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doctorpot1 shared · Jan 25, 2023 10:01

[Frasers Property AGM rating] My first physical AGM serving tea break

The rating for AGM is:
Location: 9/10
Freebies: 8/10
Atmosphere: 7/10
Insights: 5*/10 (* some insights might make it 100/10 if it comes true)
This is a continuation to the AGM rating series where I will be attending AGM of SG listed companies and rate their AGM and see if they give out freebies or serve good food
doctorpot1: [Frasers Centerpoint Trust AGM rating] My first physical AGM with a buffet served 😋
[Frasers Property AGM rating] My first physical AGM serving tea break
On 18 Jan, $Frasers Property (TQ5.SG)$ (FP) held its 59th AGM physically at Intercontinental Hotel at 2pm. This is the 2nd physical AGM I had attended that served a buffet spread, and the first that served tea break
As mentioned in the earlier post, I dropped by earlier at 12.45pm just to see if I might be able to join the lunch buffet before the AGM Sadly, all the food is finished. Note to self, go earlier next year. This is how we fight inflation and recession
Lunch buffet is finished
Lunch buffet is finished
So head to Bugis Junction, ate Ajisan Ramen before heading to the AGM Japan Food Holding is giving out $5 return voucher if we use Citibank credit card too, so will be returning soon
Ajisan Ramen new Roast Duck Ramen
Ajisan Ramen new Roast Duck Ramen
I love going to AGM as it is always interesting to hear shareholders ask questions, and hear how the management handles them. As well as hearing more insights and strategies that the management team has. However, for this AGM it isn't as great as the previous one as 90% of the questions are just asking the board about dividend. Why give so little? Why don't give more? you could give more you know? if you give more dividend, share price will go up you know? next year please give more
The only good thing that came out of these "please give more dividend" barrage of questions is that one shareholder asked the management team to do the $CapitaLand (C31.SG)$ move. Which is to privatise the property development arm and cut out the property investment arm. This had proven very successful with $CapitaLand (C31.SG)$ cutting out $CapitaLandInvest (9CI.SG)$ and now its price is way higher than CapitaLand previously. The board mentioned that they will table it, and I'm thinking of adding a bit more position just in case this dream came true
It was also interesting to know that FP had increased their recurring income from 20% in 2014 to 80% in 2022.
The directors also mentioned that they are now focused on being prudent due to the volatile and uncertain market condition. They said walking out of covid lock-down is like reaching the end of the tunnel but instead seeing the light, we are seeing a storm instead . Because of that they had been reducing their gearing ratio and it is the lowest ever in the history of FP. They reduced net gearing from above 100% to 65%. So don't expect FP to optimise for returns any time soon.
However, the silver lining is that the board promised to reward shareholders with rewards when the bad times are over. So when the geopolitical tension, inflation, Ukraine war, rising interest rate, and so on is resolved, we will reap the reward for staying with them through uncertainty. That being said, the board also mentioned that they have enough in their pipeline, as well as good recurring income, to sustain the business in these bad economic cycle.
So after 2 hours of listening and learning, it is time for my "food dividend" again . Frasers' buffet lived up the its standard and here are some highlights
deep fried custard bun
deep fried custard bun
deep friend chicken wing
deep friend chicken wing
ngo hiang
ngo hiang
kueh
kueh
more kueh
more kueh
fruit platter
fruit platter
Today I also realised why the food is gone so quickly, and why the staff have to keep topping up the buffet non-stop. While I was standing and eating my share, beside me was a gang of 4 ah ma (rich looking ah ma with shawl and pretty dresses) furiously transferring their mountain of food into plastic bags and into their bags. While I was slowly enjoying my food, I had seen them re-queuing 5 to 6 times, bringing tons of food to tabao. #RecessionConfirmed. They left with each with a huge bag filled with food, I left without having a chance to eat the siew mai (didn't manage to take photo of it too) I guess they have a kampung to feed
my tea break
my tea break
Managed to grab myself some snacks, even though the ah ma gang stole most of the food The best dish out of the whole buffet is the fruit slice, juicy and sweet honeydew and rock melon Can't wait for the next AGM, I wonder if they will have yummy food too
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doctorpot1
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crawled out of poverty, working towards FIRE!! (financial independence, retired early)
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