Category: Investments
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Singapore Airlines (SGX:C6L) – Record Revenue, Thin Margin of Safety
The operating franchise is the strongest it has been. At 1.34 times post-dividend book, the share price already assumes peak-cycle returns and a contained Air India.
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SATS Ltd (SGX:S58) – FY26 Update: Thesis Intact, Discount Gone
FY26 delivered the margin expansion and debt reduction the WFS acquisition promised. At about 25 times earnings, the share price already reflects most of it.
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Singtel (SGX:Z74) – Paying for Execution, Not Buying a Discount
Optus has turned and asset recycling is producing real cash. At about 26 times underlying earnings, the price already credits much of that; the case for holding rests on the…
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SATS Ltd (SGX:S58) – A Growth Case, Not a Value Case
Three years after buying Worldwide Flight Services, SATS is the largest air cargo handler in the world. At about 16 times forward earnings, the return has to come from earnings…
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Seatrium (SGX:5E2)
A Good Company At A Bad Price. Seatrium builds offshore platforms, rigs, floaters and specialised vessels, and repairs and converts them. It was created when Sembcorp Marine absorbed Keppel Offshore…
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