MGCCT’s Japan Acquisition Unfavourable to Minority Unitholders?

by: Tam Ging Wien


All examples and stocks quoted here in this article and on the ProButterflyTM site are for learning purposes; it does NOT constitute financial advice or a Buy/Sell recommendation. Contents are reflective of personal views and readers are responsible for their own investments and are advised to perform their own independent due diligence and take into account their own financial situation. If in any doubt about the investment action you should take, you should consult a professional certified financial adviser.


ProButterfly decided to break our regular Tuesday blog posting to bring you this story earlier ahead of the Mapletree Greater China Commercial Trust (MGCCT) latest Japan acquisition ahead of the EOGM taking place on 24 April 2018 (Tuesday) at 3.30 p.m. at the Mapletree Business City Town Hall – Auditorium.

MGCCT is a REIT that currently has a portfolio of three properties in the greater China region who assets comprises of...

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First REIT Unaffected by New Tax Regulations; Material Impact on LMIRT

by: Tam Ging Wien


All examples and stocks quoted here in this article and on the ProButterflyTM site are for learning purposes; it does NOT constitute financial advice or a Buy/Sell recommendation. Contents are reflective of personal views and readers are responsible for their own investments and are advised to perform their own independent due diligence and take into account their own financial situation. If in any doubt about the investment action you should take, you should consult a professional certified financial adviser.


Earlier this year, the Indonesian Government has passed new regulations issued under Government Regulation No. 34/2017 (GR-34) regarding income tax on the rental of land and/or building. This regulation become effective starting 2 January 2018.

More information with regards to this taxation changes can be found at this site written in English for the benefit of readers.

The material point to note about this changes are that, income received from land and/or...

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Analysis of Qualitas Medical Ltd Upcoming IPO

by: Tam Ging Wien


All examples and stocks quoted here in this article and on the ProButterflyTM site are for learning purposes; it does NOT constitute financial advice or a Buy/Sell recommendation. Contents are reflective of personal views and readers are responsible for their own investments and are advised to perform their own independent due diligence and take into account their own financial situation. If in any doubt about the investment action you should take, you should consult a professional certified financial adviser.


Malaysia's healthcare service provider Qualitas Medical Ltd (Qualitas) has begun marketing efforts for what is believed to be a S$100m IPO in Singapore. By picking Singapore as its listing venue, Qualitas seems to be sending investors a message that it has ambitions to expand across the region.

Qualitas’ largest shareholder is Southern Capital Group (Southern Capital) controlling more than 77.7% of the shares in the pre-IPOed entity.

Based on various...

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The Essentials of REIT Investing Seminar (Apr-2018)


[Update 2018-04-17]: Thank you for your interest! Please note that the tickets for this event is sold out. We will update our readers when we have future events.


Real Estate Investment Trusts (REITs) are one of the most reliable way to invest as they generate steady and consistent tax free cash flow. REITs also open up access for investors to participate in a diverse range of real estate assets with low capital outlay.

Our co-founder Tam Ging Wien will be conducting a 3-hour REIT workshop on 18th April 2018 (Wed) from 7pm to 10pm entitled The Essentials of REIT Investing.

We are offering a $10-off for all ProButterfly blog readers. With this $10-off discount, this event is just $15! Just use the promo-code "TENOFF" to immediately get $10-off the ticket price.

https://www.eventbrite.com/e/the-essentials-of-reit-investing-tickets-44365656874 

ProButterfly co-founder Tam Ging Wien will be sharing his knowledge and experience including:

  • Foundational understanding...
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The Beginner’s Guide to Analysing Financial Statements - Cash Flow Statement

by: Tam Ging Wien

When read with begin with A...B...C..., when we sing with begin with Do... Re...Me...

That at least that's how the song lyrics go.

But when we want to understand and assess the financials of a stock, we need to begin with the 3 financial statements, namely:

In our last "The Beginner’s Guide to..." series, we covered the The Beginner’s Guide to Understanding The 3 Financial Statements.

After having an understand of the 3 financial statements, we continue the series with analysing these financial statements in order to understand the financial health of a company. In this post, we will be learning how to analyse the Income Statement.

Do read the previous articles first before continuing as it will give you a firm foundation of the 3 core financial statements.

Cash Flow Statement

Free Cash Flow

Free cash flow is simply the difference...

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Uber To Sell SEA Biz to Grab; But Where Does This Leave ComfortDelGro?

by: Tam Ging Wien


All examples and stocks quoted here in this article and on the ProButterflyTM site are for learning purposes; it does NOT constitute financial advice or a Buy/Sell recommendation. Contents are reflective of personal views and readers are responsible for their own investments and are advised to perform their own independent due diligence and take into account their own financial situation. If in any doubt about the investment action you should take, you should consult a professional certified financial adviser.


Just today, Bloomberg and Reuters broke news with regards to Uber's exit from the Southeast Asian (SEA) market. As part of the deal, Uber will to sell its SEA business to Grab and take a stake of between 25% to 30% in Grab as a result.

It is the personal view of ProButterfly that the previously discussed exclusive tie-up with Uber would nullify ComfortDelGro's benefit now that Grab is taking over Uber's operations as Grab is no longer...

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An Honest and Blunt View of the Sasseur REIT IPO

by: Tam Ging Wien


All examples and stocks quoted here in this article and on the ProButterflyTM site are for learning purposes; it does NOT constitute financial advice or a Buy/Sell recommendation. Contents are reflective of personal views and readers are responsible for their own investments and are advised to perform their own independent due diligence and take into account their own financial situation. If in any doubt about the investment action you should take, you should consult a professional certified financial adviser.


In last week's post, we shared with our ProButtefly readers a Qualitative Analysis of Sasseur REIT. This was because only the preliminary prospectus was released and the figures were not available to us to do any quantitative for analysis.

Sasseur REIT released its prospectus mid-week and now that we have finally gotten hold of numbers, we can only say that we are highly disappointed. Sasseur REIT did a great job of attracting attention by being the first...

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Qualitative Analysis of Upcoming Sasseur REIT IPO

by: Tam Ging Wien


All examples and stocks quoted here in this article and on the ProButterflyTM site are for learning purposes; it does NOT constitute financial advice or a Buy/Sell recommendation. Contents are reflective of personal views and readers are responsible for their own investments and are advised to perform their own independent due diligence and take into account their own financial situation. If in any doubt about the investment action you should take, you should consult a professional certified financial adviser.


A new REIT is coming to town! Sasseur REIT has just lodged its preliminary prospectus on MAS Opera website on 07-Mar-2018. According to various new sources, the IPO is planned for 29-Mar-2018.

Quote from Sasseur REIT’s preliminary prospectus: “Sasseur REIT is the first outlet mall REIT to be listed in Asia with an Initial Portfolio comprising outlet malls located in the PRC. Unlike traditional retailing formats such as department stores and...

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The Dangers of Relying on Analyst Calls – Case Study of LMIR Trust Debt Levels

by: Tam Ging Wien


All examples and stocks quoted here in this article and on the ProButterflyTM site are for learning purposes; it does NOT constitute financial advice or a Buy/Sell recommendation. Contents are reflective of personal views and readers are responsible for their own investments and are advised to perform their own independent due diligence and take into account their own financial situation. If in any doubt about the investment action you should take, you should consult a professional certified financial adviser.


On the 13-Feb-2018, Lippo Malls Indonesia Retail Trust (LMIRT) released their FY2017 full year results. Immediately the next day, OCBC Investment Research kept its “Buy” call on LMIRT.

However just 5 days later, they shockingly changed their position and view on LMIRT and issued a downgrade to “Hold”. The revised estimate comes with a 10% reduction in the price of LMIRT.

Source: REITs Week (...

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Less than Noble? Noble's Collision with Iceberg

noble group stocks Mar 05, 2018

by: Tam Ging Wien


All examples and stocks quoted here in this article and on the ProButterflyTM site are for learning purposes; it does NOT constitute financial advice or a Buy/Sell recommendation. Contents are reflective of personal views and readers are responsible for their own investments and are advised to perform their own independent due diligence and take into account their own financial situation. If in any doubt about the investment action you should take, you should consult a professional certified financial adviser.


Just last week, commodity trader Noble Group Ltd announced its full year results for FY2017 and shocked the market with as US$4.9b loss. The following news report from Channel News Asia provided a good summary of the Noble's recent results announcement: Noble Group plunges to US$4.9b loss, in talks to wrap up debt deal.

Again this week, news broke that Noble had paid its outgoing co-CEO Jeff Frase a remuneration package of approximately US$20 million...

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