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Announcement:

Moody's :Temasek's full year results support its Aaa rating

10 Jul 2015

Singapore, July 10, 2015 -- Moody's Investors Service says that Temasek Holdings (Private) Limited's (Temasek) full year results continue to support its Aaa rating with stable outlook.

Temasek recorded a SGD43 billion or 19% growth in its net portfolio value to SGD266 billion for the year ended 31 March 2015 (FY2015).

"The strong growth in Temasek's net portfolio value was largely driven by the resilient price performance of its Singapore-listed entities and its China-based financial sector investments," says Alan Greene, a Moody's Vice President and Senior Credit Officer.

As of 31 March 2015, Temasek's underlying assets in Singapore contributed to about 28% of its total portfolio. The value of its listed Singapore investments would have broadly tracked the 8.1% rise in the FTSE Straits Times Index since 31 March 2014 and delivered a corresponding average dividend yield of 3.2% (Source: Bloomberg).

Moody's notes that FY2015 was the most active year for Temasek since March 2008, as the company made SGD30 billion of investments and SGD19 billion of divestments. Major investments in FY2015 included the purchase of a 24.95% stake in A.S. Watson (unrated) for USD5.7 billion and the increase of Temasek's stake in Olam International (unrated) from 25% to 58% over the course of the year.

In recent years, Temasek has increased its investment in venture capital, private equity, infrastructure and in small and medium sized enterprises through its collection of specialist investment companies, and its direct investment in pre-IPO situations. Alibaba Group Holding Limited (A1 stable) and Markit Limited (unrated), where Temasek had built-up stakes since FY2011 and in FY2014 respectively, were successfully listed in FY2015.

"The 22% rise in Alibaba's stock since its IPO in September 2014 contributed to the overall increase to Temasek's net portfolio value," adds Greene, who is also the lead analyst for Temasek.

Temasek maintained its net cash position at the end of FY2015. This is driven by a steady dividend income stream from its investee companies of SGD7.9 billion in both FY2014 and FY2015. Singapore Telecommunications Limited ("Singtel", Aa3 stable), its single largest investment at 13% of total portfolio value, paid an unchanged dividend, while only Repsol S.A. (Baa2 negative), one of its other major listed investments, declared a significantly higher dividend during the year.

In addition to the dividend flow, Temasek received a SGD1 billion return of capital from Singapore Power Limited (Aa2 stable) of SGD1 billion. The company had divested some of its Australian power assets in January 2014.

"Apart from dividends, Temasek's ability to monetise its assets -- it has sold an average of SGD14 billion annually over the last three years - represents a key support to its liquidity," continues Greene.

Despite the proposed change in the Budget Speech in February 2015, to base the Singapore Government spending in its budget on Temasek's expected long term returns under the Net Investment Returns framework, rather than the dividends the Minister for Finance receives from Temasek, Moody's does not expect this to affect Temasek's cash flow, long-term investment strategy, operations or dividend policy.

As of 31 March 2015, Temasek has SGD3.8 billion debt maturing over the coming 12 months. This includes the repayment of its maiden USD bond in September 2015 of USD1.75 billion (SGD2.4 billion). Apart from its cash on hand, Temasek can draw on its USD5 billion Euro-commercial Paper Programme as a source of liquid resources.

The principal methodology used in this rating was Global Investment Holding Companies Industry Methodology published in October 2007. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Temasek is an Asian investment company headquartered in Singapore. It was founded in 1974 to hold and manage the investments of the Government of Singapore, with the philosophy of managing them for long-term value based on commercial principles. The company is an active investor and shareholder which aims to deliver sustainable value over the long term for its stakeholders.

Temasek is 100%-owned by the Government of Singapore through the Minister for Finance, a body corporate under the Singapore Minister for Finance (Incorporation) Act (Chapter 183). The company is designated a Fifth Schedule entity under the Singapore Constitution. Other Fifth Schedule entities include companies such as GIC Private Limited, and statutory boards such as the Monetary Authority of Singapore, which manage the nation's critical assets.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Alan Greene
VP - Senior Credit Officer
Corporate Finance Group
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Philipp L. Lotter
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Releasing Office:
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Moody's :Temasek's full year results support its Aaa rating
No Related Data.
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