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Saturday, 16 November 2013

CPF - Closing Status 15 November

Divested away SingPost 8 lots in this week from my CPF portfolio for a nett gain of $43 as part of regular portfolio re-balancing.  In its 2Q2014 results, revenue +32.6%, Profit +9.7%. Total expenses +34.9% as its business expands and transforms into a diversified group with a bigger regional presence and lower-margin businesses   There is much room to improve on synergy and productivity from within.  Finance expenses -65.8%  as it had repaid the $300 mil bond in Apr'13.  Healthy operating cash flow.  It continues to conserve cash to support its investment needs as part of its growth strategy , anticipated capex, working capital and other funding requirements.

Added Tee International 10 lots in this week under CPF portfolio so total holding in it now at 30 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.  Recently 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. 

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 :-

-$6,846 Total Returns as of 08 Nov 

+$43 Gain on sales of SingPost 

+$196  Unrealised positions improved

-$6,606 Total Returns as of 15 Nov

previous journal :- CPF - Closing Status 08 Nov

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