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Saturday, 23 November 2013

CPF - Closing Status 22 November

Invested into Cache Logistics Trust 2 lots in this week under CPF portfolio.  In its recent 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 $1.145.  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 Keppel Reit 3 lots in this week under CPF portfolio.  In its recent 3Q2013 financial results;  DPU was up slightly by 0.5%.  Property expenses gone up 19.2% from Qtr 2 to Qtr 3 due to higher repair and maintenance costs amounting close to $1 mil variance.  NPI higher by 6.8% for 3Q2013.  Profit +20% due to higher NPI, interest income, profit from its related companies and lower amortization expenses; but offset by lower rental support, higher borrowing costs and management fees as a results of the larger portfolio of assets under management.  As of end Qtr 3, its NAV was valued at $1.27 but Mr Market believes that it is worth much more with its Friday closing price at $1.18.  99.4% committed occupancy as at end Sep'13.  Six out of eight buildings are 100% occupied.  88% of assets in Singapore and 12% of assets in Australia.  100% of Singapore properties located in the prime CBD.   Ocean Financial Centre Phase 2 comprising the seven storey retail and car park annexe received TOP.  For Australia, five premium office buildings in the CBDs of Sydney, Melbourne, Brisbane and Perth.  On 1 Aug'13, completed the acquisition of 50% interest in Melbourne which is immediately DPU accretive.  Leases expiring as a percentage of total portfolio NLA at 3.4% in year 2014 and 9.3% in year 2015.  There are no refinancing requirements over the next 24 months and nearly 70% of the borrowings are at fixed interest rates.  Completed early refinancing of 100% of borrowings due in 2013 and 2014.   

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 :-

-$6,606 Total Returns as of 15 Nov

-$386  Unrealised positions worsened

-$6,992 Total Returns as of 22 Nov

previous journal :- CPF - Closing Status 15 Nov

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