could not get a job here.

'He forced me to resign, saying the company was not doing well. He shouted vulgarities at meand scolded me,' the former stockbroker said. Attempts to reach the Hong Kong businessman failed.

jalmsab@sph.com.sg

What irresponsible advice from Phillips Capital! Then again, readers should probably know what motivates them - brokerage fees from frequent trading! (See para highlighted in BOLD).

The Straits Times
May 19, 2012
Patience the 'best' stock strategy
Market has lost gains from Q1 and analysts expect prices to fall further

By YASMINE YAHYA

THE market has lost most of the gains it made in the first three months of the year but patience is still the best strategy right now.

While stocks are much cheaper than in February or March, analysts say they are likely to fall further.

The benchmark Straits Times Index (STI) has lost 8 per cent of its value since reaching 3,026.4 on March 14 - the highest point this year.

ABN Amro's vice-president of equity research in Asia, Ms Neo Chiu Yen, said the index could slide by another 5 per cent to 10 per cent over the next few months.

'Broadly speaking, fewer companies in the first quarter reported results that fell below our forecasts as compared with the fourth quarter, so that's positive, but the global economic outlook has deteriorated so sharply that there is a downside bias,' she said.

ABN Amro's technical team expects that the STI would reach its next support level somewhere between 2,521 and 2,648.

PhillipCapital's head of research Lee Kok Joo agreed, saying there will likely be more volatility ahead as the market grapples with increasingly pessimistic views out of the euro zone.

'Definitely, a lot of stocks have come down from their peak prices so it looks like they are priced at a bargain right now, but if you take into account the level of uncertainty in the global economy, then I would say they are not bargains.'

His advice: If you must play in the stock market, engage in short-term trades - buy and sell within a few days - instead of buying and holding.

And even then, only trade stocks with good fundamentals - a strong business and a solid balance sheet.

'Names such as SIA Engineering and ST Engineering, and other stocks that pay good dividends, are better in this climate,' he said.

'So even if the whole market is not doing well, at the end of the day the fundamentals of these companies are still sound and even if their capital values fall, you would still earn returns from their dividends.'

ABN Amro's Ms Neo likes shares in the tourism, food and beverage and technology sectors.

The growing affluence of the Asean consumer will continue to propel earnings in the hospitality, gaming and retail sectors, she said.

'The Asean consumer is still very strong, so even if Singapore visitor arrivals moderate, there will still be good inflows of tourists.'

As with the tourism-related companies, food and beverage firms will be lifted by the increasingly rich Asean consumer, while also benefiting from declining raw material prices, she added.

'If you look at the commodities index, that has been trending down so food and beverage firms will have a cost reprieve there, which will help their margins.'

She is also positive on technology firms that have manufacturing plants in Singapore and Malaysia.

Since last year's earthquake in Japan and floods in Thailand, more international firms are outsourcing part of their production to Singapore and Malaysia, which are seen as stable and safe areas, she said.

Companies with production lines here would benefit from these orders.

Fundsupermart's investment planning manager Cheong Chee Kin advises diversification through unit trusts in this rocky market.

'Valuations are compelling, but it's not the best time to do bargain hunting,' he noted.

Instead of picking individual stocks, he said, it would be better to buy a unit trust with stocks representing various industries.

'We take a long-term view and we believe that earnings of Singapore firms will remain strong over the next several years, and these earnings will drive the stock market.'

yasminey@sph.com.sg

Thinking in a Foreign Language Makes Decisions More Rational
By Brandon KeimEmail Author April 24, 2012

To judge a risk more clearly, it may help to consider it in a foreign language.

A series of experiments on more than 300 people from the U.S. and Korea found that thinking in a second language reduced deep-seated, misleading biases that unduly influence how risks and benefits are perceived.

“Would you make the same decisions in a foreign language as you would in your native tongue?” asked psychologists led by Boaz Keysar of the University of Chicago in an April 18 Psychological Science study.

“It may be intuitive that people would make the same choices regardless of the language they are using, or that the difficulty of using a foreign language would make decisions less systematic. We discovered, however, that the opposite is true: Using a foreign language reduces decision-making biases,” wrote Keysar’s team.


Psychologists say human reasoning is shaped by two distinct modes of thought: one that’s systematic, analytical and cognition-intensive, and another that’s fast, unconscious and emotionally charged.


'Would you make the same decisions in a foreign language?'In light of this, it’s plausible that the cognitive demands of thinking in a non-native, non-automatic language would leave people with little leftover mental horsepower, ultimately increasing their reliance on quick-and-dirty cogitation.

Equally plausible, however, is that communicating in a learned language forces people to be deliberate, reducing the role of potentially unreliable instinct. Research also shows that immediate emotional reactions to emotively charged words are muted in non-native languages, further hinting at deliberation.

To investigate these possibilities, Keysar’s team developed several tests based on scenarios originally proposed by psychologist Daniel Kahneman, who in 2002 won a Nobel Prize in economics for his work on prospect theory, which describes how people intuitively perceive risk.

In one famous example, Kahneman showed that, given the hypothetical option of saving 200 out of 600 lives, or taking a chance that would either save all 600 lives or none at all, people prefer to save the 200 — yet when the problem is framed in terms of losing lives, many more people prefer the all-or-nothing chance rather than accept a guaranteed loss of 400 lives.

People are, in a nutshell, instinctively risk-averse when considering gain and risk-taking when faced with loss, even when the essential decision is the same. It’s a gut-level human predisposition, and if second-language thinking made people think less systematically, Keysar’s team supposed the tendency would be magnified. Conversely, if second-language thinking promoted deliberation, the tendency would be diminished.

The first experiment involved 121 American students who learned Japanese as a second language. Some were presented in English with a hypothetical choice: To fight a disease that would kill 600,000 people, doctors could either develop a medicine that saved 200,000 lives, or a medicine with a 33.3 percent chance of saving 600,000 lives and a 66.6 percent chance of saving no lives at all.

Results of two tests of foreign-language effects on framing biases. In each, people were given the choice between sure savings or an all-or-nothing bet. Bars show how many people preferred sure savings when the choice was framed in terms of gains (black) or losses (gray) and considered in their native language (left pair) or second language (right pair). Image: Keysar et al./Psychological Science
Nearly 80 percent of the students chose the safe option. When the problem was framed in terms of losing rather than saving lives, the safe-option number dropped to 47 percent. When considering the same situation in Japanese, however, the safe-option number hovered around 40 percent, regardless of how choices were framed. The role of instinct appeared reduced.

Two subsequent experiments in which the hypothetical situation involved job loss rather than death, administered to 144 native Korean speakers from Korea’s Chung Nam National University and 103 English speakers studying abroad in Paris, found the same pattern of enhanced deliberation. “Using a foreign language diminishes the framing effect,” wrote Keysar’s team.

The researchers next tested how language affected decisions on matters of direct personal import. According to prospect theory, the possibility of small losses outweigh the promise of larger gains, a phenomenon called myopic risk aversion and rooted in emotional reactions to the idea of loss.

The same group of Korean students was presented with a series of hypothetical low-loss, high-gain bets. When offered bets in Korean, just 57 percent took them. When offered in English, that number rose to 67 percent, again suggesting heightened deliberation in a second language.

To see if the effect held up in real-world betting, Keysar’s team recruited 54 University of Chicago students who spoke Spanish as a second language. Each received $15 in $1 bills, each of which could be kept or bet on a coin toss. If they lost a toss, they’d lose the dollar, but winning returned the dollar and another $1.50 — a proposition that, over multiple bets, would likely be profitable.

When the proceedings were conducted in English, just 54 percent of students took the bets, a number that rose to 71 percent when betting in Spanish. “They take more bets in a foreign language because they expect to gain in the long run, and are less affected by the typically exaggerated aversion to losses,” wrote Keysar and colleagues.

The researchers believe a second language provides a useful cognitive distance from automatic processes, promoting analytical thought and reducing unthinking, emotional reaction.

“Given that more and more people use a foreign language on a daily basis, our discovery could have far-reaching implications,” they wrote, suggesting that people who speak a second language might use it when considering financial decisions. “Over a long time horizon, this might very well be beneficial.”

Citation: “The Foreign-Language Effect: Thinking in a Foreign Tongue Reduces Decision Biases.” By Boaz Keysar, Sayuri L. Hayakawa and Sun Gyu An. Psychological Science, published online 18 April 2012.

I think many retail investors are unaware of the risks of "perps". My stand is if I don't understand the company well enough, I'll avoid everything it issues!

The Straits Times
May 15, 2012
MAS 'worried' by perpetual bond rush
Concern that retail investors may take on too much risk

THE unprecedented run of perpetual bond sales in Singapore has caught the attention of the regulators.

The Monetary Authority of Singapore (MAS) is growing concerned about the number of potentially risky bonds that have ended up in the hands of individual investors.

Bankers said MAS officials had voiced their concerns over retail holdings of perpetual bonds during at least two informal meetings in recent weeks.

The central bank's scrutiny is preliminary, and there is no suggestion of any wrongdoing on the part of the banks or companies involved in the recent flurry of perpetual bond issues.

But the discussions show the regulator is worried that individual investors may be taking on too much risk - or buying securities without a full understanding of the product.

More perpetual bonds were sold here in the first three months of this year than in the previous decade and a half.

The product offers companies the tantalising opportunity to raise funds with no dated maturity, typically winning some equity treatment under accounting rules and avoiding any impact on gearing ratios.

The higher coupons are attractive for investors in a low interest-rate environment, but the notes come with high duration risk since there is no guarantee of repayment.

Companies including Singapore Post, Mapletree Logistics Trust and Olam International sold perpetual bonds earlier this year, lifting perpetual sales to $3.1 billion in the first quarter.

A large proportion of those deals went to private banks, investing on behalf of individual clients.

MAS' focus, however, has sharpened since Genting Singapore offered $500 million to the public, giving the retail public the chance to invest via the automated teller machines of Singapore's local banks.

The retail offering was only the second such offering of perpetuals, with Hyflux being the first to do so when it launched the first corporate perpetual issue in April last year.

The problem with buying products through ATMs is that, unlike with stocks or other structured investment products sold over the counter, investors have no access to advisory services that can point out risks.

Retail investors are supposed to read the prospectus, but in practical terms no arranger can guarantee that they have done so.

For the moment, bankers said they have not been told to pull back from retail offerings of perpetuals, nor have they heard of any suggestion that MAS would be making recommendations for selling agents to protect investors in such sales.

But the chatter that the central bank is keeping an eye on the retail market may prompt underwriters to take a more cautious approach on any future retail offering.

'I won't be surprised if MAS would be watching the developments in this space, as it has always been careful with products that are sold to the public,' said one local banker.

The MAS has been extremely cautious on the sales of structured investment products ever since the Lehman structured products collapsed in the global financial crisis. That episode, which caused a huge public outcry, saw 8,000 individual investors, including retirees, losing a chunk of a combined $508 million of investments in Lehman-linked structured notes from nine banks and brokerages in Singapore.

Since then, the central bank has put in place several policies that have increased investor protection.

'After the Lehman debacle, I don't think MAS can afford to drop another ball,' said another local banker. 'So, it is only right that it should watch that retail investors are protected in the perpetual offerings. There are, after all, a lot of risks in such instruments.'

Compared with straight vanilla bonds, perpetual securities often allow coupon deferrals, although this usually means the issuer also cannot declare dividends, and some include non-cumulative features as well.

And, as the name suggests, the bonds are perpetual and issuers have the right not to exercise a call option, which means investors may not see the return of their principal investment.

The critical point for retail investors is that they have no recourse if the issuer decides not to call. This risk is all too real, as events in the United States over the past two weeks have showed. Well-known US banks JP Morgan and Bank of America decided against making their respective calls on their Lower Tier 2 bonds, raising the ire of bondholders who had traded the paper as five-year notes.

Any similar development in the Singapore perpetual paper in four to five years' time will have a rippling effect on other outstanding perpetuals.

Local bankers said the risks have been escalated because private bankers, the main takers of the recent perps, were buying on the margin - sometimes using leverage granted by the lead managers themselves.

Some purchases were done on 100 per cent margins, said one foreign banker.

The MAS' concerns come amid talk that more Singapore and foreign issuers are exploring perpetual bond sales - although most are expected to target the institutional market.

Hong Kong conglomerate Hutchison Whampoa has been repeatedly linked with a return to the Singapore debt market, and local conglomerate Keppel Corp was heard to be hunting for arrangers for a perpetual.

Keppel, however, is said to have demanded hard underwritten bids, and bankers - worried that the market is already full - may be reluctant to stick their necks out that much.

REUTERS

Seriously, they should just ban all these supercars! Let the rich express themselves in other ways!

The Straits Times
May 15, 2012
Sales of supercars on the rise
Some drivers say they prefer to take the cars out for spin at night

By Cheryl Ong & Felicia Choo

SALES of supercars here have accelerated over the years, and some drivers of these high-powered automobiles say they prefer taking them out for a spin at night when the roads are clear.

The Land Transport Authority (LTA) had on its records 4,149 Porsches, Maseratis, Ferraris, Lamborghinis and Aston Martins last year, up from the 3,376 the year before.

The German-made Porsches seem the most popular, with 584 registered last year; Ferraris came in second, with 92 models registered the same year.

Even as these buyers vroom out of the showrooms, the question of whether they can handle these cars safely at high speeds may be another matter.

In the wee hours of last Saturday, a red Ferrari got into a three-way crash with a taxi and a motorcycle at the junction of Rochor Road and Victoria Street.

The crash has killed the Ferrari's driver, the taxi driver and his female Japanese passenger, and left two others injured and still in hospital.

The Traffic Police have been, however, unable to give a breakdown of the number of speeding tickets issued by type of vehicle, but one thing is clear - more such tickets have been issued with each passing year.

Last year, there were 225,550 speeding offences; the year before, there were 205,000, and in 2009, 173,000.

The owners of fast cars and driving clubs say they have seen more fast cars here in the last few years.

Sports Car Club Singapore president Rosalind Choo, 31, who organises night drives here for members, said that if there are more such cars, then it stands to reason that more of them will get into accidents.

She said that discipline and safety are the watchwords in the night drives she organises.

'It's dangerous to have people who don't follow instructions,' said the insurance agent, who drives a Mercedes Benz SLK.

The club sets up driving trips at 11pm twice a month for up to 30 cars, but, she said, they never go above the speed limit.

A 25-year-old sales executive who declined to give his name admits to taking his parents' Jaguar XF out after midnight when he feels the need for speed.

He said: 'I let my mind go blank. It's very relaxing. My average speed is about 130 to 140kmh, but I've hit 190 before when the road was clear.

'I slow down when I see another vehicle, and always drive on the right-outermost lane.'

Taxi drivers, who are on the roads more than most people, say they have seen more cars busting the speed limit.

Relief taxi driver M. Salim said races usually take place late on Saturday night and go on until early on Sunday.

'I was driving my taxi six months ago when these sports cars zoomed by at speeds of around 110kmh, from Orchard Road to Changi Airport and back again,' he said.

Some self-confessed speedsters say they favour expressways or roads with fewer traffic lights like Lim Chu Kang and Lornie roads.

But most like Mr Alvin Chan, 38, who drives a BMW Z4 convertible, do not think the risk is worth taking.

He said: 'I never ride at night on my own, or speed. I go to the race tracks at Sepang every month and go as fast as I like. It's legal and safe.'

ongyiern@sph.com.sg

feliciac@sph.com.sg

I am using SGXStocks on my Andrioid phone. My needs are simple, I just want to be able to check the price of the stock. I don't trade using my phone. The problem I have with this app is that when there is a consolidation like the case of AIMSAMP, the tracking stops. It shows the last traded price before the consolidation.

Hope to hear from the rest of you the pros and cons of the apps you are using. Thanks.

The Straits Times
May 12, 2012
companies
April AGM season may be too hectic for some
Clustering makes it hard for analysts, investors with shares in multiple firms to attend meetings

By Alvin Foo

APRIL is the hottest month for Singapore-listed companies to hold their annual general meetings, with the last five business days of that month proving to be far and away the most popular slot.

Nearly two in three companies here - 63 per cent - have their key shareholder meeting during April, according to a recent study released yesterday by ACCA Singapore and KPMG.

Almost half of these firms prefer to hold their AGMs in the last five business days of the month, spelling a hectic time for analysts, investors hoping to attend multiple AGMs and business journalists.

The reason is not some sort of corporate superstition, but rather the fact that it is the last chance to hold AGMs for firms with a Dec 31 end to their financial year. Singapore-listed companies have to hold their AGMs within four months of their financial year-end.

Mr Tan Wah Yeow, KPMG Singapore's deputy managing partner and head of markets, said: 'Having so many AGMs clustered into the last five working days of April may pose challenges for shareholders and directors with interests in multiple companies. Companies should be encouraged to adopt principles of fair communication.'

The clustering of AGMs as well as results announcements makes it harder for them to get media attention and analyst coverage, and also inconveniences directors who sit in several boards, noted KPMG Institutes in Singapore research head Mak Yuen Teen.

He noted: 'There's a serious clustering of AGM dates, which may make it difficult for shareholders holding shares in multiple companies to attend AGMs.'

Professor Mak suggested that firms should plan and publicise their AGM dates as early as possible. They should also address the need for shareholders to be kept informed in case they are unable to attend the AGM by providing detailed minutes, recordings or website links.

The above findings were part of a report which aims to provide an insight into how Singapore-listed companies communicate with stakeholders and other investors.

The sample consists of 712 companies listed on the Singapore Exchange as at 31 Dec last year, excluding those with a secondary listing on SGX, newly listed companies, companies which did not release any annual report during 2011 and companies under judicial management.

Study data were obtained from the latest annual report and company announcements as at 31 Jan this year, and the company websites.

ACCA Singapore country head Darryl Wee said: 'To improve stakeholder communications, an investor relation function should be sufficiently resourced, have adequate stature with reporting lines to senior management, and be closely involved with the strategic management of the business.'

The study also found that companies typically take 117 days to hold their AGMs, and 54 days to report full-year results.

Another key finding was that almost one in three companies received queries from the SGX about their results, with 32 per cent of these being queries for full-year results and 24 per cent being for quarterly results.

The report suggested that disclosures relating to results announcements, significant transactions and trading activity need to be more closely monitored.

Companies need to take steps to minimise the risk of variances and hence queries from the SGX. They should ensure there are adequate internal or independent reviews of the results before they are announced.

alfoo@sph.com.sg