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Saturday, 30 November 2013

SRS - Closing status 29 November

Invested into Mapletree Industrial 2 lots in this week under SRS portfolio.   For its 2Q2014 financial results, NPI +11.6% despite the exit of a major tenant.  81% of borrowings had been hedged through interest rate swaps and fixed rate borrowings.  Amount distributable to unitholders +9.7%.  NAV as of end Sep'13 at $1.11 but Mr Market says it is worth $1.35 at the moment.   Aggregate leverage ratio 36.2%.  As of end Sep'13, net current liabilities position due to the reclassification of long term borrowings which are maturing in Aug'14 and Sep'14 (for financial year 2015); which it has commenced discussions with banks to either extend or refinance these loans.  Portfolio occupancy 93.9%.

Invested into Mapletree Logistics 2 lots in this week.  For its 2Q2014 financial results, NPI -1.3%; excluding the forex impact then NPI +3.4%.  Borrowing costs -27% due to lower average interest rates achieved and weaker JPY.  Impact of weaker JPY on distribution is mitigated by currency hedges.  Amount distributable to unitholders +7% driven by enlarged portfolio, positive rental reversions and lower financing costs.  NAV as of end Sep'13 at $0.93 but Mr Market says it is worth $1.05 at the moment.  Aggregate leverage ratio 34.4%.  74% of total debt hedged into fixed rates.  Portfolio occupancy 98.7%.    

Reduced Asian Pay TV(APTT) 5 lots at $41 nett gain as part of usual portfolio re-balancing.  Total holding in it now at 8 lots under SRS portfolio.  Subscriber households have grown, average revenue per subscriber is constant, penetration rates have increased, all leading to growth in recently acquired Taiwan Broadband Communications (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 Sep'13 at $0.91 and last done share price at discount of $0.78.  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.

Portfolio walk since previous posting :-

+$7,591 Total Returns as of 22 Nov

+$41 Gain on sales of Asian Pay TV

+$36 Unrealised positions improved

+$7,666 Total Returns as of 29 Nov

previous posting :- SRS - Closing status 22 Nov
 

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