Retail Investors in Keppel Infrastructure Trust (SGX:A7RU) Are Its Biggest Bettors, and Their Bets Paid off as Stock Gained 3.3% Last Week
Retail Investors in Keppel Infrastructure Trust (SGX:A7RU) Are Its Biggest Bettors, and Their Bets Paid off as Stock Gained 3.3% Last Week
Key Insights
主要見解
- Significant control over Keppel Infrastructure Trust by retail investors implies that the general public has more power to influence management and governance-related decisions
- 40% of the business is held by the top 25 shareholders
- Institutions own 10% of Keppel Infrastructure Trust
- 普通投資者對於凱寶基礎設施信託的重要控制權意味着普通大衆對於管理和治理決策有更多的影響力。
- 前25位股東持有40%的業務。
- 機構對於凱寶基礎設施信託的持有比例爲10%。
If you want to know who really controls Keppel Infrastructure Trust (SGX:A7RU), then you'll have to look at the makeup of its share registry. And the group that holds the biggest piece of the pie are retail investors with 52% ownership. Put another way, the group faces the maximum upside potential (or downside risk).
如果您想知道誰真正控制着凱寶基礎設施信託(SGX:A7RU),那麼您需要看一下其股權登記簿的構成。而持有最大份額的群體是擁有52%所有權的普通投資者。換句話說,該群體面臨最大的上行潛力(或下行風險)。
Clearly, retail investors benefitted the most after the company's market cap rose by S$91m last week.
顯然,上週該公司的市值增加了S$9100萬,其中最受益的是零售投資者。
Let's take a closer look to see what the different types of shareholders can tell us about Keppel Infrastructure Trust.
讓我們仔細看一下不同類型的股東對Keppel Infrastructure Trust的影響。
What Does The Institutional Ownership Tell Us About Keppel Infrastructure Trust?
機構投資者對Keppel Infrastructure Trust的所有權告訴我們什麼?
Institutional investors commonly compare their own returns to the returns of a commonly followed index. So they generally do consider buying larger companies that are included in the relevant benchmark index.
機構投資者通常將自己的回報與常見的指數回報進行比較。因此,他們通常會考慮購買包括在相關基準指數中的較大公司。
We can see that Keppel Infrastructure Trust does have institutional investors; and they hold a good portion of the company's stock. This suggests some credibility amongst professional investors. But we can't rely on that fact alone since institutions make bad investments sometimes, just like everyone does. When multiple institutions own a stock, there's always a risk that they are in a 'crowded trade'. When such a trade goes wrong, multiple parties may compete to sell stock fast. This risk is higher in a company without a history of growth. You can see Keppel Infrastructure Trust's historic earnings and revenue below, but keep in mind there's always more to the story.
我們可以看到Keppel Infrastructure Trust確實有機構投資者,他們持有公司股份的一大部分。 這表明了專業投資者之間的某種可信度。 但是我們不能僅僅依靠這個事實,因爲機構有時也會投資失敗,就像其他人一樣。 當多個機構擁有一隻股票時,總是存在一種「擁擠交易」的風險。 當這樣的交易出錯時,多方可能會競相快速賣出股票。 在一個沒有增長曆史的公司,這個風險更高。 您可以在下面看到Keppel Infrastructure Trust的歷史盈利和營業收入,但要記住,故事總是更多。
Hedge funds don't have many shares in Keppel Infrastructure Trust. The company's largest shareholder is Keppel Ltd., with ownership of 18%. In comparison, the second and third largest shareholders hold about 12% and 2.4% of the stock.
對吉寶基礎設施信託來說,對沖基金持有的股份不多。該公司最大的股東是吉寶有限公司,持股18%。相比之下,第二和第三大股東持有該股約12%和2.4%。
A deeper look at our ownership data shows that the top 25 shareholders collectively hold less than half of the register, suggesting a large group of small holders where no single shareholder has a majority.
對我們的所有權數據進行更深入的研究表明,前25名股東的持股總額不到註冊表的一半,表明有一個小股東的大群體,其中沒有單個股東擁有多數股份。
While studying institutional ownership for a company can add value to your research, it is also a good practice to research analyst recommendations to get a deeper understand of a stock's expected performance. There is a little analyst coverage of the stock, but not much. So there is room for it to gain more coverage.
儘管研究公司的機構所有權可以爲您的研究增加價值,但研究分析師的推薦也是一個好禮。該股票受到的分析師覆蓋範圍很小,但不多。因此,它有更多的空間獲得更多的覆蓋範圍。
Insider Ownership Of Keppel Infrastructure Trust
吉寶基礎設施信託內部所有權
While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders. Management ultimately answers to the board. However, it is not uncommon for managers to be executive board members, especially if they are a founder or the CEO.
雖然內部人員的精確定義可能具有主觀性,但幾乎所有人都認爲董事會成員是內部人員。管理層最終向董事會負責。然而,如果經理是創始人或CEO,那麼他們成爲執行董事會成員並不罕見。
Most consider insider ownership a positive because it can indicate the board is well aligned with other shareholders. However, on some occasions too much power is concentrated within this group.
大多數人認爲內部所有權是積極的,因爲它可以表示董事會與其他股東的利益相一致。但是,在某些場合下,這個團體的權力過於集中。
Our most recent data indicates that insiders own less than 1% of Keppel Infrastructure Trust. Keep in mind that it's a big company, and the insiders own S$990k worth of shares. The absolute value might be more important than the proportional share. It is good to see board members owning shares, but it might be worth checking if those insiders have been buying.
我們最新的數據顯示,內部人員擁有凱德基建信託不到1%的股份。請記住,這是一家大公司,內部人員擁有99萬新加坡元的股份,絕對價值可能比比例份額更重要。看到董事會成員擁有股份是一件好事,但也值得檢查這些內部人員是否一直在購買。
General Public Ownership
一般大衆所有權
The general public, mostly comprising of individual investors, collectively holds 52% of Keppel Infrastructure Trust shares. With this amount of ownership, retail investors can collectively play a role in decisions that affect shareholder returns, such as dividend policies and the appointment of directors. They can also exercise the power to vote on acquisitions or mergers that may not improve profitability.
一般大衆,主要是個人投資者,共同持有52%的凱德基建信託股份。擁有這麼多的股權,零售投資者可以共同參與影響股東回報的決策,如股息政策和董事任命。他們還可以行使投票權,對可能不會改善盈利能力的收購或合併進行投票。
Private Equity Ownership
股權投資公司持有8.8%的股份,有能力參與塑造以價值創造爲重點的公司策略。一些投資者可能會因此而受到鼓舞,因爲股權投資公司有時可以鼓勵市場看到公司的價值,從而採取有益的策略。另外,那些持有者可能在將其上市後退出投資。
With a stake of 12%, private equity firms could influence the Keppel Infrastructure Trust board. Some might like this, because private equity are sometimes activists who hold management accountable. But other times, private equity is selling out, having taking the company public.
私募股權公司擁有12%的股份,可能會對吉寶基礎設施信託的董事會產生影響。有些人可能會喜歡這樣,因爲私募股權有時是激進派,可以追究管理層的責任。但有時候,私募股權會賣出股份,將公司上市。
Public Company Ownership
上市公司所有權
It appears to us that public companies own 18% of Keppel Infrastructure Trust. We can't be certain but it is quite possible this is a strategic stake. The businesses may be similar, or work together.
公開公司擁有吉寶基礎設施信託18%的股份。我們不能確定,但很可能這是一種戰略性股份。這些業務可能相似,或者在某種程度上相互合作。
Next Steps:
下一步:
I find it very interesting to look at who exactly owns a company. But to truly gain insight, we need to consider other information, too. Case in point: We've spotted 3 warning signs for Keppel Infrastructure Trust you should be aware of, and 1 of them is a bit unpleasant.
我覺得了解一家公司的真正所有者非常有趣。但要真正獲得洞察力,我們還需要考慮其他信息。以此爲例:我們發現了吉寶基礎設施信託的3個警示信號,你應該注意其中一個可能有些令人不愉快。
But ultimately it is the future, not the past, that will determine how well the owners of this business will do. Therefore we think it advisable to take a look at this free report showing whether analysts are predicting a brighter future.
但最終,決定該業務所有者將獲得多大利益的是未來而非過去。因此,我們認爲最好查看此免費報告,以了解分析師是否預測更光明的未來。
NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures.
注:本文中的數據是使用最後一個財務報表日期結束的爲期12個月的數據計算的。這可能與全年年度報告數據不一致。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。