As US stock markets and treasuries bond markets reached record levels, watch out. Any single event will trigger a sharp sell off.
“A source from the mainland railway industry told FactWire that Singapore’s subway operator SMRT Trains Ltd (SMRT) was secretly shipping defective trains back to mainland China for replacement and repair by manufacturer CSR Sifang Locomotive & Rolling Stock Company Ltd (CSR Sifang).
However, multiple sources from mainland China and Singapore have confirmed to FactWire that problems have been found with C151A trains since they began service in 2011. Sources said the trains are of poor quality and that the glass next to passenger seats has repeatedly shattered due to shoddy workmanship. In 2011, one of the trains’ Chinese-made uninterruptible power supply batteries exploded during repair. While there were no injuries, Kawasaki Heavy Industries-CSR Sifang replaced all of the batteries made in China with ones made in Germany.
In December 2011, serious malfunctions occurred on the SMRT’s North South Line, which the SMRT suspected were caused by C151A trains. A subcontractor responsible for supplying train components to CSR Sifang admitted to FactWire that after the malfunctions, SMRT significantly reduced the frequency of C151A trains and asked to delay payment for extra trains of the same series, greatly impacting the subcontractor’s cash flow.
The mainland railway industry source stated that quality issues with the Chinese-made C151A trains began to worsen in 2013. They said cracks were found in structural components, including the sub-floor – a compartment under the passenger floor holding the equipment box and electrical wires – and bolster function parts connecting the car body to the bogie, the latter having the most serious problems.”
FactWire contacted several retired Singaporean subway staff. One of them said: “I’ve never encountered a situation like this in all my decades of working in railway construction. Replacing the whole frame [of the train] – you can tell how serious [the problem] is.”
Another former SMRT worker admitted that the C151A train model had quality issues in its propulsion system, engine system, and other components. “It’s not a complete failure you know, it’s [that] the [train’s] life is so much shorter, maybe about half [of the normal lifespan]. [For instance], if normal trains can [run for] one million km, but this one can only do 500,000km.”
He said that Kawasaki Heavy Industries-CSR Sifang had been providing “after sale service” for the trains and sending staff to Singapore to “troubleshoot”. “[Chinese-made trains] are very cheap. How can you have [something] that is very good and pay a very cheap price? So this is [the] trade-off.”
Eu yan sang just announced its result. Despite still having a weak balance sheet with November 2016 notes to be redeemed, it has instead chosen to declare a rare interim dividend of 2.5 cents. I used to own Eu yan sang shares, dividend is always declared after 4th quarter results but this year it is declared after 3rd quarter results. Anyway, it has announced a halt to trading of its shares after SGX query on the sudden rise in share price. Businesstimes has postulated that EU yan sang is preparing for a privatisation move.
If so, then it makes sense why a rare dividend is declared now, so that the majority shareholders can have more money to privatise the company.
Disclosure:I am vested in Neratel, so opinion will be biased.
I attended Neratel AGM yesterday, management seems quite confident of expanding the payment solution business(in fact, new subsidiaries were set up last year to expand this business segment), so i was surprised that today neratel announced that a third party has approached it to buy the payment solution business, though no agreement has been reached yet.
If payment solution business is sold, Neratel will lose recurring revenue from lease of POS system. Although the sale of this business will reduce capex, but Neratel turnover will become more unpredictable. Of course, every business is for sale at a good price. Let’s wait for further developments.
Another major disruption for SMRT. Minister Khaw who recently celebrated 100 days of no major incident for rail travel surely is not pleased now.
Let’s see his incomplete bazi
壬辰 壬子 戊子
大运：癸丑 甲寅 乙卯 丙辰 丁巳 戊午 己未 庚申
11岁 21岁 31岁 41岁 51岁 61岁 71岁 81岁
始于：1962 1972 1982 1992 2002 2012 2022 2032
Looks like his 忌神 is water. This year forms a 三合水局.
辛丑 戊戌 戊戌
大运：丁酉 丙申 乙未 甲午 癸巳 壬辰 辛卯 庚寅
9岁 19岁 29岁 39岁 49岁 59岁 69岁 79岁
始于：1969 1979 1989 1999 2009 2019 2029 2039
Seems like PAP is sending K. Muralidharan Pillai as their candidate in Bukit Batok SMC by election. From the web, his birthday is 30th Oct 1967. Incomplete bazi is
丁未 庚戌 丁卯
大运：己酉 戊申 丁未 丙午 乙巳 甲辰 癸卯 壬寅
8岁 18岁 28岁 38岁 48岁 58岁 68岁 78岁
始于：1974 1984 1994 2004 2014 2024 2034 2044
Looks like his favourable elements are wood and fire. Obviously, he is in good luck period, but so is Chee Soon Juan. It boils down to the exact date and time of election which we don’t know yet, so it is difficult to tell who will win. As a rough estimate, if it is held in the month of 壬辰，Chee has a slight edge over Pillai. If it is held in month of 甲午, Pillai will have the edge over Chee.