September, 2009
Gangasudhan, Main Stories, Top Story - Wednesday, September 30, 2009 2:49 - 65 Comments
Analysing Temasek Holdings’ Review: Does portfolio value mean anything?
Gangasudhan
Temasek Holdings released its annual report on 17th September 2009 which was duly highlighted in the best possible light with a bold header of ‘Temasek Rebounds’ (Straits Times, September 18). Unfortunately, Temasek Review 2009 seems to have more questions than answers (not necessarily a surprise), some which would serve the interests of the fundamental shareholders to be answered – and we are not talking about the Ministry of Finance which is its sole shareholder.
The focus in the report has again predominately been the Portfolio Value which refers to the market value of the various assets under its charge. These include local heavyweights such as Singtel, Standard Chartered, DBS Group and CapitaLand, as well as other overseas entities based in China, India, US and even Brazil. This Portfolio Value has risen steadily over the years from $90 billion in 2004 to $185 billion in 2008 (and in between consecutive years too) before spectacularly dropping by $55 billion in 2009 to $130 billion. Continue…
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