CPF - Closing Status 29 November

Invested into Mapletree Industrial 2 lots in this week under CPF 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%.    

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 :-

-$6,992 Total Returns as of 22 Nov

-$44  Unrealised positions worsened

-$7,036 Total Returns as of 29 Nov

previous journal :- CPF - Closing Status 22 Nov

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
 

Cash - Closing Status 22 November

Invested into Duty Free 6 lots in this week under Cash portfolio but divested away 1 lot in the same week for $13 nett gain so, remaining total holding now at 5 lots.  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.   

Added K-Green Trust 1 lot in this week but have decided to divest it all (2 lots) away in the same week for a small nett gain of $14 as part of usual portfolio re-balancing.  For its 3Q2013 financial results revenue was flat versus last year; profit +7.4%.  It is quite a defensive stock as all three assets in its portfolio have long-term concession agreements with NEA and PUB.   Senoko Trust and Tuas DBOO Trust derive most of their income from capacity payments, which offer a stable source of income with little correlation to economic or demographic fluctuations.  Ula Pandan Tust's income is derived in equal parts from availability payments and from NEWater output payments.   Its current businesses have been locally based so far.    Looking forward for it to spread its wings to Asia Pacific and Europe soon.

Sold away Ascott Reit 200 rights shares for $40 proceeds.   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).  

Reduced HPH Trust 1 lot in this week as part of usual portfolio re-balancing and to lock-in profit; total holding in it now at 3 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.

Invested into Chosen Holdings 8 lots in this week but have decided to book a $67 nett gain after divested it all away within the same week.   For its full year financial 2013, revenue was flat mainly due to weak orders for its data media storage product from the Singapore operation and lower orders for printing and imaging and communication product from its Malaysia operation; which was offset by strong orders for its Thailand operation's communication products and the China operation's automotive and printing and imaging products.  Profit -17.7%.  Gross margin declined from 8.0% to 4.5% due mainly to losses incurred by the Singapore operation as a result of lower sales of its higher value-added products.  Lower other income because of a one-time insurance claim received (of $2.8 mil) in respect of the flood affecting the Thailand operation in the previous year.   It pays dividend in every financial years;  dividend rate of $0.0066 was paid for its last three financial years;  lowest dividend rate of $0.005 in financial year 2009 and highest dividend rate of $0.0139 in financial year 2010.  Its NAV was at 22.91 cents as of end June'13 versus its last traded price in this week at 12.00 cents.

Re-invested into Singapore Shipping Corp (SSC) 1 lot in this week after having divested it all away in the previous week.  The acquired agency and logistics business completed in April is almost god-send as SSC existing business segment of ship owning and management will be quite soft in FY2014.  One ship reaching its end of charter and economic useful life by end of 2013 and two ships going into dry docking so a reduction in income from the ship owning segment.  However, the newly acquired business can more than make up for the shortfall in the ship owning business.  For its 2Q2014 financial results, revenue +72.4%, profit -19.4% due to an insurance related recovery of approximately $1 mil in the previous year, higher exchange gain in the previous year, higher corporate costs and taxation in current financial year as incurred by the newly acquired agency and logistics businesses.  Bank borrowing decreased due to monthly instalment repayment.   On 8 Oct'13 its subsidiary company has signed an agreement to purchase a 10 year old pure car and truck carrier, which will be chartered out immediately upon purchase completion in 2Q2015.

Invested into GRP Ltd 11 lots in this week under Cash portfolio.  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.

Divested Tee International 15 lots in this week under Cash portfolio for a nett gain of $52 but added back 8 lots of it so total holding in it now at 17 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.

Portfolio walk since previous posting :-

+$2,907 Total Returns as of 15 November

+$207 Gain on sales of Duty Free, K-Green, HPH Trust, Tee International, Chosen, Ascott Rights

-$444 Unrealised positions worsened

+$2,671 Total Returns as of 22 November

Previous posting :-Cash - Closing Status 15 Nov

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

SRS - Closing status 22 November

Invested into Cache Logistics Trust 2 lots in this week under SRS 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.

Portfolio walk since previous posting :-

+$7,895 Total Returns as of 15 Nov

-$304 Unrealised positions worsened

+$7,591 Total Returns as of 22 Nov

previous posting :- SRS - Closing status 22 Nov

SINGAPORE STOCKS INVESTING (SSI): The Greatest form of Wealth

SINGAPORE STOCKS INVESTING (SSI): The Greatest form of Wealth: I have always feel blessed to be in relatively good health overall. I have also always not taken good health for granted. I exercise as an... (http://singapore-stocks-investing.blogspot.sg/2013/11/the-greatest-form-of-wealth.html#more)

It is so depressing whenever l read this type of posting.

It was also last week an almost similar posting was published :-

http://boringinvestor.blogspot.sg/2013/11/unforeseen-risk-in-my-medical-insurance.html

l want to read more and more of their blog write-ups for many years to come.  Wishing both of them the very best in health.

Is it possible to double your SRS funds?

Is it possible to double your SRS funds if invested carefully?  Goh Eng Yeow said “Yes” in his article on 17 Nov’13 in The Sunday Times titled “What l’m doing with my SRS funds”.  

He said, “…… I have already doubled the money which I have put into my SRS account, …..  As I examined my portfolio, I noticed that I had eight counters which were STI component stocks. There were another six STI counters which I sold off and had been unwilling to buy back because their share prices had shot up sharply after that. ………..Over the years, my faith had been amply rewarded by their strong dividend payouts and the big gains they made in their share prices. There is also a strong likelihood that they will continue to perform just as well in future. ….”

Goh Eng Yeow targets STI component stocks with eight STI counters remaining and have already divested six STI counters.   For simulation purpose,  l have built a quick Goh Eng Yeow-portfolio using only four STI stocks to get a rough idea whether it is possible to double your SRS funds.

From the portfolio it has amassed 1.94 times returns before dividends.   Inclusive of dividends, his SRS funds status definitely have doubled.

But stock market is a very dangerous ground as chances of wins almost equal to losses.  There are not just dolphins in the sea but sharks as well.  So, l am hoping readers to his Sunday article exercise much care in investing their SRS funds.

SRS - Closing status 15 November

Divested away SingPost 5 lots in this week from my SRS portfolio for a nett gain of $14 as part of regular portfolio re-balancing.  In its 2Q2014 results, revenue +32.6%, Profit +9.7%. Total expenses +34.9% as its business expands and transforms into a diversified group with a bigger regional presence and lower-margin businesses   There is much room to improve on synergy and productivity from within.  Finance expenses -65.8%  as it had repaid the $300 mil bond in Apr'13.  Healthy operating cash flow.  It continues to conserve cash to support its investment needs as part of its growth strategy , anticipated capex, working capital and other funding requirements.

Added Asian Pay TV(APTT) 5 lots so total holding in it now at 13 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 June at $0.94 and last done share price at discount of $0.77.  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 :-

+$7,897 Total Returns as of 08 Nov

+$14 Gain on sales of SingPost

-$16 Unrealised positions worsened

+$7,895 Total Returns as of 15 Nov

previous posting :- SRS - Closing status 08 Nov

CPF - Closing Status 15 November

Divested away SingPost 8 lots in this week from my CPF portfolio for a nett gain of $43 as part of regular portfolio re-balancing.  In its 2Q2014 results, revenue +32.6%, Profit +9.7%. Total expenses +34.9% as its business expands and transforms into a diversified group with a bigger regional presence and lower-margin businesses   There is much room to improve on synergy and productivity from within.  Finance expenses -65.8%  as it had repaid the $300 mil bond in Apr'13.  Healthy operating cash flow.  It continues to conserve cash to support its investment needs as part of its growth strategy , anticipated capex, working capital and other funding requirements.

Added Tee International 10 lots in this week under CPF portfolio so total holding in it now at 30 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. 

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 :-

-$6,846 Total Returns as of 08 Nov 

+$43 Gain on sales of SingPost 

+$196  Unrealised positions improved

-$6,606 Total Returns as of 15 Nov

previous journal :- CPF - Closing Status 08 Nov

Cash - Closing Status 15 November

Received the following dividends in this week for my Cash portfolio :-
$82.50 CM Pacific

Added Tee International 15 lots in this week under Cash portfolio so total holding in it now at 24 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. 

Added Asian Pay TV(APTT) 1 lot so total holding in it now at 26 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 June at $0.94 and last done share price at discount of $0.77.  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.

Added HPH Trust 2 lots in this week so total holding in it now at 4 lots.  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 almost in turmoil and freight rate recovery is still quite shaky 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.

Divested Singapore Shipping Corp (SSC) 8 lots in this week for $66 nett gain, as part of regular portfolio re-balancing.  The acquired agency and logistics business completed in April is almost god-send as SSC existing business segment of ship owning and management will be quite soft in FY2014.  One ship reaching its end of charter and economic useful life by end of 2013 and two ships going into dry docking so a reduction in income from the ship owning segment.  However, the newly acquired business can more than make up for the shortfall in the ship owning business.  For its 1Q2014 financial results, revenue +82.8%, profit +55.7%, free cash flow status.

Added Far East Hospitality Trust 1 lot so total holding in it now at 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.

Divested away SingPost 4 lots in this week in two separate transactions from my Cash portfolio for a nett gain totaling $13 as part of regular portfolio re-balancing.  Remaining holding of 5 lots, to be divested away as well once reaching break even share price level.   In its 2Q2014 results, revenue +32.6%, Profit +9.7%. Total expenses +34.9% as its business expands and transforms into a diversified group with a bigger regional presence and lower-margin businesses   There is much room to improve on synergy and productivity from within.  Finance expenses -65.8%  as it had repaid the $300 mil bond in Apr'13.  Healthy operating cash flow.  It continues to conserve cash to support its investment needs as part of its growth strategy , anticipated capex, working capital and other funding requirements.

Portfolio walk since previous posting :-

+$3,185 Total Returns as of 08 November

+$83 Dividends from CM Pacific

+$79 Gain on sales of SingPost and Singapore Shipping

-$438 Unrealised positions worsened

+$2,907 Total Returns as of 15 November

Previous posting :-Cash - Closing Status 08 Nov

Temasek increases its stake in HPH

Temasek increases its stake in Hutchison Port Holdings Trust in a notification form filing today, which was made via DBS Bank :

report link


The Capital Group and its related companies recently pared down its stake in the company.

So, what to do now?

l reckon these big players are just re-balancing their portfolio so we should not be too emotionally affected by their buy and sell actions.  

Investors need to believe and trust their own judgement.  Have more faith in You and do not let Me (Temasek, The Capital Group, others) affect your investment or trading decision.

SRS - Closing status 08 November

Received the following dividends in Oct'13 month as shown in the SRS statement received from the bank in this week :-
$66.00 Sabana Reit

Added Tee International 35 lots in this week under SRS portfolio so total holding in it now at 40 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.  Last week, 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.

Reduced CM Pacific 9 lots in this week under SRS portfolio at nett gain $27 as part of regular portfolio re-balancing.  Remaining total holding 3 lots.  For its 3Q2013 financial results, revenue +37% driven by new income stream from Beilun Port expressway and revenue growth from Yongtaiwen expressway; of which resulted in Profit +36%.  It maintains its free cash flow status.   

Portfolio walk since previous posting :-

+$8,206 Total Returns as of 01 Nov

+$66 Dividends from Sabana Reit

+$27 Gain on sales of CM Pacific

-$403 Unrealised positions worsened

+$7,897 Total Returns as of 08 Nov

previous posting :- SRS - Closing status 01 Nov

Cash - Closing Status 08 November

Received the following dividends in this week for my Cash portfolio :-
$22.00 Sabana Reit

Intended to increase Sabana Reit 1 lot in this week but ended up with sell order input error.  This resulted in nett loss of $41.  Per its recent 3Q2013 financial results,  NPI +4.6%, income available for distribution +3.7%, DPU +1.7%.  Its Friday closing price at $1.095 almost match its end Qtr 3 NAV of $1.08.  Its new purchase high-tech industrial building in Chai Chee Lane will increase its income stream even though it has 50% vacancy.  It is still working to convert five master leases (generates 44.7% of its gross revenue) expiring 25 Nov into multi-tenanted ones.  Lease expiring in 2014 is lower at 8.7% of (3Q2013) gross revenue and it will not rest on its laurel based on 2013 expiring leases experience.  Its gearing is quite high at 37.5%.  But about 97% of its total debt was at fixed rates and this reduces the impact of fluctuations in profit rates on the distributable income.

Made a $35 donation to Xin Yuan Community Care in this week.

Added Tee International 3 lots in this week under Cash portfolio so 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.  Last week, 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.

Added Asian Pay TV(APTT) 2 lots and divested away 1 lot in this week so total holding in it now at 25 lots under Cash portfolio.  Divestment was for a nett gain of $21.  Recently acquired Taiwan Broadband Communications (TBC).  Subscriber households have grown, average revenue per subscriber is constant, penetration rates have increased, all leading to growth in 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 June at $0.94 and last done share price at discount of $0.77.  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. 

Added HPH Trust 1 lot in this week so total holding in it now at 2 lots.  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 almost in turmoil and freight rate recovery is still quite shaky 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.

Divested all away CM Pacific 3 lots in this week under Cash portfolio at nett gain $11 as part of regular portfolio re-balancing.  For its 3Q2013 financial results, revenue +37% driven by new income stream from Beilun Port expressway and revenue growth from Yongtaiwen expressway; of which resulted in Profit +36%.  It maintains its free cash flow status.  

Invested into Frasers Centrepoint Trust  1 lot in this week under Cash portfolio.  For its 4Q2013 financial results, NPI lowered by 5.0% due to higher property expenses because of higher property tax and maintenance expenses.  FY2013 NPI were lower at both Anchorpoint and Bedok Point.  FY2013, NPI grew 6.9% year on year or a 14.5% CAGR measured from FY2008; DPU grew 9.2% year on year or a 8.9% CAGR measured from FY2006.  Gearing 27.6% is at its lowest level in FY2013 since FY2007.  94% of borrowing on fixed rates or hedged via interest rate swaps; of which 10.2% of total borrowing due in Jan'14.  32.1% lease expires in 2014 followed by 39.0% lease expiry in 2015; of which both Causeway Point and Northpoint account for substantial portion of it.    

Portfolio walk since previous posting :-

+$3,927 Total Returns as of 01 November

+$22 Dividends from Sabana Reit

+$32 Gain on sales of Asian Pay TV, CM Pacific

-$41 Loss on sales of Sabana Reit

-$35 Donation to Xin Yuan Community Care

-$721 Unrealised positions worsened

+$3,185 Total Returns as of 08 November

Previous posting :-Cash - Closing Status 01 Nov

CPF - Closing Status 08 November

Received the CPF Investment statement from the bank in this week for October month. Have updated CPF portfolio with the correct charges incurred on both investments and divestments made in October month.

Added Tee International 15 lots in this week under CPF portfolio so total holding in it now at 20 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.  Last week, 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.

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 :-

-$6,024 Total Returns as of 01 Nov

-$13 Realized transactions differences per CPF Investment statement from bank 

-$809  Unrealised positions worsened

-$6,846 Total Returns as of 08 Nov

previous journal :- CPF - Closing Status 01 Nov

Xin Yuan Community Care

Donated $35 to Xin Yuan Community Care

http://www.xinyuan.org.sg

About Xin Yuan Community Care
Xin Yuan Community Care, established in 2005 and registered with the National Council of Social Service, is a non-profit organisation committed to care, support, counsel, and provide basic healthcare, education, social and financial welfare to needy children, the youth and the elderly. We are also dedicated to the training of caregivers who form the pillar of strength to those in need.


Our Vision
To be the choice family care provider in the community we serve
Our Mission


We are committed to:

- Enhance intellectual, physical and emotional well-being of needy children, youths and the elderly.

- Enable the elderly to live with dignity and independence.

- Empower distressed women such as single mothers to gain confidence by helping them acquire new skill-sets and live more independently.

Haunted for Life by fat finger?

l have queued to buy Sabana Reit 1 lot this morning under my Cash portfolio but l have found out now it was a sell order.

For this fat finger careless mistake (Again!), l have suffered $41 nett loss.


l am probably the silliest investor ever ---> listing.

SRS - Closing status 01 November

Divested all away AIMS AMP Industrial Reit 4 lots in this week under SRS portfolio, before it gone XD on 1 Nov.  Achieved nett gain $129 which 17% higher than the actual dividend declared ---> 4 lots x dividend rate $0.0275 x 1.17 times = $129.  Actual dividend payment date is 18 Dec and l have already collected its dividend in advance.  The proceeds from this divestment allows me to look out for other investment opportunity.  For its 2Q2014 financial results, NPI +23.6%; available distributable income +28.7%.  DPU +10%.  Its NAV as of end Sep'13 was at $1.52 and its last done share price on this Friday was at a slight premium to NAV at $1.555.  Earliest debt expiry is in Oct'15. Aggregate leverage of 25.2%.  Portfolio occupancy rate at 98% as of end Sep'13.  Only 3.2% of NLA expiring in 2014.

Portfolio walk since previous posting :-

+$8,190 Total Returns as of 25 Oct

+$129 Gain on sales of AIMS AMP

-$113 Unrealised positions worsened

+$8,206 Total Returns as of 01 Nov

previous posting :- SRS - Closing status 25 Oct

Cash - Closing Status 01 November

Divested Cache Logistics Trust 4 lots in this week under Cash portfolio at break even as part of regular portfolio re-balancing.  Remaining total holding of it now at 2 lots.  Divestment happened after it went XD on 29 Oct so l am still entitled to its dividend amount to be received around 27 Nov. It just released 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 $1.19.  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 HPH Trust 1 lot in this week.  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 almost in turmoil and freight rate recovery is still quite shaky 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.

Reduced Croesus Retail Trust 2 lots in this week under Cash portfolio so my total holding of it now at 1 lot; for usual portfolio re-balancing purpose.  Nett gain $31 or 1.8% returns which is better than bank savings deposit rate.   It has 100% occupancy across all its four retail business properties in Japan.  Around 1% of leases are subjected for renewals in years 2013/2014; and 26% of leases are for renewals in year 2015.  Each of the properties is strategically locate within its submarket, being directly connected via major transportation nodes.  61.5% of its gross rental income is derived from leases structured as fixed term leases, giving it greater flexibility to adjust rentals and tenant composition, or variable rent, allowing it to share any income upside with its tenants.  It has very high gearing of around 43.7% but at very cheap interest costs.  Awaiting its financial results for the period ended 30 Sept'13 to be released on 13 Nov for decision to further increase or reduce positions in it.

Reduced Mapletree Greater China Commercial Trust 5 lots in this week; for usual portfolio re-balancing purpose.  Nett gain $51 or 1.1% returns which is better than bank savings deposit rate over one week holding period.    Remaining total holding of it now at 4 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 $0.93.  Earliest debt expiry is in year 2015 and is well staggered into year 2018 at average 33% each year.  Borrowings interest rate for 71% of total debt fixed till year 2015.  Portfolio occupancy rate at 99% as of end Sep'13.  87% of expiring leases in current financial year have been renewed or re-let.  To ensure stability of S$ 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.

Increase my position in Asian Pay TV (APTT) 1 lot in this week so l have total holding of 24 lots now under Cash portfolio.   Recently acquired Taiwan Broadband Communications (TBC).  Subscriber households have grown, average revenue per subscriber is constant, penetration rates have increased, all leading to growth in 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 June at $0.94 and last done share price at discount of $0.775.  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.  There were huge numbers of traders (or short sellers) queueing to sell on this Friday morning and early afternoon but it was very much reduced towards end of the day; which did not happen to APTT alone but it was almost across the board thingy.   Awaiting its next financial results for the period ended 30 Sept'13 to be released on 12 Nov for decision to increase or reduce positions in it.

Divested all away on Thai Village 11 lots in this week for nett gain $67 as part of usual portfolio re-balancing; before announcement of a private share placement.  The shares placement will see two new major shareholders in the directorship positions in Thai Village with their combined 46% shareholding.  Thai Village will diversify into development of commercial property as its new business.  The new subscribers experience and strong network in their field of works and background will be a total game changer for Thai Village.

Added Tee International 1 lot in this week under Cash portfolio so total holding in it now at 6 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.

Added Singapore Shipping Corp (SSC) 5 lots in this week so total holding of it now at 8 lots under Cash portfolio.  The acquired agency and logistics business completed in April is almost god-send as SSC existing business segment of ship owning and management will be quite soft in FY2014.  One ship reaching its end of charter and economic useful life by end of 2013 and two ships going into dry docking so a reduction in income from the ship owning segment.  However, the newly acquired business can more than make up for the shortfall in the ship owning business.  For its 1Q2014 financial results, revenue +82.8%, profit +55.7%, free cash flow status. 

Portfolio walk since previous posting :-

+$4,577 Total Returns as of 25 October

+$151 Gain on sales of Cache Logistics, Mapletree Greater China, Croesus Retail, Thai Village

-$801 Unrealised positions worsened

+$3,927 Total Returns as of 01 November

Previous posting :-Cash - Closing Status 25 Oct

CPF - Closing Status 01 November

Divested Cache Logistics Trust 10 lots in this week under CPF portfolio at nett gain $77 as part of regular portfolio re-balancing.  Divestment happened after it went XD on 29 Oct so l am still entitled to its dividend amount to be received around 27 Nov.  It just released 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 $1.19.  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 Mapletree Greater China Commercial Trust 5 lots in this week.   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 $0.93.  Earliest debt expiry is in year 2015 and is well staggered into year 2018 at average 33% each year.  Borrowings interest rate for 71% of total debt fixed till year 2015.  Portfolio occupancy rate at 99% as of end Sep'13.  87% of expiring leases in current financial year have been renewed or re-let.  To ensure stability of S$ 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.

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 :-

-$5,871 Total Returns as of 25 Oct

+$77 Gain on sales of Cache Logistics

-$230  Unrealised positions worsened

-$6,024 Total Returns as of 01 Nov

previous journal :- CPF - Closing Status 25 Oct