一只鸡到巴刹买肉,为什么他只买猪肉而不买其他的蔬果、肉类呢？
因为鸡只会说:"pork...pork... pork...pork...porke"
Monday, November 30, 2009
Saturday, November 28, 2009
Meal for Birthday
Wifey father is crazy for oysters,so both wifey and me decided to give him a surprise during his birthday. Instead of going for the hotels' seafood buffet which will cost us not less than $60 pax, we actually save the budget and have a special mean at home last evening. A combination of roasted chicken, foie gras (actually is duck liver, cheaper), with 1 and 1/2 dozen of fresh oysters.
We got the rock oysters from Culina @ Dempsey, it's extremely fresh and you can even taste the salty sea flavour, serve best with bit of lemon juice and tabasco, it's shiookk... $3.5 each.
This is the leftover shelf, I was busying shuck the oyster and forgot to take the picture
After happily buying the oysters, we realised we still short of the knife for shuck the oysters, and these are our tools...
Tabasco should heal my cough faster >_<
Pan fried foiegras served with sesame baguette from wifey exam's final product and with few lemon zest as topping. It's not as crispy as we imagined, still exploring the way to cook foie gras. We only cook 3 pieces as it just too oily and fatty. Package frozen duck liver in 6 pieces (325gm) @ $45.50
Roasting chicken in frenchzzzzzz style, when mentioning french style means BUTTER... lot lot of butter... It's a simple marination yet it taste heavenly! We marinated the chicken with garlic, butter, salt, pepper for 3 days, remember stuff the butter between the skin and meat, this will make the skin much more crispy after roasting.
This is my first time using the rotating function on my 小黑
Roast it for 45 mins in about 175'c and let it cool down for 10 mins, apply the sauce over the chicken, then continue to roast it for about 15 mins with 200'c.
For the sauce, heat up the sauce pan in medium fire, put in about 1/3 cup of soy sauce, after fragrant is out, pour in 1/3 cup of water, let it reduce to half then whisk in the butter, yes butter again. You can left some of the sauce to sprinkle over the chicken before serving. For the best taste and enjoyment, use your hand instead of fork, knife...
Final Product
We got the rock oysters from Culina @ Dempsey, it's extremely fresh and you can even taste the salty sea flavour, serve best with bit of lemon juice and tabasco, it's shiookk... $3.5 each.
After happily buying the oysters, we realised we still short of the knife for shuck the oysters, and these are our tools...
Pan fried foiegras served with sesame baguette from wifey exam's final product and with few lemon zest as topping. It's not as crispy as we imagined, still exploring the way to cook foie gras. We only cook 3 pieces as it just too oily and fatty. Package frozen duck liver in 6 pieces (325gm) @ $45.50
Roasting chicken in frenchzzzzzz style, when mentioning french style means BUTTER... lot lot of butter... It's a simple marination yet it taste heavenly! We marinated the chicken with garlic, butter, salt, pepper for 3 days, remember stuff the butter between the skin and meat, this will make the skin much more crispy after roasting.
Roast it for 45 mins in about 175'c and let it cool down for 10 mins, apply the sauce over the chicken, then continue to roast it for about 15 mins with 200'c.
For the sauce, heat up the sauce pan in medium fire, put in about 1/3 cup of soy sauce, after fragrant is out, pour in 1/3 cup of water, let it reduce to half then whisk in the butter, yes butter again. You can left some of the sauce to sprinkle over the chicken before serving. For the best taste and enjoyment, use your hand instead of fork, knife...
Friday, November 27, 2009
Hamster
This little tiny thing was adoptd few months back from wifey uncle home, her (maybe "his", we still not able to figure its gender) temper is pretty hot and we still dont dare to hold it by hand coz she bites, i still remember she was thrown to to the air (by my self-defence respond) when it bited my finger and not willing to release it, it was really OOoouuucchhh!!! Since then, I dont dare to touch that little thing again... It's wifey's property, which mean she needs to take care of this tiny thing's everything since i still not get used to take care of animal...
Thursday, November 19, 2009
How To Eat a Chicken Wing
I used to put the whole chicken wing inside my mouth and let my tongue and teeth do the jobs before spitting the clean bones out from my mouth. What's your way of eating a yummy chicken wing? Here is another solution for you to finish a chicken wing neat and clean. Errrmmm... I'm atually still prefer my way of eating, it taste better to me... =)
SPH - CIMB
One for the future
More light on Clementi bid
Maintain Neutral and S$4.38 target price; further underperformance could provide buying opportunity. We earlier believed that SPH’s bid price of S$2,797psf for a Clementi mall site represented a hefty premium over comparable malls. Since then, SPH’s share price has weakened. The large premium it put in over the secondhighest bid (42% premium) meant that SPH was unlikely to lose the tender. Thus, it was not much of a surprise when SPH announced that it has won the tender. Given its recent share-price underperformance, we believe further downside is limited. In an analysts’ briefing yesterday, SPH took great pains to explain the rationale for its bid, conveying its optimism on the Singapore property market and making it clear that it intends to own attractive infrastructure to ride on Singapore’s population growth and/or undertake future residential development projects. No change to our earnings estimates for now as contributions from the mall are expected only further out. Our sum-of-the-parts target price remains S$4.38.
The details. SPH teamed up with NTUC for a joint bid for a Clementi mall site. SPH will own 60% of the venture, NTUC 40%. The bid price of S$542m is for a site with 269,100sf of retail/commercial GFA and NLA of 193,750sf. Part of the difference is accounted by the space occupied by a library (21,250sf) paying concessionary rents. The Housing Development Board will build the core structure and facade, and hand it over to the SPH consortium in Aug 2010. SPH estimates fit-out costs at less than S$40m and expects the mall to start contribution in the first half of 2011. Adjusting for lower fit-out costs, the total consideration could be S$3,003 psf. The pricing still looks steep when compared with Ion Orchard (S$3,800 psf), Bishan Junction 8 (S$2,306 psf), Serangoon Nex (S$2,167 psf), Northpoint (S$2,129 psf) and Causeway Point (S$1,706 psf). Assuming gross rents of S$15psf, net property yield is only 4.8%. In contrast, mainstream landlords were bidding at closer to 6% yields.
SPH explained the bid differential. SPH gave three reasons for its aggressive bid. First, it had wrong intelligence that there was going to be an aggressive bid from a private equity firm. Second, its bid was based on expected rental rates in the future. SPH pointed to the neighbouring mall, CityVibe, where rents topping S$18psf had been achieved. Last but not least, SPH alluded to its ability to secure cheap financing, which can help push up the mall’s overall returns. No details on optimal gearing or cost of debt have been disclosed yet.
How good can it be? The wild card in this whole deal is really financing rates. Assuming SPH does achieve S$18psf rents and full occupancy in 2011, net property yields (un-geared) can rise up to 5.75%. If financing rates are low, effective property returns would look even better. Earlier in the year, REITs were refinancing at spreads of 200-300bp above cost of funds. By August, A-REIT had secured its refinancing at spreads of below 150bp. One could imagine banks pricing spreads for a retail asset with stable cash flow at below 150bp. The 5-year SGS is now about 1.36%. Taken together, the all-in cost of debt could end up at 2.5%-3.0%. Assuming the SPH consortium takes 60% debt for the project and borrows at 3%, the effective rate of returns (on a geared basis) goes up to 9.9%.
The quest for stable yields for ‘excess capital’. SPH’s declared dividends in FY09 amounted to about S$420m. FY10 dividends do not appear to be under threat from this property foray since there will be a similar amount of proceeds coming from Sky@Eleven in FY10. As at end-FY09, SPH had about S$993m worth of investible assets comprising S$299m cash, S$245m long-term investments (bonds) and S$449m short-term investments (equities, including stakes in Starhub and M1). SPH’s 60% share of the Clementi mall implies a share of project costs at about S$350m. Assuming the consortium does borrow up to 60% LTV, SPH would need to set aside S$140m for its equity portion, equivalent to half its idle cash hoard. Cash does not earn much these days, so the move to mobilise cash into retail malls can be viewed positively. We asked management if its dwindling cash hoard would imply an end to SPH’s property investments for now. Management’s answer: its potential property investments are not limited by current cash levels, but are assessed on each project’s expected returns vs. other investments within its S$1bn pool of investible assets. This is all done to provide adequate returns for its excess capital, outside its core media operations. We retain our view that the bid price was not low, but for a company in SPH’s position and given the current environment of population growth and low interest rates, one can understand the move.
More light on Clementi bid
Maintain Neutral and S$4.38 target price; further underperformance could provide buying opportunity. We earlier believed that SPH’s bid price of S$2,797psf for a Clementi mall site represented a hefty premium over comparable malls. Since then, SPH’s share price has weakened. The large premium it put in over the secondhighest bid (42% premium) meant that SPH was unlikely to lose the tender. Thus, it was not much of a surprise when SPH announced that it has won the tender. Given its recent share-price underperformance, we believe further downside is limited. In an analysts’ briefing yesterday, SPH took great pains to explain the rationale for its bid, conveying its optimism on the Singapore property market and making it clear that it intends to own attractive infrastructure to ride on Singapore’s population growth and/or undertake future residential development projects. No change to our earnings estimates for now as contributions from the mall are expected only further out. Our sum-of-the-parts target price remains S$4.38.
The details. SPH teamed up with NTUC for a joint bid for a Clementi mall site. SPH will own 60% of the venture, NTUC 40%. The bid price of S$542m is for a site with 269,100sf of retail/commercial GFA and NLA of 193,750sf. Part of the difference is accounted by the space occupied by a library (21,250sf) paying concessionary rents. The Housing Development Board will build the core structure and facade, and hand it over to the SPH consortium in Aug 2010. SPH estimates fit-out costs at less than S$40m and expects the mall to start contribution in the first half of 2011. Adjusting for lower fit-out costs, the total consideration could be S$3,003 psf. The pricing still looks steep when compared with Ion Orchard (S$3,800 psf), Bishan Junction 8 (S$2,306 psf), Serangoon Nex (S$2,167 psf), Northpoint (S$2,129 psf) and Causeway Point (S$1,706 psf). Assuming gross rents of S$15psf, net property yield is only 4.8%. In contrast, mainstream landlords were bidding at closer to 6% yields.
SPH explained the bid differential. SPH gave three reasons for its aggressive bid. First, it had wrong intelligence that there was going to be an aggressive bid from a private equity firm. Second, its bid was based on expected rental rates in the future. SPH pointed to the neighbouring mall, CityVibe, where rents topping S$18psf had been achieved. Last but not least, SPH alluded to its ability to secure cheap financing, which can help push up the mall’s overall returns. No details on optimal gearing or cost of debt have been disclosed yet.
How good can it be? The wild card in this whole deal is really financing rates. Assuming SPH does achieve S$18psf rents and full occupancy in 2011, net property yields (un-geared) can rise up to 5.75%. If financing rates are low, effective property returns would look even better. Earlier in the year, REITs were refinancing at spreads of 200-300bp above cost of funds. By August, A-REIT had secured its refinancing at spreads of below 150bp. One could imagine banks pricing spreads for a retail asset with stable cash flow at below 150bp. The 5-year SGS is now about 1.36%. Taken together, the all-in cost of debt could end up at 2.5%-3.0%. Assuming the SPH consortium takes 60% debt for the project and borrows at 3%, the effective rate of returns (on a geared basis) goes up to 9.9%.
The quest for stable yields for ‘excess capital’. SPH’s declared dividends in FY09 amounted to about S$420m. FY10 dividends do not appear to be under threat from this property foray since there will be a similar amount of proceeds coming from Sky@Eleven in FY10. As at end-FY09, SPH had about S$993m worth of investible assets comprising S$299m cash, S$245m long-term investments (bonds) and S$449m short-term investments (equities, including stakes in Starhub and M1). SPH’s 60% share of the Clementi mall implies a share of project costs at about S$350m. Assuming the consortium does borrow up to 60% LTV, SPH would need to set aside S$140m for its equity portion, equivalent to half its idle cash hoard. Cash does not earn much these days, so the move to mobilise cash into retail malls can be viewed positively. We asked management if its dwindling cash hoard would imply an end to SPH’s property investments for now. Management’s answer: its potential property investments are not limited by current cash levels, but are assessed on each project’s expected returns vs. other investments within its S$1bn pool of investible assets. This is all done to provide adequate returns for its excess capital, outside its core media operations. We retain our view that the bid price was not low, but for a company in SPH’s position and given the current environment of population growth and low interest rates, one can understand the move.
Friday, November 13, 2009
Clementi Mall
HDB announced the bidding results of the Clementi Mall on Tuesday. The good news is a JV of SPH (60%), NTUC fairprice (20%) & NTUC Income (20%) is the winner of this project. The bad news is the bid price is closed to 42% higher than the second highest bidder.
Apparently, the bad news has lead the selling pressure on the SPH from Monday closed price $3.89 till current trading range at about $3.71 - $3.73. I think the investor could be over react on the project, specifically the excessive high bid price. By looking at the longer term perspective, the potential of the mall will definitely bring in the the much bigger benefit to the company. According to Knight Farnk, to archieve a net property yield at about 5.5% - 6%, average gross monthly rental of about $18 psf wold be required, while the current best suburban malls is about $15-16psf. I believe it won't be so difficult to archieve the targeted rental if the momentum of the economic is picking gradually until the completion of the mall.
I was complaining about the crowd and inconvenient of Clementi without a decent shopping mall during my NUS time. Hostel students flooded into Clementi town to get their grocery and foods. The demand of a shipping mall is definitely strong and firm.
Clementi mall will be located at the current temporary bus interchange which comprises two basement levels and five storeys above ground. An air-conditioned bus interchange will be on the first level and the third level will be connected to Clementi MRT Station. Fairprice will also operate a supermarket within. The easy accessible to the mall will definitely draw the crowd from others town nearby.
Generally, I'm quite optimistic on SPH with this new project. The company's effort in diversification of the business will definitely beneficial in longer term. besde it's core business in publication & media, the property investment on Paragon is sucessful, its BUZZ pod retail business and investor/financial onine portal seems also expanding at a faster pace now. The return in short-long term investment in M1 and Starhub will be stable too. It's appropriate to increase its capex to explore the higher benefit to the shareholders.
The strong balance sheet, stable dividend payout is attractive. FY09 dividend stood at 25cts (include contributions from Sky @ 11), assuming the same dividend for FY2010, a yield at $3.74 is an decent 6.7%.
Thursday, November 12, 2009
Calculate Your Housing Loan in Excel
If you're not familiar with the financial calculater and fancy on how a bank salesperson calculate your housing loan monthly payment in just few pressing on the calcualtor, you may actualy DIY through microsoft excel function.
PMT:
each repayment/instalment amount
Rate:
interest per period of a loan, e.g 5% p.a divide by # payment per year = 5%/12 = 0.00417
NPER:
total # of payment for full tenure, e.g. monthly payment for 30 years = 30x12 = 360
PV (Present Value):
Loan amount
FV (Furutre Value):
For housing loan, ZERO as fully paid up the loan when matured e.g 30 year later.
To find out how much monthly repayment you're paying for a $250,000 30-yrs loan at loan interest of 5% p.a interest? You may key in the formula in the Excel cell.
=PMT(0.00417,360,250000,0)
The answer should be deficit figure of $1,342.05 and this is your constant monthly repayment.
Of course, the function of PMT, PV, FV, NPER are extremely useful in other area such as calculating effective interest rate for regular savings, investment, inflation and your financial planning, etc.
Do spend some time to manage this function, it will be very helpful.
PMT:
each repayment/instalment amount
Rate:
interest per period of a loan, e.g 5% p.a divide by # payment per year = 5%/12 = 0.00417
NPER:
total # of payment for full tenure, e.g. monthly payment for 30 years = 30x12 = 360
PV (Present Value):
Loan amount
FV (Furutre Value):
For housing loan, ZERO as fully paid up the loan when matured e.g 30 year later.
To find out how much monthly repayment you're paying for a $250,000 30-yrs loan at loan interest of 5% p.a interest? You may key in the formula in the Excel cell.
=PMT(0.00417,360,250000,0)
The answer should be deficit figure of $1,342.05 and this is your constant monthly repayment.
Of course, the function of PMT, PV, FV, NPER are extremely useful in other area such as calculating effective interest rate for regular savings, investment, inflation and your financial planning, etc.
Do spend some time to manage this function, it will be very helpful.
The 5th Basic Taste
I heard wifey mentioned about the fifth taste previously and finally get to know about it from an article on magazine.
When we say the dish was simply delicious, how do we define 'delicious' in more specific way? The biggest contribution on our satisfaction is taste. Through the scientific experiment over the years, we manage to indentify the various tastes receptor on our tongues which are sour, sweet, bitter, salty, plus addition qualities such as spiciness or astringency.
The receptors for each basic taste transfer information to the brain through taste nerves. As a result, we recognize different flavours.
In the 19th century, a japanese professor of science came across a flavour now recognized as an additional basic taste, unami (旨味), produced mainly by the amino acid glutamate.
Generations of food connoisseurs have described the subtle savoury or meaty taste of unami as the foundation for what we perceive as delicious...
Written records show that fish sauce, which is rich in glutamate, was popular among the ancient Greeks and Romans as for back as 2,500 years ago. Soy sauce, another glutamate-rich seasoning, become popular in Japan arounf the 13th or 14th century...
Wikipedia: http://en.wikipedia.org/wiki/Umami
When we say the dish was simply delicious, how do we define 'delicious' in more specific way? The biggest contribution on our satisfaction is taste. Through the scientific experiment over the years, we manage to indentify the various tastes receptor on our tongues which are sour, sweet, bitter, salty, plus addition qualities such as spiciness or astringency.
The receptors for each basic taste transfer information to the brain through taste nerves. As a result, we recognize different flavours.
In the 19th century, a japanese professor of science came across a flavour now recognized as an additional basic taste, unami (旨味), produced mainly by the amino acid glutamate.
Generations of food connoisseurs have described the subtle savoury or meaty taste of unami as the foundation for what we perceive as delicious...
Written records show that fish sauce, which is rich in glutamate, was popular among the ancient Greeks and Romans as for back as 2,500 years ago. Soy sauce, another glutamate-rich seasoning, become popular in Japan arounf the 13th or 14th century...
Wikipedia: http://en.wikipedia.org/wiki/Umami
Tuesday, November 10, 2009
Chart Analysis
Pressure on shares price has last for previous whole week, some of my picks seems become attractive based on its price/book ratio and yield. The candlestick charts seems also suporting the move. Price fall below moving average price, RSI, stochatics and MACD all appear oversold status. It might be the time to take up some of your picks gradually.
Currently share price level seems to be more reasonably reflect a company's value, substainability still depend on the investors' emotion rather than the fundamental.
Currently share price level seems to be more reasonably reflect a company's value, substainability still depend on the investors' emotion rather than the fundamental.
Friday, November 6, 2009
Be gracious!
While in the mrt on my way back home, the conversation of an aunty with another young lady with a series of vulgar words had drawn my attention. Why can't they lower down their 'volumne' with full mouth of vulgar words, i can feel the anger of the aunty through her tone and expression. What can make him so angry?... and this is the story....
There was an incident that both the aunty and a pregnant lady were standing in the same mrt cabin, the aunty took the middle seat when it was available, and the pregnant lady requested that aunty to give up the seat to her.
I don't think the request sound unreasonable while the aunty keep complaining how unreasonable the pregnant lady was by asking her to give up her seat instead of approaching those passengers sitting on the "Reserved Seat"...
"真的是没有脑的!" - this is what that aunty comment on the pregnant lady.
To aunty:
Giving up your seat to those who need it more than you is a common sense, it's a civic virtues actually. Yes, it could be understandable for you to angry with passengers sitting on reserved seats for not giving up the seat to the pregnant lady, but why the innocent pregnant lady who just want to have a seat at her most convenient approach to avoid falling down?
To aunty and inconsiderate people:
Please be more gracious, just a little bit more from you...
Tuesday, November 3, 2009
Stupid Bird
That stupid bird still at our house when i got back in late evening! Its wings seem injured and not willing to leave! We have no choice but to leave it in the paper box for a night before release it...
Whe the bird seem recovered in the next morning, wifey dad eventually bring the bird to downstair to release it...
You, stupid bird! DON'T EVER COME BACK AGAIN!~ There will be no more mercy...
Whe the bird seem recovered in the next morning, wifey dad eventually bring the bird to downstair to release it...
You, stupid bird! DON'T EVER COME BACK AGAIN!~ There will be no more mercy...
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