Did SIA/ Temasek Holdings mislead investors by using fake accounting methods?

 Is Temasek Holdings behind the SIA 'conspiracy' to mislead creditors and investors, by deceptively inflating the BVPS (EPS) by 44%?

Temasek is significant majority shareholder of SIA stocks. Temasek also didn't say anything when SIA board misappropriated in it BVPS accounting, the almost $3.5B of MCB funding (treating it as basically a free cash with no strings attached), just so they could deceptively and misleadingly inflate the SIA share price through misleadingly inflated BVPS calculations?

$3.5B worth of Mandatory Convertible Bonds (MCB) were issued in 5th June 2020, as part of SIA $8.8B fundraising exercise (rights shares contributed other $5.3B). https://financialhorse.com/sias-rights-i...nvestment/

Temasek, as majority shareholder, appoints the board which then employs the management to run the company and report accounts.

SIA however, has a very perverse way of inflating it's Book value per share (BVPS) (aka equity per share (EPS)/ nett asset value (NAV)) by 44%, by rather misleading and deceptive accounting methods.

Whilst SIA has correctly taken the conservative and self benificial default stance of treatment of MCB as equity (since in the event that the company is unable to pay the lump-sum compounded interest at designated redemption points within 10years, the default outcome is for almost $2.68 (par value at inception) worth of MCB to convert to 1 SIA ordinary share) without further financial liability; it remains misleading and dishonest for SIA to omit the default eventuality of MCB being converted to shares, given that the accounts were presented upon this premise right from the start. To suddenly, midway omit/ contradict this premise is a dishonest sleight of hand by all accounts.

Since SIA has chosen to present it's accounts in the self beneficial, default premise of MCB being treated as equity (i.e
not debt) and ultimately repaid in shares (to allow the $3.5B to be accounted for as an asset (equity) and not a liability (debt), then consistent with this accounting treatment of MCB that SIA benifits from, SIA needs to divide the total SIA equity of $15,251.5B (at 30.6.2020) by the total number of 2.963B ordinary SIA shares, plus the 1.305B MCB conversion shares (total 4.267B shares), in so far that SIA has not successfully yet earmarked an equivalent repayment fund of sufficient value, for the purposes of MCB+interest redemption at the material time point.

This is as dishonest as it is an inconsistent way of cherry picking values and creating false figures, similar to how Hyflux creatively inflated it's asset values to deceive both creditors and investors into believing it's inflated equity values.

I hope that SIA doesn't resort to such dishonest accounting methods and that this inflated BVPS, which by default ought to be $3.574/share, until and unless SIA has set aside funds in excess of $3.5B + interest, for the redemption of MCB to give creditors and investors an honest picture of the finances of SIA and not be deceived into a false sense of security due to creative (dishonest/disingenuous) accounting methods of the SIA board.

And Temasek Holdings shouldn't resort/ allow to this kind of lowly/ cheap ruse to obtain cheap loans or worse liquidate shares at an elevated price point, vz false/ misleading accounts used if that was indeed the intention behind the irresponsible and misleading accounting treatment of MCB funds.

ST Forum: Decouple private healthcare from MediShield Life

 ST Forum: Decouple private healthcare from MediShield Life

Healthcare workers attending to a patient arriving at Ng Teng Fong General Hospital on Apr 21, 2020.

Healthcare workers attending to a patient arriving at Ng Teng Fong General Hospital on Apr 21, 2020.ST PHOTO: KEVIN LIM
PUBLISHED OCT 17, 2020, 5:00 AM SGT
In the ongoing conversation about the proposed MediShield Life revamp and expected increase in premiums, thus far the argument justifying the hefty increases has either been the rise in claim limits or ever ballooning healthcare costs.
Today, the structure of the system has resulted in higher premiums for people seeking treatment in public hospitals because claims for private hospitalisation have increased significantly.
Why does an increase in private hospitalisation claims translate to higher premiums for people who go the public hospital route? Does it not sound unfair?
Perhaps it is time to redesign the scheme to more equitably reflect a fairer burden on those who go for public hospitalisation only.
Maybe private hospitalisation insurance should be separated from MediShield Life.
Also, if costs keep going up, economic logic then suggests that either demand be reduced or supply increased.
If there is too high a demand, then the Ministry of Health (MOH) should be looking into the reasons for it and if they can be addressed.
For instance, if private hospital costs have gone up because of higher demand from an ageing population, then maybe there is a real demand for more private hospitals.
Simply relying on the old argument that premiums have to go up due to inevitable cost increases is not enough.
Besides, it was reported that MOH will review claim limits more regularly, around every three years instead of the current five years (MediShield Life coverage set to widen next year, Sept 30), so does that mean a premium increase every three years?
The Government needs to think out of the box.
Chang Wei Meng
https://www.straitstimes.com/opinion/for...hield-life

>90% SIA shareholders who didn't subscribe to MCB have lost a great deal.

>90% SIA shareholders who didn't subscribe to MCB have lost a great deal.

Correct price of SIA MCB now should be 10% less than equivalent SIA share price (conversion factor of 2.68 bonds to 1 SIA share) and vice versa.

That is why, based on the 6% compound interest and $4.84 conversion price (may be even lower with anti-dilution clause), the effective price of an SIA share in 10 years time, from the MCB pathway is $2.68 now.

Singaporeans are as addicted to SIA shares as they are to bubble tea.

Singaporeans are as addicted to SIA shares as they are to bubble tea.

Discarded(hwz) said:https://forums.hardwarezone.com.sg/stock...t127565537

LOL. American airlines were up 40% and the rest about 10%. Was expecting SIA to pop today but its down.

I really don't understand the market.

Singaporeans are as addicted to SIA shares as they are to bubble tea.

Hi Discarded,

America is a lawless place and some crazy people do what they want.

Nparks officers should avoid behaving like lawless vigilantes when imposing covid-19 rules and regulations .

Nparks officers should avoid behaving like lawless vigilantes when imposing covid-19 rules and regulations .

https://www.gov.sg/article/what-you-can-and-cannot-do-during-the-circuit-breaker-period

Those who advocate closure of parks, banning of exercise are shortsighted people, who have missed the forest for the trees.

Those who advocate closure of parks, banning of exercise are shortsighted people, who have missed the forest for the trees.

All medical evidence shows that those with sedentary lifestyle (and smoking) related chronic medical conditions like diabetes, hypertension, obesity, high cholesterol, heart and kidney problems, stroke/ dementia, cancer, are at the highest risk of severe complications/ mortality from COVID-19 infections which would use up precious ICU / ventilator beds.

GRC is an INSIDIOUS system of elections which has done Singapore irreversible harm.

GRC is an INSIDIOUS system of elections which has done Singapore irreversible harm.

It has short changed (betrayed) its minority race parliamentary representation by almost 25%

It has allowed top politicians to decrease their accountability to citizens by 85%.

(Must be the diabolical creation of an evil maths genius in Singapore for his own tyrannical rule.)

Calculations as follows:
By law, each Group Representation Constituency (GRC) needs only one notional minority MP to contest general elections. In GE2020, there will now be 17 GRC and 14 SMC making a total of 93 MP seats in parliament (which are not NCMP or NMP seats) . https://www.straitstimes.com/multimedia/...html?shell

PAP Cabinet created GRC system to AVOID ACCOUNTABILITY to the citizens of Singapore?

PAP Cabinet created GRC system to AVOID ACCOUNTABILITY to the citizens of Singapore?

And we once thought that GRC was created to improve minority representation, this is furthest from the truth, since before GRC was implemented in 1988, NCMP was implemented in 1984 for the express purpose of 'ensuring opposition representation', so why wasn't NCMP system also implemented for minority racial representation?

Must be an evil maths genius inside PAP who created all this excesses , so that the PM and his cabinet could achieve almost totalitarian rule over Singapore.

Early elections is a betrayal of the trust of Singaporeans, very xia suay (low class, shameless)

Early elections is a betrayal of the trust of Singaporeans, very xia suay (low class, shameless)

It's like eating roadside Street hawker finger food where patrons must pay up before food preparation and collection.

Michelin restaurant is pay only if u are happy with the food and service delivered. Chef/ manager will immediately attend if u have complaint regarding the service or food.

Immoral NTUC is by no small measure, responsible for the panic buying of food.

Immoral NTUC is by no small measure, responsible for the panic buying of food.

Selfish and irresponsible wastage of food by NTUC one cause of COVID-19 panic buying amongst Singaporeans.

pict source: https://www.thestar.com.my/lifestyle/li ... s-the-head

Singapore : ERP rates are currently underpriced by 67%.

Singapore : ERP rates are currently underpriced by 67%.

 https://en.m.wikipedia.org/wiki/Electronic_Road_Pricing

PAP government neglegently omitted to consider that roads are a big cause of flooding because they are designed to quickly drain off surface water. This builds up into floods at low lying areas.

[Singapore]: Should internet (online) voting be allowed?

[Singapore]: Should internet (online) voting be allowed?

Probably, PAP will roll out internet voting vz Singpass or so for citizens based abroad or Singaporeans on quranteen /stay home notice (SHN) who are not allowed to leave home except for serious emergency (go to A&E for medical treatment etc) to cast their vote during general elections.

Sign to habituate people to IGNORE red lights is a very stupid LTA mistake.

Sign to habituate people to IGNORE red lights is a very stupid LTA mistake.

Left turn on red is very ridiculous and dangerous to pedestrian and cyclist pathway users.

How can motorist and cars be encouraged to shoot a red light? Who is the crazy person at LTA who mooted this idea? This person should indeed be sacked/fired or be sentenced to walking or cycling to work for the next 10 years.

The consequence of insufficient cycling paths in Singapore is that diabetes rates will be out of control with serious repercussions on economy,...

The consequence of insufficient cycling paths in Singapore is that diabetes rates will be out of control with serious repercussions on economy, transportation, quality of life in Singapore.

Diabetes rates are already very high in Singapore:
Singapore 'has 2nd-highest proportion of diabetics'
https://www.straitstimes.com/singapore/health/singapore-has-2nd-highest-proportion-of-diabetics

COE quota should remain stable, but ERP rates should increase 3 fold.

Geylang Prawn Seller(HWZ) said:https://forums.hardwarezone.com.sg/eat-d...t125274091
================


actually he got a point

coe is too expensive. erp and petrol is too cheap

tax the usage of cars on congested roads. why tax the car itself when some people use their cars more than other people

Re: "nonsense it's the number of COEs just halve it"

lazysundae(HWZ)  wrote:https://forums.hardwarezone.com.sg/eat- ... t125270782
====================

nonsense it's the number of COEs just halve it

Sent from YNWA at Anfield using GAGT

Re: "the bicycles would slow the buses down to cycling speed"

maipenrai (sgtalk)  wrote:My opinion is bicycles and buses don't mix. If the cyclists do not get run down by the buses, the bicycles would slow the buses down to cycling speed. I have witnessed this to be true even on weekends when the traffics are light.

Re: not only that, GST must be 20% to help the poor m

fatboi666(hwz)  wrote:https://forums.hardwarezone.com.sg/eat- ... t125269004

not only that, GST must be 20% to help the poor ma

LoveHurtsDeeply(HWZ)  wrote:yes, do that please... when logistic cost increase... expect your daily bread and butter commodities to go in relative as well... more people ditch cars better... lesser revenue for the govt, seek alternatives for tax to recoup...

ERP rates must double to achieve happiness, prosperity and progress for Singapore.

ERP rates must double to achieve happiness, prosperity and progress for Singapore.

(And parking rates too).

[Labour Justice] All foreigners should bid for standard work permit, COE style.

[Labour Justice] All foreigners should bid for standard work permit, COE style.

Only category available= 1 year work pass option, paid lump sum in advance before COE is issued.

For unused portion, will be refunded like 75% unused, refund 60%. 50% unused refund 40%, 25% unused refund 20%.

Daily work pass for visiting workers celebrity chef, licensed professionals requiring shorter employment periods or prior to successful bidding of annual COE employment pass will pay a daily rate double that of the PQP (last 3 months annual COE bidding result)

Glass Ceiling Salary level for Singaporean PMET workers may be as low as $1720/month ($2,208.33/monthly if company is honest).

Glass Ceiling Salary level for Singaporean PMET workers may be as low as $1720/month ($2,208.33/monthly if company is honest).

From this point onwards, there is zero financial incentive to hire Singaporean from a corporate balance sheet perspective. This glass ceiling threshold point, whereby any citizenship benifit of being Singaporean vanishes for the Singaporean employee.

COVID-19 outbreak all just storm in a teacup? Perhaps, possibly, maybe?

COVID-19 outbreak all just storm in a teacup? Perhaps, possibly, maybe?

[Parody]: What’s the point behind the question? (CCS face masks version).

[Parody]: What’s the point behind the question? (CCS face masks version).


Parliamentary exchange 2: Pritam and Chan Chun Sing
Later on, after other MPs had asked questions, Pritam rose again to speak.

“Sir, my original parliamentary question really if more face masks reduce Wuhan virus transmission. Minister Lawrence WONG and K Shanmugam says that healthy people shouldn't wear face asks.

[Eco disaster] Australians will become the first climate refugees soon.

[Eco disaster] Australians will become the first climate refugees soon.

Many Singaporeans who migrated to Aust will be returning home too.

Today, much of Australia is on fire due to record beaking ground temperatures. https://www.bbc.com/news/world-australia-50980386

This ecological disaster is the result of greedy people who pumped out (and squandered) excessive ground water until the water table is beyond reach of forests at all.

PAP's Singapore economic blueprint in a nutshell.

PAP's Singapore economic blueprint in a nutshell.
Basically copy wholesale from the British colonial period economic model, now slightly modified into modern theme park run by mafia/ junta/ despots/ tyrants model.

They say free trade, but everything and anything else they will charge exorbitant fees and penalties.