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IPC

SGX:AZA
Snowflake Description

Undervalued with excellent balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
AZA
SGX
SGD26M
Market Cap
  1. Home
  2. SG
  3. Real Estate
Company description

IPC Corporation Ltd, an investment holding company, engages in property development and investment activities in Singapore and the People’s Republic of China. The last earnings update was 12 days ago. More info.


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AZA Share Price and Events
7 Day Returns
-6.2%
SGX:AZA
0.5%
SG Real Estate
0.3%
SG Market
1 Year Returns
-6.2%
SGX:AZA
-7%
SG Real Estate
-6.2%
SG Market
AZA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
IPC (AZA) -6.2% -3.2% 7% -6.2% -55.1% -79.7%
SG Real Estate 0.5% 2.5% 6.4% -7% 6% -4.9%
SG Market 0.3% 3.1% 3.7% -6.2% 8.5% -3%
1 Year Return vs Industry and Market
Price Volatility
AZA
Industry
5yr Volatility vs Market

Value

 Is IPC undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of IPC to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for IPC.

SGX:AZA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 9.8%
Perpetual Growth Rate 10-Year SG Government Bond Rate 2.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SGX:AZA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year SG Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
Real Estate Unlevered Beta Simply Wall St/ S&P Global 1.1
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.099 (1 + (1- 17%) (31.3%))
1.258
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.26
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (1.258 * 5.96%)
9.8%

Discounted Cash Flow Calculation for SGX:AZA using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for IPC is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

SGX:AZA DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (SGD, Millions) Source Present Value
Discounted (@ 9.8%)
2019 6.79 Est @ 98.75% 6.18
2020 11.53 Est @ 69.81% 9.56
2021 17.24 Est @ 49.56% 13.03
2022 23.35 Est @ 35.38% 16.06
2023 29.29 Est @ 25.46% 18.35
2024 34.71 Est @ 18.51% 19.81
2025 39.45 Est @ 13.65% 20.51
2026 43.49 Est @ 10.25% 20.59
2027 46.91 Est @ 7.86% 20.23
2028 49.82 Est @ 6.19% 19.56
Present value of next 10 years cash flows SGD163.89
SGX:AZA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= SGD49.82 × (1 + 2.3%) ÷ (9.8% – 2.3%)
SGD679.98
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SGD679.98 ÷ (1 + 9.8%)10
SGD267.02
SGX:AZA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SGD163.89 + SGD267.02
SGD430.91
Equity Value per Share
(SGD)
= Total value / Shares Outstanding
= SGD430.91 / 85.29
SGD5.05
SGX:AZA Discount to Share Price
Calculation Result
Value per share (SGD) From above. SGD5.05
Current discount Discount to share price of SGD0.31
= -1 x (SGD0.31 - SGD5.05) / SGD5.05
94%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price IPC is available for.
Intrinsic value
>50%
Share price is SGD0.31 vs Future cash flow value of SGD5.05
Current Discount Checks
For IPC to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • IPC's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • IPC's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for IPC's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are IPC's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:AZA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in SGD SGD0.29
SGX:AZA Share Price ** SGX (2019-04-18) in SGD SGD0.31
Singapore Real Estate Industry PE Ratio Median Figure of 38 Publicly-Listed Real Estate Companies 9.52x
Singapore Market PE Ratio Median Figure of 328 Publicly-Listed Companies 13.23x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of IPC.

SGX:AZA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:AZA Share Price ÷ EPS (both in SGD)

= 0.31 ÷ 0.29

1.04x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • IPC is good value based on earnings compared to the SG Real Estate industry average.
  • IPC is good value based on earnings compared to the Singapore market.
Price based on expected Growth
Does IPC's expected growth come at a high price?
Raw Data
SGX:AZA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 1.04x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
Singapore Real Estate Industry PEG Ratio Median Figure of 14 Publicly-Listed Real Estate Companies -0.16x
Singapore Market PEG Ratio Median Figure of 119 Publicly-Listed Companies 1.63x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for IPC, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on IPC's assets?
Raw Data
SGX:AZA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in SGD SGD1.25
SGX:AZA Share Price * SGX (2019-04-18) in SGD SGD0.31
Singapore Real Estate Industry PB Ratio Median Figure of 46 Publicly-Listed Real Estate Companies 0.59x
Singapore Market PB Ratio Median Figure of 432 Publicly-Listed Companies 0.75x
SGX:AZA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:AZA Share Price ÷ Book Value per Share (both in SGD)

= 0.31 ÷ 1.25

0.24x

* Primary Listing of IPC.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • IPC is good value based on assets compared to the SG Real Estate industry average.
X
Value checks
We assess IPC's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Real Estate industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Real Estate industry average (and greater than 0)? (1 check)
  5. IPC has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is IPC expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as IPC has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-10.1%
Expected Real Estate industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is IPC expected to grow at an attractive rate?
  • Unable to compare IPC's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare IPC's earnings growth to the Singapore market average as no estimate data is available.
  • Unable to compare IPC's revenue growth to the Singapore market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
SGX:AZA Future Growth Rates Data Sources
Data Point Source Value (per year)
Singapore Real Estate Industry Earnings Growth Rate Market Cap Weighted Average -10.1%
Singapore Real Estate Industry Revenue Growth Rate Market Cap Weighted Average 3.1%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 5.8%
Singapore Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SGX:AZA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in SGD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SGX:AZA Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2018-12-31 9 4 25
2018-09-30 4 -2 -6
2018-06-30 4 -2 -4
2018-03-31 4 -2 -5
2017-12-31 4 -2 -5
2017-09-30 4 -2 -4
2017-06-30 4 -2 -5
2017-03-31 4 -3 -5
2016-12-31 4 -23 -12
2016-09-30 8 -15 13
2016-06-30 12 -17 14
2016-03-31 17 -13 14

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if IPC is high growth as no earnings estimate data is available.
  • Unable to determine if IPC is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SGX:AZA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from IPC Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:AZA Past Financials Data
Date (Data in SGD Millions) EPS *
2018-12-31 0.29
2018-09-30 -0.07
2018-06-30 -0.05
2018-03-31 -0.05
2017-12-31 -0.06
2017-09-30 -0.05
2017-06-30 -0.06
2017-03-31 -0.06
2016-12-31 -0.14
2016-09-30 0.15
2016-06-30 0.16
2016-03-31 0.16

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if IPC will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Examine whether IPC is trading at IPC'san attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
  2. IPC's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Real Estate companies here
  3. IPC's competitive advantages and company strategy can generally be found in its financial reports archived here.
  4. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess IPC's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Singapore market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Singapore market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
IPC has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has IPC performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare IPC's growth in the last year to its industry (Real Estate).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • IPC's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • IPC has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • IPC has become profitable in the last year making it difficult to compare the SG Real Estate industry average.
Earnings and Revenue History
IPC's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from IPC Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:AZA Past Revenue, Cash Flow and Net Income Data
Date (Data in SGD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 9.02 24.97 5.54
2018-09-30 4.09 -5.62 4.69
2018-06-30 4.24 -4.16 4.71
2018-03-31 4.20 -4.50 4.72
2017-12-31 4.07 -4.77 4.68
2017-09-30 4.10 -3.85 5.08
2017-06-30 3.98 -4.90 5.07
2017-03-31 3.82 -4.85 5.29
2016-12-31 3.92 -11.54 5.55
2016-09-30 8.16 12.90 7.55
2016-06-30 12.03 13.57 8.54
2016-03-31 16.93 13.68 9.98
2015-12-31 22.89 21.89 11.75
2015-09-30 24.65 25.98 13.23
2015-06-30 29.11 31.22 13.30
2015-03-31 32.84 30.46 14.00
2014-12-31 33.37 28.63 13.89
2014-09-30 43.33 8.08 12.83
2014-06-30 37.57 4.73 12.25
2014-03-31 51.81 12.02 10.87
2013-12-31 46.94 18.23 9.95
2013-09-30 31.74 14.79 7.91
2013-06-30 31.14 14.05 7.82
2013-03-31 9.97 7.36 7.38
2012-12-31 17.07 4.77 6.74
2012-09-30 26.67 6.57 6.87
2012-06-30 25.89 4.79 6.75

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • IPC has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • IPC used its assets more efficiently than the SG Real Estate industry average last year based on Return on Assets.
  • It is difficult to establish if IPC improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess IPC's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Real Estate industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
IPC has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is IPC's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up IPC's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • IPC is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • IPC's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of IPC's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 4.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from IPC Company Filings, last reported 3 months ago.

SGX:AZA Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 106.52 8.14 10.15
2018-09-30 74.10 8.35 5.53
2018-06-30 79.11 8.82 6.06
2018-03-31 83.10 8.51 6.40
2017-12-31 82.65 8.54 7.51
2017-09-30 83.46 8.51 7.84
2017-06-30 84.28 9.29 9.16
2017-03-31 86.21 9.78 8.94
2016-12-31 89.35 10.64 10.79
2016-09-30 88.51 10.90 10.56
2016-06-30 89.90 10.34 11.09
2016-03-31 229.86 9.03 147.03
2015-12-31 235.75 14.88 168.67
2015-09-30 216.15 83.24 71.97
2015-06-30 204.66 82.79 73.46
2015-03-31 216.69 86.34 81.32
2014-12-31 212.98 103.43 101.54
2014-09-30 182.84 112.79 77.57
2014-06-30 180.15 129.88 85.49
2014-03-31 184.34 129.98 84.91
2013-12-31 186.95 130.04 86.45
2013-09-30 182.79 120.30 93.98
2013-06-30 177.54 89.03 81.35
2013-03-31 176.56 84.76 78.88
2012-12-31 178.86 85.26 67.66
2012-09-30 180.23 71.71 70.38
2012-06-30 159.06 60.65 57.25
  • IPC's level of debt (7.6%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (69.6% vs 7.6% today).
  • Debt is well covered by operating cash flow (45.2%, greater than 20% of total debt).
  • Unable to confirm if the interest payments on IPC's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess IPC's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. IPC has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is IPC's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from IPC dividends.
If you bought SGD2,000 of IPC shares you are expected to receive SGD0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate IPC's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate IPC's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SGX:AZA Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Singapore Real Estate Industry Average Dividend Yield Market Cap Weighted Average of 34 Stocks 3%
Singapore Market Average Dividend Yield Market Cap Weighted Average of 278 Stocks 3.9%
Singapore Minimum Threshold Dividend Yield 10th Percentile 1.6%
Singapore Bottom 25% Dividend Yield 25th Percentile 2.5%
Singapore Top 25% Dividend Yield 75th Percentile 5.5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SGX:AZA Past Annualized Dividends Data
Date (Data in SGD) Dividend per share (annual) Avg. Yield (%)
2016-10-26 0.000 0.000
2016-07-29 0.000 0.000
2016-04-29 0.000 0.000
2016-04-11 0.000 0.000
2016-01-28 0.000 0.000
2015-04-13 0.060 3.684
2015-02-02 0.060 3.751
2014-04-22 0.025 1.720
2014-01-28 0.025 1.687
2013-04-12 0.025 1.601
2012-08-01 0.025 1.725
2012-02-03 0.025 1.602
2011-04-12 0.025 2.089
2010-04-15 0.025 1.910
2010-02-02 0.025 1.851
2009-04-22 0.025 2.256

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as IPC has not reported any payouts.
  • Unable to verify if IPC's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of IPC's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as IPC has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess IPC's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.6%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can IPC afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. IPC has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of IPC's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Patrick Ngiam
AGE 63
TENURE AS CEO 27.3 years
CEO Bio

Dr. Mia Je Ngiam, also known as Patrick, has been the Chairman and Chief Executive Officer of IPC Corporation Ltd since 1992 and serves as Chief Executive Officer of Essex Investment Group. Dr. Ngiam founded Essex Bio-Technology Ltd. in February 1999 and is responsible for corporate planning, business development strategy and overall direction of the Group. He serves as the Chairman and co-founder of Essex group of companies. He is an acknowledged entrepreneur in Singapore and the international IT community and received many accolades. He serves as the Chairman of Essex Bio-Technology Ltd. and IPC Corporation Ltd. He served as the Non-Executive Chairman of Asiatravel.com Holdings Ltd. and Essex Investment Group. Dr. Ngiam serves as an Executive Director of Essex Bio-Technology Ltd. He has been an Executive Director of IPC Corporation Ltd since 1992. He has been an Non Executive Director of Wilton Resources Corporation Limited since December 12, 2013. Dr. Ngiam serves as Director of Zhuhai Essex Bio-Pharmaceutical Company Limited. He served as a Non-Executive Director of Hartawan Holdings Limited. He served as a Non Executive Director of Asiatravel.com Holdings Ltd., until January 31, 2013. He served as a Director of ThinSoft Pte Ltd., a subsidiary of ThinSoft Holdings Inc. He served as a Director of subsidiary at Ruifeng Petroleum Chemical Holdings Limited. In 1990, he was awarded the inaugural KPMG Singapore High-Tech Entrepreneur Award. Dr. Ngiam received the DHL & Singapore Press Holdings Singapore Business Award for Businessman of the Year in 1994 for his vision and outstanding achievement in building IPC Corporation into a world-class electronic company and for setting a shining example for young Singapore enterpreneurs and Chevalier De L'Ordre National Du Merite conferred by Le President De La Republique Francaise in 1996. Dr. Ngiam graduated with first class honours in Electronics Engineering from the University of Essex, UK, in 1979 and was awarded a Doctor of Philosophy in Business Administration for Professional Studies from the Southern California University, USA, in October 1997.

CEO Compensation
  • Insufficient data for Patrick to compare compensation growth.
  • Insufficient data for Patrick to establish whether their remuneration is reasonable compared to companies of similar size in Singapore.
Management Team Tenure

Average tenure and age of the IPC management team in years:

27.3
Average Tenure
61
Average Age
  • The average tenure for the IPC management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Bernard Ngiam

TITLE
Executive Director of Mktg & Corporate Comm
AGE
57
TENURE
34.3 yrs

Alfred Ngiam

TITLE
Executive Director of Business Development & IT Solutions and Executive Director
AGE
54
TENURE
27.3 yrs

Patrick Ngiam

TITLE
Chairman & CEO
AGE
63
TENURE
27.3 yrs

Benjamin Ngiam

TITLE
Co-Founder
AGE
61
TENURE
27.3 yrs

Hui Kian Lauw

TITLE
Executive Director of Administration & Finance and Executive Director
AGE
61
TENURE
34.3 yrs
Board of Directors Tenure

Average tenure and age of the IPC board of directors in years:

26.9
Average Tenure
61
Average Age
  • The average tenure for the IPC board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Bernard Ngiam

TITLE
Executive Director of Mktg & Corporate Comm
AGE
57
TENURE
33.9 yrs

Alfred Ngiam

TITLE
Executive Director of Business Development & IT Solutions and Executive Director
AGE
54
TENURE
27.5 yrs

Patrick Ngiam

TITLE
Chairman & CEO
AGE
63
TENURE
27.3 yrs

Benjamin Ngiam

TITLE
Co-Founder
AGE
61
TENURE
26.5 yrs

Hui Kian Lauw

TITLE
Executive Director of Administration & Finance and Executive Director
AGE
61
TENURE
33.9 yrs

Joo Hai Lee

TITLE
Independent Non-Executive Director
AGE
62
TENURE
0.5 yrs

Kiang Kok Teo

TITLE
Lead Independent Director
AGE
62
TENURE
0.3 yrs

Dennis Tan

TITLE
Independent Director
TENURE
0.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (SGD) Value (SGD)
11. Sep 18 Buy Hui Kian Lauw Individual 11. Sep 18 11. Sep 18 2,500,000 SGD0.40 SGD999,999
11. Sep 18 Sell Hong Oei Individual 11. Sep 18 11. Sep 18 -28,111,320 SGD0.40 SGD-11,244,517
11. Sep 18 Buy Mia Hong Ngiam Individual 10. Sep 18 10. Sep 18 625,000 SGD0.40 SGD249,999
11. Sep 18 Buy Mia Kiat Ngiam Individual 10. Sep 18 10. Sep 18 5,000,000 SGD0.40 SGD1,999,996
11. Sep 18 Buy Mia Hai Ngiam Individual 10. Sep 18 10. Sep 18 625,000 SGD0.40 SGD249,999
11. Sep 18 Buy Mia Je Ngiam Individual 11. Sep 18 11. Sep 18 3,250,000 SGD0.40 SGD1,299,999
X
Management checks
We assess IPC's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. IPC has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

What You Must Know About IPC Corporation Ltd's (SGX:AZA) Major Investors

In this article, I will take a quick look at IPC Corporation Ltd’s (SGX:AZA) recent ownership structure – an unconventional investing subject, but an important one. … The impact of a company's ownership structure affects both its short- and long-term performance. … The implications of these institutions’ actions can either benefit or hinder individual investors, so it is important to understand the ownership composition of your stock investment.

Simply Wall St -

How Much Did IPC Corporation Ltd's (SGX:AZA) CEO Pocket Last Year?

Understanding how CEOs are incentivised to run and grow their company is an important aspect of investing in a stock. … This is because, if incentives are aligned, more value is created for shareholders which directly impacts your returns as an investor. … CEOs leading companies of similar size and profitability

Simply Wall St -

IPC Corporation Ltd (SGX:AZA): How Does It Impact Your Portfolio?

A popular measure of market risk for a stock is its beta, and the market as a whole represents a beta value of one. … AZA's beta implies it may be a stock that investors with high-beta portfolios might find relevant if they wanted to reduce their exposure to market risk, especially during times of downturns. … An asset-heavy company tends to have a higher beta because the risk associated with running fixed assets during a downturn is highly expensive.

Simply Wall St -

Who Are The Largest Shareholders In IPC Corporation Ltd (SGX:AZA)?

The impact of a company's ownership structure affects both its short- and long-term performance. … This level of ownership gives retail investors the power to sway key policy decisions such as board composition, executive compensation, and potential acquisitions. … As a result, potential investors should further explore the company's business relations with these companies and find out if they can affect shareholder returns in the long-term.Next Steps: Institutional ownership in AZA is not at a level that would concern investors.

Simply Wall St -

How Should Investors Feel About IPC Corporation Ltd's (SGX:AZA) CEO Pay?

In this exercise, I will use profits as a proxy for Ngiam's performance. … Usually I would look at market cap and earnings as a proxy for performance, however, AZA's negative earnings lower the usefulness of my formula. … If you have not done so already, I urge you to complete your research by taking a look at the following: Governance: To find out more about AZA's governance, look through our infographic report of the company's board and management.

Simply Wall St -

Is IPC Corporation Ltd's (SGX:AZA) Balance Sheet Strong Enough To Weather A Storm?

How does AZA’s operating cash flow stack up against its debt? … With this debt repayment, the current cash and short-term investment levels stands at S$7.33M , ready to deploy into the business. … AZA's risk around capital structure is low, and the company has the headroom and ability to raise debt should it need to in the future.Next Steps: AZA’s cash flow coverage indicates it could improve its operating efficiency in order to meet demand for debt repayments should unforeseen events arise.

Simply Wall St -

How Does Investing In IPC Corporation Ltd (SGX:AZA) Impact Your Portfolio?

A stock with a beta greater than one is expected to exhibit higher volatility resulting from market-wide shocks compared to one with a beta below one. … With a market cap of SGD35.40M, AZA falls within the small-cap spectrum of stocks, which are found to experience higher relative risk compared to larger companies. … Therefore, this is a type of risk which is associated with higher beta.

Simply Wall St -

Who Are The Largest Shareholders In IPC Corporation Ltd (SGX:AZA)?

In this article, I will take a quick look at IPC Corporation Ltd’s (SGX:AZA) recent ownership structure – an unconventional investing subject, but an important one. … Insider Ownership I find insiders are another important group of stakeholders, who are directly involved in making key decisions related to the use of capital. … Private Company Ownership Another important group of owners for potential investors in AZA are private companies that hold a stake of 4.54% in AZA.

Simply Wall St -

Does IPC Corporation Ltd's (SGX:AZA) CEO Pay Compared Well With Peers?

Performance can be measured based on factors such as earnings and total shareholder return (TSR). … I believe earnings is a cleaner proxy, since many factors can impact share price, and therefore, TSR. … Typically I would look at market cap and earnings as a proxy for performance, however, AZA's negative earnings reduces the usefulness of my formula.

Simply Wall St -

Interested In Real Estate? Why IPC Corporation Ltd (SGX:AZA) May Be The Entry Point

SGX:AZA PE PEG Gauge Dec 19th 17 The real estate industry is trading at a PE ratio of 11x, relatively similar to the rest of the Singapore stock market PE of 14x. … If your initial investment thesis is around the growth prospects of IPC, there are other real estate companies that have delivered higher growth, and perhaps trading at a discount to the industry average. … Although its growth has delivered lower growth relative to its real estate peers in the near term, the market may be pessimistic on the stock, leading to a potential undervaluation.

Simply Wall St -

Company Info

Description

IPC Corporation Ltd, an investment holding company, engages in property development and investment activities in Singapore and the People’s Republic of China. It invests in and resells properties; and provides property consulting services. The company also provides hospitality services; and sells and distributes telecommunication products, and computer system boards and peripheral products. In addition, it offers hotel and club management services. IPC Corporation Ltd was incorporated in 1985 and is headquartered in Singapore.

Details
Name: IPC Corporation Ltd
AZA
Exchange: SGX
Founded: 1985
SGD26,014,024
85,291,885
Website: http://www.ipc.com.sg
Address: IPC Corporation Ltd
Deutsche Telekom Centre,
23 Tai Seng Drive, No. 06-00,
Singapore,
535224,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX AZA Ordinary Shares Singapore Exchange SG SGD 04. Jun 1993
DB IPEN Ordinary Shares Deutsche Boerse AG DE EUR 04. Jun 1993
Number of employees
Current staff
Staff numbers
0
IPC employees.
Industry
Real Estate Development
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/21 12:45
End of day share price update: 2019/04/18 00:00
Last earnings filing: 2019/04/09
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.