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Sunday, 1 December 2013

Cash - Closing Status 29 November

Added GRP Ltd 24 lots in this week under Cash portfolio but within the same week l have divested some of it; first divestment of 13 lots for $23 nett gain and another divestment of 3 lots for $10 nett gain.  Remaining total holding of 19 lots.  For its 2013 financial results, revenue -2.3% mainly due to lower non recurring projects completed in last year for its Measuring Instrument segment which also impacted profit.  Profit -30.3%.  Lower other income due to one time gain for the disposal of its China subsidiary in 2012.   It recently did a rights cum warrants issue for the required funding to develop and manage properties in Myanmar.  Also, this blog has an interesting read on GRP :- http://reaching4financialfreedom.blogspot.sg/2013/12/52-week-low-stocks-29-nov13-cheung-woh.html and also, http://sillyinvestor.wordpress.com/2013/12/02/grp-one-of-the-weirdest-company-i-have-seen

Added Far East Hospitality Trust 1 lot and divested it away in the same week for $36 nett gain.  No change to total holding 7 lots.  In its 3Q2013 financial results, NPI -9.4% versus forecast, income available for distribution -7.4% versus forecast, DPU -7.8% versus forecast.  The operating environment remained challenging due to higher than expected price competition from the new supply of hotels and tight corporate budget.  The stronger SGD resulted in fewer bookings from key tourist markets, Indonesia and Malaysia. The acquisition of Rendezvous Grand Hotel Singapore and Rendezvous Gallery was completed on 1 August 2013; and has been repositioned as an art-inspired hotel. To address the competition in the mid-tier/upscale hospitality sector, it will focus on revenue management, growing the corporate segment and driving more direct bookings on its own website to improve yields.  On capital management, it has fixed the interest rate for all term loans maturing beyond 2016. This represents 62% of the total loan portfolio and will result in an expected composite interest cost of 2.3% per annum in the fourth quarter.  It plans to upgrade approximately 10% of the hotel rooms and serviced residence units in the portfolio in the next 12 months.

Invested into JMH 400US$ 40 shares in this week under Cash portfolio.  For its 1 July'13 to 5 Nov'13 financial results; earnings were broadly in line with last year and if this trend persists then it would be third consecutive years of flat profit.  Of the businesses directly held, Jardine Pacific - decline in profit, Jardine Motors - improved earnings, Jardine Lloyd Thompson - on acquisition spree lately.  Of the businesses held through Jardine Strategic, Hongkong Land - strong performance, Dairy Farm - compressed margins, Mandarin Oriental - faster growth in Europe but slow demand rebound in Asia, Astra - increased competition in the car market, high employee costs, lower commodity prices, weaker rupiah.

Received the following dividends in this week for my Cash portfolio :-
$91.56 Suntec Reit
$22.40 Ascendas India Trust
$1.80 Sabana Reit
$125.00 Tee International
$24.80 Keppel Reit
$127.56 Cache Logistics Trust

Reduced Tee International 8 lots in this week under Cash portfolio as part of usual portfolio re-balancing.  First divestment of 4 lots for $14 nett gain and another divestment, also of 4 lots for $14 nett gain.  Remaining 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.  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. 

Divested away Duty Free 5 lots in this week under Cash portfolio as part of usual portfolio re-balancing for $82 nett gain.  For its 2Q2014 financial results, revenue -1.3%, profit -65.5%.  Profit lowered mainly due to decrease in revenue, higher net foreign exchange loss and rental of premises of RM5.9 mil and RM 3.0 mil respectively.  To improve operational efficiency, in this week it announced internal reorganization exercise and disposal of its shareholding in its so called Border Town and airport businesses and Down Town businesses which scheduled to be completed within current financial year.    

Reduced Asian Pay TV(APTT) 3 lots at $28 nett gain as part of usual portfolio re-balancing.  Total holding in it now at 23 lots under Cash 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 :-

+$2,671 Total Returns as of 22 November

+$393 Dividends from Suntec Reit, Cache Logistics, Tee Intl, Sabana, Keppel Reit, Ascendas India

+$207 Gain on sales of Duty Free, Far East HTrust, Tee Intl, GRP, Asian Pay TV

-$72 Unrealised positions worsened

+$3,199 Total Returns as of 29 November

Previous posting :- Cash - Closing Status 22 Nov

4 comments:

  1. You should practice asset allocation instead of pumping all your monies in stock.

    Regards,
    www.sgwealthbuilder.com

    ReplyDelete
    Replies
    1. Agree with suggestion but all l know is only stock, fixed deposits, normal savings accounts.

      Delete

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