tag:blogger.com,1999:blog-15543858062936854282024-03-14T15:52:32.468+08:00Stock-Take: Finance, Travel and everything in betweenDisclaimer: Stock-take.blogspot is a personal diary/private trading journal to record my personal views, analysis, trading and prediction. The purpose of stock-take.blogspot is not intended to induce or promote any insider trading or manipulate activities. All information can be obtained freely from the public internet. Use all information at your own risk or discretion. stock-take.blogspot shall not be liable for any losses, injuries, or damages arising from its display or use.Ricky Pehhttp://www.blogger.com/profile/15151634848349243650noreply@blogger.comBlogger19125tag:blogger.com,1999:blog-1554385806293685428.post-77281756858809720782018-07-28T10:30:00.000+08:002018-07-28T10:30:02.699+08:00Cost of car ownership vs Cost of Taking Taxi in Singapore<div style="text-align: left;">
<span style="text-align: justify;">The cost of car ownership in Singapore is renowned to be the most expensive in the world. To put it into
perspective, for every 1 Honda Jazz that you buy in Singapore, you can buy 3 in
the UK. The reason why Singapore has such high cost for car ownership is because
of our small size. Due to limited space, our government wants to maintain the vehicle population
at levels supportable by road infrastructure. It wouldn’t be nice to be caught
in a Jarkata-liked traffic jam where being in traffic for four hours is not
unusual. For this post, my purpose is to find out if it is still worth owning a car in Singapore as compared to taking a taxi for all my commute? I have excluded the comparison of other mode of transport such as Bus or MRT which of course would be cheaper but might be less comfortable and convenient. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
To answer my question, I will
first have to find out all the different components that make up the car prices in
Singapore, then its financing cost followed by all its day to day running expenses. Next I
will calculate the average price of taking a Taxi based on the same mileage per
year to make apple to apple comparison. And as the running expenses of car also depends heavily on one's personal lifestyle, my
calculation will be based on two extreme situation that will have a huge difference in the cost- people who work in CBD
and people who are not. <span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="mso-spacerun: yes;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
The Car Model that I am going to
use for my calculation is a Honda Jazz 1.5 CVT (Honda Jazz) as this is an average family car that is not considered
no expensive as compared to the others. Also my calculation is for a
period of 10 years as that is when the Certificate of Entitlement (COE)
expire.</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="color: yellow; font-size: large;">Cost of Car</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
The components that make up the
cost of car in Singapore includes:</div>
<div class="MsoNormal" style="text-align: justify;">
</div>
<ul>
<li>Open Market Value (OMV)</li>
<li>Goods and Service Tax (GST) and Excise Duty</li>
<li><span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span><span style="text-indent: -18pt;">Registration Fee</span></li>
<li>Additional Registration Fee (ARF). If the car is
deregistered before its 10<sup style="text-indent: -18pt;">th</sup><span style="text-indent: -18pt;"> year, a PARF Rebate that is based on
the ARF paid will be returned</span></li>
<li>Vehicle Emission Tax/Rebate</li>
<li>Certificate of Entitlement (COE)</li>
</ul>
<br />
<div class="MsoNormal" style="text-align: justify;">
Each of the components will be
explained in more details and the cost for each component for a Honda Jazz is reflected on each component header. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><br /></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="color: yellow;">Open Market Value (OMV): S$16,869</span></b></div>
<br />
<div class="MsoNormal" style="text-align: justify;">
The OMV is the cost of the car
that includes its purchase price, freight, insurance and all other charges to
deliver it from the country of manufacture to Singapore. This cost is assessed
by the Singapore Custom. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="color: yellow;"><br /></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: yellow;"><b>GST and Excise Duty:</b> <b>S$4,791</b></span></div>
<div class="MsoNormal" style="text-align: justify;">
When the vehicle is imported into Singapore,
the two taxes that need to be paid is:<o:p></o:p></div>
<ul>
<li><span style="text-indent: -18pt;">20% Excise Duty on the OMV</span></li>
<li>7% GST on the OMV and Excise Duty</li>
</ul>
<div>
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: yellow;"><b>Registration Fee</b>: </span><b><span style="color: yellow;">S$220</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
Upon registration of vehicle,
this fee will be collected to cover the costs of registering the vehicle<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><br /></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="color: yellow;">Additional Registration Fee (ARF): S$16,869</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
The ARF is another tax that is imposed on the
registration of the car and is based on the car’s OMV. From table 1,
you can see that the ARF effectively inflate the cost of the car by at least 100% of its
OMV.<br />
<br />
As the OMV of Honda Jazz is less than $20,000, its ARF is 100% of its OMV.</div>
<div class="MsoNormal" style="text-align: justify;">
<br />
Table 1: ARF Rate (Source: LTA)</div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184; width: 0px;">
<tbody>
<tr style="height: 11.6pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="background: #F1F8FB; border: solid #DDDDDD 1.0pt; height: 11.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 166.45pt;" valign="top" width="222"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b><span style="color: #333333; font-family: "verdana" , sans-serif; font-size: 10.0pt;">Vehicle
OMV<o:p></o:p></span></b></div>
</td>
<td style="background: #F1F8FB; border-left: none; border: solid #DDDDDD 1.0pt; height: 11.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 83.75pt;" valign="top" width="112"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b><span style="color: #333333; font-family: "verdana" , sans-serif; font-size: 10.0pt;">ARF
Rate<o:p></o:p></span></b></div>
</td>
</tr>
<tr style="height: 11.6pt; mso-yfti-irow: 1;">
<td style="background: white; border-top: none; border: solid #DDDDDD 1.0pt; height: 11.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 166.45pt;" valign="top" width="222"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: "verdana" , sans-serif; font-size: 10.0pt;">First
S$20,000<o:p></o:p></span></div>
</td>
<td style="background: white; border-bottom: solid #DDDDDD 1.0pt; border-left: none; border-right: solid #DDDDDD 1.0pt; border-top: none; height: 11.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 83.75pt;" valign="top" width="112"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="color: #333333; font-family: "verdana" , sans-serif; font-size: 10.0pt;">100%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 11.05pt; mso-yfti-irow: 2;">
<td style="background: #F9F9F9; border-bottom: none; border-left: solid #DDDDDD 1.0pt; border-right: solid #DDDDDD 1.0pt; border-top: none; height: 11.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 166.45pt;" valign="top" width="222"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: "verdana" , sans-serif; font-size: 10.0pt;">Next
S$30,000<o:p></o:p></span></div>
</td>
<td rowspan="2" style="background: #F9F9F9; border-bottom: solid #DDDDDD 1.0pt; border-left: none; border-right: solid #DDDDDD 1.0pt; border-top: none; height: 11.05pt; mso-border-left-alt: solid #DDDDDD 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 83.75pt;" valign="top" width="112"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="color: #333333; font-family: "verdana" , sans-serif; font-size: 10.0pt;">140%<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 11.6pt; mso-yfti-irow: 3;">
<td style="background: #F9F9F9; border-top: none; border: solid #DDDDDD 1.0pt; height: 11.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 166.45pt;" valign="top" width="222"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: "verdana" , sans-serif; font-size: 10.0pt;">(i.e.
S$20,001 to S$50,000)<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 11.6pt; mso-yfti-irow: 4; mso-yfti-lastrow: yes;">
<td style="background: white; border-top: none; border: solid #DDDDDD 1.0pt; height: 11.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 166.45pt;" valign="top" width="222"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: "verdana" , sans-serif; font-size: 10.0pt;">Above
S$50,000<o:p></o:p></span></div>
</td>
<td style="background: white; border-bottom: solid #DDDDDD 1.0pt; border-left: none; border-right: solid #DDDDDD 1.0pt; border-top: none; height: 11.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 83.75pt;" valign="top" width="112"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="color: #333333; font-family: "verdana" , sans-serif; font-size: 10.0pt;">180%<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="color: yellow;">Vehicular Emissions Scheme (VES): S$0</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
Depending on how clean or
polluting the car is, a rebate/tax ranging from $0 to $20,000 can be offset or
levied on the ARF (subject to a minimum ARF payable of $5,000). The VES is a
tax that is based on the vehicle’s emission of 5 pollutants. If you are
interested to know, they are hydrocarbons (HC), carbon monoxide (CO), nitrogen
oxides (NOX) particulate matter (PM) and Carbon Dioxide (CO<sub>2</sub>). In
this case, the Honda Jazz is assessed to be neither clean nor
polluting, therefore there is no additional rebate given or tax incurred.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="color: yellow;">Certificate of Entitlement (COE): S$35,000</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
With a COE, it gives you the right to own a
vehicle for 10 years and this is used by our government to control the car
population in Singapore through bimonthly competitive bidding. So if there are
more cars deregistered in Singapore, there will be more supply of COE which
might results in lower COE price and vice versa. The Honda Jazz is under COE’s
CAT A as it has an engine capacity (cc) of less than 1600cc. At the
latest bidding (18 July 18), the COE premium is $32,700. I will round this up
to $35,000 for simplicity calculation.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="color: yellow;">Total</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
To sum up the above cost
components, a Honda Jazz cost price in Singapore is S$73,749. However, car dealers who are selling the car also needs to make a profit. Therefore the list price based on COE of $35,000 is $96,000. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="color: yellow; font-size: large;"><u>Total Purchase cost: S$96,000</u></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="color: yellow;"><br /></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="color: yellow;">Financing Cost: S$14,112</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
Right at this stage, the cost of
a car is $96,000 even before you even start driving. In order to purchase it, we might need help from the bank to finance this purchase. This will incur
additional finance cost.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="mso-spacerun: yes;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
As Singapore government does not
want us to be over leveraged, they have set a limit on how much car loan we can take.<o:p></o:p><br />
<br />
<br />
<ul>
<li>For car with OMV below $20,001, maximum loan value will be 70% of the car price</li>
<li><span style="font-family: "symbol"; text-indent: -24px;"><span style="mso-list: Ignore;"><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span></span><span style="text-indent: -24px;">For car with OMV above $20,000, the maximum loan value will be 60% of the car price</span></li>
</ul>
</div>
<div class="MsoNormal" style="text-align: justify;">
Furthermore, the maximum loan term allowed is 7 years. As such, the down payment will be
$28,800 with the remaining $67,200 being financed by a bank loan. Based on an
interest rate of 3%, the total interest paid for 7 years will be $14,11 (The monthly principal and interest repayment is $968).<o:p></o:p></div>
<br />
<br />
<div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="color: yellow;">Preferential Additional Registration Fee (PARF) Rebate: -S$8,435</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
At the end of the car 10th year, we can decide to de-register the car or renew its COE. If
the car is de-registered, a PARF rebate that is computed based on the age of the
car at deregistration (as shown in table 2) will be paid back. This scheme is to
encourage timely replacement of cars on Singapore road to ensure better road
safety and cleaner environment.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="mso-spacerun: yes;"><br /></span>
<span style="mso-spacerun: yes;">Table 2: PARF Rebate (Source: LTA)</span></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184; width: 0px;">
<tbody>
<tr style="height: 11.5pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td rowspan="2" style="background: #FFCC32; border-bottom: none; border-left: solid #E0E0E0 1.0pt; border-right: solid white 1.0pt; border-top: solid #E0E0E0 1.0pt; height: 11.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 195.95pt;" valign="top" width="261"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b><span style="color: #333333; font-family: "arial" , sans-serif; font-size: 10.0pt;">Age at Deregistration<o:p></o:p></span></b></div>
</td>
<td rowspan="2" style="background: #D6D6D6; border-bottom: none; border-left: none; border-right: solid #E0E0E0 1.0pt; border-top: solid #E0E0E0 1.0pt; height: 11.5pt; mso-border-left-alt: solid white 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.6pt;" valign="top" width="131"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b><span style="color: #333333; font-family: "arial" , sans-serif; font-size: 10.0pt;">PARF Rebate <o:p></o:p></span></b></div>
</td>
<!--[if !supportMisalignedRows]-->
<td height="15" style="border: none; height: 11.5pt;" width="0"></td>
<!--[endif]-->
</tr>
<tr style="height: 22.5pt; mso-yfti-irow: 1;">
<!--[if !supportMisalignedRows]-->
<td height="30" style="border: none; height: 22.5pt;" width="0"></td>
<!--[endif]-->
</tr>
<tr style="height: 16.3pt; mso-yfti-irow: 2;">
<td style="background: #FFF8DF; border-bottom: none; border-left: solid #E0E0E0 1.0pt; border-right: solid white 1.0pt; border-top: none; height: 16.3pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 195.95pt;" valign="top" width="261"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: "arial" , sans-serif; font-size: 10.0pt;">Not exceeding 5 years<o:p></o:p></span></div>
</td>
<td style="background: #FFF8DF; border-right: solid #E0E0E0 1.0pt; border: none; height: 16.3pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.6pt;" valign="top" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: "arial" , sans-serif; font-size: 10.0pt;">75% of ARF paid<o:p></o:p></span></div>
</td>
<!--[if !supportMisalignedRows]-->
<td height="22" style="border: none; height: 16.3pt;" width="0"></td>
<!--[endif]-->
</tr>
<tr style="height: 16.3pt; mso-yfti-irow: 3;">
<td style="background: #FFFBEF; border-bottom: none; border-left: solid #E0E0E0 1.0pt; border-right: solid white 1.0pt; border-top: none; height: 16.3pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 195.95pt;" valign="top" width="261"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: "arial" , sans-serif; font-size: 10.0pt;">Above 5 but not exceeding 6 years<o:p></o:p></span></div>
</td>
<td style="background: #FFFBEF; border-right: solid #E0E0E0 1.0pt; border: none; height: 16.3pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.6pt;" valign="top" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: "arial" , sans-serif; font-size: 10.0pt;">70% of ARF paid<o:p></o:p></span></div>
</td>
<!--[if !supportMisalignedRows]-->
<td height="22" style="border: none; height: 16.3pt;" width="0"></td>
<!--[endif]-->
</tr>
<tr style="height: 16.3pt; mso-yfti-irow: 4;">
<td style="background: #FFF8DF; border-bottom: none; border-left: solid #E0E0E0 1.0pt; border-right: solid white 1.0pt; border-top: none; height: 16.3pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 195.95pt;" valign="top" width="261"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: "arial" , sans-serif; font-size: 10.0pt;">Above 6 but not exceeding 7 years<o:p></o:p></span></div>
</td>
<td style="background: #FFF8DF; border-right: solid #E0E0E0 1.0pt; border: none; height: 16.3pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.6pt;" valign="top" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: "arial" , sans-serif; font-size: 10.0pt;">65% of ARF paid<o:p></o:p></span></div>
</td>
<!--[if !supportMisalignedRows]-->
<td height="22" style="border: none; height: 16.3pt;" width="0"></td>
<!--[endif]-->
</tr>
<tr style="height: 16.3pt; mso-yfti-irow: 5;">
<td style="background: #FFFBEF; border-bottom: none; border-left: solid #E0E0E0 1.0pt; border-right: solid white 1.0pt; border-top: none; height: 16.3pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 195.95pt;" valign="top" width="261"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: "arial" , sans-serif; font-size: 10.0pt;">Above 7 but not exceeding 8 years<o:p></o:p></span></div>
</td>
<td style="background: #FFFBEF; border-right: solid #E0E0E0 1.0pt; border: none; height: 16.3pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.6pt;" valign="top" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: "arial" , sans-serif; font-size: 10.0pt;">60% of ARF paid<o:p></o:p></span></div>
</td>
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<td height="22" style="border: none; height: 16.3pt;" width="0"></td>
<!--[endif]-->
</tr>
<tr style="height: 16.3pt; mso-yfti-irow: 6;">
<td style="background: #FFF8DF; border-bottom: none; border-left: solid #E0E0E0 1.0pt; border-right: solid white 1.0pt; border-top: none; height: 16.3pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 195.95pt;" valign="top" width="261"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: "arial" , sans-serif; font-size: 10.0pt;">Above 8 but not exceeding 9 years<o:p></o:p></span></div>
</td>
<td style="background: #FFF8DF; border-right: solid #E0E0E0 1.0pt; border: none; height: 16.3pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.6pt;" valign="top" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: "arial" , sans-serif; font-size: 10.0pt;">55% of ARF paid<o:p></o:p></span></div>
</td>
<!--[if !supportMisalignedRows]-->
<td height="22" style="border: none; height: 16.3pt;" width="0"></td>
<!--[endif]-->
</tr>
<tr style="height: 16.3pt; mso-yfti-irow: 7;">
<td style="background: #FFFBEF; border-bottom: none; border-left: solid #E0E0E0 1.0pt; border-right: solid white 1.0pt; border-top: none; height: 16.3pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 195.95pt;" valign="top" width="261"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: "arial" , sans-serif; font-size: 10.0pt;">Above 9 but not exceeding 10 years<o:p></o:p></span></div>
</td>
<td style="background: #FFFBEF; border-right: solid #E0E0E0 1.0pt; border: none; height: 16.3pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.6pt;" valign="top" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: "arial" , sans-serif; font-size: 10.0pt;">50% of ARF paid<o:p></o:p></span></div>
</td>
<!--[if !supportMisalignedRows]-->
<td height="22" style="border: none; height: 16.3pt;" width="0"></td>
<!--[endif]-->
</tr>
<tr style="height: 10.05pt; mso-yfti-irow: 8; mso-yfti-lastrow: yes;">
<td style="background: #FFF8DF; border-bottom: solid #E0E0E0 1.0pt; border-left: solid #E0E0E0 1.0pt; border-right: solid white 1.0pt; border-top: none; height: 10.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 195.95pt;" valign="top" width="261"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: "arial" , sans-serif; font-size: 10.0pt;">Above 10 years<o:p></o:p></span></div>
</td>
<td style="background: #FFF8DF; border-bottom: solid #E0E0E0 1.0pt; border-left: none; border-right: solid #E0E0E0 1.0pt; border-top: none; height: 10.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 98.6pt;" valign="top" width="131"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: "arial" , sans-serif; font-size: 10.0pt;">Nil<o:p></o:p></span></div>
</td>
<!--[if !supportMisalignedRows]-->
<td height="13" style="border: none; height: 10.05pt;" width="0"></td>
<!--[endif]-->
</tr>
</tbody></table>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Assuming the Honda Jazz is
de-registered at the last day of it 10<sup>th</sup> year, the PARF rebate will
be 50% of its $16,869 ARF paid previously. Therefore the rebate will be
$8,435.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="color: yellow; font-size: large;">Car Running Expenses</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
There are other cost that will be
incurred on a daily/yearly basis such as:<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]-->Road Tax<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]-->Fuel<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]-->Parking Fees<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]-->ERP<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]-->vehicle maintenance<o:p></o:p></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]-->Insurance<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="color: yellow;">Road Tax: S$683/year</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
Road tax needs to be paid
biannually and this is dependent on the engine capacity (EC) of the car. The
formula for calculating road tax is as follow:<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br />
Table 3: Road Tax Rate (Source: LTA)</div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184; width: 0px;">
<tbody>
<tr style="height: 15.75pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="background: #F1F8FB; border-bottom: none; border: solid #DDDDDD 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 161.0pt;" valign="top" width="215"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<b><span style="color: #333333; font-family: "verdana" , sans-serif; font-size: 10.0pt;">Engine Capacity (EC) in cc<o:p></o:p></span></b></div>
</td>
<td style="background: #F1F8FB; border-bottom: none; border-left: none; border-right: solid #DDDDDD 1.0pt; border-top: solid #DDDDDD 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 224.0pt;" width="299"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 10.05pt;">
<b><span style="color: #333333; font-family: "verdana" , sans-serif; font-size: 10.0pt;">6-Monthly Road Tax Formula<o:p></o:p></span></b></div>
</td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 1;">
<td style="background: white; border: solid #DDDDDD 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 161.0pt;" width="215"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: "verdana" , sans-serif; font-size: 10.0pt;">EC <u><</u> 600<o:p></o:p></span></div>
</td>
<td style="background: white; border-left: none; border: solid #DDDDDD 1.0pt; height: 15.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 224.0pt;" width="299"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: "verdana" , sans-serif; font-size: 10.0pt;">S$200
x 0.782<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 26.25pt; mso-yfti-irow: 2;">
<td style="background: #F9F9F9; border-top: none; border: solid #DDDDDD 1.0pt; height: 26.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 161.0pt;" width="215"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: "verdana" , sans-serif; font-size: 10.0pt;">600
< EC <u><</u> 1,000<o:p></o:p></span></div>
</td>
<td style="background: #F9F9F9; border-bottom: solid #DDDDDD 1.0pt; border-left: none; border-right: solid #DDDDDD 1.0pt; border-top: none; height: 26.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 224.0pt;" width="299"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: "verdana" , sans-serif; font-size: 10.0pt;">[S$200
+ S$0.125(EC - 600)] x 0.782<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 26.25pt; mso-yfti-irow: 3;">
<td style="background: white; border-top: none; border: solid #DDDDDD 1.0pt; height: 26.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 161.0pt;" width="215"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: "verdana" , sans-serif; font-size: 10.0pt;">1,000
< EC <u><</u> 1,600 <o:p></o:p></span></div>
</td>
<td style="background: white; border-bottom: solid #DDDDDD 1.0pt; border-left: none; border-right: solid #DDDDDD 1.0pt; border-top: none; height: 26.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 224.0pt;" width="299"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: "verdana" , sans-serif; font-size: 10.0pt;">[S$250
+ S$0.375(EC - 1,000)] x 0.782<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 26.25pt; mso-yfti-irow: 4;">
<td style="background: #F9F9F9; border-top: none; border: solid #DDDDDD 1.0pt; height: 26.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 161.0pt;" width="215"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: "verdana" , sans-serif; font-size: 10.0pt;">1,600
< EC <u><</u> 3,000<o:p></o:p></span></div>
</td>
<td style="background: #F9F9F9; border-bottom: solid #DDDDDD 1.0pt; border-left: none; border-right: solid #DDDDDD 1.0pt; border-top: none; height: 26.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 224.0pt;" width="299"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: "verdana" , sans-serif; font-size: 10.0pt;">[S$475
+ S$0.75(EC - 1,600)] x 0.782<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 26.25pt; mso-yfti-irow: 5; mso-yfti-lastrow: yes;">
<td style="background: white; border-top: none; border: solid #DDDDDD 1.0pt; height: 26.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 161.0pt;" width="215"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: "verdana" , sans-serif; font-size: 10.0pt;">EC
> 3,000<o:p></o:p></span></div>
</td>
<td style="background: white; border-bottom: solid #DDDDDD 1.0pt; border-left: none; border-right: solid #DDDDDD 1.0pt; border-top: none; height: 26.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 224.0pt;" width="299"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-char-indent-count: 1.0; text-indent: 10.0pt;">
<span style="color: #333333; font-family: "verdana" , sans-serif; font-size: 10.0pt;">[S$1,525 +
S$1(EC - 3000)] x 0.782<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
A Honda Jazz has an EC of 1,498. As
such, the yearly road tax is:<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "verdana" , sans-serif; font-size: 10pt; line-height: 107%;">[S$250 +
S$0.375(1,498 - 1,000)] x 0.782 x 2 times = $683/year </span><o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="color: yellow;">Fuel Cost: $2,318/year</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
In order to calculate the cost of
fuel, we will first need to know the yearly average mileage of a car and its
fuel consumption. In Singapore, the average passenger car travels 18,000km per
year. The fuel consumption of a Honda Jazz is 5.6L/100km. Therefore the total
fuel consumption per year is 1008L. Based on current petrol price of $2.30/L,
this works out to be $2,318 per year. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="color: yellow;">Parking: S$3,564/year or S$6,564/year</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
If you are staying in a
HDB, the monthly season parking cost will be $110/mth. Furthermore if you work
in the Central Business District (CBD), the season parking charges can be more
than $350/mth. Otherwise it may just cost well over $100/month. </div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
I will also assume that some may be out during the weekend and therefore have to park at various location. The estimate for weekend parking is $20/weekend and this comes up to $87/mth. </div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Annual Parking (non CBD) = ($110/mth + $100/mth + $87/mth) x 12 mths = $3,564</div>
<div class="MsoNormal" style="text-align: justify;">
Annual Parking (in CBD) = ($110/mth + $350/mth + $87/mth) x 12 mths = $6,564 <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<o:p><br /></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="color: yellow;">ERP: S$364/year or S$1,716/year</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
For people working in CBD, their ERP charges can be as high as $6/weekday. This
translate to $1,560/year. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
There are also ERP charges on
every Saturday and I will assume a cost of $3/Saturday which equals to
$156/year.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
I will also make assumption that those
who are not working in the CBD may want to travel twice every week during the
evening into CBD for leisure purposes such as having dinner. This will be
$2/weekday or $$208/year. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
For people not working in CBD, I will assume every 2 weekdays they have to travel to city to meet up with
friends for dinner at $2/weekday. This will cost $208/year. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
A new ERP system will be
introduced in 2020 that has island wide coverage and charged based on distance
travelled. This might result in higher ERP charges in the future.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Annual ERP (non CBD) = $208/year + $156/year = $364</div>
<div class="MsoNormal" style="text-align: justify;">
Annual ERP (in CBD) = $1,560/year + $156/year = $1,716 </div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="color: yellow;">Maintenance: S$650</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
Cars in Singapore are required to
go for biennially inspection when it reached 3 years of age to ensure it is
roadworthy. Therefore regular maintenance is to be done before the inspection.
In Singapore, vehicle maintenance cost can range from $500 to $800 per year. We
will take the average of the two. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="color: yellow;">Insurance: S$1,800/year</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
Vehicle insurance is compulsory
in Singapore. Based on vehicle insurance quote found
online, an average coverage will cost around $1,800/year. If you are a safe
driver and does not make any claim for a year or more, you are entitled to a
No-Claim Discount (NCD) and it can be as high as 50% if you did not claim for
more than 5 years. For my calculation, I will exclude the NCD. <o:p></o:p><br />
<br /></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQpgYf6go4-5bB2xKraLZcfhRyeoWVTCx8Hlgci5gwtfZKcSyHFsFQwyaXZqdsGqYHKgLv7zRbNmAn9noFiDBQCNXhcUmg2kCil7iC-xBmF1BTcX0iVV7badztk0tSIvQhpRDvKmUuNrU2/s1600/private+car+policies.png" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="330" data-original-width="598" height="176" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQpgYf6go4-5bB2xKraLZcfhRyeoWVTCx8Hlgci5gwtfZKcSyHFsFQwyaXZqdsGqYHKgLv7zRbNmAn9noFiDBQCNXhcUmg2kCil7iC-xBmF1BTcX0iVV7badztk0tSIvQhpRDvKmUuNrU2/s320/private+car+policies.png" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Table 4: No-Claim Discount Rate (Source: AIG)</td></tr>
</tbody></table>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><br /></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b><br /></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b><br /></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b><br /></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b><br /></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b><br /></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b><br /></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b><br /></b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><br /></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="color: yellow;">Other miscellaneous: $300/year</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
There may be other occasional
unexpected expenses such as fines or major repair. For this I will budget an additional $300/year. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="color: yellow;">Cost of Car Ownership</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
</div>
<div class="MsoNormal" style="text-align: justify;">
For all the running expenses, I have included an annual inflation of 3%.
This is based on Singapore 's private road transport inflation for the past 10
years. Next the cash flow is discounted by 2.2%, which is Singapore current 10 year
risk free rate. </div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
The net present value (NPV) of owning a car in Singapore for 10
years are estimated to be $195k for people not working in CBD (Table 5) and $239k for people working in CBD (Table 6). This works out to be $20k and $24k per year respectively. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEge5Mw8-5gMUHbu54_X1T8y6-Ef9oC1X04KzXwUuowbceC8c2-Fkxott6LadbZvIvKMpZKCBvo07DyQfK5-A_rFKcPdNZZnsJXt9uXLvdYcRjedh29O5WUxPr1Tefu36kpb2NdSg_h2JqJZ/s1600/1.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="320" data-original-width="1117" height="180" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEge5Mw8-5gMUHbu54_X1T8y6-Ef9oC1X04KzXwUuowbceC8c2-Fkxott6LadbZvIvKMpZKCBvo07DyQfK5-A_rFKcPdNZZnsJXt9uXLvdYcRjedh29O5WUxPr1Tefu36kpb2NdSg_h2JqJZ/s640/1.png" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Table 5: Cost of Car Ownership Net Present Value(Not working in CBD)</td></tr>
</tbody></table>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjbgu4TmvIoPYjysCr0yaakTXvmwQ0hr7RJhVAOmhbVyHYs_zx_BdRM5mrGB2IJCPYlNx0ypRlD0a-yWeWdQBQP9yy0ykoG1yaBiMzdRVlFDw6tA9hXF6GsEvMLk-ZI1BnYgAOelWsepzS9/s1600/2.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="324" data-original-width="1118" height="184" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjbgu4TmvIoPYjysCr0yaakTXvmwQ0hr7RJhVAOmhbVyHYs_zx_BdRM5mrGB2IJCPYlNx0ypRlD0a-yWeWdQBQP9yy0ykoG1yaBiMzdRVlFDw6tA9hXF6GsEvMLk-ZI1BnYgAOelWsepzS9/s640/2.png" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Table 6: Cost of Car Ownership Net Present Value(Working in CBD)</td></tr>
</tbody></table>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="color: yellow; font-size: large;"><u>Total Cost of Car Ownership : S$20,000/year or $24,000/year</u></span><o:p></o:p></b></div>
<div>
<b><br /></b></div>
<div>
<b><br /></b></div>
<div>
<b><span style="color: yellow; font-size: large;">Cost of Taking Taxi</span></b></div>
Now lets compare this cost with the cost of taking a taxi. The calculation will also be based on an annual <span style="font-family: inherit;">mileage of 18,000km which we have used to calculate the cost of owning a car. </span></div>
<div>
<span style="font-family: inherit;"><br /></span></div>
<div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;">The table below is the breakdown of the Taxi Fare of ComfortDelgro, Singapore largest land Transport Company.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">Table 7: Comfort Taxi Metered Fare Structure (Source: ComfortDelgro) <o:p></o:p></span></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184; width: 0px;">
<tbody>
<tr style="height: 15.45pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td colspan="3" nowrap="" style="background: #5B9BD5; border: solid windowtext 1.0pt; height: 15.45pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 419.5pt;" valign="bottom" width="559"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b><span style="color: white; font-family: inherit; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Metered
Fare<o:p></o:p></span></b></div>
</td>
</tr>
<tr style="height: 14.75pt; mso-yfti-irow: 1;">
<td nowrap="" style="background: #5B9BD5; border-top: none; border: solid windowtext 1.0pt; height: 14.75pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 130.3pt;" valign="bottom" width="174"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b><span style="color: white; font-family: inherit; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Taxi
Components<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #5B9BD5; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 83.95pt;" valign="bottom" width="112"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b><span style="color: white; font-family: inherit; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Price<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #5B9BD5; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 205.2pt;" valign="bottom" width="274"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b><span style="color: white; font-family: inherit; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Remarks<o:p></o:p></span></b></div>
</td>
</tr>
<tr style="height: 14.75pt; mso-yfti-irow: 2;">
<td nowrap="" style="background: #DDEBF7; border-top: none; border: solid windowtext 1.0pt; height: 14.75pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 130.3pt;" valign="bottom" width="174"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<b><span style="font-family: inherit;">Flag
Down fare<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #DDEBF7; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 83.95pt;" valign="bottom" width="112"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="font-family: inherit;">$3.20 to
$3.90<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DDEBF7; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 205.2pt;" valign="bottom" width="274"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">For first 1km. Depending on vehicle
type<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 44.25pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 44.25pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 130.3pt;" valign="bottom" width="174"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<b><span style="font-family: inherit;">Distance
Fare<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 44.25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 83.95pt;" width="112"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="font-family: inherit;">$0.22<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 44.25pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 205.2pt;" valign="bottom" width="274"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">Every 400m thereafter or less up to
10km</span><br />
<span style="font-family: inherit;">Every 350m thereafter or less after 10km</span><br />
<span style="font-family: inherit;">Every 45 seconds of waiting or less<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 14.75pt; mso-yfti-irow: 4;">
<td nowrap="" style="background: #DDEBF7; border-top: none; border: solid windowtext 1.0pt; height: 14.75pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 130.3pt;" valign="bottom" width="174"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<b><span style="font-family: inherit;">Booking
Fee<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #DDEBF7; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 83.95pt;" valign="bottom" width="112"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="font-family: inherit;">$2.30 to
$3.30<o:p></o:p></span></div>
</td>
<td nowrap="" style="background: #DDEBF7; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 205.2pt;" valign="bottom" width="274"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">Depending on day and time<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 14.75pt; mso-yfti-irow: 5; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 14.75pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 130.3pt;" valign="bottom" width="174"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<b><span style="font-family: inherit;">Peak
Period Surcharge<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 83.95pt;" valign="bottom" width="112"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="font-family: inherit;">25% or
50%<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.75pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 205.2pt;" valign="bottom" width="274"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: inherit;">Depending on day and time<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;"><br /></span></div>
</div>
<div>
<span style="font-family: inherit;">With an annual mileage of 18,000km, this means the daily mileage will be 49km, enough to travel from Pasir Ris in the East to Tuas in the West. Next I will assume the commuter to take 4 trips per day, therefore each trip will be about 12km. The daily Taxi fare is calculated as follow:</span></div>
<div>
<span style="font-family: inherit;"><br /></span></div>
<div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="font-family: inherit;"><span style="color: yellow;">Flag down fare: $15.60 per day</span><o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;">I will use the higher flag down
fare of $3.90<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;">$3.90 x 4 trips = $15.60<o:p></o:p></span></div>
</div>
<div>
<b style="text-align: justify;"><span style="font-family: inherit;"><br /></span></b>
<br />
<div class="MsoNormal" style="text-align: justify;">
<b><span style="color: yellow;">Distance Fare: $27.70 per day</span><o:p></o:p></b></div>
<div class="MsoNormal" style="text-align: justify;">
First 1km is already included in flag down
fare. </div>
<div class="MsoNormal" style="text-align: justify;">
I will take that the distance fare will jump $0.22 for every 350m traveled. <o:p></o:p></div>
<b style="text-align: justify;">
</b><br />
<div class="MsoNormal" style="text-align: justify;">
Next 11km = $0.22 x 11km / 350m x
4 trips = $27.70<o:p></o:p></div>
</div>
<div>
<b style="text-align: justify;"><span style="font-family: inherit;"><br /></span></b></div>
<div>
<b style="text-align: justify;"><span style="color: yellow; font-family: inherit;">Booking Fee: $13.20 per day</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;"><o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;">For every trip that I make, I will book a cab for convenience sake instead of having to queue at the taxi stand.
I will use the higher booking fee of $3.30. <o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;">$3.30 x 4 trips = $13.20 <o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<o:p><span style="font-family: inherit;"><br /></span></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="font-family: inherit;"><span style="color: yellow;">Peak Period Surcharge: $8.70 per day</span><o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;">The peak period surcharge is
based on the day and time when taking the Taxi. I will assume that 3 trips will
incur a surcharge of 25% and 1 trip will incur a surcharge of 50%.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;">Each distance fare cost $6.90<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;">$6.90 x 25% x 3 trips = $5.20<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;">$6.90 x 50% x 1 trips = $3.45<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;">Total: $8.70<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="font-family: inherit;"><span style="color: yellow;">Total Cost of Taking Taxi</span><o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;">By summing up all the taxi fare charges, the daily cost of 4 trips with a total distance of 48km came up to S$65.20 per day or $23,798 per year. This is excluding ERP charges which passengers have to pay if their taxi goes through any ERP. <o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;">To determine if the above assumption
is reliable, I compared it with Comfortdelgro app estimated price from Bedok to
raffles place which is about 12.8km. The price came to between $14 and $18 per
trip. My price estimate is therefore within the range. <o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;">After accounting for inflation and discount rate, the total present cost for taking Taxi will be $246,540 for 10 years, or around $25,000 per year. <o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;"><br /></span></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><img border="0" data-original-height="117" data-original-width="1120" height="66" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiDiNPGGjvJ8q8fIPWrhjM8eH-YSUJjtOHg03AHI0dM7eWqO161uxzGyO8tntaHh0X-MpX31hRpaDLbDo2lhIMz_E1XYNKSN07VkqeGbwbjlv3I_AbNPI8I50bi_8-y_cVUSXWEcliifZWA/s640/Taxi.png" style="margin-left: auto; margin-right: auto;" width="640" /></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Table 8: Cost of taking taxi net present value</td></tr>
</tbody></table>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiDiNPGGjvJ8q8fIPWrhjM8eH-YSUJjtOHg03AHI0dM7eWqO161uxzGyO8tntaHh0X-MpX31hRpaDLbDo2lhIMz_E1XYNKSN07VkqeGbwbjlv3I_AbNPI8I50bi_8-y_cVUSXWEcliifZWA/s1600/Taxi.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: inherit;"></span></a></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;"><br /></span></div>
<div>
<u><span style="font-family: inherit; font-size: large;"><b style="text-align: justify;"><span style="color: yellow;">Total Cost of Taking Taxi</span></b><b style="text-align: justify;"><span style="color: yellow;">: $65.20 per day or $25,000 per year</span></b></span></u></div>
<div>
<u><span style="font-size: large;"><b style="text-align: justify;"><span style="color: yellow; font-family: inherit;"><br /></span></b></span></u></div>
<div>
<u><span style="font-size: large;"><b style="text-align: justify;"><span style="color: yellow; font-family: inherit;"><br /></span></b></span></u></div>
<div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="font-family: inherit;"><span style="color: yellow; font-size: large;">Cost of Car Ownership vs Cost of taking Taxi</span><o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;">To make comparison between the cost of car ownership and cost of taking taxi, first I have to remove the ERP charges from the cost of car ownership as the calculation for cost of taking taxi does not include it. After adjustment, the cost per year for each mode of transport is shown in table 9. The result has shown that car ownership is cheaper than taking Taxi. This is assuming that you are a heavy Taxi user that requires a daily trips of 4 which cover 48km/day. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;"><br /></span>
Table 9: Summary of cost of Car and Taxi</div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184; width: 0px;">
<tbody>
<tr style="height: 11.75pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="background: #5B9BD5; height: 11.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 168.9pt;" valign="bottom" width="225"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b><span style="color: white; font-family: inherit; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Transport
mode<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #5B9BD5; height: 11.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 94.15pt;" valign="bottom" width="126"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<b><span style="color: white; font-family: inherit; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-SG; mso-hansi-font-family: Calibri;">Cost Per Year ($)<o:p></o:p></span></b></div>
</td>
</tr>
<tr style="height: 11.75pt; mso-yfti-irow: 1;">
<td nowrap="" style="background: #BDD7EE; height: 11.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 168.9pt;" valign="bottom" width="225"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<b><span style="font-family: inherit;">Car (Not
working in CBD)<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #BDD7EE; height: 11.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 94.15pt;" valign="bottom" width="126"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="font-family: inherit;">19,160<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 11.75pt; mso-yfti-irow: 2;">
<td nowrap="" style="height: 11.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 168.9pt;" valign="bottom" width="225"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<b><span style="font-family: inherit;">Car
(Working in CBD)<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="height: 11.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 94.15pt;" valign="bottom" width="126"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="font-family: inherit;">22,201<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 11.75pt; mso-yfti-irow: 3; mso-yfti-lastrow: yes;">
<td nowrap="" style="background: #BDD7EE; height: 11.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 168.9pt;" valign="bottom" width="225"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<b><span style="font-family: inherit;">Taxi (4
trips per day)<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="background: #BDD7EE; height: 11.75pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 94.15pt;" valign="bottom" width="126"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<span style="font-family: inherit;">24,654<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="font-family: inherit;"><br /></span></b></div>
</div>
<div>
<span style="color: yellow; font-family: inherit;">What if 'm just a moderate commuter that does not need to travel 4 trips a day?</span></div>
<div>
<span style="font-family: inherit;"><br /></span></div>
<div>
<span style="font-family: inherit;">Not everyone will need to take 4 taxi trips per day. For example, we may just need to:</span></div>
<div>
<ul>
<li><span style="font-family: inherit;">Take 2 trips per day during weekdays to and from work</span></li>
<li><span style="font-family: inherit;">Take 3 trips per day on Saturday, Sunday and Public Holiday (PH) </span></li>
</ul>
</div>
<div>
<span style="font-family: inherit;">with the above profile, let me calculate the annual taxi cost.</span></div>
<div>
<span style="font-family: inherit;"><br /></span></div>
<div>
<span style="font-family: inherit;">In a year, there are 249 weekdays and 116 Saturday/Sunday and PH </span></div>
<div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;">Therefore the total trips made per year would be:</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;"> 249 weekdays
x 2 trips + 116 weekends x 3 trips = 846 trips per year<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;">As calculated previously, each
trip cost about $16.30, therefore total cost per year is:<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;">846 trips per year x $16.30 per
trip = $13,790 per year<o:p></o:p></span></div>
</div>
<div>
<span style="font-family: inherit;"><br /></span></div>
<div>
<span style="font-family: inherit;">For a moderate commuter, the cost per year for taking Taxi is significantly lower at around $14,000. This is cheaper than owning a car which cost $19,000 per year. </span></div>
<div>
<span style="font-family: inherit;"><br /></span></div>
<div>
<span style="font-family: inherit;"><br /></span></div>
<div>
<span style="color: yellow; font-family: inherit;">If i'm a moderate commuter, does this mean I should not get a car?</span></div>
<div>
<span style="font-family: inherit;"><br /></span></div>
<div>
<span style="font-family: inherit;">If you are a moderate commuter, taking taxi will cost less than owning a car. However, this might not be the case if COE were to drop drastically.</span></div>
<div>
<span style="font-family: inherit;"><br /></span></div>
<div>
<span style="font-family: inherit;">I will adjust my car ownership cost model taking into account:</span><br />
<ul>
<li>COE drops to $10,000</li>
<li>Cost of fuel based on annual mileage of a moderate commuter of 10,152km (846 trips x 12km per trip) </li>
</ul>
</div>
<div>
The result is as follow:</div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgXiQo-xSQ5qBHQ3ONuNv3Yb-xwL02JbkguaTN2n-9eSCRN3sOZrjSptKqyCfF66r92twPH7cwu7go54Dqod2fC2dQjOxtC-Z4oXIN1kNeu2lPBo0ILrNPkX_MSfS4Siv1iSPSoDg4gNpxk/s1600/3.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="257" data-original-width="965" height="170" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgXiQo-xSQ5qBHQ3ONuNv3Yb-xwL02JbkguaTN2n-9eSCRN3sOZrjSptKqyCfF66r92twPH7cwu7go54Dqod2fC2dQjOxtC-Z4oXIN1kNeu2lPBo0ILrNPkX_MSfS4Siv1iSPSoDg4gNpxk/s640/3.png" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Table 10: Moderate commuter cost of car ownership net present value (Not working in CBD)</td></tr>
</tbody></table>
<div>
<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEid67i9Zhbp0Xo6Vx3PloFhU3XzGbaUoRQM2KlT8n9jpP20if5FeqnHUhfn0qMjyMz_nlDnvlgH4qdJzq74KhIJTlC6B-lnXWAO5mQU4HjDxG2h9JgyGpAvVpdnN_bhs-PDStXbiiNQfqpK/s1600/4.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="258" data-original-width="966" height="170" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEid67i9Zhbp0Xo6Vx3PloFhU3XzGbaUoRQM2KlT8n9jpP20if5FeqnHUhfn0qMjyMz_nlDnvlgH4qdJzq74KhIJTlC6B-lnXWAO5mQU4HjDxG2h9JgyGpAvVpdnN_bhs-PDStXbiiNQfqpK/s640/4.png" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Table 11: Moderate commuter cost of car ownership net present value (Working in CBD)</td></tr>
</tbody></table>
<div>
<br /></div>
<div style="text-align: justify;">
The models show that the cost of car ownership per year will be less than $15,000 if you don't travel often to CBD or $18,000 if you do. The cost is only slightly more expensive than taking a taxi of $14,000 per year. Therefore if COE were to drop to $10,000 or below, buying a car might be a better option as the cost of car ownership and cost of taking taxi will converge greatly.<br />
<br />
<span style="color: yellow; text-align: start;">Will COE drop to below $10,000?</span><br />
This is possible as shown in Table 12, COE has dropped to below $10,000 (represented by green line below the black line) during 2008 and 2009 period when the financial crisis hits.<br />
<br />
However, it is to note that during that period, the annual vehicle growth rate allowed is 1.5%. Now it has been revised to 0%, meaning that future supply of COE will shrink greatly. Furthermore, the COE quota starts to drop in 2010 to 2015. Assuming every car owner did not renew their COE after the 10th year, this means that we could possibly see a significant drop in COE supply in 2020 to 2025. Therefore COE prices is expected to rise unless we see another major crisis like the 2007 financial crisis.<br />
<br />
In the near term, a monthly 3,328 COEs will be up for bidding for Category A from August to October 2018 period. This is 16% higher than last quarter quota and may be due to the exit of Uber. However, it is expected that there won't be significant changes in COE price as demand for cars are still high. This can be seen from the most recent bidding when total bids spiked after the previous round where COE dropped to $25,000, causing COE price to be back at the $32,700 level.<br />
<br /></div>
<div style="text-align: justify;">
<span style="font-size: 11pt; line-height: 107%;"><span style="font-family: inherit;">Table 12: COE Quotas, Bids Received and Prices (Source: SGCharts)</span></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgVIUN-TnDKsIMPYkkEbyAimPh1QQWcENTpeRnIMlTCAJyq7JyBlMV5x0XHRcBxTrSEiCfe-CfaMBq0eBpFbOkZXrd9J4D9qBz02cX3LnstDu9tfa9VkV6rh2rJLaYRd7ivYHKc_qjM1ZzC/s1600/COE+Price.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: inherit;"><img border="0" data-original-height="658" data-original-width="1136" height="370" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgVIUN-TnDKsIMPYkkEbyAimPh1QQWcENTpeRnIMlTCAJyq7JyBlMV5x0XHRcBxTrSEiCfe-CfaMBq0eBpFbOkZXrd9J4D9qBz02cX3LnstDu9tfa9VkV6rh2rJLaYRd7ivYHKc_qjM1ZzC/s640/COE+Price.png" width="640" /></span></a></div>
<div style="text-align: justify;">
<span style="line-height: 107%;"><span style="font-family: inherit;"><br /></span></span></div>
<div style="text-align: justify;">
<span style="font-family: inherit; line-height: 107%;"></span><br />
<div class="MsoNormal">
Personally, I dislike driving especially in Singapore. This is because firstly, your full concentration has to be on the wheel and unlike taking the public transport, you can just relax and do your own stuff. Secondly, as Singapore is a small place, the density of cars are quite high which increase the stress of driving. Lastly, you always need to find a parking space and sometimes this may take up quite a bit of your time. If I were to just take a taxi, this wouldn’t be an issue. However, if COE were to drop to below $10,000, I will seriously consider buying a car and the biggest motivation would be if I have my own family as their comfort will outweigh the other consideration.<br />
<br />
For potential car buyers, hopefully my above analysis can help you make an informed decision and lets cross our finger to hope for a drop in COE prices! </div>
<span style="font-family: inherit; font-size: 11pt; line-height: 107%;">
</span></div>
<div style="text-align: justify;">
<span style="font-size: 11pt; line-height: 107%;"><span style="font-family: inherit;"><br /></span></span></div>
Ricky Pehhttp://www.blogger.com/profile/15151634848349243650noreply@blogger.com0tag:blogger.com,1999:blog-1554385806293685428.post-73771092288991254262018-07-14T12:30:00.000+08:002018-07-14T12:30:58.826+08:00Koufu Group Limted IPO<div class="MsoNormal" style="text-align: justify;">
<div class="separator" style="clear: both; text-align: center;">
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<br />
Hawker centres and food courts are
an important part of Singapore’s food culture. You go into one of the food
centre and will be spoilt for choice of all the delicious local food which
comes at a rather affordable price. Now would you want to own a piece of this
business that all Singaporeans know about? <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Koufu Group Limited, which is
known for their food courts, has lodged its prospectus with Monetary Authority
of Singapore for its initial public offering on <b>18 July 2018</b> with the main
board of the Singapore Exchange. The <b>public offer closes at noon on 16 July
2018</b>. </div>
<div class="MsoNormal" style="text-align: justify;">
<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: large;">Understanding its Business</span><o:p></o:p></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><br /></b></div>
<div class="MsoNormal" style="text-align: justify;">
Koufu is an established company
in Singapore F&B and food service management industry for 16 years since
2002. They provide competitive-priced dining options and is supported by local
food consumption habits and therefore, is believed to be resilient through
economic cycles. It main operation is in Singapore while having a small
presence in Macau. As at FY2017, 92% of its revenue is generated from Singapore
while 8% is from Macau.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
The total fund to be raised is $43m and it will be intended for the following purpose:</div>
<ul>
<li style="text-align: justify;">($30m or 66%) Build a larger central kitchen that is five times bigger than existing central kitchens to enhance productivity and operational efficiency. Also with spare capacity, they could utilise it to manufacture and supply semi-finished or finished food products to stall operators as well as third party businesses, providing another source of revenue</li>
<li style="text-align: justify;"><span style="text-indent: -18pt;">($8m or 18%) Refurbish and renovate existing F&B outlets in order to maintain the suitability of use and encourage repeated patronage</span></li>
<li style="text-align: justify;">($5m or 11%) Expand and strengthen their presence with new
F&B outlets in Singapore and overseas with a focus on hospitals, commercial
malls, tertiary educational institution and new housing estates. Their current
plans was to open 1 food court at Sengkang General and Community Hospital, 2
new food courts in Tampines and Bukit Batok. They also intend to expand their
overseas footprint with an initial focus on Macau.</li>
<li style="text-align: justify;">Joint venture opportunities such as investing in
a business to business bakery to expand into the bakery, confectionary and hot
kitchen food production business.</li>
<li style="text-align: justify;"><span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span><span style="text-align: justify; text-indent: -18pt;">Roll out online food ordering and delivery
services to most of their F&B outlets</span></li>
</ul>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo2; text-align: justify; text-indent: -18.0pt;">
<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
As stated in its prospectus, Koufu business is
separated into 2 main segments- outlet & mall management (O&M) and
F&B retail business. Each business segment represents roughly 50% of Koufu
FY2017 revenue. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
O&M Business- Under its
O&M business, Koufu operates and manages:<o:p></o:p></div>
<ul>
<li style="text-align: justify;"><span style="text-indent: -18pt;">47 food courts (Singapore)</span></li>
<li style="text-align: justify;">14 coffee shops (Singapore)</li>
<li style="text-align: justify;">1 hawker centre (Singapore)</li>
<li style="text-align: justify;">1 commercial mall - Punggol Plaza (Singapore)</li>
<li style="text-align: justify;">1 food court (Macau)</li>
</ul>
<div class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
Below are the brands that Kofu
currently operates. <o:p></o:p></div>
<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgbvK7xRUC2poaMI9AOzs9pW_UvnRWPljfpMcp8YqIG3YTMyTHjG68RM_HBQQ9ONf6AGc8-qiO3anwtIEU-2ALUNUJRFosMM_T1bSTznyKIPO7VvgDmQWgRyehJK6cSx4VV7qSvie3bRF2n/s1600/Brand.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="780" data-original-width="984" height="505" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgbvK7xRUC2poaMI9AOzs9pW_UvnRWPljfpMcp8YqIG3YTMyTHjG68RM_HBQQ9ONf6AGc8-qiO3anwtIEU-2ALUNUJRFosMM_T1bSTznyKIPO7VvgDmQWgRyehJK6cSx4VV7qSvie3bRF2n/s640/Brand.png" width="640" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="font-size: large;">Related parties transactions</span><o:p></o:p></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b><br /></b></div>
<div class="MsoNormal" style="text-align: justify;">
The existing corporate structure
is shown as below. Koufu main shareholder is Jun Yuan Holdings Pte Ltd ("Jun Yuan"), owned wholly by Mr. Pang Lim and Mdm. Ng Hoon Tien, who is also the executive director of Koufu. </div>
<div class="MsoNormal" style="text-align: justify;">
<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgaP9wFTtPl36JFrs7yCTN5v0paOogsFQIYUch5Osu0xQqfPWxwuyPvdt6JkvSdnz5TYVZHuM2RDal10RWdNEkrwneCKNOV3INu1ZEeVD-rqRsPaVyfjmEyPc3pDQ_xk_zmTtStKevjiny6/s1600/2.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="554" data-original-width="1082" height="324" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgaP9wFTtPl36JFrs7yCTN5v0paOogsFQIYUch5Osu0xQqfPWxwuyPvdt6JkvSdnz5TYVZHuM2RDal10RWdNEkrwneCKNOV3INu1ZEeVD-rqRsPaVyfjmEyPc3pDQ_xk_zmTtStKevjiny6/s640/2.png" width="640" /></a></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Prior to the listing, these are
some of the transactions that took place that might be of interest to investors:<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: 38.25pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]-->28/9/17 - Koufu sold a property with net book
value of $357k to Jun Yuan<o:p></o:p></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 38.25pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span>28/9/17 – Koufu sold 1 food court and 5
coffee shops to Jun Yuan. This was rented back to Koufu at a current rate of
$268k/mth. The rental will be renewed every 4 years and the rental rate will be
determined by an independent valuer with Koufu having to pay either (a) at the
market rental value, or (b) at a rental below the market value. <o:p></o:p></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: 38.25pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span>The amount paid by Jun Yuan to Koufu was subsequently
returned back to Jun Yuan via a dividend payout in FY2017. <o:p></o:p></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: 38.25pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<br /></div>
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</div>
<div class="MsoNormal" style="text-align: justify;">
Due to the above transactions, Koufu total
assets has dropped by 42%, from $187m in FY2016 to $107m in FY2017. As the transaction took place
prior to listing, this will not affect my assessment of its valuation. However, there
might be some impact from the "sales and leaseback" agreement of the 1 food court and 5 coffee shops with Jun Yuan as it is on a recurring basis. This
transaction might result in a 2.5% increase in property rental expenses (from
$95.9m to $98.3m) for FY2018, assuming the properties were owned by Koufu
previously with no rental payment needed.<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
After the IPO, Jun Yuan will continue to hold 78.7% of the company while conerstone investors will own 3.8% of the company. It is to note that cornerstone investors are not subjected to any lock-up restriction in respect of their shareholding interest. This means they are free to sell their shares on the 1st day of trading. </div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="font-size: large;">Financial Performance</span></b></div>
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</div>
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<br /></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiXb5-Qhz1U1MTcL-wrMpsH20E_n10J0cWspQai_hqOgds3d_lmuEE-Ohu49z17kDZTqFspom2pslwm596rvRkq7Dh7BJGmA6Mn1nOCMNJBVJppgCdCFBGroK3aJ_7ET9okjIHYHZxigRkH/s1600/pROFIT+mETRICS.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="155" data-original-width="389" height="127" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiXb5-Qhz1U1MTcL-wrMpsH20E_n10J0cWspQai_hqOgds3d_lmuEE-Ohu49z17kDZTqFspom2pslwm596rvRkq7Dh7BJGmA6Mn1nOCMNJBVJppgCdCFBGroK3aJ_7ET9okjIHYHZxigRkH/s320/pROFIT+mETRICS.png" width="320" /></a></div>
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<br /></div>
<div class="separator" style="clear: both; text-align: justify;">
Based on FY2017, Koufu growth has been quite stagnant at CAGR of 2.94% for the past 3 years whereas Kimly was at 7.2%. However Koufu was more profitable with gross and profit before tax margin higher than Kimly. Koufu staff cost was also way lower than Kimly with staff cost/revenue at 17.16% as compared to Kimly 26.15%. This means that for every $1 of revenue generated, Koufu only need to spend staff cost of 17cents as compared to Kimly 26cents. </div>
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<br /></div>
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<span style="font-size: large;"><b>Valuation</b> </span></div>
<div>
<br /></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhL7aoYPUaDjdZT1JZXZMbL1jAhc-TfuEoCao4wC2YaM88OMjOSXKHQ-Jmawyhrm0tB7bz_j6b8VYjY0DdxoWzSNVV3v6uKl1_DT1kRajGI6QSPdC8DEJqOA0R_k1ByvP-VK5okfB0ShPPY/s1600/Valuation.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="415" data-original-width="884" height="299" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhL7aoYPUaDjdZT1JZXZMbL1jAhc-TfuEoCao4wC2YaM88OMjOSXKHQ-Jmawyhrm0tB7bz_j6b8VYjY0DdxoWzSNVV3v6uKl1_DT1kRajGI6QSPdC8DEJqOA0R_k1ByvP-VK5okfB0ShPPY/s640/Valuation.png" width="640" /></a></div>
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<br /></div>
<div style="text-align: justify;">
As compared to peers with similar size in terms of market capitalization and after adjusting* its balance sheet and profit and loss statement taking into account the transactions listed in Related Party Transactions section, Koufu PE ratio of 14.38c and price/NTA per share of 4.85x seems to suggest its valuation of $0.63 per share is cheaper than Kimly and much cheaper as compared to Jumbo. If it were to trade at the same valuation as Kimly, its share price will be $0.815 based on Kimly PE ratio and $0.685 based on Kimly Price/NTA per share. A potential appreciation of 29% and 8.7% respectively above its offering price of $0.63.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Koufu has suggested a dividend payout of at least 50% of net profits after tax generated in FY2018 and FY2019, this translate to an annual dividend of 3.4% based on the above adjusted profit after tax.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b><span style="font-size: large;">Conclusion</span></b></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Koufu seems to be rightly priced and looks attractive to invest in a cash generative business.<br />
<br />
Its future growth and risk depends on:<br />
<ul>
<li>The future central kitchen in improving their margins and generating alternative source of revenue from its spare capacity </li>
<li>Success of local and overseas expansion </li>
</ul>
However, some of its related party transactions that was done prior to IPO still bug me as I feel it may be detrimental to future shareholder. Furthermore, the existing weak investment market coupled with the lack of lock-in for cornerstone investors heighten the risk of a disappointing IPO.<br />
<br />
My take on this IPO is neutral. For interested investor, you still have 2 days to ponder on!<br />
</div>
Ricky Pehhttp://www.blogger.com/profile/15151634848349243650noreply@blogger.com0tag:blogger.com,1999:blog-1554385806293685428.post-88693127681238794322018-05-15T20:00:00.000+08:002018-05-16T13:04:55.310+08:00Is the Yield Curve predicting another Financial Crisis?<div class="separator" style="clear: both; text-align: center;">
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<br /></div>
<div class="separator" style="clear: both; text-align: justify;">
The yield curve has predicted seven out of seven recession
in the past 50 years, a perfect forecasting track record. It is no wonder
investors are concerned when looking at the current yield curve as it seems
another recession is looming.</div>
<br />
<div class="MsoNormal">
<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;">Explaining the Yield
Curve<o:p></o:p></b></div>
<div class="MsoNormal" style="text-align: justify;">
A yield curve in a graph shows the relationship of different
bonds' interest rates of similar risk but with different maturity date. On the
x-axis, it is the maturity date of the bond while on the y-axis, it is its interest rate. For the purpose of illustration, we will use US Treasury
bond as it is perceived as risk free due to it being backed by the USA
government.<br />
<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="mso-spacerun: yes;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
Every bond has an interest rate that shows the return
required by the investor who wants to invest in it. For example, USA 10-year Treasury
bond is currently at 3%. This means that investor who bought the bond will receive 3% return every year for the next 10 years. Interest rates usually reflects
the risk of the investment. For example, higher interest rate means higher risk
and vice versa. <o:p></o:p><br />
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Generally, a long term bond will have a higher interest rate
as compared to a short term bond. This is due to the thinking that because you
are committed to invest longer, there is higher chance of you losing the money
and therefore higher risk. During normal economic condition when
investor expect economy to grow at normal pace, short term bond interest rate
will be lower than long term bond interest rate, resulting in a positive yield
curve as shown below. <o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">Positive Yield Curve<o:p></o:p></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><br /></b></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjQaCMC660Sdp4mUEoHrf6sEhJVgzze14o0Okl8bB7cSobmZw9jeUoxKqVjoKg4YXiu1je-eaBJVGC1haCT9Cop8ZpI2HbkohJlRvw7NvcitKpKIdKfV9uLHQSbeNx-T0ntbRQmXKOf_3by/s1600/Pic+1.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="313" data-original-width="470" height="266" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjQaCMC660Sdp4mUEoHrf6sEhJVgzze14o0Okl8bB7cSobmZw9jeUoxKqVjoKg4YXiu1je-eaBJVGC1haCT9Cop8ZpI2HbkohJlRvw7NvcitKpKIdKfV9uLHQSbeNx-T0ntbRQmXKOf_3by/s400/Pic+1.gif" width="400" /></a></div>
<div class="MsoNormal" style="text-align: justify;">
The positive yield curve can steepen, meaning that long term bond interest rate rise faster than short term bond, and this usually happen during bullish market condition. In a bullish economic environment, companies are expected to do well and may proceed with their expansion plan. This will result in lower unemployment and rising wages. There is also ample liquidity in the market as banks are willing to lend money to consumer and companies to spend and invest at low interest rate. The increase wealth will results in higher consumption. This increased demand for limited supply of goods will result in higher inflation.<br />
<br />
Inflation is not
good for investors who wants to invest in long term bond. This is because if
inflation is expected to increase faster, holding on to long term bond will
result in lower net interest return. To illustrate, today you
invest in a 10 year 3% bond with current inflation of 1%. Your net return is 2% by the end of year 1(3% - 1% = 2%). Say 5 years down the road, if inflation accelerated and hit 5%,
your net return will be -2% (3% - 5%= -2%). Therefore in an inflationary environment, demand for long term bond
will decrease and in order to entice people to buy long term bond, its interest
rate has to increase so that it will provide sufficient return to the investors.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
For investors investing in short term bond, accelerating inflation
will not impact them greatly as their bond will mature in a matter of months
and by then, they can reinvest their capital into higher yielding bonds if the
opportunity arises. Short term bond investor would therefore be less demanding
on requesting for very high interest rate. So during bullish economic
condition, long term bond yield will expand at a faster rate than short term
bond resulting in a steepening of the positive yield curve.<br />
<br />
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b>Inverted Yield Curve<o:p></o:p></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b><br /></b></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSqk6SnL9OSYv7Ywp9GKPfRWMp3Rpet0q5SAMdpTIRPAxxoxI7Ze3cQosvIYNYNV7iup_vwVDpHoeZXFK8KBWbu1EaiWTfKVnga9c3PV3Fmm9XrOgS0N2EVZYadBd68905sZG2Itdh_hQC/s1600/inverted-yield-curve.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="478" data-original-width="740" height="257" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSqk6SnL9OSYv7Ywp9GKPfRWMp3Rpet0q5SAMdpTIRPAxxoxI7Ze3cQosvIYNYNV7iup_vwVDpHoeZXFK8KBWbu1EaiWTfKVnga9c3PV3Fmm9XrOgS0N2EVZYadBd68905sZG2Itdh_hQC/s400/inverted-yield-curve.jpg" width="400" /></a></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
With expected higher inflation, central banks will start to increase its interest rates so that it will make it more expensive for people and companies to borrow money, thus curbing inflation. This will cause economic environment to slow down. With the view that market condition has become more uncertain with risk of recession, bond investors will start to turn their investment into long term bond. The reason is it provide a safe place for investors to put their money in amid falling equities markets and volatile environment. As long term bond interest rate is currently high, investors will want to lock in the high yield before they decrease further. As demand for long term bond increase, investors will be less demanding on the interest rate and therefore it will start to fall. This may result in long term bond yield falling below short term bond yield, forming an inverted yield curve.<br />
<br />
Well you may ask who would want to invest in a 10 year
Treasury bond that give a lower interest as compared to a 2 year Treasury bond.
Let me illustrate with the following example:<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
</div>
<div class="MsoNormal" style="text-align: justify;">
Assuming today is 4th of July 2000 with the 2 year Treasury bond
and 10 year Treasury bond at 6.38% and 5.86% respectively. Also assuming that
after your 2 year Treasury bond mature, you will reinvest it in another 2 year
Treasury bond at the interest rate at that point of time. Even though the 10
year Treasury bond has an initial lower interest than 2 year Treasury bond in
year 1, over the course of 10 year, the return for 10 year bond is higher as
investor has locked in the higher interest rate already.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgmhmtKQ7ZPLuq7UUXoc0Glv4W4URa6RbsmYfFgvIzaTon9Kt24e0IZohj_wJx9u20wBrMldx_WAVOv67LQF4iH2Naejb3nVMvS3Gd3sd6Y772wUYO_y_RxWa-N_0HLA9fDBMdzfd08lXRk/s1600/Example.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="80" data-original-width="1209" height="42" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgmhmtKQ7ZPLuq7UUXoc0Glv4W4URa6RbsmYfFgvIzaTon9Kt24e0IZohj_wJx9u20wBrMldx_WAVOv67LQF4iH2Naejb3nVMvS3Gd3sd6Y772wUYO_y_RxWa-N_0HLA9fDBMdzfd08lXRk/s640/Example.png" width="640" /></a></div>
<o:p></o:p><br />
<br />
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><br /></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><br /></b></div>
<div class="MsoNormal" style="text-align: justify;">
</div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">Historical Trend<o:p></o:p></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><br /></b></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh_ge4RnwY9ENrEUBI7MSHQrv2XOpBRPM-63FjcBxl8fqPLh3DxbMmXzdEbjg-AT-cUDC8KZUmZtHnv4DbfuPKo2h7McjA45QCgecJhO2n98C_K1Gy5J4jRxzVrsKazRqb_Zh8ZmnQjrgay/s1600/Yield+curve+spread.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="483" data-original-width="761" height="404" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh_ge4RnwY9ENrEUBI7MSHQrv2XOpBRPM-63FjcBxl8fqPLh3DxbMmXzdEbjg-AT-cUDC8KZUmZtHnv4DbfuPKo2h7McjA45QCgecJhO2n98C_K1Gy5J4jRxzVrsKazRqb_Zh8ZmnQjrgay/s640/Yield+curve+spread.png" width="640" /></a></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><br /></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><br /></b></div>
<div class="MsoNormal">
An inverted yield curve usually signal a recession is on the
horizon. In the past, the US Treasury yield curve inverted before past recessions
such as the 1981 and 1991 recession, dot-com bubble in 2000 and the global
financial crisis in 2008. The graph above shows the difference between 10 year
US Treasury bond interest rate and 2yr Treasury bond interest rate. When the
blue line is below the grey line of 0, it means 10 year bond interest rate is
lower than 2 year bond interest rate, which also means an inverted yield curve. As we can see the inverted yield curve is subsequently
preceded by recessions which is represented by the background highlighted in grey. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Also from the graph, we can see that there is a lag between
the negative spread before the onset of the recessions. During the 2008 global
financial crisis, 3 months after the spread turned into sustained positive territory
from negative, the Dow Jones Industrial Average starts its slide into bear
market. As for during the dot com bubble, it happened after 5 months from the
onset of sustained positive spread.</div>
<div class="MsoNormal">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<br />
<div class="MsoNormal" style="text-align: justify;">
<b>Current Trend</b></div>
<br />
<div class="MsoNormal">
<o:p></o:p></div>
<div class="MsoNormal" style="text-align: justify;">
</div>
<div class="MsoNormal">
Currently, the difference between 10 year and 2 year Treasury
bond is at positive 0.5% but continue to trend downwards. This is in spite of 10 year Treasury bond yield having continued to rise and touched 3% but short term bond is rising at an even faster rate. Are we heading for
another inverted yield curve and subsequent recession or will this time be
different? We shall see. <span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
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<b style="mso-bidi-font-weight: normal;"></b>Ricky Pehhttp://www.blogger.com/profile/15151634848349243650noreply@blogger.com2tag:blogger.com,1999:blog-1554385806293685428.post-86710524781578892132018-04-24T19:00:00.000+08:002018-04-24T20:50:07.547+08:00Analysis: ST Engineering<i style="background-color: #141414; color: white; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 13px; text-align: justify;">If you enjoy my writing, do follow my Facebook page at "<b><a href="https://www.facebook.com/stocktakeSG/" style="color: black; text-decoration-line: none;" target="_blank"><span style="color: cyan;">stock-take.blogspot.sg</span></a></b>" for my blog updates. It is a platform for me to share interesting articles that I find helpful in gaining financial knowledge and self-development! </i><br />
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<span style="font-family: inherit; font-size: large;"><b>Business and Market Analysis</b></span></div>
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<span style="font-family: inherit;">The 4 main sectors that ST Engineering (“ST”) operates in are
Aerospace, Electronics, Land Systems and Marine. ST Aerospace services include military and commercial maintenance, repair and overhaul and cabin interior
reconfiguration. For ST Electronics, they provide smart cities
solution, satellite communications and intelligent transportation solutions. ST Land Systems provides mainly defence and homeland
security systems while ST Marine provides shipbuilding and engineering services
for both defence and commercial ships.</span><o:p></o:p></div>
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In 2017, ST Aerospace represents 38% of ST overall revenue, followed by ST Electronics of 32% with $1b coming from its smart city business. This represents 15% of its total revenue and management expect to double it by 2022 through organic growth and future acquisition. ST Land Systems contribute 19% of overall revenue and due to the sluggish oil
and shipping industry, ST Marine represents only 10%,
less than half of what it used to be in 2014. </div>
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In terms of geography, ST main operation is in Asia which include Singapore, Middle East and Asia Pacific region where 61% of its revenue comes from. USA is its 2nd biggest market followed by Europe. ST management expects 66%
of future revenue growth to be from global markets with USA and Middle East
remaining to be key for its defence exports. This is due to USA being the largest defence market in the world while Middle East is expected to grow at 9% p.a. </div>
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<span style="font-size: large;">Aerospace Industry</span></div>
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According to Deloitte 2017 Aerospace and Defence Outlook Report, the aerospace industry is forecast to grow strongly. This is due to the strong demand for newer and more advanced aircraft and growing passenger
traffic especially in Asia-Pacific and Middle East region. Due to growing middle class and as air tickets become relatively cheaper, travel demand has been increasing at a CAGR of 4.7% for the last 10 years. Passenger and airfreight are expected to continue growing at 4.8% and 4.2% respectively. This has resulted in increased aircraft production which is expected to reach 1,550 units in 2021, a 14% increase as compared to 2016, and by year 2035, to 2,206 units. Airbus and Boeing had already indicated ramp up in
production rate and more aircraft means greater demand for
ST Aerospace services. </div>
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<span style="font-size: large;">Defence Industry</span><o:p></o:p></div>
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With rising global tensions, global defence spending is set
to rise. HIS Markit’s Jane’s Defence Budgets Report had forecasted global
defence spending to reach $1.67t in 2018, the highest level since the
end of cold war. This is a 3.3% increase as compared to 2017 and was partly
fueled by the Trump administration where he has recently approved a $700b
military budget, the largest in US history. The USA is one of ST core market
and this will create ample opportunities for them. Furthermore, with the
reduction of USA corporate tax rate from 35% to 21%, this will further benefit
ST as their US subsidiaries contribute 18.5% of their overall revenue (based on
country of incorporation).<o:p></o:p></div>
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Singapore Defence and Home Affairs Security spending has continued to increase significantly due to the security threat that we are
facing being one of the highest in recent years. Singapore Military and Home Affairs Security budget in 2018 is estimated to be S$14.8b and S$6.5b respectively.
This is an increase of 25.6% for military and 66% for home affairs security as
compared to 5 years ago. As a core supplier for Singapore military and security
needs, this will also provide ample opportunities for ST across its sectors.</div>
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<span style="font-size: large;">Shipping Industry</span><o:p></o:p></div>
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The marine and shipping industry is more exposed to oil
prices as many of the firms are operationally related to offshore drilling. As
such, due to the downturn in the oil and gas industry, ST marine sector was impacted.
Furthermore, overcapacity in the shipping industry has continued to weigh down
its own recovery. The low charter rates lead to reduce maintenance and CAPEX
budgets which increase the competitive landscape of the marine industry. And
with the recent surge in global trade protectionism, it can adversely impact
the shipping industry as 80% of world trade in goods is carried by
international shipping industry. All these factors may continue to weigh down
ST marine sector profitability. However the recent recovery in oil prices might restart its growth. <o:p></o:p></div>
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<span style="font-size: large;">Smart Cities</span><o:p></o:p></div>
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The smart cities market size is currently valued at USD$563b
in 2016. With the current digital revolution, Frost & Sullivan is expecting
the market to grow to $1.57t by 2020, which is nearly triple of what it is today and this provide ample opportunities for ST to offer its smart cities solution. ST
management has targeted to double its smart cities revenue by 2022 and this seems achievable due to the strong market growth.</div>
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<span style="font-size: large;">Order Book</span><b><o:p></o:p></b></div>
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As at end of 2017, ST order book stood at $13.2b which is
near an all-time high. In 1Q18, ST Electronics and Aerospace announced that they had won $635m and $510m worth
of contract respectively. <o:p></o:p></div>
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<b><span style="font-size: large;">Profitability</span><o:p></o:p></b></div>
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Looking at ST revenue growth for the past 10 years, it has been growing at a CAGR of 2.16%. Though this might seems low, ST
provides the stability that may be sought by dividend play investor. ST
Engineering has consistently pay out dividend of $0.15 a share per year for the past 5 years. Based on
current share price of $3.47, this represents a respectable dividend yield of 4.3%. However, ST generally pay out dividend at around 90% of profits. This means that it only retains 10% for internal use such as working capital purposes or for future investment. A detailed look at the company cash flow has shown that its strong balance sheet
has allowed them the ability to maintain its high dividend pay-out ratio (refer to
cash flow and stability section).</div>
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As mentioned, the two star performer of ST are its Aerospace and Electronics sectors.
Since 2014, ST Aerospace and ST Electronics revenue have been growing at a CAGR of
5.3% and 7.4% respectively. ST Land Systems has stagnant while ST Marine has negative growth of -17% due to the impact from the shipping and oil and gas industry. Furthermore, ST Aerospace and ST Electronics has decent profit margin of more than 8%. As compared to its peer, ST Aerospace operation margin is usually around 20%, 4%
point higher than SIA engineering. </div>
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In 2016, there was a sharp drop in profitability in
ST Land Systems because of the impairment cost for the closure of
JHK, their land road construction equipment business in China which has been
loss making since 2014 due to the lacklustre construction sector. This has
impacted ST Land Systems margin which had since recovered. Just today, ST has announced that JHK has filed for bankruptcy after failing to dispose its assets due to the weak demand for industrial properties in China Zhenjiang area. The investment was fully written down in 2016 and management expect no material impact on its net tangible assets and earnings per share for the current financial year. </div>
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Growth opportunities from the Aerospace and Smart Cities
industry should support ST future growth. With the delivery of SAF next generation
armoured fighting vehicle in 2019, this should boost its revenue in its Land Systems sector. As for ST Marine, hopefully the recovery in the oil and gas sector can sustain so that upstream investment will return and support
the market.<o:p></o:p></div>
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<b><span style="font-size: large;">Management Efficiency</span></b></div>
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ST ROE, which shows the return for every $1 of equity
invested, is currently at 22.85%. This is good as compared to its peer such as
SIA Engineering which generally has an ROE lower than 20%. However, as compared
to past years, ST ROE has been trending down. This might be due to investment made by ST for the past few years not fully bearing fruits yet. <o:p></o:p></div>
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<b><span style="font-size: large;">Cash flows and
Stability</span><o:p></o:p></b></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZXhWTiyK6-pElXtC72DpaybwZDEKywi22aEv1Svyu5OgYwxqnaP-Tcj8Nz87Qouv6IF0CFEzWGF02X8_fwBOeiZ3CVe-kATm0sfzs0WHO7CRxtl8V_lKc7i_nblwxUADbX-LqXEALtyV4/s1600/Graph+9.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="154" data-original-width="753" height="130" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZXhWTiyK6-pElXtC72DpaybwZDEKywi22aEv1Svyu5OgYwxqnaP-Tcj8Nz87Qouv6IF0CFEzWGF02X8_fwBOeiZ3CVe-kATm0sfzs0WHO7CRxtl8V_lKc7i_nblwxUADbX-LqXEALtyV4/s640/Graph+9.jpg" width="640" /></a></div>
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Free cash flow (FCF) is the amount of cash the company is
able to generate after deducting the cash required for investment for the growth of the company. ST has been able to generate positive free cash
flow for most of the year except in 2015 where they invested heavily in the
bond market. As mentioned previously, the high dividend pay-out ratio is a
concern to me as I am wondering why ST does not need to retain cash for its business. This seems not to be an issue as the
company free cash flow is sufficient to cover its dividend pay-out and they even have additional cash to invest in the bond market. The high cash withdrawal in 2014 and 2015 was due to repayment of
bank loans and investment in bond market respectively. </div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjfYs3DuuzS2Q7pXb19XrZw2lOCWiTE-DffutR6OvnhB3-dJD9gvfwUEIzWgV6gPb_XUoB_VIw4O56h3r4eXjT-TCjM_aZsy7evOEqQxXuTPG5ol9ev0eh0rLBecWkEVyE0pU2xgr-RLWUo/s1600/Graph+11.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="89" data-original-width="1180" height="48" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjfYs3DuuzS2Q7pXb19XrZw2lOCWiTE-DffutR6OvnhB3-dJD9gvfwUEIzWgV6gPb_XUoB_VIw4O56h3r4eXjT-TCjM_aZsy7evOEqQxXuTPG5ol9ev0eh0rLBecWkEVyE0pU2xgr-RLWUo/s640/Graph+11.jpg" width="640" /></a></div>
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<div class="MsoNormal" style="text-align: justify;">
With interest coverage of 12x, ST has strong ability to pay off its debt interest. Debt has been on a downtrend with current debt to equity at 0.5x. If required, ST has ample room to borrow more from banks or issue bond for investment or refinance its existing loan. Furthermore, ST tangible assets are able to fully cover its debt with a ratio of only 0.15x (every $0.15 debt is backed by $1 of tangible asset). Out of ST
total debt, only 27% are variable rates liabilities which will be impacted by the movement of market interest rate. As such, an increase of 0.5% in market interest rate
will only reduce ST profits by $1.5m or 0.25%. <o:p></o:p></div>
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<div class="MsoNormal" style="text-align: justify;">
ST current ratio is at 1.21x. A figure above 1x means the company has the ability to use its current assets to pay all its current liabilities. Striping off its
inventory, the quick ratio is at 0.76x. This has been generally consistent for
the past 3 years after ST made a huge debt repayment in 2014 which resulted in
the drop in its liquidity ratios. By looking at the inventory turnover days which shows the number of days required by ST to turn its inventory into sales, it
has generally been consistent for the past 3 years with an inventory turnover days of 122 days in 2017, lower than
129 days in 2016 and 140 days in 2015. This show ST does not have the difficulty in selling off its inventory and therefore its quick ratio of
less than 1 should not be a concern currently. </div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjjNHFvtrlacjN-SRViGB_Zegy3ehfep-aVHnNGyE0L3DZTkf2eTKJxYZD0AO_PH3t-6pD0Y7Du7XcjhZbUDxjB3PKSUXEkc8HS7U4NsNwLJL9KWVl6O8tjXXnJBLFMntqOlhEFS3WIu80M/s1600/Graph+12.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="463" data-original-width="703" height="420" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjjNHFvtrlacjN-SRViGB_Zegy3ehfep-aVHnNGyE0L3DZTkf2eTKJxYZD0AO_PH3t-6pD0Y7Du7XcjhZbUDxjB3PKSUXEkc8HS7U4NsNwLJL9KWVl6O8tjXXnJBLFMntqOlhEFS3WIu80M/s640/Graph+12.jpg" width="640" /></a></div>
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<b style="text-align: start;"><span style="font-size: large;">Valuation</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
ST Price-to-Earnings (PE) ratio of 21.2x is trading at a fair level
as compared to its peers (SIA 20.6x, Honeywell International 69x, Airbus 26x,
ABB Ltd 23.5x, Boeing 25x). <o:p></o:p></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjHkzW2J7zSzBfHhm1MO9TTepR5kJssddikDXuhgDR0aTYET3QrFMAzeZ6xJt-D-ao_9MNUXzdVQtVXaEwEwss9YAlmMCoX1HF8eOz028cMsqDVhvO3fk-BPocflZO5QH6lt8y7QzpJIHCt/s1600/Graph+15.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="528" data-original-width="1082" height="312" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjHkzW2J7zSzBfHhm1MO9TTepR5kJssddikDXuhgDR0aTYET3QrFMAzeZ6xJt-D-ao_9MNUXzdVQtVXaEwEwss9YAlmMCoX1HF8eOz028cMsqDVhvO3fk-BPocflZO5QH6lt8y7QzpJIHCt/s640/Graph+15.jpg" width="640" /></a></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
ST historical share price over net tangible assets
(NTA) shows that during market exuberance, it has touched an all time high of 12.3x in 2008 before the financial crisis hits while touching a low of 5.67x in 2012. It is currently
trading at 9.38x, above its average and reaching its +1sd. </div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhoqEzbaGOW7tKBKNzY2kRCjneCZwoQASrGuZN34dMZUtNiUODJK9rFQvEI6baZLbORFdbvzQXMpJyw94ngqh5uwGRsOfBENozvWQRM304ZRHWkQiPNMGe4xPh3q1znDdH0Y6pdHZe22dTe/s1600/Graph+13.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="81" data-original-width="1045" height="48" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhoqEzbaGOW7tKBKNzY2kRCjneCZwoQASrGuZN34dMZUtNiUODJK9rFQvEI6baZLbORFdbvzQXMpJyw94ngqh5uwGRsOfBENozvWQRM304ZRHWkQiPNMGe4xPh3q1znDdH0Y6pdHZe22dTe/s640/Graph+13.jpg" width="640" /></a></div>
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<div class="MsoNormal" style="text-align: justify;">
I have adjusted ST historical share price per NTA to its current NTA to see how high it can go based on current NTA. ST share price has the potential to touch a high of $4.55
during bullish market while a low of $2.10 during bearish market. If
bullish market condition persist, I would give it a target price of $3.93. If market
turn bearish, my 2 points of accumulation would be at $2.66 and $2.24
respectively. <o:p></o:p></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi5oxeoObKBLEAnmLGTJ_TLcTAQB46BC9tOAImXd1KJhHbkeEIhcncyUQAp4A_ap0tA8Q_tMwa_my7to4BAsguRYRBEc1xsUeptZnsGNkOWUQropzvDw7BWljuoo1EOBkmq6cqNMWtokC0C/s1600/Graph+14.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="342" data-original-width="849" height="160" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi5oxeoObKBLEAnmLGTJ_TLcTAQB46BC9tOAImXd1KJhHbkeEIhcncyUQAp4A_ap0tA8Q_tMwa_my7to4BAsguRYRBEc1xsUeptZnsGNkOWUQropzvDw7BWljuoo1EOBkmq6cqNMWtokC0C/s400/Graph+14.jpg" width="400" /></a></div>
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<b><span style="font-size: large;">Summary</span></b></div>
<div class="separator" style="clear: both; text-align: left;">
<b><span style="font-size: large;"><br /></span></b></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjqtHzXNTctDz1N5GGe8uAuChH1-rSWMtR9fLQWBRyPxDddkkv8-H7qDGc6yko6yi9c60wK6X61V30cGNxnXIkmmEZio-NiRkYf9NsOHK38Zh1Qn9Rzge45Rz1g9BeMYJp6OAdbPQ4yQ5J5/s1600/Graph+16.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="219" data-original-width="1068" height="130" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjqtHzXNTctDz1N5GGe8uAuChH1-rSWMtR9fLQWBRyPxDddkkv8-H7qDGc6yko6yi9c60wK6X61V30cGNxnXIkmmEZio-NiRkYf9NsOHK38Zh1Qn9Rzge45Rz1g9BeMYJp6OAdbPQ4yQ5J5/s640/Graph+16.jpg" width="640" /></a></div>
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<div class="MsoNormal" style="background: #141414; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: x-small;"><span style="color: white; font-family: "arial" , sans-serif;">*Profitability and stability:
Collectively, both metrics, which is fundamentally important to all businesses,
represent 40%.</span><span style="color: white; font-family: "cambria" , serif;"><o:p></o:p></span></span></div>
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<span style="color: white; font-family: "arial" , sans-serif; font-size: x-small;">*Market and environment: This measure
the current market risk or opportunity that are presented to the company </span><span style="color: white; font-family: "arial" , sans-serif; font-size: x-small;">which
have an impact on the direction of its share price. </span></div>
<div class="MsoNormal" style="background: #141414; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="color: white; font-family: "arial" , sans-serif; font-size: x-small;">*Valuation: Determine if the share price
is currently undervalued or overvalued. </span></div>
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<o:p></o:p></div>
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<o:p></o:p></div>
<span style="font-family: inherit; font-size: large;"></span>Ricky Pehhttp://www.blogger.com/profile/15151634848349243650noreply@blogger.com0tag:blogger.com,1999:blog-1554385806293685428.post-57266976148335779622018-03-09T19:00:00.000+08:002018-03-09T19:00:23.306+08:00Book: Leadership and Self-Deception: Getting Out of the Box by The Arbinger Institute<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPHPoO54T7wzuSmMsDMu32z7G3sjIsJrJTpPD4_0Q0IpZNRrjl2qBMSmAx2a3Ib1_eIpLUChu2ApGY6Xn8BIcAmCazR9EnJYaGiSB1Lm4T29zrkjLIzrRdi0e1xHVxp2zR6DZVQ0LkSu8p/s1600/leadership-and-Self-Deception1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="500" data-original-width="324" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPHPoO54T7wzuSmMsDMu32z7G3sjIsJrJTpPD4_0Q0IpZNRrjl2qBMSmAx2a3Ib1_eIpLUChu2ApGY6Xn8BIcAmCazR9EnJYaGiSB1Lm4T29zrkjLIzrRdi0e1xHVxp2zR6DZVQ0LkSu8p/s320/leadership-and-Self-Deception1.jpg" width="207" /></a></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="background-color: white; color: #222222; font-size: 16px;">Synopsis: </span><span style="font-size: 11pt;"><i>Through
a story everyone can relate to about a man facing challenges on the job and in
his family, the authors expose the fascinating ways that we can blind ourselves
to our true motivations and unwittingly sabotage the effectiveness of our own
efforts to achieve success and increase happiness.</i></span></span></div>
<div style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: 11pt;"><i><br /></i></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">Through narrative writing, this
book teach us about handling communication and interpersonal relationship. What I like about this book is it force me to
reflect on the way I live and how I treat others. Sometimes we unknowingly "self-betrayed" ourselves, a situation where we had a sense of doing something that we should
for others but didn’t do it. By this, we entered “into a box” where we are
blinded by the true causes of problems and see others as mere objects. For example:</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><i>Tom was on a flight with open
seating. While boarding, he overheard the boarding agent saying the plane was
not sold out but there would be very few unused seats. He found a window seats
with a vacant seat beside it. Passengers still in need of seats continued
streaming down the aisle and scanning and evaluating the desirability of their
dwindling seating options. Tom set his briefcase on the vacant seat and started
to read his newspaper. He kept peering over the top corner of the paper at the
people who were coming down the aisle and set his paper as wide as possible to
make the vacant seat as undesirable as possible. <o:p></o:p></i></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">In the above scenario, we can see that Tom saw the people coming down the aisle as threats, nuisances or problems. He
considers his needs as primary while others are secondary. He see people as less
than they were, as objects with needs and desires somehow secondary to and less
legitimate than his.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><i>In another scenario, Tom was on
another flight with his wife that was mostly full and the flight attendant was
having difficulty trying to find a way to seat both of them together. When they
try to figure a solution, a lady came from behind and offered her seat that has
a vacant seats beside to them in exchange for one of their seat. <o:p></o:p></i></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><i><br /></i></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">In this scenario, the lady do not see them as
threat, nuisance or problems. She see them as people in need of seats who would
like to sit together. She saw others as they were, as people like herself,
without bias, with similar needs and desire. <i> </i></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">This books also provides some scenarios to explain that when we are "in the box", the
blinded thoughts, solution and actions that we can think of to solve the
problems actually make the situation worse. We blame others and in order to
make our self feel good, we find negative reason of others to justify our
self-betrayal. All these factors might have been the reasons that is hindering our success in work and personal life.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">In summary, this book explain the
definition of self-betrayal, its problems, and its consequences which can be very harmful. After reading it, I am more aware of my own actions in order not to fall into "my own box". No harm giving this book a go!</span></div>
Ricky Pehhttp://www.blogger.com/profile/15151634848349243650noreply@blogger.com0tag:blogger.com,1999:blog-1554385806293685428.post-84696703310314979342018-03-02T20:03:00.000+08:002018-03-03T10:40:55.647+08:00Update- OCBC Bank, DBS Bank<div style="text-align: justify;">
<i style="background-color: #141414; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 13px;"><span style="color: white;">If you enjoy my writings, do follow my Facebook page at "</span><b><a href="https://www.facebook.com/stocktakeSG/" target="_blank"><span style="color: cyan;">stock-take.blogspot.sg</span></a></b><span style="color: white;">" for my blog updates. It is also a platform for me to share interesting articles that I find helpful in gaining financial knowledge and self-development! </span></i><br />
<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgpWhDyPXFvOfX5EdVzHQp88qwzmAZGQ3JYrkijL31PQxV4bJpOfLOjO4qRcIN7qkkzCQBoZFxHyS6UieCvXO4AI3KJNacFmlv_SaasDXdTi8AgCjFQhrNv2BoJ8CVyzm3xXaGs5eGpUCGP/s1600/Banks.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="375" data-original-width="989" height="242" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgpWhDyPXFvOfX5EdVzHQp88qwzmAZGQ3JYrkijL31PQxV4bJpOfLOjO4qRcIN7qkkzCQBoZFxHyS6UieCvXO4AI3KJNacFmlv_SaasDXdTi8AgCjFQhrNv2BoJ8CVyzm3xXaGs5eGpUCGP/s640/Banks.jpg" width="640" /></a></div>
<br />
Since my last analysis of OCBC bank (<a href="http://stock-take.blogspot.sg/2018/01/analysis-ocbc-bank.html" target="_blank"><span style="color: yellow;">here</span></a>), all three local banks have released their financial year end results. Due to their stellar performances, their share prices have rallied. Since the start of the year, OCBC and UOB share prices have grown by more than 5% while DBS has soared by more than 15%, partially due to a jump in its dividend payout.</div>
<div style="text-align: justify;">
<br />
<b>Dividend Yield</b><br />
<b><br /></b></div>
<div style="text-align: justify;">
DBS has announced a dividend payout of $0.60 per share (double from previous year) plus a special dividend of $0.50 and has committed to maintain a yearly gross dividend of $1.20 per share. This has pushed up DBS expected dividend yield to more than 4% per year (based on current share price). The reason why DBS increased its dividend payout was to return excess capital that was built up due to the Basel capital reforms which has since been finalized. I keep my fingers crossed that OCBC and UOB will follow suit to ensure their dividend yield stay "competitive" to DBS dividend yield.</div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBmT8Y9aIPrXb_jxfvzarUmxCrvJ34HGplLN1Oppkih-qz5Zk2SX39aIm4fofl6UGZVQjcW32ZUW0h3MkeMXtpZ-WyBB1XriLnz3sKBfIOxzntqun-YCul17tsHpjBE3lG48nUMosroVBz/s1600/Dividend+Yield.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="605" data-original-width="1059" height="363" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBmT8Y9aIPrXb_jxfvzarUmxCrvJ34HGplLN1Oppkih-qz5Zk2SX39aIm4fofl6UGZVQjcW32ZUW0h3MkeMXtpZ-WyBB1XriLnz3sKBfIOxzntqun-YCul17tsHpjBE3lG48nUMosroVBz/s640/Dividend+Yield.jpg" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Graph 1: Dividend Yield<br />
Source: OCBC, DBS, UOB</td></tr>
</tbody></table>
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<b>Return on Equity</b></div>
<div class="separator" style="clear: both; text-align: left;">
<br /></div>
<div style="text-align: justify;">
Another possible reason why DBS would return so much cash back to shareholders is to improve its ROE. From Graph 2, DBS ROE is the lowest among the local 3 banks and has been decreasing for the past 3 years. This means that management is not able to efficiently generate sufficient return from the equity they are holding (e.g. having too much cash but lack of investment opportunity). If there is lack of opportunity to reinvest surplus funds to generate higher returns, then the other option is to return the cash to shareholder. As the formula for ROE is ROE = Net Earnings/Equity, by paying out more cash to shareholders will result in a lower equity and thus higher ROE. Not only that, share price will also be supported in the near term. </div>
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjv8BkSwhd2bk6N62ImTMUZChT2jC12CwKsTNOBaUUE0suYO8UrH_HffV4U3s9sEOiSfCx1HUyLuAB42SceN96_hpmI3PzaMY7nMvdD4KyWe24CohRsm-ivvMJjfT-NE_NsDTCrD7Oq7FRs/s1600/ROE.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="480" data-original-width="820" height="372" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjv8BkSwhd2bk6N62ImTMUZChT2jC12CwKsTNOBaUUE0suYO8UrH_HffV4U3s9sEOiSfCx1HUyLuAB42SceN96_hpmI3PzaMY7nMvdD4KyWe24CohRsm-ivvMJjfT-NE_NsDTCrD7Oq7FRs/s640/ROE.jpg" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Graph 2: Return on Equity<br />
Source: OCBC, DBS, UOB</td></tr>
</tbody></table>
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<b>Valuation: Price to Book Value (Net Asset Value)</b></div>
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All 3 banks Price to Net Asset Value (NAV) ratio has continued to increase and are currently trading at the highest since 2008 financial crisis. However they have not reached their pre-crisis peak set in year 2006/2007. </div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5I-2jaIkZTvVYtuaSCnKYnmP0NtM-d54bunQm3OwkCgk3dXdjq3lXUzxpDdZ0OBqRz_4AEwImhUPYtSNaj77jPPHRgIT6TIUE0Y6RtF-z_KXwnI5C-r2nhruxpuv_Gbr9GDR3iui4w9u3/s1600/PB+ratio.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="580" data-original-width="1166" height="316" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5I-2jaIkZTvVYtuaSCnKYnmP0NtM-d54bunQm3OwkCgk3dXdjq3lXUzxpDdZ0OBqRz_4AEwImhUPYtSNaj77jPPHRgIT6TIUE0Y6RtF-z_KXwnI5C-r2nhruxpuv_Gbr9GDR3iui4w9u3/s640/PB+ratio.jpg" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Graph 3: Price-to-book (PB) Ratio<br />
Source: OCBC, DBS, UOB</td></tr>
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<b>DBS Historical Valuation</b></div>
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Table 4 is based on DBS historical share price from year 2006 onwards. By adjusting DBS highest historical valuation to current net asset value (NAV), it has once traded at a high of $42.13 before the 2008 financial crisis and a low of $10.61 during the crisis. This is only possible during extreme bullish and bearish market. As for its average trading price over the last 12 years, it is $23.52. With its share price currently at $28.70, it is trading in between its average and +1 standard deviation range. </div>
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Note: The discounted valuation is after deducting its intangible assets. </div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhusM8FSWV5RbhGY5cou7SyesOQ8imf_QbnkeHC5H2kXGuuVOLCwlXAQChFaco-GlFYUHng9oG038bEDnI51ZgbOaquSBRcXj-QvoOfpfRVPneCpU-QoVHXzIoc3fRyOfmwoZaX3nWzGcI3/s1600/DBS.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="233" data-original-width="628" height="147" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhusM8FSWV5RbhGY5cou7SyesOQ8imf_QbnkeHC5H2kXGuuVOLCwlXAQChFaco-GlFYUHng9oG038bEDnI51ZgbOaquSBRcXj-QvoOfpfRVPneCpU-QoVHXzIoc3fRyOfmwoZaX3nWzGcI3/s400/DBS.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Table 4: DBS Price to Net Asset Value<br />
Source: DBS</td></tr>
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<b>OCBC Historical Valuation</b><br />
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As for OCBC Bank, it has once traded at a high of $17.61 and a low of $6.19, which also happened before and during the 2008 financial crisis. Currently its share price of $13.06 is also trading at a range between its average and +1 standard deviation. </div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj9P4UY76EtXJ_qH7M6RRpabFc6UXiCRikxHZKYCLNm9cnhLU-DjKDR3ZBM-Khis12_zUwLzO9zhu3r2vq15G328gzi33p4l8bLMoECUIbkCxSVe4wTzC_0cbCuF_uzPgfBJD5D3msjbd6m/s1600/OCBC.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="235" data-original-width="626" height="148" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj9P4UY76EtXJ_qH7M6RRpabFc6UXiCRikxHZKYCLNm9cnhLU-DjKDR3ZBM-Khis12_zUwLzO9zhu3r2vq15G328gzi33p4l8bLMoECUIbkCxSVe4wTzC_0cbCuF_uzPgfBJD5D3msjbd6m/s400/OCBC.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Table 5: OCBC Price to Net Asset Value<br />
Source: OCBC</td></tr>
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<b>Entry and Exit Strategy</b></div>
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Due to the recent market volatility, I have come to realize that selling shares is really harder than buying. This article (<a href="https://www.cnbc.com/2014/09/08/ant-than-buying-stocks-selling-them.html" target="_blank"><span style="color: yellow;">here</span></a>) has rightfully pointed out my weakness ("Hesitation" under point no. 2). </div>
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I quote:</div>
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<i style="font-family: inherit;">If you purchased a stock at $40 and it goes to $60, you might be considering selling it. But if the stock retreats to $55, you might say to yourself, "It was just at $60, so I'll wait until it gets back to that."</i></div>
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<span style="font-family: inherit;"><i style="font-family: inherit;">Then, if the stock goes back to $60, you might say, "It went back to $60, so now maybe it'll go even higher." Then, if it retreats to $50, you might say, "I could have sold at $55; I'll wait for that price."</i></span></div>
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I have thus decided to formulate an entry and exit strategy for myself. The Price to NAV tables will be a guide for me to understand the banks current valuation as compared to its historical valuation. My strategy will also depends on my entry price. </div>
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<b>Strategy for DBS</b></div>
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I have bought DBS shares only recently and purely for speculation purpose due to its juicy dividend. This means that I do not have much margin of safety and thus will not hold it for long term play. I have set my current stop loss at 5% from recent high which will be at $28.15. If the share price reached a new peak, my 5% stop loss will be based on the new peak price. Of course if market continues to be bullish and reached $36.59 which is 2 standard deviation away from its mean, that will definitely be a sell signal for me.</div>
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<b>Strategy for OCBC</b></div>
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As for OCBC, I have set a stop loss of $12. However, my margin of safety for OCBC is huge as I bought it at a very low price during the last market volatility. I might consider not selling it for dividend play unless if it reached the sure exit price of $16.49. </div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-YR9p9THF0PtANZen-S3vY0Qwi1hXhaJ7FcQyAEg81E8p21AVqCQ6Zty3ZTeUN8bJkiObCRT17uN8NEgHauEy5abzNZPfsOAVrv-9IN28HDyaqJcZcdjg61DPRmFP2cD6RrlmXSDcWjbK/s1600/Strategy.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="156" data-original-width="389" height="128" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-YR9p9THF0PtANZen-S3vY0Qwi1hXhaJ7FcQyAEg81E8p21AVqCQ6Zty3ZTeUN8bJkiObCRT17uN8NEgHauEy5abzNZPfsOAVrv-9IN28HDyaqJcZcdjg61DPRmFP2cD6RrlmXSDcWjbK/s320/Strategy.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Table 6: My DBS, OCBC strategy</td></tr>
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Now I finally have my battle plan! </div>
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<br />Ricky Pehhttp://www.blogger.com/profile/15151634848349243650noreply@blogger.com0tag:blogger.com,1999:blog-1554385806293685428.post-27800554599917947332018-02-11T15:29:00.000+08:002018-02-11T15:44:09.813+08:00Is a Global Debt Crisis coming soon? <div style="text-align: justify;">
<i>If you enjoy my writings, do follow my Facebook page at "<b>stock-take.blogspot.sg</b>" (<b>https://www.facebook.com/stocktakeSG/</b>). This is a platform where I will share interesting financial stories or articles that I find helpful in increasing financial knowledge and self-development. </i></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjZ0LonXpXuPWezjZmonmGvxoTcYZ6qs2uC5C96xL2WoATGvv1F-Dqks2evXx05GvUajbqGmNRffPMYfRMT_MbCv1Ei2WAG6iWmOHdDDsRLaSx4uf8hB68VlSm1wJI4NZ3Dfo3VcDmh4dzc/s1600/4.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="274" data-original-width="280" height="312" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjZ0LonXpXuPWezjZmonmGvxoTcYZ6qs2uC5C96xL2WoATGvv1F-Dqks2evXx05GvUajbqGmNRffPMYfRMT_MbCv1Ei2WAG6iWmOHdDDsRLaSx4uf8hB68VlSm1wJI4NZ3Dfo3VcDmh4dzc/s320/4.jpg" width="320" /></a></div>
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The recent sell off in the equities markets have resulted in some world indices currently in "technical correction", defined as a drop of more than 10%. From the table below, European, Germany, Shanghai, Japan, Hong Kong and Philippines have dropped below 10% from their peak. A few other world major indices from USA, UK, France and Korea are not far from it.</div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhS7tTrracqP7IiJ9pHPeMdRWS7x75j6y8fu1NLzgeUKWPjfd-UIk75ecr3Q97J7bKMPx6T8VvY82sQrnVh9piRV1UC7-stUcup_U4642LqCqOaJ6_tP_oydivlxJc7QEbqFH-l84TzndFj/s1600/1.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto; text-align: center;"><img border="0" data-original-height="612" data-original-width="561" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhS7tTrracqP7IiJ9pHPeMdRWS7x75j6y8fu1NLzgeUKWPjfd-UIk75ecr3Q97J7bKMPx6T8VvY82sQrnVh9piRV1UC7-stUcup_U4642LqCqOaJ6_tP_oydivlxJc7QEbqFH-l84TzndFj/s320/1.jpg" width="293" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Table 1: Performance of major world indices<br />
Source: Yahoo</td></tr>
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There are a few reason for the sell off and one of the explanations was due to the recent job reports in the USA where employee wages grew more than expected. This signifies that economy is growing which is suppose to be good news. Ironically, stock markets were worried that this might result in faster than expected inflation and force central banks around the world to increase interest rates at a much faster pace. So why is this dangerous?</div>
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Since the 2008 global financial crisis, central banks have reduced interest rates to near zero in order to encourage borrowings to increase economic activities. We have since lived in a decade of low interest rate environment and we have gotten so used to it that any minor indication that interest rate will be increased creates volatility in the market. </div>
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In accordance to the chart below, due to the low borrowing cost, global debt has jumped by more than 40% (from $147 trillion in 2007 to $199 trillion in 2014). By the end of 3Q 2017, global debt has soared a record high of $233 trillion. Governments and corporations have been identified to borrow intensively at a faster rate before the pre-crisis level.</div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj2dinMD9NpuI7if7H-Rvy563BhnECdPgJ1Ex6T3DOtKTTPF5GSgOQRXUwkd-W-8bgxu95PJDbUjwpQuIp-7cKnEF4k7BTdKar4yQOTSiIgP4lDRn6fgZNyK2TJdTs1cdQnjRAkHsNN0EL0/s1600/2.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="315" data-original-width="367" height="342" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj2dinMD9NpuI7if7H-Rvy563BhnECdPgJ1Ex6T3DOtKTTPF5GSgOQRXUwkd-W-8bgxu95PJDbUjwpQuIp-7cKnEF4k7BTdKar4yQOTSiIgP4lDRn6fgZNyK2TJdTs1cdQnjRAkHsNN0EL0/s400/2.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Chart 2: Global debt by type<br />
Source: Mckinsey Global Institute, Debt and (not much) <span style="font-size: 12.8px;">deleveraging, Feb 15</span></td><td class="tr-caption"><br /></td><td class="tr-caption"><br /></td></tr>
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As companies have much more debt in their book, an acceleration of interest rate will result in increased interest cost and thus impacting on their profits. Whereas for government, more revenue will be needed to pay off debts. This might result in tax increases for consumers and corporate, thus further impacting their financials. </div>
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Taking the world largest economy USA as an example, since 2007, around 15% to 16% of their revenue was used to pay off interest cost. This has dropped to below 13% in 2015, probably due to higher revenue generated as economic environment improved and with the low interest cost. If rising interest cost outpace GDP growth, the interest payment as a % of revenue is expected to start trending upwards. Furthermore, with USA President Donald Trump recently announcing huge corporate tax cut, this is projected to cost $1.5 trillion. If the tax cut doesn't generate higher revenue through higher investment and job creations, this will further increase the financial burden on the USA government. Somehow, someday, someone has to pay for all of this cost and the only way is through taxation.</div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgAIRTmRt2y96wU41rzBH06n2R7SOW-4lM90P19k_N-hUJWimocDc5cIroV5AXPiHk-3lPatxqDTHLCWoKONR0r3HgEvmIvhMnWidPC4pYJ_5wwOG7jrVV2eSvylcSBbpCIYlRzIpcWzCnW/s1600/3.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="371" data-original-width="651" height="227" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgAIRTmRt2y96wU41rzBH06n2R7SOW-4lM90P19k_N-hUJWimocDc5cIroV5AXPiHk-3lPatxqDTHLCWoKONR0r3HgEvmIvhMnWidPC4pYJ_5wwOG7jrVV2eSvylcSBbpCIYlRzIpcWzCnW/s400/3.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Chart 3: USA interest payment as % of revenue<br />
Source: The World Bank Group</td></tr>
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Also as shown in chart 2, global debt-to-GDP ratio has continued to increase, from 246% in year 2000 to 269% in 2007, and to 286% in 2014. According to Investopedia, GDP is defined as "monetary value of all the finished goods and services produced within a country's borders in a specific time period." When debt is growing at a faster rate than GDP growth rate, this means the country takes on more debt but produce less. This is dangerous as revenue is not sufficient to pay off debt and more debts have to be incurred to pay off existing debts. </div>
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It is expected that debt is going to continue to grow. Based on Institute of International Finance figure, debt-to-GDP ratio stands at 318% in 3Q 2017, though this is a reduction of 3% from its record high reached in 3Q 2016. Fortunately, current global growth rate is expected to continue to grow at a faster pace. According to International Monetary Fund, global growth is projected to rise 3.9% in 2018 and 2019, faster than the 3.7% in 2017. This positive market sentiments have supported the market currently.</div>
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Will the soaring of global debt results in another financial crisis? Well nobody knows. In my own capacity, for the coming months, I will follow very closely on economic data such as inflation rate, GDP growth rate, interest rate, etc. I believe the current correction in the market is temporary as global GDP growth continue to support the market. However, with the increased interest rate by US central bank, and if they decides to accelerate it due to higher than expected inflation, this might send shock wave throughout the financial market. </div>
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Below is an interesting and easy to understand video about how the economy works by Ray Dalio. Do watch it and enjoy!</div>
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<iframe allowfullscreen="" class="YOUTUBE-iframe-video" data-thumbnail-src="https://i.ytimg.com/vi/PHe0bXAIuk0/0.jpg" frameborder="0" height="266" src="https://www.youtube.com/embed/PHe0bXAIuk0?feature=player_embedded" width="320"></iframe></div>
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<br />Ricky Pehhttp://www.blogger.com/profile/15151634848349243650noreply@blogger.com0tag:blogger.com,1999:blog-1554385806293685428.post-77113462555253994262018-01-18T12:30:00.000+08:002018-02-11T17:19:09.752+08:00Book: The McKinsey Edge by Shu Hattori<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLNn-MglltVtRVzkZ0f-33zrlwFQ0DDCTU1pufnZKrgVawnMomUwdawwHDXz7NVKXIjLeHx7Oqt8-xoom_dz-FadHe2GBLx4yOim-gcUIAsTaSF83UiPvKEhoved7pEHLJQ6vYA4Di5gv5/s1600/26805004_10155557408748541_3887852146470175214_n.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="960" data-original-width="720" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLNn-MglltVtRVzkZ0f-33zrlwFQ0DDCTU1pufnZKrgVawnMomUwdawwHDXz7NVKXIjLeHx7Oqt8-xoom_dz-FadHe2GBLx4yOim-gcUIAsTaSF83UiPvKEhoved7pEHLJQ6vYA4Di5gv5/s320/26805004_10155557408748541_3887852146470175214_n.jpg" width="240" /></a></div>
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Shu Hattori shared his time as an Engagement Manager at McKinsey & Company, one of the world’s most sought after consulting firm. In his book, he provided leadership and self-improvement tips and advices (47 in total) not only from his personal experiences but also from other individuals that he has worked with. </div>
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The book has 4 main sections. I quote from the book:</div>
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1. Building the Self: Learn more effective ways to get ahead by making multiple self-improvements</div>
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2. Growing with other: strengthen your skills of communication, connection, and understanding to influence your team and other stakeholders</div>
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3. Excelling in process management: Increase your productivity and performance using tools that work best for your specific environment</div>
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4. Going the extra mile: Push yourself further to focus your energies, renew your life, and revitalize your career with a new leadership profile</div>
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This book is easy to read and what I like most is it’s practicality. Definitely an inspiring book for me as this is what makes me start writing a financial blog! </div>
Ricky Pehhttp://www.blogger.com/profile/15151634848349243650noreply@blogger.com0tag:blogger.com,1999:blog-1554385806293685428.post-25576960060982308892018-01-14T15:17:00.003+08:002018-01-14T15:55:58.083+08:00Analysis: OCBC Bank<div class="separator" style="clear: both; text-align: center;">
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><b>My First Stock Analysis!</b></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><b><br /></b></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">I believe in investing for the long term and aim to achieve<span style="color: #f3f3f3;"> <a href="https://radicalpersonalfinance.com/finance-topics/stages-of-financial-independence/" target="_blank"><span style="background-color: #9fc5e8; color: black;">financial independence</span></a></span> in the next 10 years. And I hope to do this through value investing. In 2007, I started off with $2,000 and invested in my first shares. Along the journey to today, I have made both gains and losses but what is most satisfying is the knowledge and experience gained. </span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Starting 2018, I have decided to start writing my own financial blog to not only share with others about my investment ideas, but also as a way to improve myself. </span><span style="font-family: "arial" , "helvetica" , sans-serif;">Through writing, I hope to deepen my analytical skills, financial knowledge and structured thinking ability. </span><span style="font-family: "arial" , "helvetica" , sans-serif;">My writings will mainly be about my analysis of listed companies that are currently under my watch-list, my personal financial views, my travel stories and anything in between. </span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">To whoever is reading, I hope you will benefit as much as I do just like I had from other financial blogs!</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">To start off, here is my first stock analysis!</span></div>
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<b><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: x-large;">OCBC Bank</span></b><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><b>Last Trade Price: </b>$12.99 (12 Jan 18)</span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><b>Bullish Price Target:</b> $15.00</span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><b>Bearish Price Target:</b> Below $10.53</span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><b>Current Valuation Score:</b> 2.9 over 5</span><br />
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<b><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Company and Environment</span></b><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">OCBC is Singapore 2nd largest bank in terms of revenue and market capitalization. It is one of the world’s most highly rated banks with Aa1 rating from Moody’s. It was also recognized as one of the World’s Top 50 Safest Banks by Global Finance. Its key markets include Singapore, Greater China, Malaysia and Indonesia. Singapore is its largest market generating over half of its revenue.</span></div>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhXprkfrAv-vyW9IFJYLMBiRBEPiKNpUrob7Ah7qXQ4nPlbCsaV-daoNtP55asaT5Qi1sUlLPZ66pzRmlEJYz_vvUSyUk_qF82Xo-ScIny2B7p_mVOTkhNUPkogCqCJsOZ3dngMk-zpkR_-/s1600/Chart+A.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><img border="0" data-original-height="447" data-original-width="696" height="408" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhXprkfrAv-vyW9IFJYLMBiRBEPiKNpUrob7Ah7qXQ4nPlbCsaV-daoNtP55asaT5Qi1sUlLPZ66pzRmlEJYz_vvUSyUk_qF82Xo-ScIny2B7p_mVOTkhNUPkogCqCJsOZ3dngMk-zpkR_-/s640/Chart+A.jpg" width="640" /></span></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;">Chart A: OCBC Revenue by Market 2017<o:p></o:p></span></div>
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<span style="line-height: 107%;"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;">Source:
OCBC Bank</span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">As compared with other local banks, OCBC's key differentiator is its multiple non-interest income which
represented nearly 43% of its revenue. This includes income from its insurance
arm, Great Eastern where it has a controlling stake of nearly 88%. In
comparison, DBS and UOB non-interest income is at 36% and 38% respectively. <o:p></o:p></span></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi73HhZWhCG4_ULTX4vPCq5S8itDXetdDDXfDWB_M88XzMiRStR8OVH2YofM0q9a8MkD8-InKHSXsJKXnDC28Cf1k-dMENsJqWkDI1bDjLSvKf2BQR1_KW7cazAI7DWhQKFN04my_09-vum/s1600/Chart+B.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><img border="0" data-original-height="339" data-original-width="609" height="353" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi73HhZWhCG4_ULTX4vPCq5S8itDXetdDDXfDWB_M88XzMiRStR8OVH2YofM0q9a8MkD8-InKHSXsJKXnDC28Cf1k-dMENsJqWkDI1bDjLSvKf2BQR1_KW7cazAI7DWhQKFN04my_09-vum/s640/Chart+B.jpg" width="640" /></span></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;">Chart B: OCBC Revenue by Service 2017<o:p></o:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;">Source: OCBC Bank<o:p></o:p></span></div>
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<b><span style="font-family: "arial" , "helvetica" , sans-serif;">Rising interest rate
environment<o:p></o:p></span></b></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">The current rising interest rate
environment bodes well for OCBC. Banks main source of income comes from Net
Interest Margin (NIM). They lend money at rates higher than the cost of
money they borrow from. For example, we deposit money into a bank account and it gives us a monthly interest rate. This is a cost to the bank. They then use our money and lend it to others (eg. car loan or housing loan etc.) and
earned a higher interest rate. The difference is the net interest income that
banks earn. Therefore, in a rising interest rate environment, banks are able to
charge higher interest rate and this improve their net interest
income and margin. As of September 17, the net interest income for OCBC
represent 57% of its revenue. For DBS and UOB, it is higher at 64% and 62%
respectively. <o:p></o:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">A widely used reference rate by
the bank to lend money in Singapore is the Singapore Interbank Offered Rate
(SIBOR). SIBOR is basically an interest rate used by banks in Singapore when
lending funds to one another and the movement is 60% correlated to US central bank rate. As
the US economy is currently improving, US central bank is slowly normalizing
their interest rate by trying to raise it to pre-crisis level. This will mean that SIBOR rate will
also start moving upwards. From Chart C, it shows SIBOR rates increasing from 2015 onward when US central banks start to increase its key
interest rate for the first time in 11 years. Barring any major adverse events, it is
expected that SIBOR will continue to trend upwards and banks NIM could reach
their pre-crisis level of more than 2%. <o:p></o:p></span></div>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEidfxK6hASU9b0Qa5gZfUH0V53HtZPk64PXVANWzwt2QY_RbT94ttdIrGbv7ClcrRU4a3xTtnAy5JBC-UZJpyE1ZkwG78WbWG4ZlFnAUr-Hpmh8ISANSbqaGQ-1_CfkOIDFEilOCuU49DWy/s1600/Chart+C.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><img border="0" data-original-height="436" data-original-width="716" height="385" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEidfxK6hASU9b0Qa5gZfUH0V53HtZPk64PXVANWzwt2QY_RbT94ttdIrGbv7ClcrRU4a3xTtnAy5JBC-UZJpyE1ZkwG78WbWG4ZlFnAUr-Hpmh8ISANSbqaGQ-1_CfkOIDFEilOCuU49DWy/s640/Chart+C.jpg" width="640" /></span></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;">Chart C: Banks Net Interest Margin and Income<o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;">Source: OCBC Bank, UOB Bank, DBS Bank, MAS</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">However, Chart C also shows that
OCBC has the weakest performance among the three local banks in in terms of
having the lowest net interest income growth (3yrs NII CAGR OCBC: 0.59%, DBS:
2.97%, UOB: 4.15%) and NIM (2017 NIM OCBC: 1.64%, DBS 1.74%, UOB 1.76%). This
shows that OCBC is under competitive pressure as compared to its peers. <o:p></o:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Taking a deeper look, let us refer to
Chart D. OCBC and UOB has the same interest cost of slightly more than 1%.
However, UOB is able to charge higher loan interest as compared to OCBC.
Even with the highest interest among the 3 banks, UOB consumer loan growth is
the highest at 6.3%. This shows that UOB is able to charge a
premium over their customers. <o:p></o:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">DBS, being the largest bank in
Singapore, is able to give the lowest interest rate for their customer bank deposit. This is because they have
the largest share of Singapore dollar deposit in Singapore. I bet most of us
Singaporean have at least a bank account with either POSB or DBS at some point of our
life right? This makes DBS the leader in Singapore consumer loan
market share. To put it in analogy, I would say UOB is the Apple smartphone while DBS is Samsung. As for OCBC, they are somewhere in
between.</span></div>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjGBH-AYcXD0eg-AWsFCwBz7Iw0P8k_zpJ_NlkiISq7ocR8Gt13tQZXqemK6bDPTkSyTW3NXTQRbn1gx9vYV6CjltzL7qPWTMAZraEBKhDNiMK7OI5pXshec5McA9BzdpVgfyi4khYM5wuj/s1600/Chart+D.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><img border="0" data-original-height="544" data-original-width="725" height="480" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjGBH-AYcXD0eg-AWsFCwBz7Iw0P8k_zpJ_NlkiISq7ocR8Gt13tQZXqemK6bDPTkSyTW3NXTQRbn1gx9vYV6CjltzL7qPWTMAZraEBKhDNiMK7OI5pXshec5McA9BzdpVgfyi4khYM5wuj/s640/Chart+D.jpg" width="640" /></span></a></td></tr>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;">Chart D: Bank Loans
to Non-bank Customers, Bank interest cost and interest income<o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;">Source: OCBC Bank, UOB Bank, DBS Bank<o:p></o:p></span></div>
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<b><span style="font-family: "arial" , "helvetica" , sans-serif;">Loan Demand<o:p></o:p></span></b></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">As Singapore economic outlook
continue to improve, this will result in the acceleration of loan demand which slows down back in 2016 and 2017. During good time, companies will take more risk and expand their businesses by borrowing money while consumer will take out loan to buy cars and houses. Both OCBC and DBS are forecasting loan growth of
between 7% to 7.6% in 2018 and 2019. Higher loan demand will increase banks' earning as they lend out more. <o:p></o:p></span></div>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLn_dcYVV7q0ma428XkCj8Loz3NrllYjNHX1YsyS5bABJVIXec0w7o7pU-Ie3HRslYck37IZqoJtDDyARNIHvWd2lk_-eZHbvzMwDYOVQZtCzMmZb87f9l70kwlGYQ1HKQQcEi6XZqrp1S/s1600/Chart+E.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><img border="0" data-original-height="332" data-original-width="684" height="308" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLn_dcYVV7q0ma428XkCj8Loz3NrllYjNHX1YsyS5bABJVIXec0w7o7pU-Ie3HRslYck37IZqoJtDDyARNIHvWd2lk_-eZHbvzMwDYOVQZtCzMmZb87f9l70kwlGYQ1HKQQcEi6XZqrp1S/s640/Chart+E.jpg" width="640" /></span></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;">Chart E: Singapore Loan Demand<o:p></o:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;">Source: MAS</span></div>
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<b><span style="font-family: "arial" , "helvetica" , sans-serif;">Risk: Oil and Gas<o:p></o:p></span></b><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">However, the current economic environment is not without risk. As a cyclical stock, bank stocks are affected by the overall economic sentiment.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">The Oil and Gas sector is starting to turn around with the increase
in crude oil prices due to healthy demand and lower supply as Russia and Organization
of the Petroleum Exporting Countries (OPEC), which collectively produce more
than 50% of world’s oil, curb its output through the end of 2018.</span></div>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiw_qNgTJp2izTi44HYz-5_bnNTPKycHUW3yeSKItcI8ommpWjR7fX9b5q78Cx5Iugj-vqxKM4L3U0dS2Nqz_FRmNadn2hbysPUtbgKSA8JRwFvEbR4vfP4w3eTMX2IIx8uL1qEgYzmQ8Tq/s1600/ChartZ.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><img border="0" data-original-height="237" data-original-width="854" height="176" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiw_qNgTJp2izTi44HYz-5_bnNTPKycHUW3yeSKItcI8ommpWjR7fX9b5q78Cx5Iugj-vqxKM4L3U0dS2Nqz_FRmNadn2hbysPUtbgKSA8JRwFvEbR4vfP4w3eTMX2IIx8uL1qEgYzmQ8Tq/s640/ChartZ.jpg" width="640" /></span></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><div align="center" class="MsoNormal">
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;">Source: OCBC<o:p></o:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="text-align: justify;">However, USA, one of </span></span><span style="font-family: "arial" , "helvetica" , sans-serif; text-align: justify;">the world’s top 3 oil producing nation </span><span style="font-family: "arial" , "helvetica" , sans-serif; text-align: justify;">which is not part of OPEC cartel, continued to increase its oil production strongly and this is counter productive to the goal of OPEC and Russia to balance the market oil demand. USA is expected to produce more than 10 million barrels per day (bpd) of oil by this month. This
together with OPEC withdrawing its production curb and the unexpected slowdown
in demand might once again cause global oil supplies to surge and send it prices
south. </span><span style="font-family: "arial" , "helvetica" , sans-serif; text-align: justify;"> </span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><o:p></o:p></span></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgiBS7kKZCN9wA5Su6UfSxwREdcyYdgjjrjOf8ieBd6t8usq9w304_k5N4JcqwTLjjRBayFlf5zwQkt7011VIkdMO-QdRTNvmcheqecvIW8qdN29NpmNxuY2KeaKrFr1zJGeiSj1FLBIuNm/s1600/E3.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><img border="0" data-original-height="260" data-original-width="441" height="235" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgiBS7kKZCN9wA5Su6UfSxwREdcyYdgjjrjOf8ieBd6t8usq9w304_k5N4JcqwTLjjRBayFlf5zwQkt7011VIkdMO-QdRTNvmcheqecvIW8qdN29NpmNxuY2KeaKrFr1zJGeiSj1FLBIuNm/s400/E3.png" width="400" /></span></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><div align="center" class="MsoNormal">
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;">Source: OCBC<o:p></o:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">As the oil and gas sector
contributes 5% to Singapore economy, this might cause fresh strain to Singapore
oil and gas companies, which in turn might impact on Singapore banks
non-performing loan (NPL) from its oil and gas business customers. <o:p></o:p></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Banks' NPL has been increasing
since 2014 due to the contraction in oil and gas sector. It is to note that as
compared to its peers, OCBC is more prudent with its asset management by having
the lowest non-performing loan ratio since 2008. Moving
forward, it is expected that bank’s NPL will start to recover as the oil and gas sector is slowly recovering. </span></div>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi6jCxoaBYoKkUpDLHImkcufFmLl9SzMEqN-5VjRTbH-GedCSLHWIPSObvcCEybgtuTepRYKu8SnWJwfzvwpaP1fy0LUBLJ-4uePTe_uUvK71TF1lC-WmfQcD11D0nbEhMkzbmJcXgByRyA/s1600/Chart+F.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><img border="0" data-original-height="285" data-original-width="663" height="273" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi6jCxoaBYoKkUpDLHImkcufFmLl9SzMEqN-5VjRTbH-GedCSLHWIPSObvcCEybgtuTepRYKu8SnWJwfzvwpaP1fy0LUBLJ-4uePTe_uUvK71TF1lC-WmfQcD11D0nbEhMkzbmJcXgByRyA/s640/Chart+F.jpg" width="640" /></span></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;">Chart F: Banks Non Performing Loan (NPL)<o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;">Source: OCBC Bank, UOB Bank, DBS Bank<o:p></o:p></span></div>
</td></tr>
</tbody></table>
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<b><span style="font-family: "arial" , "helvetica" , sans-serif;">Construction Sector<o:p></o:p></span></b></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">The construction sector, which also account for 5% of Singapore’s GDP has contracted for 2 consecutive years (2016:
-2.7% yoy, 2017: -8.5% yoy) due to lower construction demand from private sector. With building and construction sector loan represent
18% of Singapore’s total bank loan, the continued sluggishness might cause
construction companies with weak financial position to fail and default on
their loan, thus adversely affect banks' profitability and financial position. <o:p></o:p></span></div>
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<b><span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: large;">Profitability and
Efficiency</span><o:p></o:p></span></b></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiS43k1hP5o1Wvd3iSCeOtZ1ccfLJpcoNEqYHAfJYxOKmzpGmrSHE74E2hzeBAicjEWgUbciDMbb91hpt4u6EE40F-Ajy7E4QR7F8yoBm47lHGHEB6ddh8c5G52RPLLwB665rCC5KfhPieP/s1600/Chart+G.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><img border="0" data-original-height="401" data-original-width="717" height="355" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiS43k1hP5o1Wvd3iSCeOtZ1ccfLJpcoNEqYHAfJYxOKmzpGmrSHE74E2hzeBAicjEWgUbciDMbb91hpt4u6EE40F-Ajy7E4QR7F8yoBm47lHGHEB6ddh8c5G52RPLLwB665rCC5KfhPieP/s640/Chart+G.jpg" width="640" /></span></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;">Chart G: Banks Revenue Growth<o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;">Source: OCBC Bank, UOB Bank, DBS Bank<o:p></o:p></span></div>
</td></tr>
</tbody></table>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">OCBC has one of the fastest
revenue growth rate, growing at 8.45% for the past 10 years. It has overtook
UOB since 2014 after the acquisition of Wing Hang bank to increase their presence
in Greater China. Over the years, OCBC has grown through acquisition. In 2010,
they acquired Bank of Singapore which has helped grown its wealth management income. It has
also acquired Barclay’s Asia wealth business in 2016 and this makes them the 7<sup>th</sup>
largest private bank in Asia-Pacific based on assets, improving from 11<sup>th</sup>
position in 2015. Most recently in 2017, OCBC has acquired National Bank of
Australia’s Singapore and Hong Kong wealth businesses. Management has shared
that they will continue to grow OCBC by identifying acquisition opportunities
that fit into its long-term strategy and corporate culture and at the same
time, strengthen its existing core businesses.</span></div>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgFeQho2DO-NWVkN2lkgmpn546F2Pv1uebE8D5BeDlgaTQqePKEtz2sNA4-7r8B-H15kqlve1Pqxi_l7TnvdBJv1XC9zFZNMRW5xNqR4-RS0_9xRBDYIWxF_QvdqxgGlqbdI2lCp1q6Q084/s1600/Chart+H.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><img border="0" data-original-height="431" data-original-width="717" height="384" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgFeQho2DO-NWVkN2lkgmpn546F2Pv1uebE8D5BeDlgaTQqePKEtz2sNA4-7r8B-H15kqlve1Pqxi_l7TnvdBJv1XC9zFZNMRW5xNqR4-RS0_9xRBDYIWxF_QvdqxgGlqbdI2lCp1q6Q084/s640/Chart+H.jpg" width="640" /></span></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;">Chart H: Banka Net Earnings<o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;">Source: OCBC Bank, UOB Bank, DBS Bank<o:p></o:p></span></div>
</td></tr>
</tbody></table>
<span style="font-family: "arial" , "helvetica" , sans-serif;"><o:p></o:p></span><br />
<div class="MsoNormal" style="text-align: justify;">
<span style="line-height: 107%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">OCBC
net income growth is also the strongest among the 3 local banks at 9.6% for the
past 10 years. In terms of management efficiency in controlling cost, it has
consistently been the most efficient among the 3 banks as it has the lowest
cost-to-income ratio for the past 5 years with the exception of 2016. However, OCBC cost-to-income ratio has been creeping upwards since 2012. This was mainly
due to cost associated with acquisition of businesses mentioned previously. </span></span></div>
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<span style="line-height: 107%;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></div>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg92-R5Ft-J8cIH7svrNvMV2mwkB5cJ4QOTApqquVg0OT_OXj57nOcb3APRifhZ8E-XPpxzS9ary9-tt6vy7c5AFAtt513S2M5aG9sVB4IiYxS8jx05KjtcEhHD9tcYSfS7x-rGGf23pAHK/s1600/Chart+I.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="292" data-original-width="716" height="259" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg92-R5Ft-J8cIH7svrNvMV2mwkB5cJ4QOTApqquVg0OT_OXj57nOcb3APRifhZ8E-XPpxzS9ary9-tt6vy7c5AFAtt513S2M5aG9sVB4IiYxS8jx05KjtcEhHD9tcYSfS7x-rGGf23pAHK/s640/Chart+I.jpg" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
Chart I: Banks Return on Asset (ROA) and Return on
Equity (ROE)<o:p></o:p></div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
Source: OCBC Bank, UOB Bank, DBS Bank<o:p></o:p></div>
</td></tr>
</tbody></table>
</span><br />
<div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Compared to its peers, OCBC has the highest ROA and ROE. This indicate that its management are most efficient
in utilising the asset and equity of the company to generate earnings. There was a spike of ROA and ROE in 2012 and this was because of divestment gain in their Fraser and Neave and Asia Pacific Breweries Limited shares.<o:p></o:p></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
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</span>
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<b><span style="line-height: 107%;"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Stability and Liquidity<o:p></o:p></span></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="line-height: 107%;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">Singapore banks are one of the safest in the world.
There is a saying that if Singapore banks were to collapse, Singapore will not exist anymore. This shows how much trust we have in our own
banking system. Nevertheless, we will still take a look at how stable our banks
are by looking into their capital adequacy and liquidity.<o:p></o:p></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"></span><br />
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<tr><td style="text-align: center;"><div style="margin: 0px;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEilI2q93ibfmQE8XzhsV71g6oVmfdHJCMhTOCM_fIp9D5q4u3p2AMsYKFuyeJu2or33s4PjrSL1Dxb2V0wNTXbpei-bjzX0s6W12Dbrqajm-5vIolnTSpGyE6JeGB123cagi59KyRjKsNin/s1600/Table+1.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><img border="0" data-original-height="170" data-original-width="555" height="120" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEilI2q93ibfmQE8XzhsV71g6oVmfdHJCMhTOCM_fIp9D5q4u3p2AMsYKFuyeJu2or33s4PjrSL1Dxb2V0wNTXbpei-bjzX0s6W12Dbrqajm-5vIolnTSpGyE6JeGB123cagi59KyRjKsNin/s400/Table+1.jpg" style="cursor: move;" width="400" /></span></a></div>
</td></tr>
<tr><td class="tr-caption" style="font-size: 12.8px; padding-top: 4px; text-align: center;"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<div style="margin: 0px;">
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;">Table 1: Banks Stability and Liquidity Ratio<o:p></o:p></span></div>
</div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<div style="margin: 0px;">
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;">Source: OCBC Bank, UOB Bank, DBS Bank</span></div>
<div style="margin: 0px;">
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;"><br /></span></div>
</div>
</td></tr>
</tbody></table>
</div>
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<b><span style="font-family: "arial" , "helvetica" , sans-serif;">Capital Adequacy Ratio<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">For stability, we will look at the Capital Adequacy
Ratio (CAR) of the banks. CAR was introduced by Basel committee, an international organisation set up after the 2008 subprime mortgage crisis that set out an
internationally agreed set of measures to strengthen the supervision of banks. Their aim is to ensure that banks are well-capitalised
to stand the test of a crisis by having the ability to absorb unexpected losses
that arise during the normal course of their operations.<o:p></o:p></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">CAR includes Common Equity Tier 1 (CET 1 CAR) and Tier 1 CAR. </span><span style="font-family: "arial" , "helvetica" , sans-serif;">According to Investopedia, CET 1 CAR consists of a
bank’s core capital and includes common shares, stock surpluses resulting from
the issue of common shares, retained earnings, common shares issued by
subsidiaries and held by third parties, and accumulated other comprehensive
income.</span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
</div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">Tier 1 includes capital in CET 1 plus instruments
that are not common equity but are eligible to be included in this tier. An
example is a contingent convertible or hybrid security which has a perpetual
term and can be converted into equity when a trigger event occurs. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">In Singapore, our central bank, Monetary Authority
of Singapore (MAS) is even more kiasu in its approach. They require Singapore-incorporated
banks to meet a higher standard of CET 1 CAR of 6.5%, Tier 1 of 8% and Total
CAR of 10% (Basel III guideline: 4.5%, 6% and 8% respectively). If banks CAR drop below its regulatory
minimum, the bank must build its capital ratio back to the required level or
risk being overtaken or shut down by regulators.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">From Table 1, we can see that all 3 local banks
have capital adequacy ratio way above the regulatory requirements. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span style="font-family: "arial" , "helvetica" , sans-serif;">Loan to
Deposit Ratio<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">As mentioned previously, banks take our deposit and
loan it to others. Therefore Loan to Deposit Ratio is a useful measure to calculate the ability to
cover withdrawals made by banks' customers. For example, during the Greece
government debt crisis, fearing the collapse of their banking system, there was
long queue forming outside the banks as Greeks want to withdraw all their
money. This further threaten the banking system as banks will not have
sufficient liquid funds to operate. The banks have no choice but to close and restrict
the amount that a person can withdraw every day. </span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "arial" , "helvetica" , sans-serif;">To interpret Loan to Deposit ratio,if it is below 1, this mean bank
has sufficient deposit to loan out to others. On the other hand, if it is above 1, in addition to customer deposits, the bank has borrowed additional funds from somewhere else and re-loan it. N</span><span style="font-family: "arial" , "helvetica" , sans-serif;">ote also that if the ratio is too low, it means banks may not be efficiently earning as much as it could. If it’s too high, the
banks may not have enough liquidity to cover any unforeseen fund requirements or
economic crisis. Therefore the general ideal level is between 80-90%. Referring to Table 1, all 3 local banks
are well within this level.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="font-family: "arial" , "helvetica" , sans-serif;">Liquidity Coverage Ratio<o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">The liquidity coverage ratio is
also set out by the Basel committee. Banks are required to hold an amount of
highly liquid assets, such as cash, Treasury bonds or corporate debt, equal to
or greater than their net cash requirement (over a 30 days period). This means the
ratio has to be equal to or more than 100%. The purpose is to ensure that banks
have the necessary assets on hand to ride out any short-term liquidity
disruptions. From Table 1, we can see that all 3 local banks have at least 40%
more liquid assets than regulatory requirements.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><b><span style="line-height: 107%;"><span style="font-size: large;">Valuation</span><o:p></o:p></span></b></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><b><span style="line-height: 107%;"><span style="font-size: large;"><br /></span></span></b></span>
<span style="font-family: "arial" , "helvetica" , sans-serif;">As an investor, our main aim is to buy shares at a valuation that is not overpriced. An undervalued shares will provide us a margin of safety while an overvalued stock have higher risk of making us lose money. Just as what investment guru warren buffet has said, "You don't drive a truck that weighs 9,000 pounds across the bridge that says 'limit, 10,000 pounds' because you can't be that sure about it." Therefore it is important for us try and get the true value of the shares to reduce our investment risk to the minimum. We shall look at some valuation metrics which serve as a guide. However, these metrics should not be relied on solely but should be measured with other metrics.</span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><b><span style="line-height: 107%;"><span style="font-size: large;"><br /></span></span></b></span></div>
<div class="MsoNormal" style="text-align: justify;">
</div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="font-family: "arial" , "helvetica" , sans-serif;">PE Ratio<o:p></o:p></span></b><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;">PE ratio represents the premium investors are willing to pay for every dollar the company makes. According to </span><a href="https://www.investopedia.com/terms/p/price-earningsratio.asp" style="font-family: arial, helvetica, sans-serif;"><span style="background-color: #9fc5e8; color: black;">Investopedia</span></a><span style="font-family: "arial" , "helvetica" , sans-serif;">, a high PE ratio means investors are expecting higher earnings growth in the future or may also indicate the stock is overvalued. Low PE ratio means either a company is undervalued or it is doing exceptionally well relative to its past trends. Currently, all 3 banks are trading above the market PE ratio due to the recent surge in their share price. Base on peer comparison, OCBC PE ratio is slightly lower than UOB while DBS shares seems to charge higher premium. </span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiNlOncTznNplUtrCcG316-0ickII74iIJwYMjifBhMI_Aa_pCyH3A7v5GUQjUzEHKIQtyrq6dJyc0KBtz_7YEOseQoJ2nXxayctIQNTJzx4iecpiHINrOp3FV0J5BjhxHLq0SZCMQIN324/s1600/Chart+J.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><img border="0" data-original-height="341" data-original-width="568" height="384" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiNlOncTznNplUtrCcG316-0ickII74iIJwYMjifBhMI_Aa_pCyH3A7v5GUQjUzEHKIQtyrq6dJyc0KBtz_7YEOseQoJ2nXxayctIQNTJzx4iecpiHINrOp3FV0J5BjhxHLq0SZCMQIN324/s640/Chart+J.jpg" width="640" /></span></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;">Chart J: Banks Price Earning Ratio (PE Ratio)<o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;">Source: OCBC Bank, UOB Bank, DBS Bank,
SPDRS<o:p></o:p></span></div>
</td></tr>
</tbody></table>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span style="line-height: 107%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Dividend </span></span></b></div>
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span>
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjrjIsrRx2zLk3gbXIDRjpO_rOtWzMCDrZrcMvlMGvk5ICf6QyyoZPEbNIgsaODHsu3QICDKGAfjNmiWsBIO4sO61nERdD4v3seK5eJwrTLi4dJmXR2PMQTMqrhTncwWLpovULdYv6Xqegl/s1600/Chart+K.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><img border="0" data-original-height="394" data-original-width="662" height="379" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjrjIsrRx2zLk3gbXIDRjpO_rOtWzMCDrZrcMvlMGvk5ICf6QyyoZPEbNIgsaODHsu3QICDKGAfjNmiWsBIO4sO61nERdD4v3seK5eJwrTLi4dJmXR2PMQTMqrhTncwWLpovULdYv6Xqegl/s640/Chart+K.jpg" width="640" /></span></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;">Chart K: Banks Dividend Yield (%)<o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;">Source: OCBC Bank, UOB Bank, DBS Bank,
Shareinvestor<o:p></o:p></span></div>
</td></tr>
</tbody></table>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">All 3 banks have consistently
distributed dividend to its shareholders every year. As banks earn profit, the bank may
decide to use part of its profit to distribute to shareholders and retained the
remaining for their own use. If banks profit increase, more profits may be distributed. This will provide shareholders higher returns for their investment. </span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "arial" , "helvetica" , sans-serif;">This trend is evident in Singapore local banks where OCBC annual dividend has
increased from 23cents/share in 2006 to 36cents/share in 2017. Dividend yield
is dependent on the entry price that individual investor bought the share. For
OCBC, the closing price on 12 Jan 17 is $12.99. If I bought at this price, I
can expect to receive 36cents/share of dividend, which represent 2.77% yield per
year. Dividend yield is especially important to income investor who seeks a
consistent yearly return from their investment and consideration of impact on
capital is very much secondary. Comparing to its peers, OCBC dividend yield has
been one of the highest for the past few years. <o:p></o:p></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">In 2008, there was a spike in
dividend yield because of the sudden drop in the banks share price due to the
financial crisis. If I bought OCBC shares at that point of time, I can expect
dividend yield of around 8% per year. Assuming that I continued to hold
until today with current year dividend payout of 36cents, I am looking at an
annual dividend of nearly 10%! </span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "arial" , "helvetica" , sans-serif;">At current dividend yield of 2.77%, OCBC does not look attractive to me as I am more interested in companies that can provide dividend yield of at least 4%. <o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="font-family: "arial" , "helvetica" , sans-serif;">Price-to-Book (PB) Ratio<o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">Another valuation metric that we
shall look at is the PB Ratio or in another words, price to net asset value ratio.
The book value (net asset value) of a company is the total assets minus total
liabilities and it compares the company’s current share
price with its net asset. A lower PB ratio generally means that the company’s
share price is undervalued while a higher PB means it is overvalued. T</span><span style="font-family: "arial" , "helvetica" , sans-serif;">he ratio gives an idea about how much value investor would be left with if the company were to bankrupt immediately. For example, if the PB ratio is 0.8x, it means for every $1 of the company net asset, I am paying $0.80. Therefore, I am buying a company that is worth $1 at $0.80, which is a 20% discount. </span><span style="font-family: "arial" , "helvetica" , sans-serif;">Different
industries have different PB ratio and therefore it is better to make comparison
within its competitors.</span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgAkpjIVKLuQZxvMxbl5WyrfQQIi-KTWtaGxNr4G1THToAd74WvFRRTs2lxxRk5Ogg-vJK2m6PF4w5AgTDC1Kg5dd62fJk8HvEBZX0edlrR9C-mROHxY8k0QHbCPH5wgKuiCM8tcE7X1CGb/s1600/Chart+L.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><img border="0" data-original-height="632" data-original-width="829" height="484" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgAkpjIVKLuQZxvMxbl5WyrfQQIi-KTWtaGxNr4G1THToAd74WvFRRTs2lxxRk5Ogg-vJK2m6PF4w5AgTDC1Kg5dd62fJk8HvEBZX0edlrR9C-mROHxY8k0QHbCPH5wgKuiCM8tcE7X1CGb/s640/Chart+L.jpg" width="640" /></span></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;">Chart L: Price-to-Book (PB) Ratio<o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;">Source: OCBC Bank, UOB Bank, DBS Bank,
Shareinvestor</span></div>
</td></tr>
</tbody></table>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">All 3 banks are currently trading at a level higher
than the post financial crisis period but lower than pre-financial crisis
period. With the current market exuberance, there seems to be still room for
share price to grow. Comparing with its peers, OCBC is trading at similar value and this signal its share price is fairly valued. <o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="font-family: "arial" , "helvetica" , sans-serif;">OCBC Valuation <o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">As I mentioned previously, there
is still room for OCBC share price to go higher due to current market exuberance
mood. However, how high is high? And when market is in a bearish mood like the 2008 subprime mortgage crisis, how low can OCBC bank value dropped? In order to answer these questions, I am going to get OCBC highest, average and lowest PB ratio from 2017 all the way to
2006 (I want to include both bullish and bearish period), determine the mean,
minimum and maximum PB ratio for each year and after that, adjust it to today book value. This will
allow me to find out 3 things:<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-indent: -18pt;"><span style="font-family: "arial" , "helvetica" , sans-serif;">1) Base
on OCBC current book value, is it trading at above or below the average of its
historical valuation?</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-indent: -18pt;"><span style="font-family: "arial" , "helvetica" , sans-serif;">2)Base
on OCBC current book value, what is the highest share price it has ever traded? </span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="text-indent: -18pt;"><span style="font-family: "arial" , "helvetica" , sans-serif;">3)Base
on OCBC current book value, what is the lowest share price it has ever traded?</span></span></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18.0pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiJwvkBtI86FADYWz9XI-cIOgiNihV2ogWluSmr895jtosmOYrJjErZPmzHk19_im1O1kZ8ENheh9w4bT9qxg6w9Nf6ki_5GJDVEXxsHqrm8PmdcaIS1Wju-eZa8UNo88IT5FXXg7ygBI0G/s1600/Table+2.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><img border="0" data-original-height="136" data-original-width="1205" height="72" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiJwvkBtI86FADYWz9XI-cIOgiNihV2ogWluSmr895jtosmOYrJjErZPmzHk19_im1O1kZ8ENheh9w4bT9qxg6w9Nf6ki_5GJDVEXxsHqrm8PmdcaIS1Wju-eZa8UNo88IT5FXXg7ygBI0G/s640/Table+2.jpg" width="640" /></span></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;">Table 2: OCBC PB Ratio from year 2006 to
2018<o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;">Source: OCBC Bank, Shareinvestor<o:p></o:p></span></div>
</td></tr>
</tbody></table>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">My data has produced the above PB
ratio for each period and with that, I got the average, minimum and maximum PB
ratio over the periods. The cells are color coded with traffic lights color and red means overvalued while green means undervalued.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh644eFk-Fu4VZrHmMxGk1o_6rbF5NMzmyYpFj5qiCqD0bna4NWMXdRwoQ_2ly-ZDD6w_oGybUAwiD7uIRlLwWPxKCBtjct-084Z0luTDoCcL0IzA28LT3XR8Cob4NbYIKqdn0DizT5jQY9/s1600/Table+3.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><img border="0" data-original-height="212" data-original-width="602" height="140" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh644eFk-Fu4VZrHmMxGk1o_6rbF5NMzmyYpFj5qiCqD0bna4NWMXdRwoQ_2ly-ZDD6w_oGybUAwiD7uIRlLwWPxKCBtjct-084Z0luTDoCcL0IzA28LT3XR8Cob4NbYIKqdn0DizT5jQY9/s400/Table+3.jpg" width="400" /></span></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;">Table 3: OCBC PB Ratio and Valuation<o:p></o:p></span></div>
</td></tr>
</tbody></table>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">I then adjust the mean, minimum and maximum PB ratio with
OCBC current book value and got the valuation of $12.23, $6.34 and $17.21 respectively. This means that during
bullish market sentiment, based on OCBC current net assets, its share price has
reached $17.21 while during bearish market, its share price has
dropped to $6.34. With OCBC current share price at $12.99, it is trading
above its average share price of $12.23. <o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">To be more conservative with my
calculation, I discounted the current valuation with its non-tangible asset
which currently represent around 20% of its net asset. This is to only take
into calculation its tangible assets valuation. With this, i got its discounted average, minimum and maximum valuation of $10.53, $5.53 and
$15.01 respectively. <o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">As I am currently holding on to
OCBC shares, based on whether market is bearish or bullish, I will consider offloading
my shares when it is nearing $15 while accumulate more when it trades below its
average of $10.53. <o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="line-height: 107%;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: large;">Summary</span><o:p></o:p></span></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b><span style="line-height: 107%;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: large;"><br /></span></span></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">To conclude, I have come up with 4 metrics namely profitability, stability, market and environment and valuation with different weightage based on what I perceived to be the more or less important metrics. I will then multiply by a score (out of a maximum score of 5) that I give to each metrics based on the above analysis to get an overall score. The score determines if the company is attractive to invest in. </span><br />
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">Profitability and stability:
Collectively, both metrics, which is fundamentally important to all businesses, represent 40%.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">Market and environment: This
measure the current market risk or opportunity that is presented to the company which have an impact on the direction of its share price. <o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="line-height: 107%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Valuation: Determine if the share price is currently undervalued or overvalued. </span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiTvs2yxsOhIWER3uyVIpmeFyr_LZ5Ym1aiQUe3qKe0PvDMi6GDX2a_U_OUGnJq-Tbjf45CGpk_gvHUPoqYPgwsPFcBF6k5ISeqKIGK9elHdrb5X47XwKSkGiOOshDbAfnTH157mRWFzpAz/s1600/Table+4.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><img border="0" data-original-height="313" data-original-width="686" height="291" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiTvs2yxsOhIWER3uyVIpmeFyr_LZ5Ym1aiQUe3qKe0PvDMi6GDX2a_U_OUGnJq-Tbjf45CGpk_gvHUPoqYPgwsPFcBF6k5ISeqKIGK9elHdrb5X47XwKSkGiOOshDbAfnTH157mRWFzpAz/s640/Table+4.jpg" width="640" /></span></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;">Table 4: OCBC Valuation Score<o:p></o:p></span></div>
</td></tr>
</tbody></table>
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Ricky Pehhttp://www.blogger.com/profile/15151634848349243650noreply@blogger.com3tag:blogger.com,1999:blog-1554385806293685428.post-13954437504954948622017-01-30T13:46:00.001+08:002018-01-12T16:40:14.666+08:0017 Days 14 Nights Scandinavia Trip for less than SGD$4,000!<div class="MsoNormal">
</div>
<br />
<div class="MsoNormal">
<span lang="EN-GB">I had just came back from my 17 days 14 nights
trip to Denmark, Stockholm and Finland and I would like to share how I managed to budget it at below</span> SGD4,000. You may be like a lot of people wondering if its true as this is consider cheap for a trip to Scandinavia for 14 nights. Yes it is possible if you take the effort to plan your own trip! The SGD4,000 that I have budgeted are for essential expenses which includes transportation, accommodation, food and activities but does not include personnel expenses.<br />
<span lang="EN-GB"><br /></span><span lang="EN-GB">Travelling makes me happy because that anticipation feeling of having
something to look forward to and to experience new stuff and places just excites me. </span>I know people who travel often always get
comment like “Wah seh! You always travel must be rich”. Yes it makes me rich not in financial terms, but rather in my experiences and happiness. You don't really have to be financially rich to travel. I did it by following these 2 rules: </div>
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<br /></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: 54pt; text-indent: -18pt;">
<!--[if !supportLists]--><span lang="EN-GB" style="mso-bidi-font-family: Cambria; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: minor-latin;"><span style="mso-list: Ignore;">1)<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "times new roman";">
</span></span></span><!--[endif]--><span lang="EN-GB">Have discipline.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 54pt; text-indent: -18pt;">
<!--[if !supportLists]--><span lang="EN-GB" style="mso-bidi-font-family: Cambria; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: Cambria; mso-fareast-theme-font: minor-latin;"><span style="mso-list: Ignore;">2)<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "times new roman";">
</span></span></span><!--[endif]--><span lang="EN-GB">Live within your means.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-GB">In order to travel often, first you have to be disciplined with your own finances. As the
famous investment guru Warren Buffet once mentioned, “Do not save what is left
after spending, but spend what is left after saving.” With this advice, how i did it was to have
2 bank accounts with me. One is for my saving and investment while the other is
for my spending. Every month after getting my salary, I would transfer part of it to my spending
account and this will ensure that I won’t have the tendency to
touch the money in it. For the spending account,
it is for my monthly expenses, which also includes the occasional overseas trip. Any leftover funds from my spending account will be
accumulated and act as my “travelling allowance”. So if I want to accumulate my travelling allowance, I will have to control my monthly expenses. What this means is that I have to prioritise what is important in my life. For example, travelling is more important than shopping or buying the latest gadget, therefore I will spend less on shopping in order to save up more for travelling. </span><br />
<span lang="EN-GB"><br /></span>
<span lang="EN-GB">In order to learn about my monthly spending habit, I am assisted by an app like “Wally” to help me keep track of
my daily transaction. It helps to sort each transaction to different
category like “food”, “entertainment”, “clothing” so that I can analyse the
information and know which category I had overspent. I find it quite useful
as I got to know my average monthly expenses, which category can I save further on and how much I am capable to save up each month for my travelling allowance. <o:p></o:p></span></div>
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<br /></div>
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<span lang="EN-GB">Travelling can be affordable if you live
within your means. If you don’t have extra fund, a 3-star hotel can serve the
same purpose as a 6-star hotel. A meal at the hawker centre can be as delicious
as a 3-course meal in a fancy restaurant (Yes I’m proud of our 1 star Michelin
chicken rice). So during planning, weigh between your budget
and priority and plan accordingly. <o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<span lang="EN-GB">Lastly, if you have that extra bit of luck,
patience and flexibility, it can save you quite a bit of money. For example, 6
months before the trip, there’s a Swiss Airline promotion going on. We decided
to meet up for a discussion on where to go because the price is too attractive
to ignore. I was never an impulse decision maker and have never thought of
making any booking yet. However after deciding on the destination, we booked
the tickets straight away fearing that other kiasu Singaporean will book the tickets ahead of us and drive up the prices. And yes our flight ticket to Copenhagen, with a stopover at Zurich cost us only SGD763!</span></div>
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<br /></div>
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<span lang="EN-GB">Below is the rough write-up of our daily itinerary. The full summary
of the cost and link to my itinerary can be found at the end of the post. And one last advice, I find that the most ideal group size to travel is 4 as it can help to save even more cost. For example, expenses like accommodation and taxi fare can be shared among 4 person which is cheaper. So if you plan to go on a honeymoon trip instead, then do budget a little bit more. Also, try to book the transport and accommodation early to enjoy cheaper fare. For example our train tickets from Copenhagen to Stockholm cost SGD75.30 instead of the late booking fare of SGD130+. </span><br />
<br />
Enjoy!</div>
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<br /></div>
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<u style="text-underline: thick;"><span lang="EN-GB"><b>Day 1 and 2
(24 & 25 December 2016) </b><o:p></o:p></span></u></div>
<div class="MsoNormal">
<br /></div>
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<span lang="EN-GB">We met up at the airport for our midnight
flight to Copenhagen with a 5 hours layover at Zurich. For the layover, instead of wasting
time waiting at the airport, we explored the city centre at dawn where we visited a few churches and take in the view from the bridge across Limmat River which are all within walking distance. Zurich Airport is
just 15 minutes away from the city center with return ticket costing SGD19 which is valid for 24hrs. In total, we budgeted SGD50 for the layover which was more than enough. We even had extra Swiss France left that we changed to Danish Krone at the Airport. </span></div>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEihvx2a3dQZsSjDgdo_itwMt8nCi6sIoZYsG18J4arEUmJhhgg0JYQhWnmStSWuOaEOLbvCDnj1hwEZU7szn6SWT-HoqTSzB_GTexH_m1gjnW0U4ZWbLuWosFXybA3VaC9xehnsDMWA1uSt/s1600/pic+5.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEihvx2a3dQZsSjDgdo_itwMt8nCi6sIoZYsG18J4arEUmJhhgg0JYQhWnmStSWuOaEOLbvCDnj1hwEZU7szn6SWT-HoqTSzB_GTexH_m1gjnW0U4ZWbLuWosFXybA3VaC9xehnsDMWA1uSt/s320/pic+5.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Hot Chocolate with Croissant at only SGD5</td></tr>
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<tr><td class="tr-caption" style="text-align: center;">Extra money made us buy this</td></tr>
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After that, we caught our flight in the afternoon to Copenhagen. Our initial plan was to travel directly to Stockholm, Sweden and make Copenhagen our last stop. But because it was Christmas, we really wanted to visit the Tivoli Garden which was said to be Denmark best christmas market. So we stayed for a night before moving on to Stockholm.<br />
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We stayed at Urban House Copenhagen in an ensuite dormitory room for 4 adults. So technically we have the whole room to ourselves. This is a highly recommended accommodation. Even though it is a hostel, the place is very lively, clean and have every basic things that you need like power socket at each bed. Another plus point is its location. It is located just a stone throw away from Copenhagen main central station and Tivoli Garden. The only downside of this hostel is the squeaking of the bed frame when you toss and turn in bed.<br />
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<span lang="EN-GB"><span style="mso-spacerun: yes;">We spent our entire evening at Tivoli Garden. The christmas lighting and crowd was superb. We also bought the all rides ticket to take on some thrilling rides and ended the night with some christmas fireworks. If first impression matters, this was it. </span></span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEivRsSQSXdFmh2TX42yDzjdot5eCQpro4Dy3nkrlm_HTqQJzMiHk83r3HTa03EPOgIZAzd4hnMC9GZl60SO9lKAEE4WGE7wSuNSW7uIAvGSDuAQr0okAXeBGJEGk6-LG-3GWG9WkWtM-Y80/s1600/pic+3.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEivRsSQSXdFmh2TX42yDzjdot5eCQpro4Dy3nkrlm_HTqQJzMiHk83r3HTa03EPOgIZAzd4hnMC9GZl60SO9lKAEE4WGE7wSuNSW7uIAvGSDuAQr0okAXeBGJEGk6-LG-3GWG9WkWtM-Y80/s320/pic+3.jpg" width="320" /></a></div>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkkyCun56VEhuGN-uMKHVBFPUp0qbJWNZenONc-3E1-00c7Bklb2X44gqbjKhXsbdrBiKiAlaft2rVtKaK2iILfJ9drUVMK8OzUPyjGy_e-V7EX6BA9eFANWm3AQ51T_582W0JqJprEhiZ/s1600/pic+5.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkkyCun56VEhuGN-uMKHVBFPUp0qbJWNZenONc-3E1-00c7Bklb2X44gqbjKhXsbdrBiKiAlaft2rVtKaK2iILfJ9drUVMK8OzUPyjGy_e-V7EX6BA9eFANWm3AQ51T_582W0JqJprEhiZ/s320/pic+5.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Tivoli Pork Burger. The pork skin is really crispy!</td></tr>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhjqEpq4lz8BfT4cbswFIKu_KmgTXDjqSx9d9z60ewDhbrfCZCmyP8gWDmnSnMqeY00jqUv93rCFwFUXC_GQtOV0kpqNM3liWUNTL7iJZlYCE99gP5aK_uXyjM9Eb1NHWTr0qv_r8laoZ9o/s1600/pic+6.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhjqEpq4lz8BfT4cbswFIKu_KmgTXDjqSx9d9z60ewDhbrfCZCmyP8gWDmnSnMqeY00jqUv93rCFwFUXC_GQtOV0kpqNM3liWUNTL7iJZlYCE99gP5aK_uXyjM9Eb1NHWTr0qv_r8laoZ9o/s320/pic+6.jpg" width="320" /></a></div>
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<span lang="EN-GB"><span style="mso-spacerun: yes;"><span style="text-underline: thick;"><span lang="EN-GB"><b>Day 1 and 2 (24 & 25 December 16) Summary</b></span></span></span></span></div>
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<u>Transport</u></div>
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Flight - Swiss Airline - Return Ticket from Singapore to Copenhagen - SGD763.20<br />
Local Train - Copenhagen Airport to Copenhagen Central Station - SGD6.50</div>
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<u>Accommodation </u></div>
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Hostel - Urban House Copenhagen - 1 Night - SGD63.78<br />
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<u>Food</u></div>
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Breakfast - Flight provide</div>
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Lunch - Fight provide</div>
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Dinner - Tivoli pork burger - SGD12<u><br /></u><br />
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<u>Activity</u></div>
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Zurich Layover - SGD50</div>
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Tivoli Garden entrance fee - SGD23</div>
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Tivoli Garden all ride pass - SGD47</div>
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<span lang="EN-GB"><span style="mso-spacerun: yes;"><u style="text-underline: thick;"><span lang="EN-GB"><b>Day 3 (26 December 2016)</b></span></u></span></span></div>
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<span lang="EN-GB"><span style="mso-spacerun: yes;">We caught an 8.16am train from Copenhagen, Denmark to Stockholm, Sweden. Thanks to the close proximity of the main train station, we were able to get more sleep. Remember to pack some entertainment for the train ride as the journey takes 5hr and 20min. We also top up another SGD10.30 for a breakfast set that consist of sandwich and hot drinks. However, it is highly recommended to bring your own food as that sandwich was not <strike>edible</strike> </span></span>delicious.<br />
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When we reached Stockholm, it was already 1.40pm. Our main mode of transport around Stockholm will be by taking the public transport. So we got their local transport card - SL Access Card, which is similar to our own ez-link card. The card cost SGD3.20 which is non-refundable. Stockholm public transport fare system is very different from Singapore where they go by per trip system as compared to our distance fare system. This means that for each trip that you take, it cost SGD4 no matter the distance. So if you take a bus and transfer to another train or bus, that is going to cost you SGD8. So try to walk if it is within walking distance (less than 30mins). All in all, our transport fare cost around SGD50 in Stockholm which also includes the midnight bus that we took to the airport which usually cost a little bit more. <br />
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We took a bus to our accommodation- Connect Hotel City. This is a very value for money hotel which cost us less than SGD30 per night with free breakfast! It is cosy and clean. The only downside is its location which require a 30 minutes walk to the city centre.<br />
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When we reached our accommodation, it was already mid-day. After chilling in our room, it was late afternoon and we actually didn't had our lunch. Our hungry stomach force us to leave our room in search for food. Initially we wanted to eat at "Kajsas Fisk & Restaurang" recommended by TripAdvisor. But due to it being Boxing Day, they were closed. We ended up having McDonald's for dinner. The only activity that we did that day was to shop around Hotorget, Stockholm city square.<br />
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<tr><td class="tr-caption" style="text-align: center;">Hotorget City Square </td></tr>
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<b>Day 3 (26 December 16) Summary</b></div>
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<u>Transport</u></div>
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Train - SJ - Ticket from Stockholm to Copenhagen: SGD75.30<br />
Local Transport - SL Access Card: SGD50 (total in Stockholm)</div>
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<u>Accommodation </u></div>
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Hotel - Connect Hotel City - 3 Nights - SGD87.20</div>
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<u>Food</u></div>
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Breakfast - Included in train fare by topping up </div>
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Lunch - Did not eat</div>
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Dinner - Mcdonald's - SGD12</div>
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<u>Activity</u></div>
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Shopping around Hotorget - Own expense</div>
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<span lang="EN-GB"><span style="mso-spacerun: yes;"><u style="text-underline: thick;"><span lang="EN-GB"><b>Day 4 (27 December 2016)</b></span></u></span></span></div>
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<span lang="EN-GB"><span style="mso-spacerun: yes;"><br />Our accommodation comes with free breakfast where the selection of food is good. </span></span><br />
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<span lang="EN-GB"><span style="mso-spacerun: yes;">The main mode of transport today was by using our legs. The first stop was to Stadsbiblioteket, Stockholm Public Library. The interesting thing about this library is its beautiful architectural which was designed by a Swedish designer. The tall cylindrical open court yard is filled with three tier of bookshelves! </span></span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgcVa7F6f2hgbR5YKt0NOTbT303UHExvO9MLo1ZtIPe1YeSIERDK-ztYgSU6YcPf6NJtk0by_v0Z5ssIczSvKm8tUKZdwjaQVC6gnTXhx2fcFczmBcFKxdOiZMPudLjj8wamNL_gHMFmB1-/s1600/pic+3.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgcVa7F6f2hgbR5YKt0NOTbT303UHExvO9MLo1ZtIPe1YeSIERDK-ztYgSU6YcPf6NJtk0by_v0Z5ssIczSvKm8tUKZdwjaQVC6gnTXhx2fcFczmBcFKxdOiZMPudLjj8wamNL_gHMFmB1-/s320/pic+3.jpg" width="320" /></a></div>
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<span lang="EN-GB"><span style="mso-spacerun: yes;">After that we proceed to Kajsas Fisk & Restaurang to have our lunch. When we arrived, there was a long queue but we didn't have to wait very long. The Kajsas Fish Soup is superb! 1 bowl of fish soup is more than enough to share between 2 person. For the mains, I ordered the steamed cod fish but it was a bit bland though. Guess the fish and chips or the salmon would be nicer. </span></span><br />
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhNhs6RhSVR-dAHWEDEAMSddDKbJxnW-lfu_d74olxfYUrXc9yh_ULoX1I5N1MjPQhVQX1nv9_oGC3wBoIv3cXC0AOI8R6RuZpKnplOLXq9KidBxC3VVaq6HZygtT_30KXXfvSAqH_kIMvD/s1600/pic+4.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhNhs6RhSVR-dAHWEDEAMSddDKbJxnW-lfu_d74olxfYUrXc9yh_ULoX1I5N1MjPQhVQX1nv9_oGC3wBoIv3cXC0AOI8R6RuZpKnplOLXq9KidBxC3VVaq6HZygtT_30KXXfvSAqH_kIMvD/s320/pic+4.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Kajsas Fisk & Restaurang</td></tr>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEYsogt0cech4tRlTvF5Ce8UdmYji2eD5wcpdZIlYDzCsOCsW1P966W9deZqumUD1ReE82gOwA68VzuWts-KsYHR0nJhir2l-jNeuQfV9-vSi4uGPhDsLT7Z0IB6sqkAIWU7ui4YYIAGDr/s1600/pic+5.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEYsogt0cech4tRlTvF5Ce8UdmYji2eD5wcpdZIlYDzCsOCsW1P966W9deZqumUD1ReE82gOwA68VzuWts-KsYHR0nJhir2l-jNeuQfV9-vSi4uGPhDsLT7Z0IB6sqkAIWU7ui4YYIAGDr/s320/pic+5.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Kajsas Fish Soup</td></tr>
</tbody></table>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqN7jgVCCASNxRrNGXdsjgxcFQMvfW3fDPpVZQeQ8ak3LCAz2FD9iPDeqA0nYXsxNwSxpZvCNWYWhRVujIgk0gsqtD4CqHv9SLJQj7kxxY6x785aWU3WHEFn9LFYIGcKMbh7FlGKZYvgGE/s1600/pic+6.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqN7jgVCCASNxRrNGXdsjgxcFQMvfW3fDPpVZQeQ8ak3LCAz2FD9iPDeqA0nYXsxNwSxpZvCNWYWhRVujIgk0gsqtD4CqHv9SLJQj7kxxY6x785aWU3WHEFn9LFYIGcKMbh7FlGKZYvgGE/s320/pic+6.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Fried Salmon</td></tr>
</tbody></table>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKkhrSsft0Py7M4yk_GqRtLPa9NWPHEyokNXECXndqKmDYFrDUolbvDqlUUnbZyK6qEPMuW8FTlxh9qFtHZxIK9OlKeIFOrCBP4VvJ3SaXFplooJoMjHD6htzPlOz8gLNoG5wPgXtqe4UP/s1600/pic+7.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKkhrSsft0Py7M4yk_GqRtLPa9NWPHEyokNXECXndqKmDYFrDUolbvDqlUUnbZyK6qEPMuW8FTlxh9qFtHZxIK9OlKeIFOrCBP4VvJ3SaXFplooJoMjHD6htzPlOz8gLNoG5wPgXtqe4UP/s320/pic+7.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Steamed Cod Fillet</td></tr>
</tbody></table>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhiGRes_RQmD2nPCA0WKoI1HtUuVEmxeck90tuQWcwJimSKuqvKoicjO14zhG5SYkngy4ZsEM80ZZI27l5O9ZKZWIvL53I6Yh5hBJ3Hzrn4jVEvh5tSPenUZbiYHZ-NO35IYq5-aGZC803y/s1600/pic+8.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhiGRes_RQmD2nPCA0WKoI1HtUuVEmxeck90tuQWcwJimSKuqvKoicjO14zhG5SYkngy4ZsEM80ZZI27l5O9ZKZWIvL53I6Yh5hBJ3Hzrn4jVEvh5tSPenUZbiYHZ-NO35IYq5-aGZC803y/s320/pic+8.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Challenging having an ice cream on a really cold day</td></tr>
</tbody></table>
After that, we walk to Bibliotekstan, a high end shopping street to shop around before heading to Gamla Stan - Stockholm old town. Within Gamla Stan, there are lines of shops selling souvenirs and unique handicraft. We also went to Strortorget, a small public square in Gamla Stan to take picture with their postcard worthy building.<br />
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiWavdw8j6ahl2Mo3CryoRQpQ_9fKwvyTwGzv0mzbudQNz3WEGno9OjbEO9GBFACs9p-WsSdqxe12Areimq5GHLtKgwd-Lmd9p9iOdAPDdbspiR-ToWK7KvXZOmezthQaL5Qway4hyf_hY0/s1600/pic+1.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiWavdw8j6ahl2Mo3CryoRQpQ_9fKwvyTwGzv0mzbudQNz3WEGno9OjbEO9GBFACs9p-WsSdqxe12Areimq5GHLtKgwd-Lmd9p9iOdAPDdbspiR-ToWK7KvXZOmezthQaL5Qway4hyf_hY0/s320/pic+1.jpg" width="240" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Bibliotekstan</td></tr>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLd3g2uqWEH2HaHAz7Ghq124HM9BH4__dSofWgUgMi93xTJL8yrRJJqK0P9pC5KOnqTqiljPlLVyOPxEXTXFRZEj0LhxXtyDWVE5Lmb7TaUxHxXYSclzq-c5VZZW7upEPQeewXCsVqJ1ta/s1600/pic+4.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLd3g2uqWEH2HaHAz7Ghq124HM9BH4__dSofWgUgMi93xTJL8yrRJJqK0P9pC5KOnqTqiljPlLVyOPxEXTXFRZEj0LhxXtyDWVE5Lmb7TaUxHxXYSclzq-c5VZZW7upEPQeewXCsVqJ1ta/s320/pic+4.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Gamla Stan</td></tr>
</tbody></table>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjYPwWtH5AkZIbUAGwNzhCSLITqzsxRJlN8Tl-gJWWru9WWYDSG3YKjg2_I3Oyn2kCoLu5u0-3AwuJbJ1UK4C3u8iuGyOOv2DXpF1wTZfwIuLfKJovs2PeoTdib2IztAgY23SdQgDsYAZiU/s1600/pic+6.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjYPwWtH5AkZIbUAGwNzhCSLITqzsxRJlN8Tl-gJWWru9WWYDSG3YKjg2_I3Oyn2kCoLu5u0-3AwuJbJ1UK4C3u8iuGyOOv2DXpF1wTZfwIuLfKJovs2PeoTdib2IztAgY23SdQgDsYAZiU/s320/pic+6.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Strortorget, the building that you always see in Swedish postcard</td></tr>
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After that, we walked to Fotografiska, a museum that exhibits contemporary photography. The main theme for the night was "We have a Dream" that tells story about people who stand up for their own values and beliefs. <br />
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We then took a bus back to our accommodation. The bus stop that we alighted at has a shopping mall just beside it where we had our dinner. Craving for Asian food, I had chicken teriyaki set. After that we proceed back to our accommodation.<br />
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<div style="text-align: center;">
<b>Day 4 (27 December 16) Summary</b></div>
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<div class="MsoNormal">
<div style="text-align: center;">
<u>Transport</u></div>
<div style="text-align: center;">
Not Applicable </div>
<u></u><br />
<div style="text-align: center;">
<u>Accommodation </u></div>
<div style="text-align: center;">
Not Applicable</div>
<div>
<div style="text-align: center;">
</div>
<div style="text-align: center;">
<u><br /></u>
<u>Food</u></div>
<div style="text-align: center;">
Breakfast - Provided by Hotel</div>
<div style="text-align: center;">
Lunch - Kajsas Fisk & Restaurang - SGD28.60 (Soup share by 2 and 1 main)</div>
<div style="text-align: center;">
Dinner - Chicken Teriyaki Set - SGD18.60</div>
</div>
<div>
<div style="text-align: center;">
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<div style="text-align: center;">
<u><br /></u>
<u>Activity</u></div>
<div style="text-align: center;">
Stadsbiblioteket, Stockholm Public Library - Free<br />
Shopping at Bibliotekstan - Own expense<br />
Gamla Stan - Own expense<br />
Fotografiska - SGD19.40 </div>
</div>
</div>
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<br />
<b><u>Day 5 (28 December 2016)</u></b><br />
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After having our breakfast, we took a bus towards Strandvagen and stroll along the bay accompanied by its unique building architectural. <br />
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We then walked to Vasa Museum, a maritime museum about the Vasa ship that capsized and sank in Stockholm in 1628. The warship was salvaged in 1961 and preserved in the museum ever since. It is also interesting to learned about the life of the people who lived on board through their remains and personal belongings. If you have a student pass, do bring along to enjoy student rates!<br />
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We then walked towards Karlaplan metro station where there's a shopping mall and had Mcdonald's for our lunch. From there, we took the metro train to Skarholmen train station where we transferred to a bus that took us to IKEA Kungens Kurva which was 2 bus stops away. The food there was value for money where the meatball is cheaper then Singapore! Other than IKEA, the place is full of other warehouse stores that tempt you to spend money. <br />
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<div style="text-align: center;">
<b><span style="font-size: small;">Day 5 (28 December 16) Summary</span></b></div>
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<div style="text-align: center;">
<u><span style="font-size: small;">Transport</span></u></div>
<div style="text-align: center;">
<span style="font-size: small;">Not Applicable </span></div>
<span style="font-size: small;"><u></u><br /></span>
<br />
<div style="text-align: center;">
<u><span style="font-size: small;">Accommodation </span></u></div>
<div style="text-align: center;">
<span style="font-size: small;">Not Applicable</span></div>
<div>
<div style="text-align: center;">
</div>
<div style="text-align: center;">
<span style="font-size: small;"><u><br /></u>
<u>Food</u></span></div>
<div style="text-align: center;">
<span style="font-size: small;">Breakfast - Provided by Hotel</span></div>
<div style="text-align: center;">
<span style="font-size: small;">Lunch - Mcdonald - SGD12</span></div>
<div style="text-align: center;">
<span style="font-size: small;">Dinner - Fish and Chips with Potato Salad - SGD13</span></div>
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<span style="font-size: small;"><u><br /></u>
<u>Activity</u></span></div>
<div style="text-align: center;">
<span style="font-size: small;">Strandvagen - Free</span><br />
<span style="font-size: small;">Vasa Museum - SGD17.50 (Student rate. Adult at SGD20.70)</span><br />
<span style="font-size: small;">IKEA Kungens Kurvae - Own expense</span><br />
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<span lang="EN-GB"><span style="font-size: small; mso-spacerun: yes;"><b><u>Day 6 (29 December 2016)</u></b></span></span></div>
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<span style="font-size: small;"><span lang="EN-GB"><span style="mso-spacerun: yes;"><br /></span></span>
<span lang="EN-GB"><span style="mso-spacerun: yes;">Today is the day where we will be leaving Stockholm and head to Rovaniemi, Finland. As our flight is at 640am, we had to catch a midnight bus to the airport. The cheapest way to the airport is by using their public transport - midnight bus number 593. </span></span></span><br />
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<span lang="EN-GB"><span style="font-size: small; mso-spacerun: yes;">We started off at 3am and dragged our luggage to a bus station called Sankt Eriksgatan based on Google Map. However, when we reached the bus stop and looked at the board, there were no indication of any buses that go towards the Airport. We managed to get the help of a kind lady that directed us to the correct bus stop. Referring to the picture below, highlighted in red is the point that Google Map directed us to. However, the correct bus stop is the one highlighted in yellow. We managed to catch our bus in time at around 350am. </span></span></div>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhgQzD2KL0cIoMktuBfYlhidHhOEevpwBdW7HI6JKGpR3-pOiimDuoiCk-trYj7xi53AAqg_hVjTcZRB7x8yJO8NB3DDHdZQnBDiUcgE8luqiKuR8iRF-20hSUnevUb8EQQ5TUAjdsVQvWs/s1600/pic+14.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="189" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhgQzD2KL0cIoMktuBfYlhidHhOEevpwBdW7HI6JKGpR3-pOiimDuoiCk-trYj7xi53AAqg_hVjTcZRB7x8yJO8NB3DDHdZQnBDiUcgE8luqiKuR8iRF-20hSUnevUb8EQQ5TUAjdsVQvWs/s320/pic+14.png" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Red is the wrong point that Google Map shows. Yellow is the correct bus stop</td></tr>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEizgAKnAbCAVWbpXHuZcRKKdcUsNPbx9y72yKAmqawpVKO8-CR_UiYCPq6uPsRfLVFJfK6c6mQNv2T9Wf-sXN8DDDjHyKXLndAMhrG7oYwWCM9Tk27d9EW5QXw5VmLoBKQ5_qXmQILEowiu/s1600/pic+15.jpg" imageanchor="1"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEizgAKnAbCAVWbpXHuZcRKKdcUsNPbx9y72yKAmqawpVKO8-CR_UiYCPq6uPsRfLVFJfK6c6mQNv2T9Wf-sXN8DDDjHyKXLndAMhrG7oYwWCM9Tk27d9EW5QXw5VmLoBKQ5_qXmQILEowiu/s320/pic+15.jpg" width="240" /></a></div>
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<span style="font-size: small;">Our flight to Rovaniemi had a layover of nearly 5 hours at Helsinki, the capital of Finland. Thankfully, all of us have Priority Pass where we are entitled to 2 free lounge visit per year. So we visited Aspire Lounge in Helsinki Airport to pass time by watching drama and having our free breakfast and lunch there. If you are also interested in the Priority Pass, you can sign up for DBS Altitude Card which comes with it. </span><br />
<span style="font-size: small;"><br /></span>
<span style="font-size: small;">I have previously made a comparison between some air miles card offered in Singapore. You may read about it at the following link "<a href="http://stock-take.blogspot.sg/2015/06/comparison-of-air-miles-credit-cards-in.html" target="_blank"><span style="color: magenta;">Comparison of Air Miles Credit Card</span></a>"</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEizcHI_cqL9_pm25WuoP-D4ZsEYfFAXajaM_J-E8XYTXHri6dhnqR8TnX5onT_IUPiHjpEZw2Bk-FrWpEYLHQ-bwmqtXdIFxr4jlvOtdqhjPFsYzcyKtrQUwagGTeSzk-NTp77Tbm29ULjR/s1600/pic+16.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEizcHI_cqL9_pm25WuoP-D4ZsEYfFAXajaM_J-E8XYTXHri6dhnqR8TnX5onT_IUPiHjpEZw2Bk-FrWpEYLHQ-bwmqtXdIFxr4jlvOtdqhjPFsYzcyKtrQUwagGTeSzk-NTp77Tbm29ULjR/s320/pic+16.jpg" width="320" /></a></div>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjU_xkI1x0dietrp_tzp19oEGw6Z7Un3w1FadFw_XuRJP2C0Ea-ow9u9SiyFMc3gKd4Z2p3e1-Lpt08paPCTsfhyrxQlkKd2lYzgkf0CvPmgKFM93NYECqw-5GSRe3g0FbupFydAIw6NRaV/s1600/pic+17.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjU_xkI1x0dietrp_tzp19oEGw6Z7Un3w1FadFw_XuRJP2C0Ea-ow9u9SiyFMc3gKd4Z2p3e1-Lpt08paPCTsfhyrxQlkKd2lYzgkf0CvPmgKFM93NYECqw-5GSRe3g0FbupFydAIw6NRaV/s320/pic+17.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Breakfast from the lounge</td></tr>
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<tr><td class="tr-caption" style="text-align: center;">Lunch from the lounge</td></tr>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqbfgfyU16M9aUmx3RGDJOA4y-dG-yjnWe5vSsdi8I85xkpX2MClhZIOYY6cSBtSI_jL-BGu5TMtsdzZlsXYzBi8OvFErn8_-XG4De6fXwXFQUC1ng-MYPtucp6fW11fNirMCGxVbUOg_z/s1600/pic+19.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqbfgfyU16M9aUmx3RGDJOA4y-dG-yjnWe5vSsdi8I85xkpX2MClhZIOYY6cSBtSI_jL-BGu5TMtsdzZlsXYzBi8OvFErn8_-XG4De6fXwXFQUC1ng-MYPtucp6fW11fNirMCGxVbUOg_z/s320/pic+19.jpg" width="320" /></a></div>
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<span style="font-size: small;">We arrived at Rovaniemi in mid afternoon. As we missed the bus to the city (the next bus would be around 5pm+), we took a taxi to our accommodation. In Finland, the taxi fare is regulated and go by taximeter so you would be sure that the price is transparent and reasonable.</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhD20_XQHgdI2dBlpRH653bWbEQH2F4ik43LLpZzVawlNj9Wysii4iO9P0OWpi2uApfd4D-G-JZP-JmbZWrMn1XYbsXWLj08rLGKRWTn5k4oG56BUVV78sRH0S-HzGVwZQWnnxZYRA7m_QQ/s1600/pic+20.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhD20_XQHgdI2dBlpRH653bWbEQH2F4ik43LLpZzVawlNj9Wysii4iO9P0OWpi2uApfd4D-G-JZP-JmbZWrMn1XYbsXWLj08rLGKRWTn5k4oG56BUVV78sRH0S-HzGVwZQWnnxZYRA7m_QQ/s320/pic+20.jpg" width="320" /></a></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjdyuUYlDAtiuVkxAM-l-MrHeSr_h2TqVahTXsaWUB0l0sao5NsLlNWM76MX-RJPwDciLdb70a1N7-oQNKM_6Fj9U-fvGHtotkPqc3TUM6PqcVz_p-OCgQJHl4mq92CsQtp418AuFNZD6cM/s1600/pic+21.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="261" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjdyuUYlDAtiuVkxAM-l-MrHeSr_h2TqVahTXsaWUB0l0sao5NsLlNWM76MX-RJPwDciLdb70a1N7-oQNKM_6Fj9U-fvGHtotkPqc3TUM6PqcVz_p-OCgQJHl4mq92CsQtp418AuFNZD6cM/s320/pic+21.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Rovaniemi is situated at the outer line of the Arctic Circle</td></tr>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgU5i4SDJRIxc57uaNSDTq_BCf3UQySZvFnmBko44cQwTaTpG8aBC67Lj_eaOrda6y2hhjpDLF-lkXGYMDtRe-_KDHpADPzOAeQaqjX7RDV1BGImjugoUbgPzUWgZjiNXNRtdQ2iM_Wb-Bk/s1600/pic+22.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgU5i4SDJRIxc57uaNSDTq_BCf3UQySZvFnmBko44cQwTaTpG8aBC67Lj_eaOrda6y2hhjpDLF-lkXGYMDtRe-_KDHpADPzOAeQaqjX7RDV1BGImjugoUbgPzUWgZjiNXNRtdQ2iM_Wb-Bk/s320/pic+22.jpg" width="320" /></a></div>
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<span lang="EN-GB"><span style="font-size: small;">Our accommodation in Finland was booked via Air BnB and located at a quiet neighbourhood that was situated 20mins walk away from the city centre. We have the whole house to ourselves which is clean and spacious. It has a kitchen where we can cook the groceries that we bought from Singapore and interestingly, it has a Sauna room which I used it everyday! The house comes with a double bed, a single bed and a sofa bed. The neighbourhood also has a small supermarket that is less than 5 minutes walk from our accommodation and it opens till 9pm to 10pm which is very convenient if you need anything urgently. We bought additional groceries from there for our self-prepared meals.</span><br /><br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgcMssyeYlO6-gSLNZFbundNkW_uPqo9h1z28VwPCoT82EZ5i9RthV1_sbI9uOQiAzwKzng2eYLMq-NEgRSdTlJfco55iHNJ_NYBSDPjUiWC9F7jzADWySzvk_ekSeKtcMH4eCJ1tqb-uGB/s1600/pic+23.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgcMssyeYlO6-gSLNZFbundNkW_uPqo9h1z28VwPCoT82EZ5i9RthV1_sbI9uOQiAzwKzng2eYLMq-NEgRSdTlJfco55iHNJ_NYBSDPjUiWC9F7jzADWySzvk_ekSeKtcMH4eCJ1tqb-uGB/s320/pic+23.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Living room</td></tr>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg2cm-cA7467AZ1kjkc0ikjpAgPvf08XFjcIu4wmRuRgnnxi4wRvz1jASi1RORzfgvZfjIraR0uGtgyRToDHj4EuijsmlJ89KSbGXP3PPTvcqZW8an7KWoMEsfKDt-b2LUgcierExtNfvo6/s1600/pic+24.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg2cm-cA7467AZ1kjkc0ikjpAgPvf08XFjcIu4wmRuRgnnxi4wRvz1jASi1RORzfgvZfjIraR0uGtgyRToDHj4EuijsmlJ89KSbGXP3PPTvcqZW8an7KWoMEsfKDt-b2LUgcierExtNfvo6/s320/pic+24.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Kitchen</td></tr>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjMyRqiBaHyfz15Ad_WyXaS_vSxVXY_62xLNaGTy_1y2CWA7ViCOxyMJBiPIgMbk-qm1DX3JkBYv_MclHrWam8zYMUtGzOWnVmDKnJv3k1JU1-ChxumKqPTEsRJcIgnS1iQSduT5b9yCcOZ/s1600/pic+25.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjMyRqiBaHyfz15Ad_WyXaS_vSxVXY_62xLNaGTy_1y2CWA7ViCOxyMJBiPIgMbk-qm1DX3JkBYv_MclHrWam8zYMUtGzOWnVmDKnJv3k1JU1-ChxumKqPTEsRJcIgnS1iQSduT5b9yCcOZ/s320/pic+25.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Living room</td></tr>
</tbody></table>
<br /><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi29MnWFWTySEvOhp7JqQql9zQONpj9zpQ8IiXH-PqjcyaPp17yH5BH8AMNcb4v3_wVBx3j8519M3TqP2oG2bRBzFPDDMSuAlx-jquXcDOf2DLydZwSVrggPYYbtSHSAGPxjohyVaoVPqCW/s1600/pic+26.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi29MnWFWTySEvOhp7JqQql9zQONpj9zpQ8IiXH-PqjcyaPp17yH5BH8AMNcb4v3_wVBx3j8519M3TqP2oG2bRBzFPDDMSuAlx-jquXcDOf2DLydZwSVrggPYYbtSHSAGPxjohyVaoVPqCW/s320/pic+26.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Bedroom</td></tr>
</tbody></table>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgUZBUuvfHb-xDPetLR5TTukY1kPUF1wz9Mg593U0EHhNr1Acrpi_LyFhyNh6I-GB8LypnKQRa1AhFvLJ4oxjIlu-Fq4uPKf26YsYkaIXtyw-tdLIezbt_S81crwbzLzFiddkHUSHnrN4m0/s1600/pic+27.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgUZBUuvfHb-xDPetLR5TTukY1kPUF1wz9Mg593U0EHhNr1Acrpi_LyFhyNh6I-GB8LypnKQRa1AhFvLJ4oxjIlu-Fq4uPKf26YsYkaIXtyw-tdLIezbt_S81crwbzLzFiddkHUSHnrN4m0/s320/pic+27.jpg" width="240" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Toilet with Sauna</td></tr>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjXN0jEgnDs521gWwNX5ohyNbmboQ_vnVfx6GDxTC3zpFtwrl9Uvwj65KS-60-4QyfIDLGgxKBiwrbqnlIklefKvahv6sKFbr1OciB4P2pI2HQFIWElqdapyG7CHXSp_zFMdZNdl5Lb5mwt/s1600/pic+28.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjXN0jEgnDs521gWwNX5ohyNbmboQ_vnVfx6GDxTC3zpFtwrl9Uvwj65KS-60-4QyfIDLGgxKBiwrbqnlIklefKvahv6sKFbr1OciB4P2pI2HQFIWElqdapyG7CHXSp_zFMdZNdl5Lb5mwt/s320/pic+28.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Groceries that we brought from Singapore</td></tr>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-lotN9ln3C_5IyBbmCTv_ztBo0R0KBA1RldgneFZ2FADB1Je2RRFEKnzYCqVGkNas58i7FbU59a2g6iouCemlxUMf_i4o5LvgUPHqM5DugerYmlbTPrTmuGQw80NQksGiO6BDsgZ_U8Cn/s1600/pic+29.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-lotN9ln3C_5IyBbmCTv_ztBo0R0KBA1RldgneFZ2FADB1Je2RRFEKnzYCqVGkNas58i7FbU59a2g6iouCemlxUMf_i4o5LvgUPHqM5DugerYmlbTPrTmuGQw80NQksGiO6BDsgZ_U8Cn/s320/pic+29.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Dinner for the night - Spaghetti with Mushroom Soup</td></tr>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwu2imtv2GR0DxXIgiIMcWH8mbYKI-H55wPw87qP7cLvtYl6ss1cyIo1-JN3ujBFtMkv7n2EdsMIt3HXzs6W3dZNIrrBUb7aOCWrDHTyp1zXFdG8XNFUWyQQ2_mn-GCQAdGvNHNsRMWuIs/s1600/pic+30.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwu2imtv2GR0DxXIgiIMcWH8mbYKI-H55wPw87qP7cLvtYl6ss1cyIo1-JN3ujBFtMkv7n2EdsMIt3HXzs6W3dZNIrrBUb7aOCWrDHTyp1zXFdG8XNFUWyQQ2_mn-GCQAdGvNHNsRMWuIs/s320/pic+30.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Neighbourhood of Veitikanranta</td></tr>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgVzGpqK2IRtRTcEh6pPNJrpdGgL0FZ11xHIyOsaoIKgCSnOqFrQhquFwCCMRIqvdATsPLgUjORGDJkJ8JGUoqZbfLSw_kUrLCJfmJhhyDfCx33NyZEQSGrIH8TwqPU5ASak86-yL0JwX32/s1600/pic+31.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgVzGpqK2IRtRTcEh6pPNJrpdGgL0FZ11xHIyOsaoIKgCSnOqFrQhquFwCCMRIqvdATsPLgUjORGDJkJ8JGUoqZbfLSw_kUrLCJfmJhhyDfCx33NyZEQSGrIH8TwqPU5ASak86-yL0JwX32/s320/pic+31.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Snow fight during the trip to the supermarket</td></tr>
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<span lang="EN-GB" style="font-size: small;"><b>Day 6 (29 December 16) Summary</b></span></div>
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<span lang="EN-GB"><u>Transport</u></span></span></div>
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<span lang="EN-GB" style="font-size: small;">Flight - Norwegian Air - Stockholm to Helsinki: SGD186.92</span><br />
<span lang="EN-GB" style="font-size: small;">Flight - Norwegian Air - Return from Helsinki to Rovaniemi: SGD125.10</span><br />
<span lang="EN-GB" style="font-size: small;">Taxi - Rovaniemi Airport to accommodation: SGD9</span></div>
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<span lang="EN-GB" style="font-size: small;"><u>Accommodation </u></span></div>
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<span lang="EN-GB" style="font-size: small;">Air BnB - Veitikanranta - 5 Nights - SGD225.25</span></div>
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<span lang="EN-GB"><u>Food</u></span></span></div>
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<span lang="EN-GB" style="font-size: small;">Breakfast - Provide by Lounge</span></div>
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<span lang="EN-GB" style="font-size: small;">Lunch - Provide by Lounge</span></div>
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<span lang="EN-GB" style="font-size: small;">Dinner - Self prepare</span><br />
<span lang="EN-GB" style="font-size: small;">Additional Groceries - SGD6</span></div>
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<span lang="EN-GB"><u>Activity</u></span></span></div>
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<span lang="EN-GB" style="font-size: small;">
<b><u>Day 7 (30 December 2016)</u></b></span><br />
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<span style="font-size: small;"><span lang="EN-GB">After having our breakfast of sandwich with eggs, we walked to the city centre. </span>The main activity for the day was snow mobile and ice fishing with tour operator Safartica. One thing that I would recommend is to do away with the ice fishing and just go for the snow mobile instead as there are not really much time left for ice fishing after we did the snow mobile. All equipments and clothing will be provided by the operator so you don't really have to bring anything along for the activity except for your camera. We snow-mobiled to a hut deep inside the forest and had our lunch which was cooked by our guide. We then snow-mobiled back to the city while doing some pretentious ice fishing along the way due to the shortage of time. Was this a great experience? Yes! Its like riding a bike on snow with the great view of the dense snow trees! Furthermore, I got to experience the heavy snowfall that I have longed for throughout the day! </span></div>
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<span style="font-size: small;">After the tour ended at around 3pm, we shop around the city centre before heading back to our accommodation for dinner. </span></div>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiPMLWw80GcrEFL0jueQ4fJmHOZJ23Phk-bnFJ-uLe1qxhCcLYmwMRCUJpBYiYb-nmpRD-6wD43ID4AJ1iBJK2YWCmUIlEJFRln1wkV-FzRNJfRpHJuAB6LpxGOlQIgMsBLielW0Fmwn0DH/s1600/pic+1.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiPMLWw80GcrEFL0jueQ4fJmHOZJ23Phk-bnFJ-uLe1qxhCcLYmwMRCUJpBYiYb-nmpRD-6wD43ID4AJ1iBJK2YWCmUIlEJFRln1wkV-FzRNJfRpHJuAB6LpxGOlQIgMsBLielW0Fmwn0DH/s320/pic+1.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">930am</td></tr>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEisaCAV7SGrWDQms2hi8_WX1TGMkbTwbfq_vxHer3umEcNhs-9Sca395sYadgCtiogBOYDgc6iIYvPVRmIQrk_c8-7HGRuz-DMIrd3CdHERxWJjUE7weHTE_WEb_B5MxPXLNUhPG2vFTQ5T/s1600/pic+2.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEisaCAV7SGrWDQms2hi8_WX1TGMkbTwbfq_vxHer3umEcNhs-9Sca395sYadgCtiogBOYDgc6iIYvPVRmIQrk_c8-7HGRuz-DMIrd3CdHERxWJjUE7weHTE_WEb_B5MxPXLNUhPG2vFTQ5T/s320/pic+2.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">20mins walk to the city centre</td></tr>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjbas2f-177aNf4q-YWP1RyRmMB649-16qDCQ1JTdBF6qRkBZ9NidMEdEqnseXjWENS4m3C4Jxc8rhsTXAvLXUtVr1iv_vO4LHmUcyuXKcddBf2VTnJpcClzZ-wjXbhs-j7wrMiGOOyMYrm/s1600/pic+3.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjbas2f-177aNf4q-YWP1RyRmMB649-16qDCQ1JTdBF6qRkBZ9NidMEdEqnseXjWENS4m3C4Jxc8rhsTXAvLXUtVr1iv_vO4LHmUcyuXKcddBf2VTnJpcClzZ-wjXbhs-j7wrMiGOOyMYrm/s320/pic+3.jpg" width="320" /></a></div>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhkmKJ5QGKNnySZpeSO-DH8JgFxpzQRK89EGazVCF-kAy8DGabC-Fv3nMVUWcZ67IvgVsSZDu-mdcEmB28QVgCI4RDohB33Ufp6bCq8GFkb1KbEBKExuDC0FY6my9Mc_ReA5CoE7B5bfRBr/s1600/pic+5.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhkmKJ5QGKNnySZpeSO-DH8JgFxpzQRK89EGazVCF-kAy8DGabC-Fv3nMVUWcZ67IvgVsSZDu-mdcEmB28QVgCI4RDohB33Ufp6bCq8GFkb1KbEBKExuDC0FY6my9Mc_ReA5CoE7B5bfRBr/s320/pic+5.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Rovaniemi City Center</td></tr>
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<tr><td class="tr-caption" style="text-align: center;">Our transport for the day </td></tr>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi0LlAz31eGTDBMdRqgUd-CUlEnx2BlkwqC39YBtQob7KUK2XcAv19KbkHaqOq2RkuUF-z5AYKJTuqaU9SrG7zNlHEFqk1kdPwgqIuXDZOJp-r4vLFDCLBjS6yhHL5nrBW_Y_piVvtLst5h/s1600/pic+7.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi0LlAz31eGTDBMdRqgUd-CUlEnx2BlkwqC39YBtQob7KUK2XcAv19KbkHaqOq2RkuUF-z5AYKJTuqaU9SrG7zNlHEFqk1kdPwgqIuXDZOJp-r4vLFDCLBjS6yhHL5nrBW_Y_piVvtLst5h/s320/pic+7.jpg" width="240" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Into the forest</td></tr>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgio-37h7epmtkJJ1rUZeV-aR_l8H-TwIEsVSi5Fjcr54prHY55vGweJZte-seFifkEAou0J-FFJBOahctcxrtW695kwk6zKVxpV0NgbmiLjtb5lFHlG-6ZwQEsC5ZuvbYKhbhv3tbzLbVO/s1600/pic+8.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgio-37h7epmtkJJ1rUZeV-aR_l8H-TwIEsVSi5Fjcr54prHY55vGweJZte-seFifkEAou0J-FFJBOahctcxrtW695kwk6zKVxpV0NgbmiLjtb5lFHlG-6ZwQEsC5ZuvbYKhbhv3tbzLbVO/s320/pic+8.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">All White </td></tr>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhABekNQZqdQDX8TmIKosOMMYtLvqQ_69LtU1E0C2utnQWT0UWaN-TYgBBLL-IpYdVO2p0FeiHy1Zm05W2mwsd1NdnidbSBEtNJinM-8l8csU1XLSxMhMc2sdNxjrdBK6OIFnBZy4JGUQLc/s1600/pic+9.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhABekNQZqdQDX8TmIKosOMMYtLvqQ_69LtU1E0C2utnQWT0UWaN-TYgBBLL-IpYdVO2p0FeiHy1Zm05W2mwsd1NdnidbSBEtNJinM-8l8csU1XLSxMhMc2sdNxjrdBK6OIFnBZy4JGUQLc/s320/pic+9.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">The hut that keeps you warm</td></tr>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgPkWN91ezkXmg6k3mGqiVCKowH5U8pDInb7GUUjyx_ljiSAifvNrB3CO9a_uFCvNastx-aKC5VAabW5lBMValSwK6qaLYQfGFSxQQP6K4N2oJLYvdbifXLHT7l90qdB40CpwmhhD9xCSm2/s1600/pic+10.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgPkWN91ezkXmg6k3mGqiVCKowH5U8pDInb7GUUjyx_ljiSAifvNrB3CO9a_uFCvNastx-aKC5VAabW5lBMValSwK6qaLYQfGFSxQQP6K4N2oJLYvdbifXLHT7l90qdB40CpwmhhD9xCSm2/s320/pic+10.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Our guide making lunch for us</td></tr>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhIPf2gAQBAS-sbd6fxYdVRXKt-DwJm7_hIkIxvgavWbx1eEirT0hf6dhXiju6Pyh5u7Dt6V1E2DxIy_gaUn2DNejET9L1rC-SFSl11plcBRdE4W0FRHu_P-LL6DPEkK1MWimeTWHk4bCwh/s1600/pic+11.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhIPf2gAQBAS-sbd6fxYdVRXKt-DwJm7_hIkIxvgavWbx1eEirT0hf6dhXiju6Pyh5u7Dt6V1E2DxIy_gaUn2DNejET9L1rC-SFSl11plcBRdE4W0FRHu_P-LL6DPEkK1MWimeTWHk4bCwh/s320/pic+11.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Traditional Finnish Bread</td></tr>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiPEdytoTNti-t_x0hiOgfpOBeIfJfsA9TjjagJ2U51-rW8bVSvB3eNi2qgNjeF24zHoJT7FUAzKTElS0blpJAirTqan9PZADARPDUo45u93PuORDljGCYydwQh6y9ddJpVmvof1xhQtx7E/s1600/pic+12.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiPEdytoTNti-t_x0hiOgfpOBeIfJfsA9TjjagJ2U51-rW8bVSvB3eNi2qgNjeF24zHoJT7FUAzKTElS0blpJAirTqan9PZADARPDUo45u93PuORDljGCYydwQh6y9ddJpVmvof1xhQtx7E/s320/pic+12.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Salmon fish soup</td></tr>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgo-3OZeOIwGWbH67BpEwKXTMAta2sSQmCmtBGJdQ_K0tWdlutzM7y8o0EmMKecCcfh12I_Ws7e5l6_IuEIdPJk2vJXgk6VjCeQFamRbJ-RYWUYdrlvceJrGj8aek9e81rt0eUGRGZvPi26/s1600/pic+14.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgo-3OZeOIwGWbH67BpEwKXTMAta2sSQmCmtBGJdQ_K0tWdlutzM7y8o0EmMKecCcfh12I_Ws7e5l6_IuEIdPJk2vJXgk6VjCeQFamRbJ-RYWUYdrlvceJrGj8aek9e81rt0eUGRGZvPi26/s320/pic+14.jpg" width="240" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">The fishing hole</td></tr>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgpE7yEy6TzWlIMz59tV9qFN_kWNeQlXHgolbZjY0khR7-t912ogFqd1muT8Q_P3IOLaXzVGMyOH0xi4WNCC6HjhJ6I9mmaRUM_NXDf2gTtyH4c-cGztyeFQRnWG75UYxU6otmGB2OksCjQ/s1600/pic+13.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgpE7yEy6TzWlIMz59tV9qFN_kWNeQlXHgolbZjY0khR7-t912ogFqd1muT8Q_P3IOLaXzVGMyOH0xi4WNCC6HjhJ6I9mmaRUM_NXDf2gTtyH4c-cGztyeFQRnWG75UYxU6otmGB2OksCjQ/s320/pic+13.jpg" width="240" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Doing some pretentious ice fishing</td></tr>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhFGOKDahHlKMvd4It17VhB4h9y-4939-rGGBXG0q5xGkAXNeKA23v2b7ZWS1YyJ1L5Yz3KsKdYPGg-hUQ6bkFhPNrnR76cfPtzqNi32Nn94O5VrpK1uipUxh6MZK88zbOufeP7ui3BMs0l/s1600/pic+15.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhFGOKDahHlKMvd4It17VhB4h9y-4939-rGGBXG0q5xGkAXNeKA23v2b7ZWS1YyJ1L5Yz3KsKdYPGg-hUQ6bkFhPNrnR76cfPtzqNi32Nn94O5VrpK1uipUxh6MZK88zbOufeP7ui3BMs0l/s320/pic+15.jpg" width="240" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">330pm</td></tr>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjwMqp5DrpWtb_2rbD2S8aggetJUo3qmsIY6E8ZhK-fC3VKZvWyxWqOw3RdppDO1R_Ho16eSw3wvIGHDXND65rVrqkZOfYd-WmD2XWj2xySVmT5RyWMRUzloyfIasF3xDn_UoSq4hWh61Gm/s1600/pic+16.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjwMqp5DrpWtb_2rbD2S8aggetJUo3qmsIY6E8ZhK-fC3VKZvWyxWqOw3RdppDO1R_Ho16eSw3wvIGHDXND65rVrqkZOfYd-WmD2XWj2xySVmT5RyWMRUzloyfIasF3xDn_UoSq4hWh61Gm/s320/pic+16.jpg" width="240" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Dinner for today - Tomato Egg, Basil Chicken, rice with korean seaweed</td></tr>
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<div style="text-align: center;">
<span lang="EN-GB" style="font-size: small;"><b>Day 7 (30 December 16) Summary</b></span></div>
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<span lang="EN-GB" style="font-size: small;"><u>Transport</u></span></div>
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<span lang="EN-GB" style="font-size: small;">-</span><br />
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<span lang="EN-GB" style="font-size: small;"><u>Accommodation </u></span></div>
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<span lang="EN-GB" style="font-size: small;"><u>Food</u></span></div>
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<span lang="EN-GB" style="font-size: small;">Breakfast - Self prepare</span></div>
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<span lang="EN-GB" style="font-size: small;">Lunch - Provide by tour</span></div>
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<span lang="EN-GB" style="font-size: small;">Dinner - Self prepare</span></div>
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<span lang="EN-GB" style="font-size: small;"><u>Activity</u></span></div>
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<span lang="EN-GB" style="font-size: small;">Snowmobiling, ice-fishing and tasty food - Safartica - SGD235.50</span></div>
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<b><u>Day 8 (31 December 2016)</u></b><br /><br />After having our self-prepared breakfast of sardine sandwich with egg, we head out hoping to catch a taxi to Ounasvaara Ski Resort. We tried to catch a taxi around our neighbourhood but apparently, there are only taxi available at the bus station or city centre. <br /><br />We decided to go for the 3 hours ski lift tickets and ski rental. There are different pricing for students and therefore do bring along your student pass. They also have lockers for rental at 5euro and all of us shared a locker.<br /><br />After falling for 3 hours, we head back to the city centre and had our lunch at this Chinese restaurant called Xiang Long where they had some lunch buffet that is on promotion. We were really excited because we really miss Chinese food for quite some time and it's also due to the hunger from all those calories burning ski! </span><br />
<span lang="EN-GB" style="font-size: small;"><br />We then shopped around the city centre for a while and proceed back to our accommodation to catch some rest before heading out again for the new year count down!</span></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjT6i-KJPQ2COE8jNCfn6RRX_aFnBBitDcCqncnfb3Bmz3hWTtxDJvRuWL3s-xIfg55KNYvkg6Wgsbvi3bTrHsq_UTMg4q9KGhXUjJMQ4kg8O0xXh7iTWWYTX9qink4BaYNm0ynL8UH7B8i/s1600/pic+1.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjT6i-KJPQ2COE8jNCfn6RRX_aFnBBitDcCqncnfb3Bmz3hWTtxDJvRuWL3s-xIfg55KNYvkg6Wgsbvi3bTrHsq_UTMg4q9KGhXUjJMQ4kg8O0xXh7iTWWYTX9qink4BaYNm0ynL8UH7B8i/s320/pic+1.jpg" width="240" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Breakfast- Sardine Sandwich with Egg</td></tr>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhvbjkCn6wW11pPFpqxZ610MGlcdZEyxVsyLsiBRhQISyMwmQuNXusyrwE_p2WYyzO-v4YGdxuSgAwHNhyphenhyphenchdfNbjQ5sYSeSNZY3vkTCMy6GsNU7GaGhjwvbPOOE74J5On5YOKs6Bi7GXcW/s1600/pic+2.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhvbjkCn6wW11pPFpqxZ610MGlcdZEyxVsyLsiBRhQISyMwmQuNXusyrwE_p2WYyzO-v4YGdxuSgAwHNhyphenhyphenchdfNbjQ5sYSeSNZY3vkTCMy6GsNU7GaGhjwvbPOOE74J5On5YOKs6Bi7GXcW/s320/pic+2.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">No Taxi!</td></tr>
</tbody></table>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgugtjRXi0s3HGB08J7v2W63H3SQYHjvtJ1rrIJyvF9l0CJ9rcqmDQwMlc4XitFBVO_FPNDQ31MaQJEt7SG5Siy5ZSeUNJQ3EcXTPW0S9zJ204fZz6mxc4khkp9uFOrpveAZG8W8iGuQh_5/s1600/pic+3.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgugtjRXi0s3HGB08J7v2W63H3SQYHjvtJ1rrIJyvF9l0CJ9rcqmDQwMlc4XitFBVO_FPNDQ31MaQJEt7SG5Siy5ZSeUNJQ3EcXTPW0S9zJ204fZz6mxc4khkp9uFOrpveAZG8W8iGuQh_5/s320/pic+3.jpg" width="240" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Ski Time!</td></tr>
</tbody></table>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpwm5sonynzveMYISe9K1fradINtzAnjpoD0s3ioR6k78V3Utd6VK7yQNtsGr5aVu13UzyFIVmdiOgzHfi7ZZd2NoowUyTqMfQM4H-OrCtMlg2xjt4tcf34JPBrFJVZRgeO-rB0LG9T068/s1600/pic+5.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpwm5sonynzveMYISe9K1fradINtzAnjpoD0s3ioR6k78V3Utd6VK7yQNtsGr5aVu13UzyFIVmdiOgzHfi7ZZd2NoowUyTqMfQM4H-OrCtMlg2xjt4tcf34JPBrFJVZRgeO-rB0LG9T068/s320/pic+5.jpg" width="240" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Its more comfortable to lie down than to ski</td></tr>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKwtE-X6muwkmnubKAm_OHYTogoPem2eXuD_bT4O8ArfW2fq-trXFC0D-3CI2mVH1gguCLSF9fcMiZ9cjtgHeM5y7nyBNmnW9ZzJD0sGsk5n6PEOezuIH3-Dgx0iS3LA8-5VhIfFJC6HWU/s1600/pic+6.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKwtE-X6muwkmnubKAm_OHYTogoPem2eXuD_bT4O8ArfW2fq-trXFC0D-3CI2mVH1gguCLSF9fcMiZ9cjtgHeM5y7nyBNmnW9ZzJD0sGsk5n6PEOezuIH3-Dgx0iS3LA8-5VhIfFJC6HWU/s320/pic+6.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Enjoying the snow</td></tr>
</tbody></table>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwrts1QLg5AlSL4GFBfzuWal2QTsGdC65q_l4bdS0i9_H51LUJO-bgT0BOepelA7UbkJDwc8vWdN1e7Gi8rPhQXW5X8Xos5Cvie4MqkTMBz7HgAEHYm1SB6h515pJyU4P_VDbQSV25fF1b/s1600/pic+7.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwrts1QLg5AlSL4GFBfzuWal2QTsGdC65q_l4bdS0i9_H51LUJO-bgT0BOepelA7UbkJDwc8vWdN1e7Gi8rPhQXW5X8Xos5Cvie4MqkTMBz7HgAEHYm1SB6h515pJyU4P_VDbQSV25fF1b/s320/pic+7.jpg" width="320" /></a></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkcI9hpZLixYNnZTSlFb61yjz-hYecena5-_2n0K-zXwTASRoyUuAeOy8ydn58wfYZmF5Zx8jBVcfTE6-C-0I_a-1nxxGI5cBWqUGXiMkZ1jKzEj8XnZ50yPx-qJ8ejn2vWY95FGqy0LVu/s1600/pic+8.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkcI9hpZLixYNnZTSlFb61yjz-hYecena5-_2n0K-zXwTASRoyUuAeOy8ydn58wfYZmF5Zx8jBVcfTE6-C-0I_a-1nxxGI5cBWqUGXiMkZ1jKzEj8XnZ50yPx-qJ8ejn2vWY95FGqy0LVu/s320/pic+8.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Chinese Restaurant! </td></tr>
</tbody></table>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhEGnsdqdDSTD3B81Qo8MHgNA5lcYLxHiWJB0EHWToueTButVtnN0oc2XMLTKaAo6w1KXXArkEK_tzKqTw5bC4eY3S7qRy4ZkDTWXkvr1yVaRp7-q2vpSSYkREH7fA_fIwDmMgz2uTYmtb3/s1600/pic+9.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhEGnsdqdDSTD3B81Qo8MHgNA5lcYLxHiWJB0EHWToueTButVtnN0oc2XMLTKaAo6w1KXXArkEK_tzKqTw5bC4eY3S7qRy4ZkDTWXkvr1yVaRp7-q2vpSSYkREH7fA_fIwDmMgz2uTYmtb3/s320/pic+9.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">The buffet spread </td></tr>
</tbody></table>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjS-ZJqmZ3fu-x9Eu_-s7dRm35k7mU9fEbVb7tZMsds_qq2f4j-Jk1BPRF_J5g6IHvpPsGcWfeLQnS1RDpOJY4Ejw7LGA5FX5oAS_Cs2meVh5I-GphociqYwI0OBpYo3rkjxMXZZEN8POrc/s1600/pic+10.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjS-ZJqmZ3fu-x9Eu_-s7dRm35k7mU9fEbVb7tZMsds_qq2f4j-Jk1BPRF_J5g6IHvpPsGcWfeLQnS1RDpOJY4Ejw7LGA5FX5oAS_Cs2meVh5I-GphociqYwI0OBpYo3rkjxMXZZEN8POrc/s320/pic+10.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><br /></td></tr>
</tbody></table>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgpso0d5VHgmbTZUpvH1nePiow8_eOKN_H7QC0VnJYopWxcz25N2e7Zc4XbkyhX3aPcK-WnJKkBF8_RAGB1e5pRWZJEEoKWRiCCpM5hyAoVI4s9XwXf4lqD-wQ_mstBwQfvepl5CBfATs2B/s1600/pic+11.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgpso0d5VHgmbTZUpvH1nePiow8_eOKN_H7QC0VnJYopWxcz25N2e7Zc4XbkyhX3aPcK-WnJKkBF8_RAGB1e5pRWZJEEoKWRiCCpM5hyAoVI4s9XwXf4lqD-wQ_mstBwQfvepl5CBfATs2B/s320/pic+11.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Dinner - Kimchi Ramen with seaweed egg</td></tr>
</tbody></table>
<div>
<span lang="EN-GB" style="font-size: small;">After dinner, we head back to the city for the new year countdown. Lucky us, we caught a glimpse of the Aurora even though there's light pollution around us! As there are still some time till the clock strike 12am and to avoid the chilling wind, we head to Amarillo bar to keep ourselves warm. We shared a plate of chicken Nachos and cheesecake and had some hot drinks. </span></div>
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<span lang="EN-GB" style="font-size: small;"><br /></span></div>
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<span lang="EN-GB" style="font-size: small;">The best place to catch the main fireworks is along Koskenranta overlooking the frozen Kemioki river. It's the main fireworks because there are other smaller fireworks being shot by individuals throughout the night. </span></div>
<div class="separator" style="clear: both; text-align: center;">
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5XqLj4fGHQUQQlxu7i3TYsodHTsjsUO7bsSm_4qyC_dXP9icum22C06XVw-MfCCzrOaHO9GeMqNmuFCeOVffhbaOHPxJFweWil_z-2VAL4nYHyOi3HOQ3GxwKaplt-3O9GmzGK_o9Hq74/s1600/pic+1.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5XqLj4fGHQUQQlxu7i3TYsodHTsjsUO7bsSm_4qyC_dXP9icum22C06XVw-MfCCzrOaHO9GeMqNmuFCeOVffhbaOHPxJFweWil_z-2VAL4nYHyOi3HOQ3GxwKaplt-3O9GmzGK_o9Hq74/s320/pic+1.jpg" width="240" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">The faint streak of Aurora!</td></tr>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjiL8ztnTWgpIhgHoEZsE3-GHTF9nulrsAIQjI9qBVQNZhL1O17m5N51IjSl5UZ2O8x-qFLWTGrPGQLDXSm4-HQdjgQCqlHGQANbCXnVNix4ZlEFZPUIPIUI0VefYBh-YYAIDIAGtjG9NVd/s1600/pic+2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjiL8ztnTWgpIhgHoEZsE3-GHTF9nulrsAIQjI9qBVQNZhL1O17m5N51IjSl5UZ2O8x-qFLWTGrPGQLDXSm4-HQdjgQCqlHGQANbCXnVNix4ZlEFZPUIPIUI0VefYBh-YYAIDIAGtjG9NVd/s1600/pic+2.jpg" /></a></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEytjcy_K4SDT8gLky7eANNISJ-zqZYODAtcziVr5rfMlHiL1wvgSQIiDdMeSZ75y29UbIE97krKAGKi7Ff6qNzV9qh5NqJrXAES-egNZD0Gx1UYCH2WXgsFTwoeijHLEoytMrd4pvsxoZ/s1600/pic+3.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEytjcy_K4SDT8gLky7eANNISJ-zqZYODAtcziVr5rfMlHiL1wvgSQIiDdMeSZ75y29UbIE97krKAGKi7Ff6qNzV9qh5NqJrXAES-egNZD0Gx1UYCH2WXgsFTwoeijHLEoytMrd4pvsxoZ/s320/pic+3.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Nachos Con Pollo</td></tr>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg5eC670HEOHgZDuT_na_hCEcDOcvEID3Azxz1_NSaQFjUytKoTS8VU3E6EPGPkIcR95MP-Jj9HrFHZqb2YNnnJ1v3giH5c4sDO7JuEWfn9EWleGgkdb7XI34wMoVFucOY8AttlgoZElRcR/s1600/pic+4.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg5eC670HEOHgZDuT_na_hCEcDOcvEID3Azxz1_NSaQFjUytKoTS8VU3E6EPGPkIcR95MP-Jj9HrFHZqb2YNnnJ1v3giH5c4sDO7JuEWfn9EWleGgkdb7XI34wMoVFucOY8AttlgoZElRcR/s320/pic+4.jpg" width="240" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Cheese Cake </td></tr>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjRfHfX7Z_u8efGMTmK5qdwin0pl-ebT-y8doZh-dHJuAUzOHfTHL32iMtdXR9Cg__pyLgOs1doKjm6N1i6zyAbJ2G5ivRm1Rz7GiP3nWUE-siL8RgPk7QhRli5tRmdBdg6huOSil0dmKXf/s1600/pic+6.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjRfHfX7Z_u8efGMTmK5qdwin0pl-ebT-y8doZh-dHJuAUzOHfTHL32iMtdXR9Cg__pyLgOs1doKjm6N1i6zyAbJ2G5ivRm1Rz7GiP3nWUE-siL8RgPk7QhRli5tRmdBdg6huOSil0dmKXf/s1600/pic+6.jpg" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Small firework</td></tr>
</tbody></table>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhcUR1glJ43TPuQPvpXGG6ZvSrLeZES7DPfMfU63UN7hD58pxI0JQOtZ_iT45poXGGXL8oZ0aKZUXV_bwmx5Ti9e6ppZ6AJf1vLMiEAVs4rihB-h7g0vGw89hrHgzmgz8c9kKrhkfuY5k4o/s1600/pic+5.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhcUR1glJ43TPuQPvpXGG6ZvSrLeZES7DPfMfU63UN7hD58pxI0JQOtZ_iT45poXGGXL8oZ0aKZUXV_bwmx5Ti9e6ppZ6AJf1vLMiEAVs4rihB-h7g0vGw89hrHgzmgz8c9kKrhkfuY5k4o/s320/pic+5.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Another small firework</td></tr>
</tbody></table>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjl63Q3shdDBi4HoNQxqwVJCSd6I8yNYGc2mP0VLcxu__KRDthGSFJBNIhNxednatOOhZN1_Fh44hqT7-YIiKmMN1JdS04CI7jayphRKFF5ZlcYVGonSTdItJQsCEnFveyGkkLB_3I_1QSF/s1600/pic+8.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjl63Q3shdDBi4HoNQxqwVJCSd6I8yNYGc2mP0VLcxu__KRDthGSFJBNIhNxednatOOhZN1_Fh44hqT7-YIiKmMN1JdS04CI7jayphRKFF5ZlcYVGonSTdItJQsCEnFveyGkkLB_3I_1QSF/s320/pic+8.jpg" width="240" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">The real thing</td></tr>
</tbody></table>
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<span style="font-size: small;"><span lang="EN-GB"><br /></span>
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<div style="text-align: center;">
<span lang="EN-GB" style="font-size: small;"><b>Day 8 (31 December 16) Summary</b></span></div>
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<u><span style="font-size: small;">Transport</span></u></div>
<div style="text-align: center;">
<span style="font-size: small;">Taxi - Rovaniemi Bus station to Ounasvaara Ski Resort - SGD6</span><br />
<span style="font-size: small;">Taxi - Ounasvaara Ski Resort to Rovaniemi City Centre - SGD6</span><br />
<span style="font-size: small;"><br /></span></div>
<div style="text-align: center;">
<u><span style="font-size: small;">Accommodation </span></u></div>
<div style="text-align: center;">
<span style="font-size: small;">-</span></div>
<div>
<div style="text-align: center;">
</div>
<div style="text-align: center;">
<u><span style="font-size: small;">Food</span></u></div>
<div style="text-align: center;">
<span style="font-size: small;">Breakfast - Self prepare</span></div>
<div style="text-align: center;">
<span style="font-size: small;">Lunch - Xiang Long Buffet Lunch - SGD24</span></div>
<div style="text-align: center;">
<span style="font-size: small;">Dinner - Self prepare</span><br />
<span style="font-size: small;">Snack - Amarillo Bar - SGD15 (Shared Nachos, & Cheesecake. Individual hot chocolate)</span><br />
<span style="font-size: small;"><br /></span></div>
</div>
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<div style="text-align: center;">
</div>
<div style="text-align: center;">
<u><span style="font-size: small;">Activity</span></u></div>
<div style="text-align: center;">
<span style="font-size: small;">Ski Lift Ticket for 3hrs- Student SGD37.50 (Adult SGD47.30)</span><br />
<span style="font-size: small;">Ski rental for 3hrs - SGD47.90</span><br />
<span style="font-size: small;">Day locker rental - SGD1.90 (Shared by 4pax)</span></div>
</div>
</div>
<span lang="EN-GB" style="font-size: small;"><span lang="EN-GB"></span>
<br />
<span style="mso-spacerun: yes;"><b><u>Day 9 (01 January 2017)</u></b>
</span></span><br />
<span style="font-size: small;"><span lang="EN-GB"><span style="mso-spacerun: yes;"><b><u><br /></u></b></span></span>
We had 2 activities for the day - Husky Safari into the deep forest in the morning and snowshoe trip in the afternoon. After having our breakfast, we proceeded to our pick up location which was at a hotel in the city centre. We took their bus to a dog farm which was a 30 minutes ride away.</span><br />
<span style="font-size: small;"><br /></span>
<span style="font-size: small;">The dogs there are really strong! With just 4 dogs, they were able to pull 2 person and sometimes even when we stepped on the brake, they were still able to pull us forward. At the end of the ride we got to play with some husky puppies too. </span><br />
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<span style="font-size: small;">After the husky adventure, we were transferred back to the city centre where we had a quick lunch before going for our next activity - Snowshoe adventure with another operator where we were brought into the forest with a tower overlooking Rovaniemi City Centre and a BBQ hut. The snowshoe trip was nothing much but having an open fire BBQ in the cold, dark night is quite cosy. We then head back to our accommodation and cooked Laksa for dinner!</span><br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLHIQJE6Vb76_lZvpKgzpjEkFKbFRFoboxeaJpKI3h8i0Cf9ggEb2Z5Bj3ku4I5wIDYuzQ3Gl2eu-dJL4fZJmi93eJlNmwajdgTYju4AdRDEfLMis-TbwjlnChu3ALZyFRZZ7WlfSsovTG/s1600/pic+12.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLHIQJE6Vb76_lZvpKgzpjEkFKbFRFoboxeaJpKI3h8i0Cf9ggEb2Z5Bj3ku4I5wIDYuzQ3Gl2eu-dJL4fZJmi93eJlNmwajdgTYju4AdRDEfLMis-TbwjlnChu3ALZyFRZZ7WlfSsovTG/s320/pic+12.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Lunch - Croissant with ham and hot chocolate</td></tr>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj6ekX1C1i_CGdq0lfhltFoWgXYM1WuUgJlzW-XI1_TEAdosviCv19uSH-7-zMYOGVLOsy0K0Ex9OGWjgKQn4CtINECBHwbLgHNy0QCsLR8bNHO1dzhyadof7Frj2DwhDqlC9xhPbGDM_5z/s1600/pic+1.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj6ekX1C1i_CGdq0lfhltFoWgXYM1WuUgJlzW-XI1_TEAdosviCv19uSH-7-zMYOGVLOsy0K0Ex9OGWjgKQn4CtINECBHwbLgHNy0QCsLR8bNHO1dzhyadof7Frj2DwhDqlC9xhPbGDM_5z/s320/pic+1.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">The Snow Shoe</td></tr>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEikOxlHG7mhgOOoAocT9rEjRhG8MpcPi6gQ6GdLYcz4tCWBqaOEZtclcpj8_n2aj8Xj0M04VFZoniO021WXykKLzBD5HMc5uPWHaQYLjW3Z-VoJsqAEv1QFmgOaNdXFkxHNvGt8tWwhvTRx/s1600/pic+2.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEikOxlHG7mhgOOoAocT9rEjRhG8MpcPi6gQ6GdLYcz4tCWBqaOEZtclcpj8_n2aj8Xj0M04VFZoniO021WXykKLzBD5HMc5uPWHaQYLjW3Z-VoJsqAEv1QFmgOaNdXFkxHNvGt8tWwhvTRx/s320/pic+2.jpg" width="240" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Good for walking in the snow as it prevent foot from completely sinking into it</td></tr>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEggPihyphenhyphenCD1HhnsRUoMg3qBG6Y729Iv65gtP06_6-0Ybjn0WL1lvczg9oOKUc2hea-3MwlNSFTjfZqpTFwN-Y7W4lKkgWS75YLXsOaAxiB5LQjQv_2tzsvvJ7J69z8lbuWQENneDVj4JXyiL/s1600/pic+5.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEggPihyphenhyphenCD1HhnsRUoMg3qBG6Y729Iv65gtP06_6-0Ybjn0WL1lvczg9oOKUc2hea-3MwlNSFTjfZqpTFwN-Y7W4lKkgWS75YLXsOaAxiB5LQjQv_2tzsvvJ7J69z8lbuWQENneDVj4JXyiL/s320/pic+5.jpg" width="240" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">The BBQ Hut</td></tr>
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<tr><td class="tr-caption" style="text-align: center;">Dinner - Laksa</td></tr>
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<div style="text-align: center;">
<span lang="EN-GB" style="font-size: small;"><b>Day 9 (01 January 17) Summary</b></span></div>
<span style="font-size: small;"><span lang="EN-GB"></span><br /></span>
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<div class="MsoNormal">
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<div class="MsoNormal">
<div style="text-align: center;">
<u><span style="font-size: small;">Transport</span></u></div>
<div style="text-align: center;">
<span style="font-size: small;">-</span></div>
<div style="text-align: center;">
<u><span style="font-size: small;">Accommodation </span></u></div>
<div style="text-align: center;">
<span style="font-size: small;">-</span></div>
<div>
<div style="text-align: center;">
</div>
<div style="text-align: center;">
<u><span style="font-size: small;">Food</span></u></div>
<div style="text-align: center;">
<span style="font-size: small;">Breakfast - Self prepare</span></div>
<div style="text-align: center;">
<span style="font-size: small;">Lunch - Croissant with ham and hot chocolate - SGD13.50</span></div>
<div style="text-align: center;">
<span style="font-size: small;">Dinner - Self prepare</span><br />
<span style="font-size: small;">Additional Groceries - SGD6</span><br />
<span style="font-size: small;"><br /></span></div>
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<div style="text-align: center;">
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<div style="text-align: center;">
<u><span style="font-size: small;">Activity</span></u></div>
<div style="text-align: center;">
<span style="font-size: small;">Husky Safari into the deep forest - Wild Nordic Finland - SGD251.30</span><br />
<span style="font-size: small;">Snowshoe Trip - Lapland Welcome - SGD117.80</span></div>
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<span style="font-size: small;"><br /></span>
<b><u><span style="font-size: small;">Day 10 (02 January 2017)</span></u></b><br />
<span style="font-size: small;"><br /></span>
<span style="font-size: small;">Today's breakfast consist of Mee Goreng and fish soup that we bought from the supermarket the previous day. We need all the calories because today's activity is a physical intensive one - Building a snow igloo. This is a full day tour where lunch is provided. Yes it is really tiring! Even though the temperature is -13<span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; line-height: 19px;">°</span>C, sweat kept streaming down my face. Even my hair was totally wet and it freezes once I stopped working. Even though its hard work, at the end of the day after I saw the final product of the igloo that we built, it's a great sense of achievement! </span><br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgKH1Pcwd1orIrooy96aTzVARMiQ7uzjNlru_UARlWF_zrLhkgIEc-DaujBw4C8ExlQBNYnmQVrZTwqjV1ZqQnQug07XNKJK5PgRqmrfeKh3z76t5cEMKQQveKl_HxKO-cb2afYQ_aifiIT/s1600/pic+1.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgKH1Pcwd1orIrooy96aTzVARMiQ7uzjNlru_UARlWF_zrLhkgIEc-DaujBw4C8ExlQBNYnmQVrZTwqjV1ZqQnQug07XNKJK5PgRqmrfeKh3z76t5cEMKQQveKl_HxKO-cb2afYQ_aifiIT/s320/pic+1.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Time to start building</td></tr>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKNIIEui1rYyTbpFwvr59CsKGvSjRHB-MYWtq4zfVKuMSjCENKSNT9cYN1Iq9uxhFD0or7VBVei7VbjcUVYjKDtG0AV-si5rmeSSZtpu4nSDkf6euoj4XUCcEJfCmWT0BR2EGpsvAwEI7-/s1600/pic+2.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKNIIEui1rYyTbpFwvr59CsKGvSjRHB-MYWtq4zfVKuMSjCENKSNT9cYN1Iq9uxhFD0or7VBVei7VbjcUVYjKDtG0AV-si5rmeSSZtpu4nSDkf6euoj4XUCcEJfCmWT0BR2EGpsvAwEI7-/s320/pic+2.jpg" width="240" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Digging </td></tr>
</tbody></table>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPwwAT5fQ1BeCNZGMSwi2skPhriJEB8ytTcl-Ay-RmIx_TtdNwfFMdPMAz25Ujwtv40SzpARplpUHwLAWQYx16cxL-LH5shy9hv1PNsJY8EQJSnAGh-33mRGywrUoT6irIwkX45qyqGLwz/s1600/pic+3.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPwwAT5fQ1BeCNZGMSwi2skPhriJEB8ytTcl-Ay-RmIx_TtdNwfFMdPMAz25Ujwtv40SzpARplpUHwLAWQYx16cxL-LH5shy9hv1PNsJY8EQJSnAGh-33mRGywrUoT6irIwkX45qyqGLwz/s320/pic+3.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">A cup of hot chocolate after all those intensity workout is the best</td></tr>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjM7JkQpcyztVnLw_uxx_VzdJ5UPgGfXWY-z-B4I4dkWj973Vqtm8I4ps-8vPIzXdCttUPpytT7TVP-WuSr1Neyn4-LuJnwIugGQjoE0fHT5-RBUcILEYhOGsjcwRAyFnQvUjEuM6kA0DY5/s1600/pic+4.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjM7JkQpcyztVnLw_uxx_VzdJ5UPgGfXWY-z-B4I4dkWj973Vqtm8I4ps-8vPIzXdCttUPpytT7TVP-WuSr1Neyn4-LuJnwIugGQjoE0fHT5-RBUcILEYhOGsjcwRAyFnQvUjEuM6kA0DY5/s320/pic+4.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">walking towards the hut for our BBQ Sausage</td></tr>
</tbody></table>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiNjCOMThKzkbjb-WmMCvAWvYx88vg16GYWCvfmRaJqpn_i1kpylqYKpX9ChIqxO6FUXdbCkaJf80bl-t1d1_zMHKD2p9UeHjBBtns9r1x-uFXx87qMdocfOeMXfRuESvARRYMsqSJAiRpf/s1600/pic+5.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiNjCOMThKzkbjb-WmMCvAWvYx88vg16GYWCvfmRaJqpn_i1kpylqYKpX9ChIqxO6FUXdbCkaJf80bl-t1d1_zMHKD2p9UeHjBBtns9r1x-uFXx87qMdocfOeMXfRuESvARRYMsqSJAiRpf/s320/pic+5.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Patience cooks the best sausages</td></tr>
</tbody></table>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjA5Gg5ETttJ1ViuirLqNh59wo0Z6woNdv0InHbPM7LqRLzHGkwFQayXg2FmW5FS-Nrv8fQKxwf-Vq5u4DNDNFbu_9AWdJs3HgM0NODNWFZ4KsKioovIXFtpkmk7t7tZD74zG3KacJkrosk/s1600/pic+6.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjA5Gg5ETttJ1ViuirLqNh59wo0Z6woNdv0InHbPM7LqRLzHGkwFQayXg2FmW5FS-Nrv8fQKxwf-Vq5u4DNDNFbu_9AWdJs3HgM0NODNWFZ4KsKioovIXFtpkmk7t7tZD74zG3KacJkrosk/s320/pic+6.jpg" width="320" /></a></div>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjTeEgWxLy5VQomB5K1qiuRvBLfKVTDXETSs78NVxNYHxXtHuR7KFIE22hHE6lWhO1WarAviGoQhoF0lAViyNB0TQ26U2Vl6Fqv8Q7YpFPuQEA83WcgyFZAPl5Y3EoNifdFLa5QJWOWZt4d/s1600/pic+7.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjTeEgWxLy5VQomB5K1qiuRvBLfKVTDXETSs78NVxNYHxXtHuR7KFIE22hHE6lWhO1WarAviGoQhoF0lAViyNB0TQ26U2Vl6Fqv8Q7YpFPuQEA83WcgyFZAPl5Y3EoNifdFLa5QJWOWZt4d/s320/pic+7.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">The final product after 4 hours of intense workout</td></tr>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgCpWe3nJsYC7K-Wqcf6btDqjZZhuogBm65XoUsfPjMCDLmcez-t9xMcXI_2V9zvTEctK5haE2WlmB-KiRfCCa1Q1oABYeT9vGLWhHDCJ6lwmD8tJqq7l7A7JEbQ0r33pUPjur5p1TVam8F/s1600/pic+8.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgCpWe3nJsYC7K-Wqcf6btDqjZZhuogBm65XoUsfPjMCDLmcez-t9xMcXI_2V9zvTEctK5haE2WlmB-KiRfCCa1Q1oABYeT9vGLWhHDCJ6lwmD8tJqq7l7A7JEbQ0r33pUPjur5p1TVam8F/s320/pic+8.jpg" width="320" /></a></div>
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<tr><td class="tr-caption" style="text-align: center;">Shopping time! </td></tr>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiyStY3-CGR7f9L13PRodBylORpJLh7tp9poul7WSLVm6HfEwKvEy6ZEN4lktHmIGb_HD9r1dXA3oQVX6f1Yc6vti6BwvUVngsJqYDFGJv6pl_-NNBypKLsdmcMiBTB7bWh2FdtyUymdLvT/s1600/pic+10.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiyStY3-CGR7f9L13PRodBylORpJLh7tp9poul7WSLVm6HfEwKvEy6ZEN4lktHmIGb_HD9r1dXA3oQVX6f1Yc6vti6BwvUVngsJqYDFGJv6pl_-NNBypKLsdmcMiBTB7bWh2FdtyUymdLvT/s320/pic+10.jpg" width="240" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Dinner - Chinese Udon with Vegetables Maggie Mee</td></tr>
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<div style="text-align: center;">
<span lang="EN-GB" style="font-size: small;"><b>Day 10 (02 January 17) Summary</b></span></div>
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<div class="MsoNormal">
<div style="text-align: center;">
<u><span style="font-size: small;">Transport</span></u></div>
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<span style="font-size: small;">-</span></div>
<div style="text-align: center;">
<u><span style="font-size: small;"><br /></span></u>
<u><span style="font-size: small;">Accommodation </span></u></div>
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<span style="font-size: small;">-</span></div>
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<div style="text-align: center;">
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<div style="text-align: center;">
<u><span style="font-size: small;"><br /></span></u>
<u><span style="font-size: small;">Food</span></u></div>
<div style="text-align: center;">
<span style="font-size: small;">Breakfast - Self prepare</span></div>
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<span style="font-size: small;">Lunch - Tour provide</span></div>
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<span style="font-size: small;">Dinner - Self prepare</span></div>
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<u><span style="font-size: small;">Activity</span></u></div>
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<span style="font-size: small;">Building a snow igloo tour - Lapland Welcome - SGD237</span><br />
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<b><u><span style="font-size: small;">Day 11 (03 January 2017)</span></u></b><br />
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<span style="font-size: small;">Today we left our Air BnB with a heavy heart because it has been such a good host. However we were excited for what is coming up next because we will be staying in a glass igloo for a night! This is by far the most expensive accommodation that I have stayed in where it cost each of us more than SGD400 per night! But since we have travelled this far, it would be a waste not to experience it.</span><br />
<span style="font-size: small;"><br /></span>
<span style="font-size: small;">Our transfer to the Glass Igloo is at Santa Claus Holiday Village at 240pm. Therefore we planned our entire morning itinerary to be at Santa Claus Village. We reached there at around 10am via a taxi and it was more than enough time to explore the area. We wrote some postcards, took picture with Mr Santa Claus, did a very slow 1km reindeer sledding which made me feels like i'm riding on a sloth that lasted 20 minutes. We then had a nice salmon lunch at Santa's Salmon Place.</span><br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjD3ksenFB6jLFjHy2ZZ16uRYmgSjcpRrxAQXGo6zMnOPUgSq6n90Vr_f679xQR0e6lAVJwOLusw3Do2B1yzArGMnbGHl2WxuSobU8UyT8bsf969cD-G6FsP8H2UwWl_pQyAulhdz1vmBN9/s1600/pic+0.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjD3ksenFB6jLFjHy2ZZ16uRYmgSjcpRrxAQXGo6zMnOPUgSq6n90Vr_f679xQR0e6lAVJwOLusw3Do2B1yzArGMnbGHl2WxuSobU8UyT8bsf969cD-G6FsP8H2UwWl_pQyAulhdz1vmBN9/s320/pic+0.jpg" width="240" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Breakfast - Vegetable porridge with Luncheon Meat</td></tr>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjFeF0_d3LRJt37pYIjrBu6E8oTTBwGLwWmw4KO6PLDFVHVX4YaAnlXgrZOa3_TRdpx2kqaBJAsQyxrorePymN_ezE-QfGq0Bx8aV0qDsl0ACjlFoyr6yl5zIPUxFi6qxWM2d9snYKUHPzD/s1600/pic+1.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjFeF0_d3LRJt37pYIjrBu6E8oTTBwGLwWmw4KO6PLDFVHVX4YaAnlXgrZOa3_TRdpx2kqaBJAsQyxrorePymN_ezE-QfGq0Bx8aV0qDsl0ACjlFoyr6yl5zIPUxFi6qxWM2d9snYKUHPzD/s320/pic+1.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Santa Claus Village</td></tr>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgaYAo5vvqhhGcd_91FcCE5SjnzuCtqffKmUjY0ZQZKuvjgiweByu7QlMUIxgUxlEmwMHLDuZx-V_16iVR5kqsznyTG6RX0MG_XsKdoM1ujlQV8Q5U1jUU-6Ftya1s9PF-hTsUvFs0Xmma-/s1600/pic+2.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgaYAo5vvqhhGcd_91FcCE5SjnzuCtqffKmUjY0ZQZKuvjgiweByu7QlMUIxgUxlEmwMHLDuZx-V_16iVR5kqsznyTG6RX0MG_XsKdoM1ujlQV8Q5U1jUU-6Ftya1s9PF-hTsUvFs0Xmma-/s320/pic+2.jpg" width="240" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Sending out postcards</td></tr>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgUrXDR0nrXz7bz_BUBBWN3ORgNOCQAhJuyIwmb-uahyphenhyphenvADg08fJ9ZD5p0bScpws3QpMndd9jdSRDQN26nIt2EnIuFkREAfYkm3ra-XCMCXlFZPZmmzZIj4YO-7bhTrtkMPee6ZPrp20d05/s1600/pic+3.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgUrXDR0nrXz7bz_BUBBWN3ORgNOCQAhJuyIwmb-uahyphenhyphenvADg08fJ9ZD5p0bScpws3QpMndd9jdSRDQN26nIt2EnIuFkREAfYkm3ra-XCMCXlFZPZmmzZIj4YO-7bhTrtkMPee6ZPrp20d05/s320/pic+3.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">A picture with Mr Santa!</td></tr>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiopgT07FQbyJU8RcglFgf9WBkfEJySOA3K45Gs853kN7w5sFPb7AFEdnEFcOgfQNVRrbA1MWmGO2URW5I69sqTTtiWo5wf1T8sIBqDfFIG9aCi5sgNS-yl5KkhJbspPXSj8Cxajnvr0svw/s1600/pic+5.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiopgT07FQbyJU8RcglFgf9WBkfEJySOA3K45Gs853kN7w5sFPb7AFEdnEFcOgfQNVRrbA1MWmGO2URW5I69sqTTtiWo5wf1T8sIBqDfFIG9aCi5sgNS-yl5KkhJbspPXSj8Cxajnvr0svw/s320/pic+5.jpg" width="240" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><strike>Sloth </strike>Reindeer ride</td></tr>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjZiLnZLv-aDsoxJBRi6J8_Rdw6cORR9yejNM2GRJhp_g_IGbIa9j26mSiOXT9RbA170vca7QYtYwNL6_m3mHOZ1ytXJoE0NM8QxDiNMKBVZxpuF-X6ncBuCPA7oovVjZTlBQ__WTZoxBr1/s1600/pic+6.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjZiLnZLv-aDsoxJBRi6J8_Rdw6cORR9yejNM2GRJhp_g_IGbIa9j26mSiOXT9RbA170vca7QYtYwNL6_m3mHOZ1ytXJoE0NM8QxDiNMKBVZxpuF-X6ncBuCPA7oovVjZTlBQ__WTZoxBr1/s320/pic+6.jpg" width="320" /></a></div>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEim3K9NtYnyDIvCHZucAo-kNniozvw4C2Ckb-p_bIATLzm-EXrGAmV_yWr3aCtlkWOdOcFIleZRRW-koY10sjzMkP3cjYrKLZM3gA4dsw5pDfE96tQc3Ujofr7em9gWNoXQs0uQWlf14JwC/s1600/pic+7.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEim3K9NtYnyDIvCHZucAo-kNniozvw4C2Ckb-p_bIATLzm-EXrGAmV_yWr3aCtlkWOdOcFIleZRRW-koY10sjzMkP3cjYrKLZM3gA4dsw5pDfE96tQc3Ujofr7em9gWNoXQs0uQWlf14JwC/s320/pic+7.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Santa's Salmon Place</td></tr>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjfSkxFpV66XgXqDWq_wy9t_BCCiQbDXw5wWC9UcnA0B5PSRspvwGqDNKaRkGQrUZmZUPkwWz3QU_gn9_YLfOhetg6uIsKFZ-BXAjTmX_jYAeTdV-LtwPJoyEqpSHYvvmfm1zoOdgDhKJvz/s1600/pic+8.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjfSkxFpV66XgXqDWq_wy9t_BCCiQbDXw5wWC9UcnA0B5PSRspvwGqDNKaRkGQrUZmZUPkwWz3QU_gn9_YLfOhetg6uIsKFZ-BXAjTmX_jYAeTdV-LtwPJoyEqpSHYvvmfm1zoOdgDhKJvz/s320/pic+8.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Working in progress</td></tr>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiDu08nHNOLsVVCVEN2-VPOTS0DUQuTaqgZfa2I24a_hDNDhEEb_Ynb6GxoMPD6l8uc1YXPr1sHMgWrYZu5-enp4T2VC4fTw88AB_zvn0viQx6rGYZqW04wKZqx-mFz8ysRYzOMrby7qtRY/s1600/pic+9.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiDu08nHNOLsVVCVEN2-VPOTS0DUQuTaqgZfa2I24a_hDNDhEEb_Ynb6GxoMPD6l8uc1YXPr1sHMgWrYZu5-enp4T2VC4fTw88AB_zvn0viQx6rGYZqW04wKZqx-mFz8ysRYzOMrby7qtRY/s320/pic+9.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Lightly salted salmon meal. The salad is a great appetiser</td></tr>
</tbody></table>
<div class="MsoNormal">
<span lang="EN-GB"><span style="mso-spacerun: yes;"><br /><span style="font-size: small;">We then head towards our meeting location for the transfer to Arctic Snow Hotel and Glass Igloo which was a 45 minutes ride away. We got a family room that can accommodate 4 people. Even though it is expensive, this is a no-regret experience if you ever come to the arctic circle. It is a bonus that we even get to see the aurora through the glass roof. We also visited the arctic snow hotel where each room has its own theme. It also consist of an ice chapel, ice restaurant and ice bar. We had a 3-course meal at the resort itself which taste so-so but expensive. It consist of a soup (mushroom), a main course between deer meat or salmon and a dessert. While we were having our dinner halfway, we saw people rushing out of the restaurant and the first thing that came to our mind is the northern lights performance! And so we dressed up hurriedly and followed the crowd out and true enough the aurora was on display! Throughout the night, I was camping for more aurora until I accidentally fell asleep on my bed with all my thermal and jacket still on. </span> </span></span></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpzC2LElpDOBGXN-aYmkJODQWucqTe17xeafrrtpT0z-kfF2z73F7Ptj-h-fRrx6YwyIuOIWzJlv1AmKh23VEMsPg6C2coYZNBUS26JC3vjRLx-EuJyz8d3WuGWIQbwPXOV57gpjYkMlqo/s1600/pic+1.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpzC2LElpDOBGXN-aYmkJODQWucqTe17xeafrrtpT0z-kfF2z73F7Ptj-h-fRrx6YwyIuOIWzJlv1AmKh23VEMsPg6C2coYZNBUS26JC3vjRLx-EuJyz8d3WuGWIQbwPXOV57gpjYkMlqo/s320/pic+1.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Glass Igoo</td></tr>
</tbody></table>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi-xHGBtfIhdWMbS_KTARm0xQrdiSQ6IWVquqM-OkRT5Hod-brhHC7f3Bbd9Yaq9XS9AKQxWbvkSpZQC_rENroxTAkk8huQNnD6NhSssg1gDlkajtd0LHO0ygNk4lpPwt9BuMomNgFk_m9Q/s1600/pic+2.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi-xHGBtfIhdWMbS_KTARm0xQrdiSQ6IWVquqM-OkRT5Hod-brhHC7f3Bbd9Yaq9XS9AKQxWbvkSpZQC_rENroxTAkk8huQNnD6NhSssg1gDlkajtd0LHO0ygNk4lpPwt9BuMomNgFk_m9Q/s320/pic+2.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Our Family room</td></tr>
</tbody></table>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7PquFwZaIyDulaDkykyMtnA1kkG8afmZAR_AULDPjOwgpshmK3WuSUAeDNjj7u60CR1ZsDYS97dAKusztp-1KJtwjPOr4IjojGeQ_m_nFE6QoYB1TqmDH59bR2eColHrdInMm7B0ULMm3/s1600/pic+3.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7PquFwZaIyDulaDkykyMtnA1kkG8afmZAR_AULDPjOwgpshmK3WuSUAeDNjj7u60CR1ZsDYS97dAKusztp-1KJtwjPOr4IjojGeQ_m_nFE6QoYB1TqmDH59bR2eColHrdInMm7B0ULMm3/s320/pic+3.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Interior of the glass igloo</td></tr>
</tbody></table>
<br /><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiy-b0hev-v1mVResOlmvQkLYfah0qr3yWO9tqG0jUfgkIltKKlBfGnYH9_H3XSfpGgMlPjfcPwajvLKly9DYk21guqydRkLLAUR6sGMlajcueh-aQEdRimwgr3KBmmUI770E0zOqAJOKDo/s1600/pic+4.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiy-b0hev-v1mVResOlmvQkLYfah0qr3yWO9tqG0jUfgkIltKKlBfGnYH9_H3XSfpGgMlPjfcPwajvLKly9DYk21guqydRkLLAUR6sGMlajcueh-aQEdRimwgr3KBmmUI770E0zOqAJOKDo/s320/pic+4.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Ice Hotel - With the ice slide</td></tr>
</tbody></table>
<br /><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiHQwTiJ16TvOlxREbN0ZEjavdeG-wOvSjvjj8MYupzcP_eJ0jN7b2ZK4oxC83rF1keKpwy1YretYjjVF2ZzVvmgmNFZODYuwXBVIfr5PhfJXyfyHwB016iQGWRaay1K7WezOIfy0nG2O4Q/s1600/pic+5.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiHQwTiJ16TvOlxREbN0ZEjavdeG-wOvSjvjj8MYupzcP_eJ0jN7b2ZK4oxC83rF1keKpwy1YretYjjVF2ZzVvmgmNFZODYuwXBVIfr5PhfJXyfyHwB016iQGWRaay1K7WezOIfy0nG2O4Q/s320/pic+5.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Ice Hotel - The queen size bed</td></tr>
</tbody></table>
<br /><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjiOTqq5aBVXxBogpJXlipaxVESTSRP4FK_wRWp4ahNT0Gc1MTPy385pyDiVWfzffqAQcUoL4qfVNQsU9QQ8UCLOOFUVB6OZq1Um5_UsI0H3uQFYkvMdv80SlHLCNDVxviqGPZgYSJ2sZsc/s1600/pic+6.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjiOTqq5aBVXxBogpJXlipaxVESTSRP4FK_wRWp4ahNT0Gc1MTPy385pyDiVWfzffqAQcUoL4qfVNQsU9QQ8UCLOOFUVB6OZq1Um5_UsI0H3uQFYkvMdv80SlHLCNDVxviqGPZgYSJ2sZsc/s320/pic+6.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Ice Hotel - A room with chess theme</td></tr>
</tbody></table>
<br /><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgC40MOB4oOtgJOZxBNkZBxGZMW72kZStOIFKE8cn78wlqqRr-49KNoypczsrCnpjnF2eNw46QIQ-NdZ0q0_XJ7eR2suMWxHYom3U7RNQ4AifOW-HT9TQQ2WnAhNcw1q0dNN8RzkvIXgZq-/s1600/pic+7.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgC40MOB4oOtgJOZxBNkZBxGZMW72kZStOIFKE8cn78wlqqRr-49KNoypczsrCnpjnF2eNw46QIQ-NdZ0q0_XJ7eR2suMWxHYom3U7RNQ4AifOW-HT9TQQ2WnAhNcw1q0dNN8RzkvIXgZq-/s320/pic+7.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Ice Chapel</td></tr>
</tbody></table>
<br /><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgKB8EFZ_i_fQHMCHOsdGFEHxjMZ9PI4jgK4MxFlOldfq6kVxwWCe1vpDuDV6EliGdSJ5Clc-HWmnYeh90x8085Qsk5T9BC7BIQXFJdhomEUCs1BZ5b8CIsRHhkmzJuEmct0DMtgJCY4NEK/s1600/pic+8.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgKB8EFZ_i_fQHMCHOsdGFEHxjMZ9PI4jgK4MxFlOldfq6kVxwWCe1vpDuDV6EliGdSJ5Clc-HWmnYeh90x8085Qsk5T9BC7BIQXFJdhomEUCs1BZ5b8CIsRHhkmzJuEmct0DMtgJCY4NEK/s320/pic+8.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Ice restaurant</td></tr>
</tbody></table>
<br /><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiIipWTmx3Dz-lo5TFzZQPThgLsZKlYURarLDlL5qnD0KI8nS0WrEuOuiJIRVUL0JomntB1Nh03MaGC7AGcotVwwE5F8WwKLRawcqEbIbfDWo_stnz3Kubtxd5g0zXMzcsp-0cytVz3VCfW/s1600/pic+9.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiIipWTmx3Dz-lo5TFzZQPThgLsZKlYURarLDlL5qnD0KI8nS0WrEuOuiJIRVUL0JomntB1Nh03MaGC7AGcotVwwE5F8WwKLRawcqEbIbfDWo_stnz3Kubtxd5g0zXMzcsp-0cytVz3VCfW/s320/pic+9.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Ice Bar</td></tr>
</tbody></table>
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</span></span><br />
<div class="separator" style="clear: both; text-align: center;">
<span lang="EN-GB"><span style="mso-spacerun: yes;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiX3U4s3VGI8vnEVadVsLegLHAqux6pl0TalAOPPcxE2AkG3JGJqRHQYCiaJxagK0OANKqMGQZzh2p7j0kj4_sgJcmm4nf5PwOu2h3-DTrCJlIlZ2qmq7mxsEUs9g8dfJly3b6NimwAeGVI/s1600/pic+10.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiX3U4s3VGI8vnEVadVsLegLHAqux6pl0TalAOPPcxE2AkG3JGJqRHQYCiaJxagK0OANKqMGQZzh2p7j0kj4_sgJcmm4nf5PwOu2h3-DTrCJlIlZ2qmq7mxsEUs9g8dfJly3b6NimwAeGVI/s320/pic+10.jpg" width="320" /></a></span></span></div>
<span lang="EN-GB"><span style="mso-spacerun: yes;">
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjsLf_rDWvHqAQBikQjRgWVGz3V3aomRc-2dIFG9qJdU4V1gfWPUkgfvyDEWmCVGEH1qhi1NtXZG7GH9gDfhqElEm8taS870KFPbD6uI6E0vXI2TaDw-PI1dc6NvkpaImrqI7zHW_rP-qWw/s1600/pic+11.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjsLf_rDWvHqAQBikQjRgWVGz3V3aomRc-2dIFG9qJdU4V1gfWPUkgfvyDEWmCVGEH1qhi1NtXZG7GH9gDfhqElEm8taS870KFPbD6uI6E0vXI2TaDw-PI1dc6NvkpaImrqI7zHW_rP-qWw/s320/pic+11.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Dinner starter - Mushroom Soup</td></tr>
</tbody></table>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh_yWsT2HTq9g1hE8mAQNjFXYXuZC0ZpktMDs_v1m3Lp8L8AzANhfyOvUBZTH55ewM5cnHvq2F-8ICLLEKipnhAhnsYes0MK4GOLow8H4brBS8bzce0SLk2gbJHzfDtBECYs36QSqlQgomh/s1600/pic+12.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh_yWsT2HTq9g1hE8mAQNjFXYXuZC0ZpktMDs_v1m3Lp8L8AzANhfyOvUBZTH55ewM5cnHvq2F-8ICLLEKipnhAhnsYes0MK4GOLow8H4brBS8bzce0SLk2gbJHzfDtBECYs36QSqlQgomh/s320/pic+12.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Main course - Deer Set</td></tr>
</tbody></table>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkqeH_iXfyWKioMUy6zZXwDnivQ-3iwvoAEo-_W7exkHbN8Dda7g-k_Pb1QG6OXa4xxRhOJ-UxJ5vro7CXekeM6lwkZDDOgyncNT3e8Kml5Bch1y5iANeadMU6AO8IP4AKHnBxsRAgd1GB/s1600/pic+13.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkqeH_iXfyWKioMUy6zZXwDnivQ-3iwvoAEo-_W7exkHbN8Dda7g-k_Pb1QG6OXa4xxRhOJ-UxJ5vro7CXekeM6lwkZDDOgyncNT3e8Kml5Bch1y5iANeadMU6AO8IP4AKHnBxsRAgd1GB/s320/pic+13.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Main course - Salmon Set</td></tr>
</tbody></table>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhN2PzqzA7UIF0YY7Rg1Rd05RmozCS1oag_si4dPXQl2U_n1glUAcaPT9H2oMSKfZ2Nv0JFyHs82Iiu-W4RRwO6BcROyc1XLvMHegILG-OtDXVP8_-VAntA7ZdsYQqrF7Y-ThqdAWHINGJ/s1600/pic+14.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhN2PzqzA7UIF0YY7Rg1Rd05RmozCS1oag_si4dPXQl2U_n1glUAcaPT9H2oMSKfZ2Nv0JFyHs82Iiu-W4RRwO6BcROyc1XLvMHegILG-OtDXVP8_-VAntA7ZdsYQqrF7Y-ThqdAWHINGJ/s320/pic+14.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Some apple dessert</td></tr>
</tbody></table>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijE7CFO8NXJQYCqiKxeRGuu8hQgoZZr7nFLt7gjWOQNpvhRb-LQonk1O6PtOU31eSkPl7JipzSKidxnrb5SFw5hyphenhyphenNIuLvTYtuYZiT-Uj0CadMBEAunTNJiuh1HksGVc2k42rSJS7E8bzL1/s1600/pic+15.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijE7CFO8NXJQYCqiKxeRGuu8hQgoZZr7nFLt7gjWOQNpvhRb-LQonk1O6PtOU31eSkPl7JipzSKidxnrb5SFw5hyphenhyphenNIuLvTYtuYZiT-Uj0CadMBEAunTNJiuh1HksGVc2k42rSJS7E8bzL1/s320/pic+15.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Aurora display while we were having dinner</td></tr>
</tbody></table>
<br /><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiROmw3IYLdMflihohJXawkX139XZ5fbDxZt-XyOCMTNDq6ffrdH8Oz7DRUw9hwNnRRUASgNvSd-bJUvX-sUfVgt3zBvwx0XikvXyvmVFNH7UIlMzcDzq12F4-oKVUVb98Zfy5Uj2ZmC9Pl/s1600/pic+16.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiROmw3IYLdMflihohJXawkX139XZ5fbDxZt-XyOCMTNDq6ffrdH8Oz7DRUw9hwNnRRUASgNvSd-bJUvX-sUfVgt3zBvwx0XikvXyvmVFNH7UIlMzcDzq12F4-oKVUVb98Zfy5Uj2ZmC9Pl/s320/pic+16.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Trying our best to get a picture with Aurora</td></tr>
</tbody></table>
</span><span style="font-size: small;"><br />
</span></span><br />
<div style="text-align: center;">
<span lang="EN-GB"><span lang="EN-GB" style="font-size: small;"><b>Day 11 (03 January 17) Summary</b></span></span></div>
<span lang="EN-GB">
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</span><br />
<div class="MsoNormal">
<div style="text-align: center;">
<span lang="EN-GB"><u><span style="font-size: small;">Transport</span></u></span></div>
<div style="text-align: center;">
<span lang="EN-GB"><span style="font-size: small;">Taxi - Air BnB to Santa Claus Vilage - SGD9</span></span><br />
<span lang="EN-GB"><span style="font-size: small;"><br /></span></span></div>
<div style="text-align: center;">
<span lang="EN-GB"><u><span style="font-size: small;">Accommodation </span></u></span></div>
<div style="text-align: center;">
<span lang="EN-GB"><span style="font-size: small;">Snow Igloo Family Room - 1 Nights - SGD404.70 (include 2-way transfer)</span></span></div>
<div>
<div style="text-align: center;">
</div>
<div style="text-align: center;">
<span lang="EN-GB"><u><span style="font-size: small;"><br /></span></u>
<u><span style="font-size: small;">Food</span></u></span></div>
<div style="text-align: center;">
<span lang="EN-GB"><span style="font-size: small;">Breakfast - Self prepare</span></span></div>
<div style="text-align: center;">
<span lang="EN-GB"><span style="font-size: small;">Lunch - Santa's Salmon Place - SGD29</span></span></div>
<div style="text-align: center;">
<span lang="EN-GB"><span style="font-size: small;">Dinner - 3-course meal at Lappish Kota - SGD68</span></span></div>
</div>
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<div style="text-align: center;">
<span lang="EN-GB"><u><span style="font-size: small;"><br /></span></u>
<u><span style="font-size: small;">Activity</span></u></span></div>
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<span lang="EN-GB"><span style="font-size: small;">1km Reindeer Ride- Santa Claus Village - SGD44</span></span><br />
<span lang="EN-GB"><span style="font-size: small;">Softcopy photo & Video with Santa Claus - Santa Claus Village - SGD15</span></span></div>
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<u style="font-weight: bold;"><br class="Apple-interchange-newline" /><span style="font-size: small;">Day 12 (04 January 2017)</span></u><br />
<span style="font-size: small;"><u style="font-weight: bold;"><br /></u>
Breakfast buffet was provided by Arctic Snow Hotel. With some time left before our transfer to the airport for our flight to Helsinki, we wanted to try throwing up 100<span style="background-color: white; color: #222222; font-family: "arial" , sans-serif;">°</span>C<span style="background-color: white; color: #222222; font-family: "arial" , sans-serif;"> </span>of water towards the -27<span style="background-color: white; color: #222222; font-family: "arial" , sans-serif;">°</span>C chilling air that we had seen in a youtube video. It was really amazing to see the water condensed immediately and turned to ash cloud. It was so addictive that we tried several time and felt guilty for wasting the precious water.</span><br />
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<span style="font-size: small;">Our transfer to the airport was at 1130am and we had our lunch in the airport. The cafe in the airport has lunch buffet at 10euro per pax. However due to their weak control system, we managed to beat it whereby 2 buffet lunch were shared by 4 of us.</span><br />
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi2DrvZOz0XOc53Wllg5iol6gu3IreD7uWQsY2qUtRGR4-3040rQifjIUUT70KEm4PRSVpJhm5y1f6dBersNSy54szTGC-xk714vs_SCRGZEpBqyELzQaRbnqFqoEaBK36EvcSYJPdHv_C_/s1600/pic+1.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi2DrvZOz0XOc53Wllg5iol6gu3IreD7uWQsY2qUtRGR4-3040rQifjIUUT70KEm4PRSVpJhm5y1f6dBersNSy54szTGC-xk714vs_SCRGZEpBqyELzQaRbnqFqoEaBK36EvcSYJPdHv_C_/s320/pic+1.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Breakfast </td></tr>
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<tr><td style="text-align: center;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi43_RlB2W6IUZ9IXnjIvW6VEAjTjUNSaIiqz4bQUGamf07cdl0v8KTrInzmOJdImsZ0PduKWCvMX91GwNq3GvpvEXf4Bcb72cvi28b_SPdVyfRu7UkFJyxRzfaCXsyFcnyHljF-b5fQ1CN/s320/pic+2.jpg" style="margin-left: auto; margin-right: auto;" width="320" /></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Morning view of the glass igloo</td></tr>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi43_RlB2W6IUZ9IXnjIvW6VEAjTjUNSaIiqz4bQUGamf07cdl0v8KTrInzmOJdImsZ0PduKWCvMX91GwNq3GvpvEXf4Bcb72cvi28b_SPdVyfRu7UkFJyxRzfaCXsyFcnyHljF-b5fQ1CN/s1600/pic+2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"></a><br /></div>
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi43_RlB2W6IUZ9IXnjIvW6VEAjTjUNSaIiqz4bQUGamf07cdl0v8KTrInzmOJdImsZ0PduKWCvMX91GwNq3GvpvEXf4Bcb72cvi28b_SPdVyfRu7UkFJyxRzfaCXsyFcnyHljF-b5fQ1CN/s1600/pic+2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"></a><br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjJSrDm7kd8XE4g6llyL-2XbEmToHvdHPcqi2WU_M5kR3D6OTkbRwCZbU12yyv0ARBAw3lqFTtoI__OfGnUMShZi7JBzeYwUpIayKA65Zg_Cf5BE-6J7L9HNdISTJIYVhLecLnjLeMIq1lC/s1600/pic+3.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjJSrDm7kd8XE4g6llyL-2XbEmToHvdHPcqi2WU_M5kR3D6OTkbRwCZbU12yyv0ARBAw3lqFTtoI__OfGnUMShZi7JBzeYwUpIayKA65Zg_Cf5BE-6J7L9HNdISTJIYVhLecLnjLeMIq1lC/s320/pic+3.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Interior of the glass igloo</td></tr>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_TOSepLOi3gVcymoshfKX3fIYvuYOTx4GvE2Xg4L9-U-2HnOxt00Ywfy3kP9rie0Cs13S52KpITtZyxJI0tJ7tG8vXDRhS1HQPxPMK8jKZ1-xVI4T-pCWNcnIrpyJNkidQRh1V-ZWuSMF/s1600/pic+4.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_TOSepLOi3gVcymoshfKX3fIYvuYOTx4GvE2Xg4L9-U-2HnOxt00Ywfy3kP9rie0Cs13S52KpITtZyxJI0tJ7tG8vXDRhS1HQPxPMK8jKZ1-xVI4T-pCWNcnIrpyJNkidQRh1V-ZWuSMF/s320/pic+4.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Abra Kadabra</td></tr>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_YVbhFnJOro6ZKVrW8aLAquDWi89g6G5fRfKZvuiv0t84nkTFXRwKE6FlSf-T-SI55auc_GSUpOudiJ8fCi6-2jKDfGTLnrAw-9wkPTitp4hNhs4fpU64tDm4x8AiUUDR2hgsQeDr_LN6/s1600/pic+5.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_YVbhFnJOro6ZKVrW8aLAquDWi89g6G5fRfKZvuiv0t84nkTFXRwKE6FlSf-T-SI55auc_GSUpOudiJ8fCi6-2jKDfGTLnrAw-9wkPTitp4hNhs4fpU64tDm4x8AiUUDR2hgsQeDr_LN6/s320/pic+5.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Dancing in the snow</td></tr>
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Upon reaching Helsinki, we took the train to the central station and walked to our accommodation. We stayed in this budget hotel called Omena Hotel Yrjonkatu. I would say among all the accommodation that we have stayed previously, this was the worst. It was the worst not because it is really that bad, but just that the other accommodation was really good. For Omena hotel, the room is really small for 4 person and the bed that I slept in does not have its own power socket. However the really plus point of this hotel is its close proximity to the central area where the places we want to visit is within walking distance and also having a shopping mall called the Forum right beside it. It also has a microwave where we cooked our pre-packaged claypot rice for dinner. We then went to a supermarket right beside the central station for some shopping.</div>
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<tr><td class="tr-caption" style="text-align: center;">Arriving at Helsinki</td></tr>
</tbody></table>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhdIpHDUIetdWtc6tE1Yaj_1TMFmgtoLu6oX6rscTlEX2_nNdixuhKmYDyaxFPNl1xwLU9OF1X6CXndb32qazzG3NerQnqI5LiMa9iNkl-fgL67noxHTJWQFd-cRFRpcSNV_XWp3yYruCc1/s1600/pic+7.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhdIpHDUIetdWtc6tE1Yaj_1TMFmgtoLu6oX6rscTlEX2_nNdixuhKmYDyaxFPNl1xwLU9OF1X6CXndb32qazzG3NerQnqI5LiMa9iNkl-fgL67noxHTJWQFd-cRFRpcSNV_XWp3yYruCc1/s320/pic+7.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Omena Hotel Yrjonkatu</td></tr>
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<div style="text-align: center;">
<span lang="EN-GB" style="font-size: small;"><b>Day 12 (04 January 17) Summary</b></span></div>
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<div style="text-align: center;">
<u><span style="font-size: small;">Transport</span></u></div>
<div style="text-align: center;">
<span style="font-size: small;">Flight - Norwegian Air - Rovaniemi to Helsinki - Included</span><br />
<span style="font-size: small;">Train - Local Train - Helsinki Vantaa Airport to Central Station - SGD8.30</span><br />
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<div style="text-align: center;">
<u><span style="font-size: small;">Accommodation </span></u></div>
<div style="text-align: center;">
<span style="font-size: small;">Omena Hotel <span style="text-align: start;">Yrjonkatu </span>- 2 Nights - SGD76.20 </span></div>
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<div style="text-align: center;">
<span style="font-size: small;"><u><br /></u>
<u>Food</u></span></div>
<div style="text-align: center;">
<span style="font-size: small;">Breakfast - provided by Hotel</span></div>
<div style="text-align: center;">
<span style="font-size: small;">Lunch - Rovaniemi Airport Cafe - SGD7.50</span></div>
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<span style="font-size: small;">Dinner - Self Prepare</span></div>
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<u><span style="font-size: small;">Activity</span></u></div>
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<span style="font-size: small;">-</span></div>
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<u style="font-weight: bold;"><span style="font-size: small;">Day 13 (05 January 2017)</span></u><br />
<span style="font-size: small;"><br /></span>
<span style="font-size: small;">we woke up late today and heads off to Helsinki Old Market Hall - A food market in Helsinki for our brunch. The old market hall is situated right beside the harbour and the view was really interesting. Due to the sea water being warmer than the chilling air, sea smoke was formed and it looks like the sea is burning hot. I had some Vietnamese Popiah and Chicken Pie for lunch from the Old Market Hall.</span><br />
<span style="font-size: small;"><br /></span>
<span style="font-size: small;">After that, we took a ferry to Soumenlinna fortress, a UNESCO World Heritage site. The wind was especially strong today and I had to brave through the extremely chilling weather to complete the route. We then head back to Helsinki city centre and shop around the many shopping malls.</span><br />
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYIpiCbdtiYRZoZ98jvylg23RpiAutJRpyWqn4FKidqGKhJT09lcrPDKftJWonsVZ7WcY7-xIdGupLkWwNzXMp9GvOvDl7TjvvrEH8wDSCqu_2zpOq1Cg3YCju5b2vSGuj4ElgVkEfWjUn/s1600/pic+1.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYIpiCbdtiYRZoZ98jvylg23RpiAutJRpyWqn4FKidqGKhJT09lcrPDKftJWonsVZ7WcY7-xIdGupLkWwNzXMp9GvOvDl7TjvvrEH8wDSCqu_2zpOq1Cg3YCju5b2vSGuj4ElgVkEfWjUn/s320/pic+1.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">On our way to Old Market Hall</td></tr>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgqBdjRLNgzft96ls2ec6cTf6v6rKW1oOLq6f2Tp3FqRSqhqyeyzrywIr52u-9VrQQ1F2uZ9MzMvuKIJJj0y2L2nBbt0BFSImoOjgWXGWLcwS9AxdYtAY6z1qH3z9UE51KXFK73bR_RCCvY/s1600/pic+2.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgqBdjRLNgzft96ls2ec6cTf6v6rKW1oOLq6f2Tp3FqRSqhqyeyzrywIr52u-9VrQQ1F2uZ9MzMvuKIJJj0y2L2nBbt0BFSImoOjgWXGWLcwS9AxdYtAY6z1qH3z9UE51KXFK73bR_RCCvY/s320/pic+2.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Steaming Hot Sea</td></tr>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8cTnTYtrRgmVFYmrgCb-BcNqa0_oonn69dQcaD3P0QpcNNIJVYBbTDg-fMdtXctqYwMp0W5iIGmsicLyHGexyiJfstrdMxVNW-xNVHf7Mtzi9fusyff62nj3j7jnMRHjIxIculdcBebXh/s1600/pic+3.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8cTnTYtrRgmVFYmrgCb-BcNqa0_oonn69dQcaD3P0QpcNNIJVYBbTDg-fMdtXctqYwMp0W5iIGmsicLyHGexyiJfstrdMxVNW-xNVHf7Mtzi9fusyff62nj3j7jnMRHjIxIculdcBebXh/s320/pic+3.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Exterior Facade of Old Market Hall</td></tr>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjRHwNpj7JO1aynH4Z3jakYS0C43BUJvyfXPfWCMTq8vLCGINUdiqfHTjjpnH2rEKhL_tO2JmoD-C34Euq9FSLSlo3FAw6SJWBwj0WoE2Qf9zS-uvOVHxJtK4RS1b-wpi7Lttk_3IuTWGI2/s1600/pic+4.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjRHwNpj7JO1aynH4Z3jakYS0C43BUJvyfXPfWCMTq8vLCGINUdiqfHTjjpnH2rEKhL_tO2JmoD-C34Euq9FSLSlo3FAw6SJWBwj0WoE2Qf9zS-uvOVHxJtK4RS1b-wpi7Lttk_3IuTWGI2/s320/pic+4.jpg" width="240" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Food and Cafes on both side of the alley</td></tr>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjKNPcvkkq_Q9sq6n5uYmE6OR6_Wk0JmNqr1MxEIDLG11tY_JPFRWAYiY-AOt2qRHZKvZnA0b9FXoRPgy47FclDoZ2HvxQY4AeYmGpJO4wUIRuS1ydpZ8HE0WASd5FJzT71UJDYUmgygVP5/s1600/pic+5.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjKNPcvkkq_Q9sq6n5uYmE6OR6_Wk0JmNqr1MxEIDLG11tY_JPFRWAYiY-AOt2qRHZKvZnA0b9FXoRPgy47FclDoZ2HvxQY4AeYmGpJO4wUIRuS1ydpZ8HE0WASd5FJzT71UJDYUmgygVP5/s320/pic+5.jpg" width="320" /></a></div>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi61vVN1isBGTmbNolGroM_6D2QGF9fo19ILaSF3nJFUXyBIeFDAi553eFa8yjwu2XbI0W0RBQa30Oun9OxtKKvwLEsHNmB86X_Y9f8SqRCf9abBaStpkW6CuwfqTygE4aK30TchRBMKW7f/s1600/pic+6.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi61vVN1isBGTmbNolGroM_6D2QGF9fo19ILaSF3nJFUXyBIeFDAi553eFa8yjwu2XbI0W0RBQa30Oun9OxtKKvwLEsHNmB86X_Y9f8SqRCf9abBaStpkW6CuwfqTygE4aK30TchRBMKW7f/s320/pic+6.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Vietnamese noodles and Popiah</td></tr>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgowquktTy7fq8AF-Qb0Znxr7oG4PisfpDVJs0RnOvPO-wRWjjlquvBzDzfyPxPFZHhyphenhyphenLhu7k8oi1W4QvZvSEnTo3T8YksqubaLu_oJDtZb2TWZA6K1UDgaz90S5tf7RvVhOp32IB1Yw5FZ/s1600/pic+7.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgowquktTy7fq8AF-Qb0Znxr7oG4PisfpDVJs0RnOvPO-wRWjjlquvBzDzfyPxPFZHhyphenhyphenLhu7k8oi1W4QvZvSEnTo3T8YksqubaLu_oJDtZb2TWZA6K1UDgaz90S5tf7RvVhOp32IB1Yw5FZ/s320/pic+7.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Chicken Pie</td></tr>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhppioT9CKNVlNFwUqorj1KIIytvtKMkmlNrSR9Zw_vgKHZ4D9AjGHkRSuK8A7DW40AYJMoRl56SxGOdujoWZvhzQVkarLxKVG5qTmRAQrvAC-PPMNDOyGtKjB6qd9LApnvx5Bw3IJSVFwp/s1600/pic+8.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhppioT9CKNVlNFwUqorj1KIIytvtKMkmlNrSR9Zw_vgKHZ4D9AjGHkRSuK8A7DW40AYJMoRl56SxGOdujoWZvhzQVkarLxKVG5qTmRAQrvAC-PPMNDOyGtKjB6qd9LApnvx5Bw3IJSVFwp/s320/pic+8.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Ferry to Soumenlinna Fortress</td></tr>
</tbody></table>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgmr4g-_uDJCtpOT9HUMeTd2F3UQcnZDY7dOLoQiG5o1sdbQzJ3qWeSthJj8OWuLsIIn-fdOhW2oQfnpES5Omrj2Yruntu2Kjkqjf71WbDGLp-xk1t2mPURvHzDxOKCaQbZrb_Plslj4LlC/s1600/pic+9.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgmr4g-_uDJCtpOT9HUMeTd2F3UQcnZDY7dOLoQiG5o1sdbQzJ3qWeSthJj8OWuLsIIn-fdOhW2oQfnpES5Omrj2Yruntu2Kjkqjf71WbDGLp-xk1t2mPURvHzDxOKCaQbZrb_Plslj4LlC/s320/pic+9.jpg" width="240" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">A very chilling cold day</td></tr>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEinxU5gG5_CJcJqWyT5TyDUAgGXhsOnlf_wZfrzGvt60dPUnSQK50ESmKCNh9ux0aJ7lg_JJ_zy07UqAXXSoNUz3YgaolJS8xuBQwskC6xiVcR20x6K4c7hcQmPuDvj1tZHu-YfgLkXGwL5/s1600/pic+10.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEinxU5gG5_CJcJqWyT5TyDUAgGXhsOnlf_wZfrzGvt60dPUnSQK50ESmKCNh9ux0aJ7lg_JJ_zy07UqAXXSoNUz3YgaolJS8xuBQwskC6xiVcR20x6K4c7hcQmPuDvj1tZHu-YfgLkXGwL5/s320/pic+10.jpg" width="320" /></a></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZ9tWpFgQEiM12x9XUD03OOvJl3FPcF3HJGIBvGjfvHcb1RS1V4xsWY3ke2AI8FsaThsrUMzx1TtP1Mdnz6MjscJPTIJ6WoqB2vErWy_Dd7ISZEp1aogLuB4-pLZO4AxOiAVHrsqzLa4ja/s1600/pic+11.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZ9tWpFgQEiM12x9XUD03OOvJl3FPcF3HJGIBvGjfvHcb1RS1V4xsWY3ke2AI8FsaThsrUMzx1TtP1Mdnz6MjscJPTIJ6WoqB2vErWy_Dd7ISZEp1aogLuB4-pLZO4AxOiAVHrsqzLa4ja/s320/pic+11.jpg" width="240" /></a></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjhOukNcVNSAygqN0lOlZ3mLr_J-7PwKIDbIiKdlDCP0jTEjfV3SfJzm_v-r-H5zMAZKifOQY3Bbea1j4gDJu9cB8p8oN-pKNCLelxaTi3yvZm8wgW8_QQrdTonhneZzzZgkbgw13FxgdgT/s1600/pic+12.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjhOukNcVNSAygqN0lOlZ3mLr_J-7PwKIDbIiKdlDCP0jTEjfV3SfJzm_v-r-H5zMAZKifOQY3Bbea1j4gDJu9cB8p8oN-pKNCLelxaTi3yvZm8wgW8_QQrdTonhneZzzZgkbgw13FxgdgT/s320/pic+12.jpg" width="320" /></a></div>
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<div style="text-align: center;">
<span lang="EN-GB" style="font-size: small;"><b>Day 13 (05 January 17) Summary</b></span></div>
<span style="font-size: small;"><br /></span>
<br />
<div class="MsoNormal">
<div style="text-align: center;">
<u><span style="font-size: small;">Transport</span></u></div>
<div style="text-align: center;">
<span style="font-size: small;">Ferry - 2-way ticket Helsinki market Square to Soumenlinna - SGD8</span><br />
<span style="font-size: small;"><br /></span></div>
<div style="text-align: center;">
<u><span style="font-size: small;">Accommodation </span></u></div>
<div style="text-align: center;">
<span style="font-size: small;">-</span></div>
<div>
<div style="text-align: center;">
</div>
<div style="text-align: center;">
<span style="font-size: small;"><u><br /></u>
<u>Food</u></span></div>
<div style="text-align: center;">
<span style="font-size: small;">Breakfast - NA</span></div>
<div style="text-align: center;">
<span style="font-size: small;">Lunch - Old Market Hall - SGD15</span></div>
<div style="text-align: center;">
<span style="font-size: small;">Dinner - Chinese Buffet in a mall - SGD14</span></div>
</div>
<div>
<div style="text-align: center;">
<u><span style="font-size: small;"><br /></span></u>
<u><span style="font-size: small;">Activity</span></u></div>
<div style="text-align: center;">
<span style="font-size: small;">Old Market Hall - Free</span><br />
<span style="font-size: small;">Soumenlinna Fortress - Free</span><br />
<span style="font-size: small;">Shopping - Own Expense</span></div>
</div>
</div>
<span style="font-size: small;"><br /></span>
<u style="font-weight: bold;"><span style="font-size: small;">Day 14 (06 January 2017)</span></u><br />
<span style="font-size: small;"><br /></span>
<span style="font-size: small;">Our activities for the day was to visit Helsinki Cathedral and experience Finnish Traditional Sauna before catching our night flight to Copenhagen. As the day was not packed, we woke up late as usual and have some simple brunch in the Central station after storing our luggage. We walked to the Cathedral and took some photos with it before taking the train to Kotiharjun Sauna, situated in a residential neighbourhood. Well if you really want to experience a traditional Finnish Sauna, then this is a must go place.</span><br />
<span style="font-size: small;"><br /></span>
<span style="font-size: small;">Upon arrival at Copenhagen Airport, we realised that our baggage was delayed due to a strike by SAS baggage handler. Luckily we had insurance coverage and that helps to console our "spirit". We also managed to get an overnight kit from the airline that we survived on for the night.</span><br />
<span style="font-size: small;"><br /></span>
<span style="font-size: small;">As it requires us to take public transport for the next 2 days, it would be advisable to get the city pass. Each city pass cost SGD16.50 which is valid for 24 hours. For us, we need to purchase the city pass 2 times as we will be travelling around for more than 24 hours.</span><br />
<span style="font-size: small;"><br /></span>
<span style="font-size: small;">For our accommodation, it was the same as the first night that we stayed in - Urban House Copenhagen.</span><br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhFUZwXckYaO5C1Yv_lRmHL1bSB_00TtZui1teaUaQ0HPZSNfCyYJRzAJ2nOdS_9-hztgx9t13xxLtNVPUpj7dBL2XDIzA9GRc2pZRC6DhsuO5GZEmbr4Z2ugaTq_5jk_WvkffBNJqeT7Tb/s1600/pic+1.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhFUZwXckYaO5C1Yv_lRmHL1bSB_00TtZui1teaUaQ0HPZSNfCyYJRzAJ2nOdS_9-hztgx9t13xxLtNVPUpj7dBL2XDIzA9GRc2pZRC6DhsuO5GZEmbr4Z2ugaTq_5jk_WvkffBNJqeT7Tb/s320/pic+1.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Helsinki Cathedral</td></tr>
</tbody></table>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiAmJ0lh7_J6cAzevXOJQS1-RMvQxT6OzfgS91AbBGFYnsSu_XqZN386qyo9SNAfYZ1soRHDcDdjhetR-S309E9xpsKbULipl0LpyWT-JtwOlTuc9rM2XPDl9XkOJv3vAqtnIl2u6yYgrmE/s1600/pic+2.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiAmJ0lh7_J6cAzevXOJQS1-RMvQxT6OzfgS91AbBGFYnsSu_XqZN386qyo9SNAfYZ1soRHDcDdjhetR-S309E9xpsKbULipl0LpyWT-JtwOlTuc9rM2XPDl9XkOJv3vAqtnIl2u6yYgrmE/s320/pic+2.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Interior of the Catherdral</td></tr>
</tbody></table>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEipo0LBTMpdODxt8VeOdEX2GOui5xudkm7j7DmB8vHbvqSMzjTjHB0P8ODEJBVNqlmi4ReOo6ikE5XNpqcKuxNGg1AJuvPG-ScShOKs7IoHFFFYupKKCMWSJwmgRi2RT83eua6F7k9EsAyi/s1600/pic+3.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEipo0LBTMpdODxt8VeOdEX2GOui5xudkm7j7DmB8vHbvqSMzjTjHB0P8ODEJBVNqlmi4ReOo6ikE5XNpqcKuxNGg1AJuvPG-ScShOKs7IoHFFFYupKKCMWSJwmgRi2RT83eua6F7k9EsAyi/s320/pic+3.jpg" width="240" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Kotiharjun Sauna</td></tr>
</tbody></table>
<br />
<div style="text-align: center;">
<span lang="EN-GB"><b>D<span style="font-size: small;">ay 14 (06 January 17) Summary</span></b></span></div>
<span style="font-size: small;"><br /></span>
<br />
<div class="MsoNormal">
<div style="text-align: center;">
<u><span style="font-size: small;">Transport</span></u></div>
<div style="text-align: center;">
<span style="font-size: small;">Train - Local transport 2-way ticket to Kotiharjun Sauna - SGD7.50</span><br />
<span style="font-size: small;">Train - Local Train - Central Station to Helsinki Vantaa Airport - SGD8.30</span><br />
<span style="font-size: small;">Flight - SAS Airline - Helsinki to Copenhagen - SGD88.50</span><br />
<span style="font-size: small;">Local Transport 24 hours Citypass - SGD33 (2 x 24 hours citypass)</span><br />
<span style="font-size: small;"><br /></span></div>
<div style="text-align: center;">
<u><span style="font-size: small;">Accommodation </span></u></div>
<div style="text-align: center;">
<span style="font-size: small; text-align: start;">Urban House Copenhagen - 2 Nights - SGD98.40</span></div>
<div>
<div style="text-align: center;">
</div>
<div style="text-align: center;">
<span style="font-size: small;"><u><br /></u>
<u>Food</u></span></div>
<div style="text-align: center;">
<span style="font-size: small;">Breakfast - NA</span></div>
<div style="text-align: center;">
<span style="font-size: small;">Lunch - Sandwich from Central Station - SGD10</span></div>
<div style="text-align: center;">
<span style="font-size: small;">Snack - Pastry from supermarket - SGD5</span><br />
<span style="font-size: small;">Dinner - Flight provide</span></div>
</div>
<div>
<div style="text-align: center;">
<u><span style="font-size: small;"><br /></span></u>
<u><span style="font-size: small;">Activity</span></u></div>
<div style="text-align: center;">
<span style="font-size: small;">Helsinki Cathedral - Free</span><br />
<span style="font-size: small;">Kotiharjun Sauna - SGD23</span><br />
<span style="font-size: small;">Baggage Storage in Helsinki Central Station - SGD4.5 (Shared by 2 person per big locker)</span></div>
</div>
</div>
<span style="font-size: small;"><br /></span>
<span style="font-size: small;"><br /></span>
<u style="font-weight: bold;"><span style="font-size: small;">Day 15 (07 January 2017)</span></u><br />
<span style="font-size: small;"><br /></span>
<span style="font-size: small;">As our accommodation is just beside the central train station, taking public transport is very convenient. First we visited The little Mermaid Statue and then to Rosenberg Castle. We then head to Papiroeen, a street food warehouse to have our lunch but were disappointed that it was closed due to the festive season. We then head to Nyhavn, a waterfront district in Copenhagen and had our best Churros but the worse lunch. We saw this restaurant with the word Herring and a fish logo hanging outside its door. Looking at the price which looks reasonable, we head in. Never did we expect that the Herring fish was actually prepared raw! </span><br />
<span style="font-size: small;"><br /></span>
<span style="font-size: small;">With some time left, we went to Stroget, one of Copenhagen shopping district to shop around before heading to Copenhagen University to visit our friend, Susan who is currently studying there. She and her friends cooked up some delicious food for us!</span><br />
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEifMqFVi7DiaA78zBSK9wIhyphenhyphenWmgAWTkXnSJG2P0wi1uIbZ4JFirwtQVavR1FeSQVOQr-M56M4PBRbLuMGXalbZ4zy9RL6Vq6Zhv5n-k4P1FiCO1rG6B1prCt8jcw5rMCO09V6-0JFEunmTq/s1600/pic+1.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEifMqFVi7DiaA78zBSK9wIhyphenhyphenWmgAWTkXnSJG2P0wi1uIbZ4JFirwtQVavR1FeSQVOQr-M56M4PBRbLuMGXalbZ4zy9RL6Vq6Zhv5n-k4P1FiCO1rG6B1prCt8jcw5rMCO09V6-0JFEunmTq/s320/pic+1.jpg" width="240" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">The Little Mermaid</td></tr>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQaZRGYnKRr56Q0XflpubZAD_5NKhs-ZFIV8eke9s1fIXsmQ1GMHYsBU1em563YDPU5cDOFoZ39glNu4yxBBf0Bmsoap60yx5_-dK0a6tEKR8tiyMoBGyH9qiijHB_OE97GkiBRu4G56dk/s1600/pic+2.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQaZRGYnKRr56Q0XflpubZAD_5NKhs-ZFIV8eke9s1fIXsmQ1GMHYsBU1em563YDPU5cDOFoZ39glNu4yxBBf0Bmsoap60yx5_-dK0a6tEKR8tiyMoBGyH9qiijHB_OE97GkiBRu4G56dk/s320/pic+2.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Rosenberg Castle</td></tr>
</tbody></table>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgoBrWYKvZ1IurBkry97JgAHtSmaEjXb9DDG0IaZzOPQsLgEDhgVvej8ymQuun6Pt23SWGenIyxi1Bkuio2qXOLUncKKQZsklgyatJoREzs-RvFgTw3Kv-5yaNq-mS6VTbiJJawEQjewZj3/s1600/pic+3.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgoBrWYKvZ1IurBkry97JgAHtSmaEjXb9DDG0IaZzOPQsLgEDhgVvej8ymQuun6Pt23SWGenIyxi1Bkuio2qXOLUncKKQZsklgyatJoREzs-RvFgTw3Kv-5yaNq-mS6VTbiJJawEQjewZj3/s320/pic+3.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Nyhavn</td></tr>
</tbody></table>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQQGOnTM6TMdjYxeXKza7RwcD2bohj8Acm_8rPVJt0RSBQmjZpWsTfbnbc31dSxFzPME7qjDbmlrZWpImTFbqH-fHjLrgHqGuAtLFeNWJfQkGEDgO394fLI_QOJ1x82WjflJhU19Un5VpJ/s1600/pic+4.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQQGOnTM6TMdjYxeXKza7RwcD2bohj8Acm_8rPVJt0RSBQmjZpWsTfbnbc31dSxFzPME7qjDbmlrZWpImTFbqH-fHjLrgHqGuAtLFeNWJfQkGEDgO394fLI_QOJ1x82WjflJhU19Un5VpJ/s320/pic+4.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Churros!</td></tr>
</tbody></table>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKxGPOUnvkIJ8SD2Nbq2L7f8CDMwWLuponfypzeQfdJ3k-dP56SLutlUuDEvbsia6d8joxw9kGcEV4Hv7MN12KLBtUnTnL_EUE5BKS9KeqOneA_XTOF1o-RD4rTmNBH8IY7HeQQ4MeORvv/s1600/pic+5.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKxGPOUnvkIJ8SD2Nbq2L7f8CDMwWLuponfypzeQfdJ3k-dP56SLutlUuDEvbsia6d8joxw9kGcEV4Hv7MN12KLBtUnTnL_EUE5BKS9KeqOneA_XTOF1o-RD4rTmNBH8IY7HeQQ4MeORvv/s320/pic+5.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Raw Herring</td></tr>
</tbody></table>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7JC93W0u7ho-QD_zwr_rppyHzAqw96t7rpLkmXTGq72gz-a8bjmZ4azbsl_Ux3bUQ29zCVIgZ6ur3Mdxb2Yn0N-MLuX_XVQQn6Xq4yRepnsuLTaAXOiYKa8BjwtQ1KcX5er30p-98veMn/s1600/pic+6.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7JC93W0u7ho-QD_zwr_rppyHzAqw96t7rpLkmXTGq72gz-a8bjmZ4azbsl_Ux3bUQ29zCVIgZ6ur3Mdxb2Yn0N-MLuX_XVQQn6Xq4yRepnsuLTaAXOiYKa8BjwtQ1KcX5er30p-98veMn/s320/pic+6.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Stroget</td></tr>
</tbody></table>
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjb-P2uTLghers1OZn17ZbJGmOJMC9fcBu_I1iz9eNcsrITDUO6JW_QKryV2ivE37sJkLPBiukYgi6p7AUQZqiSdl5BqVEOZDszrZB0j0ceayueXPqXF4-u0Vgcg9QfTlg-JcjSAiPl0jXS/s1600/pic+7.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjb-P2uTLghers1OZn17ZbJGmOJMC9fcBu_I1iz9eNcsrITDUO6JW_QKryV2ivE37sJkLPBiukYgi6p7AUQZqiSdl5BqVEOZDszrZB0j0ceayueXPqXF4-u0Vgcg9QfTlg-JcjSAiPl0jXS/s320/pic+7.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Dinner at our friend's place</td></tr>
</tbody></table>
<span style="font-size: small;"><br /></span>
<br />
<div style="text-align: center;">
<span lang="EN-GB" style="font-size: small;"><b>Day 15 (07 January 17) Summary</b></span></div>
<span style="font-size: small;"><br /></span>
<br />
<div class="MsoNormal">
<div style="text-align: center;">
<u><span style="font-size: small;">Transport</span></u></div>
<div style="text-align: center;">
<span style="font-size: small;">-</span><br />
<span style="font-size: small;"><br /></span></div>
<div style="text-align: center;">
<u><span style="font-size: small;">Accommodation </span></u></div>
<div style="text-align: center;">
<span style="font-size: small;">-</span></div>
<div>
<div style="text-align: center;">
</div>
<div style="text-align: center;">
<span style="font-size: small;"><u><br /></u>
<u>Food</u></span></div>
<div style="text-align: center;">
<span style="font-size: small;">Breakfast - NA</span><br />
<span style="font-size: small;">Snack - Churros - SGD8</span></div>
<div style="text-align: center;">
<span style="font-size: small;">Lunch - Herring - SGD16</span></div>
<div style="text-align: center;">
<span style="font-size: small;">Dinner - Self Prepare</span></div>
</div>
<div>
<div style="text-align: center;">
<u><span style="font-size: small;"><br /></span></u>
<u><span style="font-size: small;">Activity</span></u></div>
<div style="text-align: center;">
<span style="font-size: small;">The Little Mermaid - Free</span><br />
<span style="font-size: small;">Rosenberg Castle - Free (did not enter the museum)</span><br />
<span style="font-size: small;">Nyhavn - Own Expenses</span><br />
<span style="font-size: small;">Stroget - Own Expenses</span></div>
</div>
</div>
<span style="font-size: small;"><br /></span>
<span style="font-size: small;"><br /></span>
<u style="text-underline: thick;"><span lang="EN-GB" style="font-size: small;"><b>Day 16 and 17 (08 & 09 January 2017)</b></span></u><br />
<span style="font-size: small;"><u style="text-underline: thick;"><span lang="EN-GB"><b><br /></b></span></u>
We managed to sleep through till the check-out time and proceeded to Copenhagen Central station to store our luggage (an alternative is to store it at Urban House for a fee) before meeting up with Susan where she brought us to Freetown Christina, a lawless neighbourhood to explore. We then head to a pastries shop and had some food before shopping in a local supermarket. After that, we proceeded to the airport early and used our priority pass to visit a lounge for dinner before boarding the flight back to Singapore.</span><br />
<br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg5t6IyIzlJ3wN70Pd6VejhcG1bcKVEsVlMGtH13iC01zxj2qwwrP4Vup5UkNpqV6tozUatkFJ7TaalAzRQnvylNbdHnZzrDzu_GGhGnD9SLMGXODniVxfQ2cMcEc2VS33fm65-puWSJp1S/s1600/pic+1.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg5t6IyIzlJ3wN70Pd6VejhcG1bcKVEsVlMGtH13iC01zxj2qwwrP4Vup5UkNpqV6tozUatkFJ7TaalAzRQnvylNbdHnZzrDzu_GGhGnD9SLMGXODniVxfQ2cMcEc2VS33fm65-puWSJp1S/s320/pic+1.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Freetown Christiana</td></tr>
</tbody></table>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQQ7UpBiHljGHZaARPBpDzS4vsecpvaWG-CzkLWYn7JS6pxHN9KXhD1rWK1qWXVJxcQ0AGFLslIxfa3_qiIQUzEtDj2jMcSNPNJQqYBnxMKLzgfP20xVoTjKDZs_1UzAZmMA8TK9GDIFJY/s1600/pic+2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQQ7UpBiHljGHZaARPBpDzS4vsecpvaWG-CzkLWYn7JS6pxHN9KXhD1rWK1qWXVJxcQ0AGFLslIxfa3_qiIQUzEtDj2jMcSNPNJQqYBnxMKLzgfP20xVoTjKDZs_1UzAZmMA8TK9GDIFJY/s320/pic+2.jpg" width="240" /></a></div>
<br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQkgBGGFbHzORjo7OHeUi6Dgfn3g2o0DJc26Zyyik44leXovMlB2vYVBygcTJ-Ty-hnwSC8Q0GbJKBbqAl5PZWtNr9pWkWdFJSK1V6YGrTpU1ABUiaMSv_ib0SS_4TXg0fiDV5RvtG_k2h/s1600/pic+3.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQkgBGGFbHzORjo7OHeUi6Dgfn3g2o0DJc26Zyyik44leXovMlB2vYVBygcTJ-Ty-hnwSC8Q0GbJKBbqAl5PZWtNr9pWkWdFJSK1V6YGrTpU1ABUiaMSv_ib0SS_4TXg0fiDV5RvtG_k2h/s320/pic+3.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Delicious Pastries!</td></tr>
</tbody></table>
<div style="text-align: center;">
<span lang="EN-GB"><b><br class="Apple-interchange-newline" /><span style="font-size: small;">Day 16 & 17 (08 & 09 January 17) Summary</span></b></span></div>
<span style="font-size: small;"><br /></span>
<br />
<div class="MsoNormal">
<div style="text-align: center;">
<u><span style="font-size: small;">Transport</span></u></div>
<div style="text-align: center;">
<span style="font-size: small;">-</span><br />
<span style="font-size: small;"><br /></span></div>
<div style="text-align: center;">
<u><span style="font-size: small;">Accommodation </span></u></div>
<div style="text-align: center;">
<span style="font-size: small;">-</span></div>
<div>
<div style="text-align: center;">
</div>
<div style="text-align: center;">
<span style="font-size: small;"><u><br /></u>
<u>Food</u></span></div>
<div style="text-align: center;">
<span style="font-size: small;">Breakfast - NA</span></div>
<div style="text-align: center;">
<span style="font-size: small;">Lunch - Pastries - SGD12</span></div>
<div style="text-align: center;">
<span style="font-size: small;">Dinner - Lounge</span></div>
</div>
<div>
<div style="text-align: center;">
<u><span style="font-size: small;"><br /></span></u>
<u><span style="font-size: small;">Activity</span></u></div>
<div style="text-align: center;">
<span style="font-size: small;">Freetown Christiana - Free</span><br />
<span style="font-size: small;">Baggage Storage in Copenhagen Central Station - SGD12</span><br />
<br />
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
One final advice before I end this post. Because this trip involved a lot moving around like taking 7 flights and also taking part in some extreme activities like skiing, the risk of travel inconvenience is higher. Therefore, it is highly recommended to purchase a travel insurance so that you can have better protection. For example, Janice luggage handle was broken due to the mismanagement by the baggage handler and our baggage was delayed due to a strike in Copenhagen. Lucky for all of us, we did have an MSIG travel insurance that includes adventure activities coverage which allow us to make a claim for our travel inconvenience. Our insurance cost SGD74.50 which was bought when there is a 50% off promotion. Including this travel insurance expenses, our total budget would still be below SGD4,000. </div>
</div>
</div>
</div>
<br />
<div style="text-align: center;">
<b style="font-size: 13.33px;"><u><span style="color: cyan; font-size: 13.5pt;">Expenses Summary</span></u></b></div>
<div style="margin: 0cm;">
<div style="text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span style="color: cyan; font-size: x-small;">Exchange rate:</span></b></div>
<div style="text-align: center;">
<span style="color: cyan; font-size: x-small;"><b>1 EUR = 1.50 SGD</b></span></div>
<div style="text-align: center;">
<span style="color: cyan; font-size: x-small;"><b>1 DKK = 0.2062 SGD</b></span></div>
<div style="text-align: center;">
<span style="color: cyan; font-size: x-small;"><b>1 SEK = 0.1587 SGD </b></span></div>
<div style="text-align: center;">
<span style="color: cyan; font-size: x-small;"><b><br /></b></span></div>
</div>
<div style="margin: 0cm 0cm 0pt; text-align: center;">
<b style="mso-bidi-font-weight: normal;"><u><span style="color: cyan; font-size: 13.5pt;">Transport</span></u></b></div>
<span style="font-size: small;">Flight - Swiss Airline - Return Ticket from Singapore to Copenhagen: SGD763.20<br />Local Train - Copenhagen Airport to Copenhagen Central Station: SGD6.50<br /><br /><b>Stockholm, Sweden</b><br />Train - SJ - Ticket from Stockholm to Copenhagen: SGD75.30<br />Local Transport - SL Access Card: SGD50 (total in Stockholm)<br /><br /><b>Rovaniemi, Finland</b><br />Flight - Norwegian Air - Stockholm to Helsinki: SGD186.92<br />Flight - Norwegian Air - Return from Helsinki to Rovaniemi: SGD125.10<br />Taxi - Rovaniemi Airport to accommodation: SGD9<br />Taxi - Rovaniemi Bus station to Ounasvaara Ski Resort - SGD6<br />Taxi - Ounasvaara Ski Resort to Rovaniemi City Centre - SGD6<br />Taxi - Air BnB to Santa Claus Village - SGD9<br /><br /><b>Helsinki, Finland</b><br />Flight - Norwegian Air - Rovaniemi to Helsinki - Included<br />Train - Local Train - Helsinki Vantaa Airport to Central Station - SGD8.30<br />Ferry - 2-way ticket from Helsinki Market Square to Soumenlinna - SGD8<br />Train - Local transport 2-way ticket to Kotiharjun Sauna - SGD7.50<br />Train - Local Train - Central Station to Helsinki Vantaa Airport - SGD8.30<br />Flight - SAS Airline - Helsinki to Copenhagen - SGD88.50<br /><br /><b>Copenhagen, Denmark</b><br />Local Transport 24 hours Citypass - SGD33 (2 x 24 hours citypass)</span><span style="font-size: 13.5pt;"><span style="font-size: small;"></span><span style="font-size: 13.5pt;"><o:p></o:p></span></span><br />
<div style="margin: 0cm;">
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-GB" style="color: cyan;"><u>Total
for Transport: SGD1,391.50</u><o:p></o:p></span></b></div>
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<u><span style="color: cyan; font-size: 13.5pt;"><b><br /></b></span></u></div>
<div style="margin: 0cm 0cm 0pt; text-align: center;">
<u><span style="font-size: 13.5pt;"><b><span style="color: cyan;">Accommodation </span></b></span></u></div>
<span style="font-size: small;"><span style="font-family: "times";"><b>Copenhagen, Denmark</b><br />Hostel - Urban House Copenhagen - 1 Night - SGD63.78<br /><br /><b>Stockholm, Sweden</b><br />Hotel - Connect Hotel City - 3 Nights - SGD87.20<br /><br /><b>Rovaniemi, Finland</b><br />Air BnB - Veitikanranta - 5 Nights - SGD225.25 <br />Snow Igloo Family Room - 1 Night - SGD404.70 (include 2-way transfer)<br /><br /><b>Helsinki, Finland</b><br />Omena Hotel Yrjonkatu - 2 Nights - SGD76.20<br /><br /><b>Copenhagen, Denmark</b><br />Urban House Copenhagen - 2 Nights - SGD98.40</span></span><span style="font-size: xx-small;"><span style="font-family: "times"; font-size: small;"></span><span style="font-family: "times"; font-size: 10pt;"><o:p></o:p></span></span><br />
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-GB" style="color: cyan;"><u>Total
for Accomodation: SGD956</u><o:p></o:p></span></b></div>
<span style="color: cyan;"><br /></span>
<br />
<div style="margin: 0cm 0cm 0pt; text-align: center;">
<u><span style="font-size: 13.5pt;"><b><span style="color: cyan;">Food</span></b></span></u></div>
<b>Day 1 & 2</b><br />
Groceries from Singapore – SGD20<br />
Breakfast - Flight provide<br />
Lunch - Fight provide<br />
Dinner - Tivoli pork burger - SGD12<br />
<br />
<b>Day 3 - Stockholm</b><br />
Breakfast - Included in train fare by topping up <br />
Lunch - Did not eat<br />
Dinner - Mcdonald's - SGD12<br />
<br />
<b>Day 4 - Stockholm</b><br />
Breakfast - Provided by Hotel<br />
Lunch - Kajsas Fisk & Restaurang - SGD28.60 (Soup share by 2 and 1 main)<br />
Dinner - Chicken Teriyaki Set - SGD18.60<br />
<br />
<b>Day 5 - Stockholm</b><br />
Breakfast - Provided by Hotel<br />
Lunch - Mcdonald - SGD12<br />
Dinner - Fish and Chips with Potato Salad - SGD13<br />
<br />
<b>Day 6 – Stockholm/ Rovaniemi</b><br />
Breakfast - Provide by Lounge<br />
Lunch - Provide by Lounge<br />
Dinner - Self prepare<br />
Additional Groceries - SGD6<br />
<br />
<b>Day 7 - Rovaniemi</b><br />
Breakfast - Self prepare<br />
Lunch - Provide by tour<br />
Dinner - Self prepare<br />
<br />
<b>Day 8 - Rovaniemi</b><br />
Breakfast - Self prepare<br />
Lunch - Xiang Long Buffet Lunch - SGD24<br />
Dinner - Self prepare<br />
Snack - Amarillo Bar - SGD15 (Shared Nachos, & Cheesecake. Individual hot chocolate)<br />
<br />
<b>Day 9 - Rovaniemi</b><br />
Breakfast - Self prepare<br />
Lunch - Croissant with ham and hot chocolate - SGD13.50<br />
Dinner - Self prepare<br />
Additional Groceries - SGD6<br />
<br />
<b>Day 10 - Rovaniemi</b><br />
Breakfast - Self prepare<br />
Lunch - Tour provide<br />
Dinner - Self prepare<br />
<br />
<b>Day 11 – Rovaniemi</b><br />
Breakfast - Self prepare<br />
Lunch - Santa's Salmon Place - SGD29<br />
Dinner - 3-course meal at Lappish Kota - SGD68<br />
<br />
<b>Day 12 – Rovaniemi/ Helsinki</b><br />
Breakfast - provided by Hotel<br />
Lunch - Rovaniemi Airport Cafe - SGD7.50<br />
Dinner - Self Prepare<br />
<br />
<b>Day 13 - Helsinki</b><br />
Breakfast - NA<br />
Lunch - Old Market Hall - SGD15<br />
Dinner - Chinese Buffet in a mall - SGD14<br />
<br />
<b>Day 14 - Helsinki</b><br />
Breakfast - NA<br />
Lunch - Sandwich from Central Station - SGD10<br />
Snack - Pastry from supermarket - SGD5<br />
Dinner - Flight provide<br />
<br />
<b>Day 15 - Copenhagen</b><br />
Breakfast - NA<br />
Snack - Churros - SGD8<br />
Lunch - Herring - SGD16<br />
Dinner - Self Prepare<br />
<br />
<br />
<b>Day 16 - Copenhagen</b><br />
Breakfast - NA<br />
Lunch - Pastries - SGD12<br />
Dinner - Lounge<br />
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<span style="font-size: 13.5pt;"><b>Day 1 & 2 – Zurich & Copenhagen</b><br />Zurich Layover - SGD50<br />Tivoli Garden entrance fee - SGD23<br />Tivoli Garden all ride pass - SGD47<br /><br /><b>Day 3 - Stockholm</b><br />Shopping around Hotorget - Own expense<br /><br /><b>Day 4 - Stockholm</b><br />Stadsbiblioteket, Stockholm Public Library - Free<br />Shopping at Bibliotekstan - Own expense<br />Gamla Stan - Own expense<br />Fotografiska - SGD19.40<br /><br /><b>Day 5 - Stockholm</b><br />Strandvagen - Free<br />Vasa Museum - SGD17.50 (Student rate. Adult at SGD20.70)<br />IKEA Kungens Kurvae - Own expense<br /><br /><b>Day 7 - Rovaniemi</b><br />Snowmobiling, ice-fishing and tasty food - Safartica - SGD235.50<br /><br /><b>Day 8 - Rovaniemi</b><br />Ski Lift Ticket for 3hrs- Student SGD37.50 (Adult SGD47.30)<br />Ski rental for 3hrs - SGD47.90<br />Day locker rental - SGD1.90 (Shared by 4pax)<br /><br /><b>Day 9 - Rovaniemi</b><br />Husky Safari into the deep forest - Wild Nordic Finland - SGD251.30<br />Snowshoe Trip - Lapland Welcome - SGD117.80<br /><br /><b>Day 10 - Rovaniemi</b><br />Building a snow igloo tour - Lapland Welcome - SGD237<br /><br /><b>Day 11 - Rovaniemi</b><br />1km Reindeer Ride- Santa Claus Village - SGD44<br />Softcopy photo & Video with Santa Claus - Santa Claus Village - SGD15<br /><br /><b>Day 13 - Helsinki</b><br />Old Market Hall - Free<br />Soumenlinna Fortress - Free<br />Shopping - Own Expense<br /><br /><b>Day 14 - Helsinki</b><br />Helsinki Cathedral - Free<br />Kotiharjun Sauna - SGD23<br />Baggage Storage in Helsinki Central Station - SGD4.5 (Shared by 2 person per big locker)<br /><br /><b>Day 15 - Copenhagen</b><br />The Little Mermaid - Free<br />Rosenberg Castle - Free (did not enter the museum)<br />Nyhavn - Own Expenses<br />Stroget - Own Expenses<br /><br /><b>Day 16 - Copenhagen</b><br />Freetown Christiana - Free<br />Baggage Storage in Copenhagen Central Station - SGD12<br /><span style="font-size: 13.5pt;"><o:p></o:p></span></span><br />
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-GB"><u><span style="color: yellow; font-size: large;">Grand
Total: SGD3,898.50</span></u><o:p></o:p></span></b></div>
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<br /></div>
<div class="MsoNormal" style="text-align: center;">
<span lang="EN-GB"><span style="font-size: small;"><b>Itinerary Download: <span style="color: magenta;"><a href="https://www.dropbox.com/s/8cwqp70k9diwyyt/Project1617.xlsx?dl=0" target="_blank">Project 1617 Itinerary</a></span></b></span></span><br />
<span lang="EN-GB"><span style="font-size: small;"><b><br /></b></span></span>
<span lang="EN-GB"><span style="font-size: small;"><b><br /></b></span></span>
<span lang="EN-GB"><span style="font-size: small;"><b>- The End -</b></span></span><br />
<span lang="EN-GB"><span style="font-size: small;"><b><br /></b></span></span>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEidDpyrBEYYLfKilEn2h54gQm1-Luo15rh3Kc0sQnNqqnwWHp1-Z-qojCALTu5lzzU5PEIXReaJM2FmYT5cL6aqjtuhXvjbu7cXOAnwWBueMGlE1oCcFcIbfki3PF3JVvRWQFbhMQQ_c5Is/s1600/pic+1.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEidDpyrBEYYLfKilEn2h54gQm1-Luo15rh3Kc0sQnNqqnwWHp1-Z-qojCALTu5lzzU5PEIXReaJM2FmYT5cL6aqjtuhXvjbu7cXOAnwWBueMGlE1oCcFcIbfki3PF3JVvRWQFbhMQQ_c5Is/s320/pic+1.jpg" width="240" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">"It doesn't matter where you travel. It's who you have beside you"</td></tr>
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<br /></div>
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Ricky Pehhttp://www.blogger.com/profile/15151634848349243650noreply@blogger.com1tag:blogger.com,1999:blog-1554385806293685428.post-27519288057857399562015-06-27T20:19:00.001+08:002018-01-12T16:41:24.286+08:00Comparison of Air Miles Credit Cards in SingaporeI have always enjoy travelling to different parts of the world. Wouldn't it be great if your daily expenditure can help you earn some air miles to exchange for free air tickets to your next destination? I have been researching on the different air miles credit cards in Singapore and here are the results. Guess which is my preferred air miles credit card?<br />
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I have made a comparison between 4 different credit cards namely UOB PRVI MILES PLATINUM, OCBC TITANIUM CREDIT CARD, ANZ TRAVEL VISA SIGNATURE CREDIT CARD and DBS ALTITUDE VISA CARD.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgymXZzadzcMgw9Y_oke3Z27W7mBc3YrFxne2MY-Bb5FyxLJXsnr4CTQDcxXs6L0GiXfMFjdoHQWirg7_ZyMzVfylw7n1PPosJvYuB7yVXUb5iteGFaNIcbazcgxVZ-K9Zn0cBwVNjwVoL2/s1600/Screen+Shot+2015-06-27+at+7.07.26+pm.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="135" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgymXZzadzcMgw9Y_oke3Z27W7mBc3YrFxne2MY-Bb5FyxLJXsnr4CTQDcxXs6L0GiXfMFjdoHQWirg7_ZyMzVfylw7n1PPosJvYuB7yVXUb5iteGFaNIcbazcgxVZ-K9Zn0cBwVNjwVoL2/s400/Screen+Shot+2015-06-27+at+7.07.26+pm.png" width="400" /></a></div>
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<b>Local Spending:</b></div>
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For local spending, UOB and ANZ offer the highest miles of 1.4miles per $1. However, I would prefer ANZ over UOB. This is because ANZ minimum miles required to convert is only 2000miles. This means you only need to spend $1,429 to be able to make your first conversion. For UOB, you need to spend at least $7,143 for your first conversion. Furthermore, ANZ allows you a time of 5 years to accumulate the miles before it expires, compared to UOB of only 2 years. Thus ANZ not only provide higher miles for local spending, but also better flexibility than UOB.<br />
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<b>Overseas Spending:</b><br />
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I don't usually put much attention in overseas spending to earn miles because I try not to use my credit cards overseas. This is because of the unattractive conversion rate charged by your bank as compared to changing at your local money changer. This is because when a foreign currency is charged to your credit card, it will first be converted to USD before converting it to SGD. Thus you are being charged on 2 conversion rates. However, it would be beneficial if your friends or family asked you to help them get some expensive goods from overseas but you don't want to carry too much cash with you.<br />
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<b>Others </b><br />
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Being an avid traveller, it seems that DBS Altitude suits my needs. You get to earn 3 miles per S$1 spend on all online and hotel transactions. That's a very attractive plus point of this card. However, the minimum required spending to make your first conversion is $8,334. But the good thing is there is no expiry date for your miles. So you can take as long as you want to accumulate. The only really downside of the DBS Altitude card is the conversion fee charged annually of $42.80 which is non-waivable. <br />
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To conclude, the best air miles cards that I prefer is actually 2 cards - ANZ Travel Card for your local spending and DBS Altitude Card for the booking of your air tickets and hotels. I would recommend to get both so that if you used up your ANZ credit limit, you can still earn 1.2 miles using DBS Altitude Card, which is not bad too. Please note that the above comparison does not include other benefits like welcome bonus, free travel insurance, limousine services etc that may be offered by some banks.<br />
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<b>Value of Air Miles</b><br />
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In this section, we are going to explore the value of each air miles. Ever wonder how much each miles actually worth per Singapore dollar spend locally? We are going to use Singapore Airlines Krisflyer miles of a return trip tickets from Singapore to London as an example.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5tTknqFrNCBJIBCSY4djPj7chbly-oia-rsk49jORyIcpoHZIGVOW3AaX6BSre5GqK5qULrdUzb_7r_40Jw5M1cvT0kQut_zUJ6of5dCtPARSr-h-mdTpjQhUMKhZTkj9EZLVvOOEWaNM/s1600/value.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="86" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5tTknqFrNCBJIBCSY4djPj7chbly-oia-rsk49jORyIcpoHZIGVOW3AaX6BSre5GqK5qULrdUzb_7r_40Jw5M1cvT0kQut_zUJ6of5dCtPARSr-h-mdTpjQhUMKhZTkj9EZLVvOOEWaNM/s400/value.png" width="400" /></a></div>
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From the above table, we can see that if we use ANZ card and use the miles to convert to Economy class tickets, every $1 spent locally, it is equivalent to 1.442% rebate. For Business class, it is 4.438% and for First class, it is 8.862% rebate. Thus it is better if you aim to convert the air miles to at least a business class tickets as the rebate on economy class is really peanuts. This table also shows you that if there is a cash rebate credit card that can offer a rebates higher than 4.438%, than it is more worth it to use that card. However, one has to take note of other fringe benefits and costs that the air miles card might offer or incur (eg. free limousine service, free travel insurance, welcome bonus, conversion fee etc.).<br />
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Cheers~<br />
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<br />Ricky Pehhttp://www.blogger.com/profile/15151634848349243650noreply@blogger.com1tag:blogger.com,1999:blog-1554385806293685428.post-71218277028261528542015-02-22T22:59:00.003+08:002018-01-14T15:18:15.864+08:00Keppel Corp for 2 weeksRecently, I bought into Keppel Corp after their announcement of their full acquisition of Keppel Land. The reason for this is because I believe the amount that they paid is fair and also due to the recent oil crash, the valuation of the company seems to be more and more attractive. I intend to hold this stock for the long term(the dividend payout is good too) and decided that if it were to drop further, I will buy more of it.<br />
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However, after 2 weeks, i sold off the shares. This is because of an email that was sent by my dealer. It reads:<br />
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<i><span style="background-color: black; color: white; font-family: "times" , "times new roman" , serif;">According to a 6 Feb 2015 article by Upstream, Brazil’s national development bank BNDES has postponed a US$3.2b credit lifeline for several Brazilian shipyards; this comes after news reports in mid Jan that BNDES would disburse loans to Sete Brasil for rig payments. This is negative news for Keppel Corp (KEP) as it affects the ability of Sete Brasil to make payments to its yards. KEP could see a delay in receiving payments, or worse still, there could be order cancellations. We estimate that Sete Brasil and Petrobras account for 40-50% of KEP’s order book. With the recent appreciation of KEP’s share price, there is now only a ~10% upside to our original fair value estimate of S$9.14. As the Brazilian situation is still fluid, we advise caution at this stage, and lower our P/E for the O&M segment from 13x to 12x due to increasing downside risks. </span></i><br />
<i><span style="font-family: "times" , "times new roman" , serif; font-size: x-small;"><br /></span></i>
Now with the crash in oil prices, oil companies will reduce their capital expenditure on oil rigs, which might impact on Keppel Corp future order book. However, Keppel Corp current order book is quite healthy, stretching into 2019. However, if the above statements materialise, this will means that Keppel oder book will be greatly impacted and risk of default by its customer will be high. I couldn't accept this risk and thus sold off all my shares. Not too bad though, I made a profit of 4.5% for a holding of 2 weeks.<br />
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Only when there is a much clearer picture of the above situation will I decide to invest in Keppel again.<br />
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Cheers~Ricky Pehhttp://www.blogger.com/profile/15151634848349243650noreply@blogger.com0tag:blogger.com,1999:blog-1554385806293685428.post-79231537931924692862014-08-11T02:31:00.004+08:002018-01-12T16:41:47.397+08:00Endowment plan- SavvySaverBefore I start, for the benefit of readers who doesn't really understand with some of the terms used in an insurance policy (which I am also confused about when I heard about it for the 1st time), I shall explain it as following in my own words:<br />
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Premium paid - The amount of money you have paid for the insurance policy.<br />
Guaranteed Maturity - The amount of money which is guaranteed return to you after the policy reach the end of its term (matures), unless the insurance companies go burst.<br />
Non-guaranteed Maturity - The amount of money which is <b>not a</b> MUST to be returned to you after the policy matures. The return may depends on factors like market condition. <br />
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So I was introduced to an endowment plan called SavvySaver which was told by the financial planner, will generate a return of 3.25% to 4.75% per annum. I have not much knowledge about endowment plan and just by listening to this, I thought it was not a bad plan considering that the current interest rate in the bank is less than 1% per annum. However, as my cash is deposited in OCBC 360 current account which gives a maximum interest rate return of 3.05% per annum if you fulfil all 3 of its conditions every month (which I always did), the endowment plan must generate a return of at least 3.05% before I will consider it.<br />
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On further investigation, I realised that the return is actually much lower. The image below is taken directly from the insurance company's website explaining to us how the plan actually works.<br />
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As I have said before that I don't have much knowledge about endowment plan, please pardon me if I have calculated wrongly and would appreciate readers could point out my mistakes so that I can learn from it. We will only discuss the top portion of the scenario given in the image where there is full accumulation of premiums paid with no withdrawals at any point of time. This is because if there is with withdrawals, the return will be even lower. <br />
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The Total Projected Maturity of $100,278 is based on the following scenario:<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh4jzObbz-ndsCKwsdPWnXKBuK3o00j7US2WYE0bRs9TK9XEAjalLeH6H1vcJ7hz6YxtOB8nOfgURwZn_L6akEDhC2Nf-21lEHJ80MbTpSgUqkLhvAqXx7R4iu49Jfy09s0eNtHa1OaUsVu/s1600/Screen+Shot+2014-08-11+at+12.19.44+am.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="251" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh4jzObbz-ndsCKwsdPWnXKBuK3o00j7US2WYE0bRs9TK9XEAjalLeH6H1vcJ7hz6YxtOB8nOfgURwZn_L6akEDhC2Nf-21lEHJ80MbTpSgUqkLhvAqXx7R4iu49Jfy09s0eNtHa1OaUsVu/s1600/Screen+Shot+2014-08-11+at+12.19.44+am.png" width="320" /></a><br />
Monthly premiums paid: $300<br />
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Duration: 21 years<br />
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Non-guaranteed bonus of $39,173: base on projected investment return of 4.75% per annum on the participating fund that the insurance company invest in. (This means that if the insurance company use your money to invest and the return is less than 4.75%, your non-guaranteed bonus and accumulated interest will be lesser)<br />
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So lets start with the calculation:<br />
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Every month you will be paying $300 for 21 years. So the total premium you have paid after 21 years is calculated as: $300 x 12months x 21years = $75,600<br />
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Ok now look at the image above. Have you notice something? Under the total projected maturity, the guaranteed maturity is only $61,105. You have saved up $75,600 for 21 years but in the end, they only guaranteed you a return of $61,105? This means that you are not even guaranteed the capital amount of $75,600 that you have put in. So what happen with the difference of $14,495 ($75,600-$61,105) that you have put in? After further investigation, I realised that this policy also comes with a basic life insurance plan. Most probably, the difference is paid for the basic life insurance plan (low coverage), administrative fees and agent commission. <br />
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Now lets calculate the effective return per annum, taking into consideration all the cost involved. The Total Projected Maturity is $100,278 after 21years based on the scenario mentioned above. So after 21 years, you have actually gained $24,678 ($100,278 - $75,600). Now we shall calculate the percentage return per year. This is calculated by:<br />
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($24,678/ $75,600) / 21years = 1.56% per annum<br />
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The return per annum is a measly 1.56%. This is lower than my expected return of 3.05%. This is not even higher than the average annual inflation rate. This is also definitely not the same as what was expected of a return of 3.25% to 4.75% per annum. Furthermore, the return of 1.56% depends on the insurance company being able to generate a return of 4.75% annum. You bear the risk of having even lower return if the insurance company couldn't generate a return of at least 4.75% per annum.<br />
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Cheers~ </div>
Ricky Pehhttp://www.blogger.com/profile/15151634848349243650noreply@blogger.com0tag:blogger.com,1999:blog-1554385806293685428.post-44187460396296407892014-06-11T20:19:00.000+08:002018-01-12T16:43:05.661+08:00About the Author It has been one and a half year since I last blogged. Was busy with my life, especially my study life. I have just completed my ACCA exams and am currently waiting for my results due to be out in August. Hopefully my effort will pay off.<br />
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It was tough studying ACCA. It was even tougher to manage a work-study-life balance. You know, having to go home everyday after work with a tired body but still have to think about preparing for your exams. When working, having difficulty to concentrate on your work cause you want to spend time to study for your exams. But glad that I'm able to pull through with the help and understanding of my colleagues.<br />
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I am so glad for fate to allow me to have a chance of taking up ACCA. It was something that gave me an aim in life. Allowing me to know what I really want to do in my life. For this, I have to thank 2 very important and respected person whom I met in my life.<br />
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I was then 21 years old, still serving my national service. I have obtained a Diploma in Electronics. But then i'm not very interested in it because my O levels results wasn't good enough for me to choose the course that I want to study. At that time I am thinking seriously of what I want to do in life? Even though I studied engineering, I don't want to go into engineering field because i'm have no interest in it. I like investing and I guess that was something that I picked up due to my interest in reading newspaper. I started reading newspaper when I was 14 years old and I got to absorb on some financial news. I realised that the only way to be financially free was to be financially literate, learning the art of investing to allow my money to grow at a faster rate. So I went to research on the degree course that I can study and finally decided on getting a degree in Economics and Finance. As my national service is only during the normal office hours (8am to 5pm), I decided to take the part-time course. <br />
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Next comes the consideration of the cost involve in obtaining the degree. It cost almost $40,000 in total. As a person who is still serving his nation, it is not enough to pay off the fees even if I save every single cents of my allowance every month. So I discussed it with my parents and my dad decided to borrow from his company to fund my studies. The directors of the company requested for a meet up with me to discuss about the loan. Then they advise that I should take up ACCA instead and they are happy to fund my studies fully with no string attached. That's how I ended up taking ACCA and I am really grateful for that. Well it cost much less for ACCA qualification compared with the degree, which I think is value for money.<br />
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I have so much interest in what I am studying. I studied Financial Management and learned how to value a company and interpret financial statements. I studied Performance Management and learned about managing cost in business. I studied Taxation and learned about the tax system in Singapore. I studied Financial Reporting and learned how to prepare financial statements. I studied Audit and Assurance and learned how the figures in financial statements are derived. All this are critical understanding for me as an investor. I have fun learning all these modules except that I hate the exams. It gives you so much anxiety, knowing that the worldwide passing rate is usually less than 50%, sometimes only 30%. How great is it if I can just study without taking the exams. However, due to the difficulty of the course, it makes you appreciate the qualification even more. <br />
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So now since i'm much more financial literate and have much more time, I will start to focus on my investment, applying what I have studied in my stock picking. So which company should I analyse first? I have some company which I am currently interested in like Capitaland, Old Chang Kee, ComfortDelGro etc. Will blog about it once i'm done with my research!<br />
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Just an update on my current holding. I am currently holding on to more cash than stocks. The recent stock markets have been breaking new high and thus I think the margin of safety is low. I will wait for a better time to enter the market. And waiting is also considered a strategy.<br />
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As written in my previous post, i have bought Apple shares one and a half year ago. Today I am still holding on to it and it has helped me generate a return of almost 50%! I will continue to hold on to it unless there is a severe change in market condition.<br />
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Cheers~ Ricky Pehhttp://www.blogger.com/profile/15151634848349243650noreply@blogger.com0tag:blogger.com,1999:blog-1554385806293685428.post-33178236769404564802013-06-01T11:57:00.002+08:002018-01-14T15:18:33.786+08:00CASH is KINGDue to the recent sell down, I have sold off almost all of my stocks to lock in my profits. Although I believe in holding on for the long term like what Mr Warren Buffet has always preached, I am a fairly new investor and I believe I will make more mistakes along the way. Thus I would like to lock in my profit now, earn some capital gain and give myself a bigger margin of safety to prepare myself for any mistakes I might make in the future. Will stay sidelined till there are buying opportunities with the cash I have in hand!<br />
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I am currently pursueing my ACCA studies and have 4 papers left before I can complete the course. Recently I have completed my thesis writing for Oxford Brookes University in collaboration with ACCA for the BSc (Hons) in Applied Accounting. My thesis topic was to do a Business and Financial Analysis on Raffles Medical Group. Thanks to this thesis report writing experience, I found that I am truely interested in doing analysis on companies. And I hope I could share with fellow investors what I have learned and applied in my stock picking. Thus I will do an analysis on companies that I have identified and see if it is worth investing in them and post it up on this blog to share. This will help me sharpen my analytical skill and continue keeping me interested! However, I will do it after my exams which falls on 10 June as I need to focus on my study first. Maybe I will also share my thesis report after the result is out which falls in September.<br />
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Also I have just bought into APPLE (AAPL) shares recently. My reason being:<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjfgH7i7hCBHg51vJ8zFwBDQafYUPYYR_7bioVFdFApd2d6kFLIzf8BvLVTNyMztH6BGuOdXHfhMfEmcKVPpS9DQNLwEitIE7iZknJXfIUeVkfPNZRywFayxujrgwQAiu1nBPhkKJcPLswE/s1600/apple-wallpaper-logo.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="180" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjfgH7i7hCBHg51vJ8zFwBDQafYUPYYR_7bioVFdFApd2d6kFLIzf8BvLVTNyMztH6BGuOdXHfhMfEmcKVPpS9DQNLwEitIE7iZknJXfIUeVkfPNZRywFayxujrgwQAiu1nBPhkKJcPLswE/s320/apple-wallpaper-logo.jpg" width="320" /></a></div>
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1) $140billion of cash in hand - Surely, cash is king! I believe with such huge resources on hand, they could seriously do something about it. Hope they have some exciting new product in line which may be announced in June!<br />
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2) Low debt - They have very very very low debt except for the recent debt deal for the purpose of stock repurchasing. The stock repurchasing shows confidence of management in the future of the company. Also, it is cheaper to issue debt than to repatriate the $100billion cash from their overseas operations as it will be subjeted to 35% tax rate! Although someone may argue that it is unethical for Apple not to pay their fair share of taxes, it is totally legal to do so. We are talking about business here and if it is unethical, maybe the governement should do something on revising their law that may encourage companies to repatriate the money, like reducing the tax rate and give tax rebates to companies repatriating the money to re-invest in US. <br />
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Furthermore, Apple must find a balance between cost of debt and cost of capital. And currently, cost of capital is more expensive than cost of debt. Thus by issuing debt it is actually a cheaper source of finance for apple. <br />
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3) First mover advantage - Apple is the first company that revolutionize the whole industry. It is still producing quality products. The recent drop in their share price is because people think Apple is not as suprising as they used to be. However, their revenue is still increasing. People are still buying their products. And they will still be producing new quality items. Companies are still copying them. Apple is a brand that differentiate itself from its competitor. <br />
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These are just some of my brief comments on Apple. I believe in the future of Apple Inc. Its up to you whether you believe it or not.<br />
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Cheers~Ricky Pehhttp://www.blogger.com/profile/15151634848349243650noreply@blogger.com0tag:blogger.com,1999:blog-1554385806293685428.post-8554877278799706302012-10-02T13:44:00.002+08:002018-01-12T16:43:43.683+08:00Value.Able by Roger MontgomeryWent to a seminar by Roger Montgomery last weekend and somehow, he inspired me. <br />
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Currently on my investing journey, I am quite unsure whether the way I make my investment decisions are right or wrong. I guess sometimes my decisions are irrational, bought on impulse, sell on fear. Trying to predict and beat the market. Sometimes I got it right, but sometimes I got it wrong. And I felt a bit of emptiness because I know I am not investing, but speculating.<br />
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Also, I bought a book written by him called Value Able. <br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgxvnp14umGs3hjvbxiDpiJhptEy13C6tNfxibwZujHEj8_hTrQl3-rEnJIfdx4JidTwDDw72qx9V-d5GOL3rfncW_OZLLX3dOv4FKdSe-JlHWQsNX9y6IzdigHk8O-CXb5RpKJVkIK1oa5/s1600/IMG_1070.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgxvnp14umGs3hjvbxiDpiJhptEy13C6tNfxibwZujHEj8_hTrQl3-rEnJIfdx4JidTwDDw72qx9V-d5GOL3rfncW_OZLLX3dOv4FKdSe-JlHWQsNX9y6IzdigHk8O-CXb5RpKJVkIK1oa5/s320/IMG_1070.JPG" width="240" /></a></div>
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This book is about value investing and it teaches you how to value a company based on its ROE. One of the favourite quote that I like is "invest in the business, not it's stock". To be a value investor, I have to keep reminding myself about this quote.<br />
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After reading it half-way through, I am determined to have a plan in my investment strategies which I learned from the book and follow it. No more being a speculator which I always thought I am not. <br />
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Cheers~Ricky Pehhttp://www.blogger.com/profile/15151634848349243650noreply@blogger.com0tag:blogger.com,1999:blog-1554385806293685428.post-30951488367872358252012-06-19T17:57:00.003+08:002018-01-14T15:18:47.728+08:00IHH IPO<span style="font-size: medium;">Can't wait for IHH healthcare to be listed. I have always been attracted to healthcare stock. One very simple reason is because healthcare is a need, not wants. And I put my bet in them being a leading premium healthcare provider in the region.</span><br />
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<span style="font-size: medium;">below are the extract from <a href="http://www.valuebuddies.com/thread-2159-post-26607.html#pid26607">http://www.valuebuddies.com/thread-2159-post-26607.html#pid26607</a> </span><br />
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<strong><span style="font-size: medium;">S</span></strong><strong><span style="font-size: medium;">'pore retail investors offered 52m IHH shares</span></strong><span style="font-style: italic;">IPO to run from July 4-11; Temasek, GIC among 22 cornerstone investors</span><br />
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By JONATHAN KWOK <br />
SINGAPORE retail investors will be able to ballot for 52 million shares in the widely anticipated initial public offering (IPO) of IHH Healthcare. <br />
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The company, Asia's biggest hospital operator, lodged the prospectus for its large-scale dual listing in Singapore and Malaysia yesterday.<br />
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The 552-page document - excluding appendices - did not reveal the price of the shares but stated that 52 million of the 2.23billion share offering, or about 2.3 per cent, will be for the Singapore public.<br />
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About 36 million shares are slated to be placed out to Singapore institutional investors. Including shares for directors, employees and business associates based here, the entire Singapore offering will be 140.6 million shares.<br />
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The Malaysia offering will be 208.5 million shares, including 161.1 million shares for the Malaysian public.<br />
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Some 498 million shares will be for placement to institutions, such as global investors, and 1.39 billion shares - about 62 per cent of the entire offering - will be for the 22 cornerstone investors which have already signed up for the IPO. <br />
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The prospectus also showed that the Government of Singapore Investment Corp is among the cornerstone investors, confirming earlier reports that the sovereign wealth fund had signed up. <br />
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Fullerton Fund Management, a wholly owned subsidiary of Temasek Holdings, has also signed up. Global investment manager BlackRock and subsidiaries of the AIA Group will be investing, as will Como Holdings, which is owned by hotelier Ong Beng Seng, and Malaysia's Employees Provident Fund.<br />
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Another one of the high-powered investors is Kencana Capital, an investment holding company controlled by Datuk Mokhzani Mahathir, who is the son of former Malaysian prime minister Mahathir Mohamad.<br />
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About 90 per cent of the public issue will be used to repay debt with the rest for working capital and listing expenses. <br />
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The IPO will 'enhance the stature of our company to market our services and expand our market position' and allow 'access (to) the equity capital market' for growth opportunities, said IHH in the prospectus. <br />
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Risk factors cited included the group's 'substantial leverage'. <br />
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The units making up the group earned combined profits of RM379.9 million (S$153million) last year, down from RM554.4million in 2010, but up from 2009's RM83.2million.<br />
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For the first quarter of this year, profits were RM123.8million, from RM101.9million in the same period last year.<br />
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The document said that the public offering will run from July4 to 11, with the price of shares set to be determined on July 12 after a placement exercise. <br />
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Trading is slated to start on July 25.<br />
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Among its operations, IHH Healthcare runs Singapore's Mount Elizabeth, Gleneagles and Parkway East hospitals. <br />
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These assets, among others, had been operated by the previously listed Parkway Holdings, which was taken private for $3.5 billion by Malaysian state investor Khazanah Nasional in 2010. <br />
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Parkway was restructured and packaged with many other operations - such as medical facilities and a health-care university in Malaysia and health-care operations in Turkey for this listing.<br />
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Some reports have suggested that IHH's shares will be sold at RM2.85 each to raise more than RM6.36 billion, though some earlier reports have estimated a more conservative figure of about RM4.7 billion.<br />
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While experts have been scrambling to estimate the windfall for Khazanah, the listing will boost Singapore's stock market too. <br />
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IHH will be the largest listing so far this year in Singapore, with the biggest so far being the $221.7 million April offering by Bumitama Agri.Ricky Pehhttp://www.blogger.com/profile/15151634848349243650noreply@blogger.com0tag:blogger.com,1999:blog-1554385806293685428.post-91170630349884518712012-05-28T23:34:00.000+08:002018-01-12T16:44:56.477+08:00Securities Trading with Standard Chartered BankJust submitted my saving account application to Standard Chartered Bank because I have decided to open a securities account with them. The commission charge is 0.2% with no minimum commission which I think is very good for a small trader like me. Good news for my "gross margin"!Ricky Pehhttp://www.blogger.com/profile/15151634848349243650noreply@blogger.com0tag:blogger.com,1999:blog-1554385806293685428.post-33578756438184265222012-05-27T20:32:00.002+08:002018-01-12T16:45:08.247+08:00Taking The 1st StepI opened my first trading account in 2010. I was then 21 years old. I remember vividly the first trading that I made. I guess my newspaper reading habit helps me to decide the first stock for me to invest in. I was looking for good fundamental stock which will grow in value in the future and I read an article in the newspaper that talks about ageing population. Thus I decided to invest in one of the healthcare stock. <br />
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I chanced upon Thomson Medical stock and thought that this company is a leading healthcare provider for woman and children and thus I decided to invest in it. <br />
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The first trade was quite a struggle when I was deciding whether to enter the market. A lot of "What ifs" appeared in my mind before I click on the "BUY". What if I lose all my money? What if the market crash? But then I convinced myself that the capital amount that I put in is an amount of money that I can afford to lose. If I want to learn how to invest, I have to take this important first step. So I clicked on the "BUY" and my investing learning journey continues till today. <br />
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I guess I was lucky then. I bought Thomson Medical at a price of $0.830/share. Within 3 months, Peter Lim announced that he will acquire majority stake in Thomson Medical at a price of $1.75/share and I sold my share, making a return of 111%. I was so elated then. But the subsequent investment that I made wasn't that lucky though and up till today, I am at my breakeven point.<br />
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I am enjoying the process of investing. Learning and gaining experience from every profit or loss that I made. I have pick up some books to read to improve my financial knowledge so that I can fine tuned my investing strategies. <br />
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I decided to start this blog so that I can record every bits and pieces of my investing journey. I will be sharing information and views on stock that is under my watchlist and some personal views of the world issues. Ricky Pehhttp://www.blogger.com/profile/15151634848349243650noreply@blogger.com0