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Saturday, 2 November 2013

CPF - Closing Status 01 November

Divested Cache Logistics Trust 10 lots in this week under CPF portfolio at nett gain $77 as part of regular portfolio re-balancing.  Divestment happened after it went XD on 29 Oct so l am still entitled to its dividend amount to be received around 27 Nov.  It just released 3Q2013 financial results.  DPU slightly lowered by 0.8% due to higher number of issued units.  NPI higher by 8.5% for 3Q2013.  Property expenses gone up 27.7% from Qtr 2 to Qtr 3 due to one off reversal of expense accrual in Qtr 2.   As of end Qtr 3, its NAV was valued at $0.97 but Mr Market believes that it is worth much more with its Friday closing price at $1.19.  No debt re-financing requirement till 2015.  70% debts hedged by way of fixed interest rate swaps.  Its $375 mil secured term loan (includes $62 mil undrawn) are well spread out across 19 international banks.   Continued to maintain a portfolio occupancy at 100% in 3Q2013.  No lease expiry renewal risk for the remaining months of 2013.  And only 3% of total GFA lease to be renewed in year 2014.  Over 85% of GFA taken up by MNCs and government entities.

Invested into Mapletree Greater China Commercial Trust 5 lots in this week.   It just released 7M2014 (7 Mar'13 to 30 Sep'13) financial results and made comparisons against forecast made during IPO launch.   Achieved higher NPI +8.6%.  Available distributable income +10.5%.  Its NAV as of end Sep'13 was at $0.98 and its last done share price on this Friday was at a discount to NAV at $0.93.  Earliest debt expiry is in year 2015 and is well staggered into year 2018 at average 33% each year.  Borrowings interest rate for 71% of total debt fixed till year 2015.  Portfolio occupancy rate at 99% as of end Sep'13.  87% of expiring leases in current financial year have been renewed or re-let.  To ensure stability of S$ distributable income, it has hedged 100% of HK$ distributable income for Year 1 and 90% for Year 2.  In addition, it has progressively converted CNY distributable income to SGD.

l will know the exact investment costs and divestment proceeds when the bank send the CPF Investment statement to me after month end; which l will then make necessary update to the Total Returns.


Portfolio walk since previous posting :-

-$5,871 Total Returns as of 25 Oct

+$77 Gain on sales of Cache Logistics

-$230  Unrealised positions worsened

-$6,024 Total Returns as of 01 Nov

previous journal :- CPF - Closing Status 25 Oct

2 comments:

  1. Hi MH

    I'm looking into MAGIC also.

    How much do you think it can go up to before going Ex-dividend?

    ReplyDelete
  2. MAGIC is a solid company (strong backing from Mapletree Group) to invest in which derive its revenue income from growing income and high population countries. Many investors are still sitting on the sidelines for stocks prices to crash which to me does not make any sense whereby great investment opportunities cannot wait for those still procrastinating. So even when its price lowered after XD then it is okay; invest in it long term for passive income stream lor. I do not know how much it can go up before it goes XD as l usually not so bothered with it. Sorry for not able to help much.

    ReplyDelete

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