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Saturday, 9 November 2013

Cash - Closing Status 08 November

Received the following dividends in this week for my Cash portfolio :-
$22.00 Sabana Reit

Intended to increase Sabana Reit 1 lot in this week but ended up with sell order input error.  This resulted in nett loss of $41.  Per its recent 3Q2013 financial results,  NPI +4.6%, income available for distribution +3.7%, DPU +1.7%.  Its Friday closing price at $1.095 almost match its end Qtr 3 NAV of $1.08.  Its new purchase high-tech industrial building in Chai Chee Lane will increase its income stream even though it has 50% vacancy.  It is still working to convert five master leases (generates 44.7% of its gross revenue) expiring 25 Nov into multi-tenanted ones.  Lease expiring in 2014 is lower at 8.7% of (3Q2013) gross revenue and it will not rest on its laurel based on 2013 expiring leases experience.  Its gearing is quite high at 37.5%.  But about 97% of its total debt was at fixed rates and this reduces the impact of fluctuations in profit rates on the distributable income.

Made a $35 donation to Xin Yuan Community Care in this week.

Added Tee International 3 lots in this week under Cash portfolio so total holding in it now at 9 lots.  It delivered mix financial results for 1Q2014; revenue +ve 24% driven by ongoing and completed engineering projects and profit -ve 62% due to higher administrative expenses and higher opex.  Higher administrative expenses was due to one off bonus payment to employees and higher staff costs and headcount in line with its business and operations expansion.  Giving extra bonuses is a good thing to do as it motivates employees which is in recognition of their hard works.  Higher opex due to unrealized forex losses that resulted from the depreciation of the MYR against the SGD.  It is in net cash used at the moment mainly due to cash received from receivables net off payment to trade payables, interest and income tax expenses and decrease in development properties.  Its chief executive & managing director, Mr Phua has 51% shareholding in Tee Intl as shown in the 2013 annual report so one can be well assured that he will run this company with very much more care and growing it at the same time.  Last week, it has signed an MOU with Loxley Public Company, a public company listed on the Stock Exchange of Thailand to explore opportunities in renewable energy business and related activities in the Indochina region - Myanmar, Laos DPR, Vietnam, Thailand and Cambodia.

Added Asian Pay TV(APTT) 2 lots and divested away 1 lot in this week so total holding in it now at 25 lots under Cash portfolio.  Divestment was for a nett gain of $21.  Recently acquired Taiwan Broadband Communications (TBC).  Subscriber households have grown, average revenue per subscriber is constant, penetration rates have increased, all leading to growth in TBC earnings.  Taiwan regulator already approved TBC expansion to greater Taichung which opens up opportunity to increase  household network coverage by up to 400,000.  NAV as of end June at $0.94 and last done share price at discount of $0.77.  Interest rate swaps have been entered into, which fix a significant portion of the interest rate exposure from TBC's borrowings.  For growth in penetration rates, premium digital cable tv and broadband to increase as a result of up-selling and bundling strategies, increased set-top box penetration, greater availability of digital content, need for reliable internet access.  Network expansion through re-zoning is an opportunity for APTT.  Positive ongoing discussions with Taiwan tax authorities to resolve tax dispute. 

Added HPH Trust 1 lot in this week so total holding in it now at 2 lots.  Its 3Q2013 financial results did not go well with investors but l do not think it is justified.  Its 3Q2013 revenue and profit was +1% and -2% respectively versus last year <--- flat results.  A flat financial results is quite admirable when the world economy is almost in turmoil and freight rate recovery is still quite shaky at the moment.   It is in Net Current Liabilities status as of end Sept'13 but overall still at Net Assets status; due to timing of US$3.6 billion term loan facility agreement for the refinancing of the existing facilities which was signed in late Sept'13.  It is still in free cash flow status.  Higher profit from new acquired Yantian container terminals was partially offset by lower profit in Hongkong international terminals.

Divested all away CM Pacific 3 lots in this week under Cash portfolio at nett gain $11 as part of regular portfolio re-balancing.  For its 3Q2013 financial results, revenue +37% driven by new income stream from Beilun Port expressway and revenue growth from Yongtaiwen expressway; of which resulted in Profit +36%.  It maintains its free cash flow status.  

Invested into Frasers Centrepoint Trust  1 lot in this week under Cash portfolio.  For its 4Q2013 financial results, NPI lowered by 5.0% due to higher property expenses because of higher property tax and maintenance expenses.  FY2013 NPI were lower at both Anchorpoint and Bedok Point.  FY2013, NPI grew 6.9% year on year or a 14.5% CAGR measured from FY2008; DPU grew 9.2% year on year or a 8.9% CAGR measured from FY2006.  Gearing 27.6% is at its lowest level in FY2013 since FY2007.  94% of borrowing on fixed rates or hedged via interest rate swaps; of which 10.2% of total borrowing due in Jan'14.  32.1% lease expires in 2014 followed by 39.0% lease expiry in 2015; of which both Causeway Point and Northpoint account for substantial portion of it.    

Portfolio walk since previous posting :-

+$3,927 Total Returns as of 01 November

+$22 Dividends from Sabana Reit

+$32 Gain on sales of Asian Pay TV, CM Pacific

-$41 Loss on sales of Sabana Reit

-$35 Donation to Xin Yuan Community Care

-$721 Unrealised positions worsened

+$3,185 Total Returns as of 08 November

Previous posting :-Cash - Closing Status 01 Nov

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