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Sunday, 22 December 2013

SRS - Closing status 20 December

Invested into Ascott Reit 3 lots in this week under SRS portfolio.  In its 3Q2013 financial results, revenue +11% mainly driven by contributions from 17 properties in China, Germany, Japan and Singapore which were acquired in the 2nd half of 2012 and June 2013.  Increase in revenue was partially offset by the divestment in Sep'12 and lower contribution from existing properties in Philippines and Japan (due to depreciation of JPY against SGD).   Its recent rights issue 1.6 times subscribed.  Purposes of rights issue are to pay down its debt, to fund capex and AEI and for general corporate and working capital uses.    The increase in its debt headroom as a result of reduced borrowings will enhance its flexibility in pursuing potential acquisitions and at the same time improve its competitive positioning in the market via AEI plans.  Its gearing level post Rights will improve to 34.3% from 41.1% (end Sep'13 status).   
Portfolio walk since previous posting :-

+$6,410 Total Returns as of 13 Dec 

-$297 Unrealised positions worsened

+$6,114 Total Returns as of 20 Dec

previous posting :- SRS - Closing status 13 Dec

Remarks :- Profits locked in to-date $12,514 / year 2013 $6,889

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