Temasek’s us$10 billion dollar bets carry unnecessary, huge risks

[makapaaa]

[h=1]TEMASEK’S US$10 BILLION DOLLAR BETS CARRY UNNECESSARY, HUGE RISKS[/h]
Post date:
7 Feb 2015 - 6:12pm








Temasek should improve its transparency and publish ALL information on its investments similar toNorway’s Government Pension Fund Global. When a fund 5 times the size of Temasek is able to publish its entire holding of more than 8,000 equities, why does Temasek only disclose its 42 major investments in 2013 and 46 in 2014?
Moreover, Temasek’s investments have already been compiled by financial data vendors and are available online. Citizens are the owners of our reserves and it is our right to have access to such information. A listed securities portfolio of 74 investments in 2013 is enclosed at the bottom of this post.
The top ten listed investments in market value made up 50% of Temasek’s total assets. Unlike other funds where risk is diversified, Temasek seems to be trying to put as many eggs into one basket as possible with an 18% stake in Standard Chartered PLC and 7% in China Construction Bank, more than S$30 billion invested in 2 foreign banks.
(Market value in US$ million)
[TABLE="width: 0"]
[TR]
[TD] [/TD]
[/TR]
[TR]
[TD].[/TD]
[TD]Security[/TD]
[TD]Shares[/TD]
[TD]%[/TD]
[TD]Market value[/TD]
[TD]Country[/TD]
[TD]Sector[/TD]
[TD]Ticker[/TD]
[/TR]
[TR]
[TD]1[/TD]
[TD]SINGAPORE TELECOM LTD[/TD]
[TD]8,283,957,568[/TD]
[TD]51.96[/TD]
[TD]26430[/TD]
[TD]SINGAPORE[/TD]
[TD]Telecom[/TD]
[TD]ST SP[/TD]
[/TR]
[TR]
[TD]2[/TD]
[TD]CHINA CONSTRUCTION BANK-H[/TD]
[TD]17,878,670,050[/TD]
[TD]7.44[/TD]
[TD]14920[/TD]
[TD]CHINA[/TD]
[TD]Financials[/TD]
[TD]939 HK[/TD]
[/TR]
[TR]
[TD]3[/TD]
[TD]STANDARD CHARTERED PLC[/TD]
[TD]432,746,145[/TD]
[TD]17.88[/TD]
[TD]10450[/TD]
[TD]BRITAIN[/TD]
[TD]Financials[/TD]
[TD]STAN LN[/TD]
[/TR]
[TR]
[TD]4[/TD]
[TD]DBS GROUP HOLDINGS LTD[/TD]
[TD]713,033,749[/TD]
[TD]29.22[/TD]
[TD]9910[/TD]
[TD]SINGAPORE[/TD]
[TD]Financials[/TD]
[TD]DBS SP[/TD]
[/TR]
[TR]
[TD]5[/TD]
[TD]SINGAPORE AIRLINES LTD[/TD]
[TD]657,800,748[/TD]
[TD]56.11[/TD]
[TD]6000[/TD]
[TD]SINGAPORE[/TD]
[TD]Industrials[/TD]
[TD]SIA SP[/TD]
[/TR]
[TR]
[TD]6[/TD]
[TD]SINGAPORE TECH ENGINEERING[/TD]
[TD]1,559,393,443[/TD]
[TD]50.26[/TD]
[TD]5460[/TD]
[TD]SINGAPORE[/TD]
[TD]Industrials[/TD]
[TD]STE SP[/TD]
[/TR]
[TR]
[TD]7[/TD]
[TD]CAPITALAND LTD[/TD]
[TD]1,680,704,140[/TD]
[TD]39.48[/TD]
[TD]5080[/TD]
[TD]SINGAPORE[/TD]
[TD]Financials[/TD]
[TD]CAPL SP[/TD]
[/TR]
[TR]
[TD]8[/TD]
[TD]SHIN CORP PCL[/TD]
[TD]1,334,354,825[/TD]
[TD]41.62[/TD]
[TD]3950[/TD]
[TD]THAILAND[/TD]
[TD]Telecom[/TD]
[TD]INTUCH TB[/TD]
[/TR]
[TR]
[TD]9[/TD]
[TD]SEMBCORP INDUSTRIES LTD[/TD]
[TD]883,919,088[/TD]
[TD]49.47[/TD]
[TD]3540[/TD]
[TD]SINGAPORE[/TD]
[TD]Industrials[/TD]
[TD]SCI SP[/TD]
[/TR]
[TR]
[TD]10[/TD]
[TD]KEPPEL CORP LTD[/TD]
[TD]377,344,425[/TD]
[TD]20.89[/TD]
[TD]3290[/TD]
[TD]SINGAPORE[/TD]
[TD]Industrials[/TD]
[TD]KEP SP[/TD]
[/TR]
[TR]
[TD].[/TD]
[TD].[/TD]
[TD].[/TD]
[TD]Total[/TD]
[TD]US$89 bil[/TD]
[/TR]
[/TABLE]
Both investments will have no room for error because their potential losses will dwarf losses of smaller investments.
Has Temasek not learnt any lesson from its US$4.6 billion loss in its Merrill Lynch investment andUS$1.5 billion (80%) loss in Barclays Bank?

By placing bets of more than US$10 billion on any investment, Temasek has taken risks on behalf of Singaporeans, risks which we would not have assumed. If Temasek’s own costly mistakes are insufficient, it should learn from GIC’s S$14 billion UBS bet in 2007 which is still 40%* underwater after 7 years. (*inclusive of 18% interest payment, dividends and recent forex gains)
Should both banks fail spectacularly, will Lee Kuan Yew step in and tell us that Temasek intends to “keep for the next two to three decades and grow with them”?
Standard Chartered investment has been in Temasek’s stable for almost a decade, currently sitting on paper losses of at least 30% without any turnaround in sight. Was this part of Temasek’s investment strategy?

Standard Chartered’s entire profits last year may have been wiped out by the collapse in commodity prices and there appears to be another rights issue on the horizon.
Although dividend payments could have made up for most of the capital loss, including rights issue, forex loss could still amount to some 25% after almost a decade.

Should Temasek decide to divest Standard Chartered at current prices, the net loss would be at least S$3 billion. It will take numerous $10 million/$100 million investments to make up for a single huge loss. By taking up such a huge stake, all exits have now been shut and it will take a miracle to dispose of Standard Chartered at a profit.
In 2011, Temasek had indicated it wanted to trim its Standard Chartered stake when it raisedS$650 million from the sale of zero coupon exchangeable bonds maturing in 2014. Since the bonds were fully redeemed in 2014, Temasek had missed the only opportunity to reduce its holding when the price was more favourable.
Should Temasek realise billion-dollar losses, there will also be political backlash and Temasek appears to be aware of this. Despite stock market making new highs, Standard Chartered shares have gone in the opposite direction. What happens when global stock market tanks?
Temasek’s major investments in China’s financial sector appear to be more profitable but an analysis would be required to confirm this.
China’s double-digit growth during most of the last 2 decades are over. China’s growth story has been based on the expansion of credit – some US$15 trillion after the last financial crisis with a significant amount for financing infrastructure and real estate which includes ghost cities generating zero return. Investments at the tail end of China’s phenomenal ‘growth’ carry significant risks.
Video of China’s ghost cities
In April 2014, a Forbes article reported that Li Ka Shing and his family had been “on a selling spree in Mainland China since last August (2013)”. Li was way ahead of most foreign investors when it came to investing in China whereas Temasek has only recently committed tens of billion$ of our reserves.
Excluding GLCs transferred to Temasek, Temasek does not appear to be investing but speculating andgoing for the kill with its $10 billion investments.
Temasek seems to be in a hurry to make as much money as possible with humongous bets which are extremely risky. As a significant shareholder in many foreign companies, Temasek is unable to divest during times of great volatility. Temasek should diversify and not make US$10 billion dollar bets which carry unnecessary risks.
**
I have been trying to verify Temasek’s ridiculously high TSR and no luck so far. What I do is Google ‘Temasek’ and ‘name of investment’ and pieces of interesting information will show up on the screen. Frequently, data may not be complete and this is the result of Temasek’s conscious effort not to allow the public to scrutinise its performance. Should others be able to confirm Temasek’s 16% 40-year TSR, please share the information.
2013 May – Temasek listed securities portfolio.
[TABLE="width: 0"]
[TR]
[TD].[/TD]
[TD]NAME[/TD]
[TD]MKT VAL[/TD]
[TD]TICKER[/TD]
[/TR]
[TR]
[TD]1[/TD]
[TD]SINGAPORE TELECOM LTD[/TD]
[TD]26430[/TD]
[TD]ST SP[/TD]
[/TR]
[TR]
[TD]2[/TD]
[TD]CHINA CONSTRUCTION BANK-H[/TD]
[TD]14920[/TD]
[TD]939 HK[/TD]
[/TR]
[TR]
[TD]3[/TD]
[TD]STANDARD CHARTERED PLC[/TD]
[TD]10450[/TD]
[TD]STAN LN[/TD]
[/TR]
[TR]
[TD]4[/TD]
[TD]DBS GROUP HOLDINGS LTD[/TD]
[TD]9910[/TD]
[TD]DBS SP[/TD]
[/TR]
[TR]
[TD]5[/TD]
[TD]SINGAPORE AIRLINES LTD[/TD]
[TD]6000[/TD]
[TD]SIA SP[/TD]
[/TR]
[TR]
[TD]6[/TD]
[TD]SINGAPORE TECH ENGINEERING[/TD]
[TD]5460[/TD]
[TD]STE SP[/TD]
[/TR]
[TR]
[TD]7[/TD]
[TD]CAPITALAND LTD[/TD]
[TD]5080[/TD]
[TD]CAPL SP[/TD]
[/TR]
[TR]
[TD]8[/TD]
[TD]SHIN CORP PCL[/TD]
[TD]3950[/TD]
[TD]INTUCH TB[/TD]
[/TR]
[TR]
[TD]9[/TD]
[TD]SEMBCORP INDUSTRIES LTD[/TD]
[TD]3540[/TD]
[TD]SCI SP[/TD]
[/TR]
[TR]
[TD]10[/TD]
[TD]KEPPEL CORP LTD[/TD]
[TD]3290[/TD]
[TD]KEP SP[/TD]
[/TR]
[TR]
[TD]11[/TD]
[TD]IND & COMM BK OF CHINA-H[/TD]
[TD]3270[/TD]
[TD]1398 HK[/TD]
[/TR]
[TR]
[TD]12[/TD]
[TD]SP AUSNET[/TD]
[TD]2190[/TD]
[TD]SPN AU[/TD]
[/TR]
[TR]
[TD]13[/TD]
[TD]REPSOL SA[/TD]
[TD]1920[/TD]
[TD]REP SM[/TD]
[/TR]
[TR]
[TD]14[/TD]
[TD]NEPTUNE ORIENT LINES LTD[/TD]
[TD]1530[/TD]
[TD]NOL SP[/TD]
[/TR]
[TR]
[TD]15[/TD]
[TD]BANK OF CHINA LTD-H[/TD]
[TD]1520[/TD]
[TD]3988 HK[/TD]
[/TR]
[TR]
[TD]16[/TD]
[TD]LEVEL 3 COMMUNICATIONS INC[/TD]
[TD]1310[/TD]
[TD]LVLT US[/TD]
[/TR]
[TR]
[TD]17[/TD]
[TD]SATS LTD[/TD]
[TD]1230[/TD]
[TD]SATS SP[/TD]
[/TR]
[TR]
[TD]18[/TD]
[TD]MOSAIC CO/THE[/TD]
[TD]1190[/TD]
[TD]MOS US[/TD]
[/TR]
[TR]
[TD]19[/TD]
[TD]MAPLETREE LOGISTICS TRUST[/TD]
[TD]1060[/TD]
[TD]MLT SP[/TD]
[/TR]
[TR]
[TD]20[/TD]
[TD]MAPLETREE COMMERCIAL TRUST[/TD]
[TD]970[/TD]
[TD]MCT SP[/TD]
[/TR]
[TR]
[TD]21[/TD]
[TD]SMRT CORP LTD[/TD]
[TD]951[/TD]
[TD]MRT SP[/TD]
[/TR]
[TR]
[TD]22[/TD]
[TD]EVONIK INDUSTRIES AG[/TD]
[TD]853[/TD]
[TD]EVK GR[/TD]
[/TR]
[TR]
[TD]23[/TD]
[TD]OLAM INTERNATIONAL LTD[/TD]
[TD]832[/TD]
[TD]OLAM SP[/TD]
[/TR]
[TR]
[TD]24[/TD]
[TD]HUTCHISON PORT HOLDINGS TR-[/TD]
[TD]780[/TD]
[TD]HPHT SP[/TD]
[/TR]
[TR]
[TD]25[/TD]
[TD]MAPLETREE INDUSTRIAL TRUST[/TD]
[TD]625[/TD]
[TD]MINT SP[/TD]
[/TR]
[TR]
[TD]26[/TD]
[TD]STATS CHIPPAC LTD[/TD]
[TD]619[/TD]
[TD]STAT SP[/TD]
[/TR]
[TR]
[TD]27[/TD]
[TD]QUINTILES TRANSNATIONAL HOLD[/TD]
[TD]376[/TD]
[TD]Q US[/TD]
[/TR]
[TR]
[TD]28[/TD]
[TD]MEG ENERGY CORP[/TD]
[TD]295[/TD]
[TD]MEG CN[/TD]
[/TR]
[TR]
[TD]29[/TD]
[TD]NEW CHINA LIFE INSURANCE C-H[/TD]
[TD]286[/TD]
[TD]1336 HK[/TD]
[/TR]
[TR]
[TD]30[/TD]
[TD]CHENIERE ENERGY INC[/TD]
[TD]277[/TD]
[TD]LNG US[/TD]
[/TR]
[TR]
[TD]31[/TD]
[TD]TURQUOISE HILL RESOURCES LTD[/TD]
[TD]266[/TD]
[TD]TRQ US[/TD]
[/TR]
[TR]
[TD]32[/TD]
[TD]SHANGHAI PHARMACEUTICALS-H[/TD]
[TD]246[/TD]
[TD]2607 HK[/TD]
[/TR]
[TR]
[TD]33[/TD]
[TD]CITYSPRING INFRASTRUCTURE TR[/TD]
[TD]224[/TD]
[TD]CITY SP[/TD]
[/TR]
[TR]
[TD]34[/TD]
[TD]CITIC SECURITIES CO LTD-H[/TD]
[TD]192[/TD]
[TD]6030 HK[/TD]
[/TR]
[TR]
[TD]35[/TD]
[TD]CITIC RESOURCES HOLDINGS LTD[/TD]
[TD]119[/TD]
[TD]1205 HK[/TD]
[/TR]
[TR]
[TD]36[/TD]
[TD]AIR PRODUCTS & CHEMICALS INC[/TD]
[TD]115[/TD]
[TD]APD US[/TD]
[/TR]
[TR]
[TD]37[/TD]
[TD]FACEBOOK INC-A[/TD]
[TD]114[/TD]
[TD]FB US[/TD]
[/TR]
[TR]
[TD]38[/TD]
[TD]KEPPEL REIT[/TD]
[TD]92[/TD]
[TD]KREIT SP[/TD]
[/TR]
[TR]
[TD]39[/TD]
[TD]BAIDU INC – SPON ADR[/TD]
[TD]90[/TD]
[TD]BIDU US[/TD]
[/TR]
[TR]
[TD]40[/TD]
[TD]LAI FUNG HOLDINGS LTD[/TD]
[TD]82[/TD]
[TD]1125 HK[/TD]
[/TR]
[TR]
[TD]41[/TD]
[TD]ZOOMLION HEAVY INDUSTRY – H[/TD]
[TD]75[/TD]
[TD]1157 HK[/TD]
[/TR]
[TR]
[TD]42[/TD]
[TD]COSCO CORP SINGAPORE LTD[/TD]
[TD]71[/TD]
[TD]COS SP[/TD]
[/TR]
[TR]
[TD]43[/TD]
[TD]EXPEDITORS INTL WASH INC[/TD]
[TD]66[/TD]
[TD]EXPD US[/TD]
[/TR]
[TR]
[TD]44[/TD]
[TD]PETROLEO BRASILEIRO-SPON ADR[/TD]
[TD]63[/TD]
[TD]PBR/A US[/TD]
[/TR]
[TR]
[TD]45[/TD]
[TD]MONSANTO CO[/TD]
[TD]60[/TD]
[TD]MON US[/TD]
[/TR]
[TR]
[TD]46[/TD]
[TD]HUANENG RENEWABLES CORP-H[/TD]
[TD]52[/TD]
[TD]958 HK[/TD]
[/TR]
[TR]
[TD]47[/TD]
[TD]NEWOCEAN ENERGY HLDGS LTD[/TD]
[TD]46[/TD]
[TD]342 HK[/TD]
[/TR]
[TR]
[TD]48[/TD]
[TD]SAM ENGINEERING & EQUIPMENT[/TD]
[TD]39[/TD]
[TD]SEQB MK[/TD]
[/TR]
[TR]
[TD]49[/TD]
[TD]COACH INC[/TD]
[TD]35[/TD]
[TD]COH US[/TD]
[/TR]
[TR]
[TD]50[/TD]
[TD]AMYRIS INC[/TD]
[TD]33[/TD]
[TD]AMRS US[/TD]
[/TR]
[TR]
[TD]51[/TD]
[TD]TIGER AIRWAYS HOLDINGS LTD[/TD]
[TD]32[/TD]
[TD]TGR SP[/TD]
[/TR]
[TR]
[TD]53[/TD]
[TD]POTASH CORP OF SASKATCHEWAN[/TD]
[TD]31[/TD]
[TD]POT US[/TD]
[/TR]
[TR]
[TD]52[/TD]
[TD]ASCOTT RESIDENCE TRUST[/TD]
[TD]31[/TD]
[TD]ART SP[/TD]
[/TR]
[TR]
[TD]55[/TD]
[TD]ASIAN CITRUS HOLDINGS LTD[/TD]
[TD]26[/TD]
[TD]ACHL LN[/TD]
[/TR]
[TR]
[TD]54[/TD]
[TD]MARIN SOFTWARE INC[/TD]
[TD]26[/TD]
[TD]MRIN US[/TD]
[/TR]
[TR]
[TD]56[/TD]
[TD]CAPITACOMMERCIAL TRUST[/TD]
[TD]19[/TD]
[TD]CCT SP[/TD]
[/TR]
[TR]
[TD]57[/TD]
[TD]CLEAN ENERGY FUELS CORP[/TD]
[TD]18[/TD]
[TD]CLNE US[/TD]
[/TR]
[TR]
[TD]58[/TD]
[TD]SEADRILL LTD[/TD]
[TD]16[/TD]
[TD]SDRL US[/TD]
[/TR]
[TR]
[TD]59[/TD]
[TD]APPLE INC[/TD]
[TD]16[/TD]
[TD]AAPL US[/TD]
[/TR]
[TR]
[TD]60[/TD]
[TD]YY INC-ADR[/TD]
[TD]14[/TD]
[TD]YY US[/TD]
[/TR]
[TR]
[TD]61[/TD]
[TD]PEABODY ENERGY CORP[/TD]
[TD]13[/TD]
[TD]BTU US[/TD]
[/TR]
[TR]
[TD]63[/TD]
[TD]AMTEK ENGINEERING LTD[/TD]
[TD]10[/TD]
[TD]AMTK SP[/TD]
[/TR]
[TR]
[TD]62[/TD]
[TD]CHENIERE ENERGY PARTNERS LP[/TD]
[TD]10[/TD]
[TD]CQP US[/TD]
[/TR]
[TR]
[TD]64[/TD]
[TD]CF INDUSTRIES HOLDINGS INC[/TD]
[TD]8[/TD]
[TD]CF US[/TD]
[/TR]
[TR]
[TD]65[/TD]
[TD]AGRIUM INC[/TD]
[TD]7[/TD]
[TD]AGU CN[/TD]
[/TR]
[TR]
[TD]66[/TD]
[TD]ISOFTSTONE HOLDINGS LTD-ADS[/TD]
[TD]6[/TD]
[TD]ISS US[/TD]
[/TR]
[TR]
[TD]67[/TD]
[TD]SHOUGANG CONCORD TECH HLD[/TD]
[TD]6[/TD]
[TD]521 HK[/TD]
[/TR]
[TR]
[TD]68[/TD]
[TD]DYNA-MAC HOLDINGS LTD[/TD]
[TD]6[/TD]
[TD]DMHL SP[/TD]
[/TR]
[TR]
[TD]69[/TD]
[TD]MELCO CROWN ENTERTAINME-ADR[/TD]
[TD]5[/TD]
[TD]MPEL US[/TD]
[/TR]
[TR]
[TD]70[/TD]
[TD]CEI CONTRACT MANUFACTURING[/TD]
[TD]5[/TD]
[TD]CEI SP[/TD]
[/TR]
[TR]
[TD]71[/TD]
[TD]INTREPID POTASH INC[/TD]
[TD]5[/TD]
[TD]IPI US[/TD]
[/TR]
[TR]
[TD]72[/TD]
[TD]SEMBCORP MARINE LTD[/TD]
[TD]4[/TD]
[TD]SMM SP[/TD]
[/TR]
[TR]
[TD]73[/TD]
[TD]SINGAPORE POST LTD[/TD]
[TD]0.7[/TD]
[TD]SPOST SP[/TD]
[/TR]
[TR]
[TD]74[/TD]
[TD]M DREAM INWORLD LTD[/TD]
[TD]0.08[/TD]
[TD]8100 HK[/TD]
[/TR]
[TR]
[TD].[/TD]
[TD]TOTAL MARKET VALUE[/TD]
[TD]US$113.5 bil[/TD]
[/TR]
[/TABLE]






2012 Sep
[TABLE="width: 651"]
[TR]
[TD].[/TD]
[TD]NAME[/TD]
[TD]MKT VAL[/TD]
[TD]TICKER[/TD]
[/TR]
[TR]
[TD]1[/TD]
[TD]SINGAPORE TELECOM LTD[/TD]
[TD]23660[/TD]
[TD]ST SP[/TD]
[/TR]
[TR]
[TD]2[/TD]
[TD]CHINA CONSTRUCTION BANK-H[/TD]
[TD]12220[/TD]
[TD]939 HK[/TD]
[/TR]
[TR]
[TD]3[/TD]
[TD]STANDARD CHARTERED PLC[/TD]
[TD]10400[/TD]
[TD]STAN LN[/TD]
[/TR]
[TR]
[TD]4[/TD]
[TD]DBS GROUP HOLDINGS LTD[/TD]
[TD]8400[/TD]
[TD]DBS SP[/TD]
[/TR]
[TR]
[TD]5[/TD]
[TD]SINGAPORE AIRLINES LTD[/TD]
[TD]5790[/TD]
[TD]SIA SP[/TD]
[/TR]
[TR]
[TD]6[/TD]
[TD]SINGAPORE TECH ENGINEERING[/TD]
[TD]4430[/TD]
[TD]STE SP[/TD]
[/TR]
[TR]
[TD]7[/TD]
[TD]CAPITALAND LTD[/TD]
[TD]4410[/TD]
[TD]CAPL SP[/TD]
[/TR]
[TR]
[TD]8[/TD]
[TD]SEMBCORP INDUSTRIES LTD[/TD]
[TD]4090[/TD]
[TD]SCI SP[/TD]
[/TR]
[TR]
[TD]9[/TD]
[TD]KEPPEL CORP LTD[/TD]
[TD]3540[/TD]
[TD]KEP SP[/TD]
[/TR]
[TR]
[TD]10[/TD]
[TD]SHIN CORP PCL[/TD]
[TD]2980[/TD]
[TD]INTUCH TB[/TD]
[/TR]
[TR]
[TD]11[/TD]
[TD]IND & COMM BK OF CHINA-H[/TD]
[TD]2620[/TD]
[TD]1398 HK[/TD]
[/TR]
[TR]
[TD]12[/TD]
[TD]SP AUSNET[/TD]
[TD]1800[/TD]
[TD]SPN AU[/TD]
[/TR]
[TR]
[TD]13[/TD]
[TD]NEPTUNE ORIENT LINES LTD[/TD]
[TD]1630[/TD]
[TD]NOL SP[/TD]
[/TR]
[TR]
[TD]14[/TD]
[TD]BANK OF CHINA LTD-H[/TD]
[TD]1170[/TD]
[TD]3988 HK[/TD]
[/TR]
[TR]
[TD]15[/TD]
[TD]MOSAIC CO/THE[/TD]
[TD]1160[/TD]
[TD]MOS US[/TD]
[/TR]
[TR]
[TD]16[/TD]
[TD]SMRT CORP LTD[/TD]
[TD]1120[/TD]
[TD]MRT SP[/TD]
[/TR]
[TR]
[TD]17[/TD]
[TD]SATS LTD[/TD]
[TD]1040[/TD]
[TD]SATS SP[/TD]
[/TR]
[TR]
[TD]18[/TD]
[TD]MAPLETREE LOGISTICS TRUST[/TD]
[TD]918[/TD]
[TD]MLT SP[/TD]
[/TR]
[TR]
[TD]19[/TD]
[TD]HUTCHISON PORT HOLDINGS TR-U[/TD]
[TD]766[/TD]
[TD]HPHT SP[/TD]
[/TR]
[TR]
[TD]20[/TD]
[TD]MAPLETREE COMMERCIAL TRUST[/TD]
[TD]742[/TD]
[TD]MCT SP[/TD]
[/TR]
[TR]
[TD]21[/TD]
[TD]OLAM INTERNATIONAL LTD[/TD]
[TD]663[/TD]
[TD]OLAM SP[/TD]
[/TR]
[TR]
[TD]22[/TD]
[TD]MAPLETREE INDUSTRIAL TRUST[/TD]
[TD]556[/TD]
[TD]MINT SP[/TD]
[/TR]
[TR]
[TD]23[/TD]
[TD]STATS CHIPPAC LTD[/TD]
[TD]535[/TD]
[TD]STAT SP[/TD]
[/TR]
[TR]
[TD]24[/TD]
[TD]MEG ENERGY CORP[/TD]
[TD]461[/TD]
[TD]MEG CN[/TD]
[/TR]
[TR]
[TD]25[/TD]
[TD]INMET MINING CORPORATION[/TD]
[TD]394[/TD]
[TD]IMN CN[/TD]
[/TR]
[TR]
[TD]26[/TD]
[TD]CHENIERE ENERGY INC[/TD]
[TD]258[/TD]
[TD]LNG US[/TD]
[/TR]
[TR]
[TD]27[/TD]
[TD]NEW CHINA LIFE INSURANCE C-H[/TD]
[TD]229[/TD]
[TD]1336 HK[/TD]
[/TR]
[TR]
[TD]28[/TD]
[TD]SHANGHAI PHARMACEUTICALS-H[/TD]
[TD]219[/TD]
[TD]2607 HK[/TD]
[/TR]
[TR]
[TD]29[/TD]
[TD]TIGER AIRWAYS HOLDINGS LTD[/TD]
[TD]204[/TD]
[TD]TGR SP[/TD]
[/TR]
[TR]
[TD]30[/TD]
[TD]CITYSPRING INFRASTRUCTURE TR[/TD]
[TD]201[/TD]
[TD]CITY SP[/TD]
[/TR]
[TR]
[TD]31[/TD]
[TD]CITIC SECURITIES CO LTD-H[/TD]
[TD]156[/TD]
[TD]6030 HK[/TD]
[/TR]
[TR]
[TD]32[/TD]
[TD]SHANGRI-LA HOTELS (MAL) BHD[/TD]
[TD]140[/TD]
[TD]SHMB MK[/TD]
[/TR]
[TR]
[TD]33[/TD]
[TD]CITIC RESOURCES HOLDINGS LTD[/TD]
[TD]126[/TD]
[TD]1205 HK[/TD]
[/TR]
[TR]
[TD]34[/TD]
[TD]BLACKROCK INC[/TD]
[TD]114[/TD]
[TD]BLK US[/TD]
[/TR]
[TR]
[TD]35[/TD]
[TD]COSCO CORP SINGAPORE LTD[/TD]
[TD]91[/TD]
[TD]COS SP[/TD]
[/TR]
[TR]
[TD]36[/TD]
[TD]BAIDU INC – SPON ADR[/TD]
[TD]78[/TD]
[TD]BIDU US[/TD]
[/TR]
[TR]
[TD]37[/TD]
[TD]PETROLEO BRASILEIRO-SPON ADR[/TD]
[TD]75[/TD]
[TD]PBR/A US[/TD]
[/TR]
[TR]
[TD]38[/TD]
[TD]LAI FUNG HOLDINGS LTD[/TD]
[TD]58[/TD]
[TD]1125 HK[/TD]
[/TR]
[TR]
[TD]39[/TD]
[TD]TURQUOISE HILL RESOURCES LTD[/TD]
[TD]50[/TD]
[TD]TRQ CN[/TD]
[/TR]
[TR]
[TD]40[/TD]
[TD]SAM ENGINEERING & EQUIPMENT[/TD]
[TD]48[/TD]
[TD]SEQB MK[/TD]
[/TR]
[TR]
[TD]41[/TD]
[TD]ASIAN CITRUS HOLDINGS LTD[/TD]
[TD]32[/TD]
[TD]ACHL LN[/TD]
[/TR]
[TR]
[TD]42[/TD]
[TD]ISHARES S&P 500 INDEX FUND[/TD]
[TD]27[/TD]
[TD]IVV US[/TD]
[/TR]
[TR]
[TD]43[/TD]
[TD]SPDR S&P 500 ETF TRUST[/TD]
[TD]26[/TD]
[TD]SPY US[/TD]
[/TR]
[TR]
[TD]44[/TD]
[TD]CLEAN ENERGY FUELS CORP[/TD]
[TD]23[/TD]
[TD]CLNE US[/TD]
[/TR]
[TR]
[TD]45[/TD]
[TD]HUANENG RENEWABLES CORP-H[/TD]
[TD]20[/TD]
[TD]958 HK[/TD]
[/TR]
[TR]
[TD]46[/TD]
[TD]AMYRIS INC[/TD]
[TD]19[/TD]
[TD]AMRS US[/TD]
[/TR]
[TR]
[TD]47[/TD]
[TD]SEMBCORP MARINE LTD[/TD]
[TD]18[/TD]
[TD]SMM SP[/TD]
[/TR]
[TR]
[TD]48[/TD]
[TD]MELCO CROWN ENTERTAINME-ADR[/TD]
[TD]17[/TD]
[TD]MPEL US[/TD]
[/TR]
[TR]
[TD]49[/TD]
[TD]PEABODY ENERGY CORP[/TD]
[TD]16[/TD]
[TD]BTU US[/TD]
[/TR]
[TR]
[TD]50[/TD]
[TD]CAPITACOMMERCIAL TRUST[/TD]
[TD]16[/TD]
[TD]CCT SP[/TD]
[/TR]
[TR]
[TD]51[/TD]
[TD]SEADRILL LTD[/TD]
[TD]15[/TD]
[TD]SDRL NO[/TD]
[/TR]
[TR]
[TD]53[/TD]
[TD]ISOFTSTONE HOLDINGS LTD-ADS[/TD]
[TD]8[/TD]
[TD]ISS US[/TD]
[/TR]
[TR]
[TD]52[/TD]
[TD]MINDRAY MEDICAL INTL LTD-ADR[/TD]
[TD]8[/TD]
[TD]MR US[/TD]
[/TR]
[TR]
[TD]55[/TD]
[TD]ABERCROMBIE & FITCH CO-CL A[/TD]
[TD]6[/TD]
[TD]ANF US[/TD]
[/TR]
[TR]
[TD]54[/TD]
[TD]SHOUGANG CONCORD TECH HLD[/TD]
[TD]6[/TD]
[TD]521 HK[/TD]
[/TR]
[TR]
[TD]56[/TD]
[TD]CEI CONTRACT MANUFACTURING[/TD]
[TD]5[/TD]
[TD]CEI SP[/TD]
[/TR]
[TR]
[TD]57[/TD]
[TD]AMERICAN INTERNATIONAL GROU[/TD]
[TD]4[/TD]
[TD]AIG US[/TD]
[/TR]
[TR]
[TD]58[/TD]
[TD]MONSANTO CO[/TD]
[TD]4[/TD]
[TD]MON US[/TD]
[/TR]
[TR]
[TD]59[/TD]
[TD]SUNNINGDALE TECH LTD[/TD]
[TD]4[/TD]
[TD]SUNN SP[/TD]
[/TR]
[TR]
[TD]60[/TD]
[TD]SICHUAN MEIFENG CHEM INDUS-A[/TD]
[TD]3[/TD]
[TD]000731 CH[/TD]
[/TR]
[TR]
[TD]61[/TD]
[TD]KOSMOS ENERGY LTD[/TD]
[TD]2[/TD]
[TD]KOS US[/TD]
[/TR]
[TR]
[TD]63[/TD]
[TD]DYNA-MAC HOLDINGS LTD[/TD]
[TD]2[/TD]
[TD]DMHL SP[/TD]
[/TR]
[TR]
[TD]62[/TD]
[TD]POTASH CORP OF SASKATCHEWAN[/TD]
[TD]1[/TD]
[TD]POT CN[/TD]
[/TR]
[TR]
[TD]64[/TD]
[TD]SINGAPORE POST LTD[/TD]
[TD]0.58[/TD]
[TD]SPOST SP[/TD]
[/TR]
[TR]
[TD]65[/TD]
[TD]NQ MOBILE INC – ADR[/TD]
[TD]0.27[/TD]
[TD]NQ US[/TD]
[/TR]
[TR]
[TD]66[/TD]
[TD]M DREAM INWORLD LTD[/TD]
[TD]0.06[/TD]
[TD]8100 HK[/TD]
[/TR]
[TR]
[TD].[/TD]
[TD]TOTAL MARKET VALUE[/TD]
[TD]97824.91[/TD]
[/TR]
[/TABLE]

​

​

​

Phillip Ang
*The writer blogs at https://likedatosocanmeh.wordpress.com/

 

[borom]

This is one reason why we MUST have a strong opposition in Parliament ,not let ANY party hold more than 2/3 of the seats and not allow a PM to serve more than 2 terms.

Silliporeans are now paying the price -the CPF minimum sum being one of the painful ones-interlinked with the high cost of public housing.

 

[krafty]

mixed thoughts on temasek, they are moderately high risk investment firm and they pay high coupon. on the other hand they may pay high and not let you take out your principle. also, when they pay high yield also mean that they borrow expensively(in this case, i think they dun need as they have our cpf fund to dig in readily). lehman bros is junk bond, pay low coupon and went bust...so in the end, s&p is merely a rating agency that need overhaul of their criteria for rating. 2 cents worth, let me know if you think otherwise.