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Saturday, 7 December 2013

Cash - Closing Status 6 December

Added HPH Trust 2 lots in this week; total holding in it now at 5 lots.  Attractive valuation after recent share price correction.  Its 3Q2013 financial results did not go well with investors but l do not think it is justified.  Its 3Q2013 revenue and profit was +1% and -2% respectively versus last year <--- flat results.  A flat financial results is quite admirable when the world economy is still in turmoil and in spite of the depressed shipping industry which continue to stall freight rate recovery at the moment.   It is in Net Current Liabilities status as of end Sept'13 but overall still at Net Assets status; due to timing of US$3.6 billion term loan facility agreement for the refinancing of the existing facilities which was signed in late Sept'13.  It is still in free cash flow status.  Higher profit from new acquired Yantian container terminals was partially offset by lower profit in Hongkong international terminals.  Its share price dropped to its new 52 weeks low in this week at $0.805 and will it go lower still?  If yes, then l reckon investors will starts absorbing more of it as almost all its perceived risks have already been priced-in by now. 

Added GRP Ltd 15 lots in this week under Cash portfolio; total holding in it now at 34 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.  The rights cum warrants issue was 157.8% subscribed.  Also, this blog has an interesting read on GRP :- and also,

Added Tee International 10 lots in this week under Cash portfolio; total holding in it now at 19 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.  Its share price dropped to its new 52 weeks low in this Friday at $0.295 due to one transaction of one lot happened a few seconds at close of trading hour ----> 17hours:04minutes:38seconds.

Re-invested into Duty Free 5 lots in this week under Cash portfolio.  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, it recently 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.     

Added Mapletree Greater China Commercial Trust 1 lot in this week; total holding of it now at 5 lots.  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 $0.825.  Earliest debt expiry is in year 2015 and is well staggered into year 2018 at average 33% each year.  Borrowings interest rate for 71% of total debt fixed till year 2015.  Portfolio occupancy rate at 99% as of end Sep'13.  87% of expiring leases in current financial year have been renewed or re-let.  To ensure stability of S$ 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.  Its share price dropped to its new 52 weeks low on Thursday this week at $0.81 and will it go lower still?  Very unlikely, as the China growth story is still very much alive.

Received the following dividends in this week for my Cash portfolio :-
$112.50 SingPost
$127.32 Mapletree Greater China Commercial Trust
$18.20 Mapletree Logistics

Divested away JMH 400US$ 40 shares in this week under Cash portfolio for $40 nett gain.  But l did not manage to divest it away at an even higher prices but there is no seller's remorse effect on me.  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.
Portfolio walk since previous posting :-

+$3,199 Total Returns as of 29 November

+$258 Dividends from SingPost, Mapletree Logistics, Mapletree Greater China Commercial

+$40 Gain on sales of JMH 400US$

-$1,533 Unrealised positions worsened

+$1,964 Total Returns as of 6 December

Previous posting :- Cash - Closing Status 29 Nov

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