Cash - Closing Status 27 December

Donated $100 to Bone Marrow Donor Programme last Sunday evening.

Reduced Cache Logistics Trust 1 lots in this week under Cash portfolio as part of usual portfolio re-balancing for $24 nett gain; total holding in it now at 2 lots.  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 more with its Friday closing price at $1.115.  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.

Reduced GRP Ltd 20 lots in this week as part of usual portfolio re-balancing for $90 nett gain; total holding in it now at 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.  The rights cum warrants issue was 157.8% subscribed.

Re-invested into Duty Free 3 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 completed an internal reorganization exercise and disposal of its shareholding in its so called Border Town and airport businesses and Down Town businesses.  

Added Tee International 10 lots in this week under Cash portfolio.  Total holding in it now at 45 lots.  Tee Intl 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. 

Reduced HPH Trust 2 lots in this week as part of usual portfolio re-balancing for $57 nett gain; total holding in it now at 4 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 a 52 weeks low recently at $0.755 (11 Dec) which is really absurb.  Its end of Sept'13 NAV at HKD 7.41 (approx. SGD 1.20).

Divested away Sabana Reit 1 lot in this week for $25 nett gain.  Per its recent 3Q2013 financial results,  NPI +4.6%, income available for distribution +3.7%, DPU +1.7%.  Its Friday closing price at $1.075 is par to 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.  Of the 5 master leases expired on 25 Nov, it renewed 1 master lease and took over direct management of 4 other properties.   Lease expiring in 2014 is at 8.7% of (3Q2013) gross revenue.   As of end Qtr 3,  its gearing was quite high at 37.5%;  about 97% of its total debt was at fixed rates and this reduces the impact of fluctuations in profit rates on the distributable income.  In mid-Nov'13 it secured a new 3-year revolving loan called Commodity Murabaha Facility of up to S$48.0 mil.

Portfolio walk since previous posting :-

+$863 Total Returns as of 20 December

+$195 Nett Gain on sales of HPH Trust, Sabana Reit, GRP, Cache Logistics

-$100 Donations to Bone Marrow Donor Programme

+$1,002 Unrealised positions improved

+$1,961 Total Returns as of 27 December

Previous posting :- Cash - Closing Status 20 Dec

Remarks :- Profits locked in to-date $11,450 / year 2013 $8,581

Sperm

The following two links are about one thing in common, SPERM!

Every Sperm is Sacred

Delivery Man


But when it comes to Investing then it's hard to find common ways as to each his own.

Bone Marrow Donor Programme

Donated $100 to Bone Marrow Donor Programme when a representative came by my house this evening.

http://bmdp.org/

About

For the past 20 years, the Bone Marrow Donor Programme has been providing that one chance of survival to hundreds of patients suffering from terminal blood-related diseases. Where their only chance is to have a bone marrow transplant and there’s no matching brother or sister able to donate healthy blood stem cells, they come to us.
The BMDP manages Singapore’s only register of volunteer bone marrow donors and with just a 1 in 20,000 chance of finding a matching donor, we are absolutely committed to build the local donor register into a true national asset able to help all Singaporeans have that second chance.
What we do literally means the difference between life and death and that is why we make a promise to find a donor for every patient. We reach out to all sectors  within our community to share the word and let people know that every one of us has the power to save a life – then we give them the opportunity to sign up and actually do something about it.

Vision

To provide hope for patients with leukaemia and blood-related diseases

Mission

To build a register of Singapore bone marrow donors.
To network and be the conduit of a global marrow database.
To build a world class search process for transplants.
To be an advocacy champion for donors (including their immediate families) from pre-donation to post-donation.
To educate the public and promote further understanding of blood-related diseases.


FAQ for Donors

1. What is bone marrow?

Bone marrow is contained inside the hollow spaces of our major bones. It looks like blood except it contains stem cells which are capable of producing red and white blood cells and platelets. These are the main components of our blood and for most patients, they have a disease which means their bone marrow in not capable of producing healthy blood cells or the right combination of blood cells.

2. Who can be a donor?

Anyone between the ages of 18 and 49 can sign up as a bone marrow donor. You need to be in good health and you can apply online for a postal kit to be sent to you and all you need to do is a simple cheek swab.

3. Are Muslims allowed to be donors?

Yes you are allowed to be a donor and in Singapore, the Islamic Religious Council has issued a Fatwa given approval for all Muslims to be bone marrow donors and help save the lives of patients who need a transplant.

4. What happens if I come up as a match?

See the section You are a Match.

5. What if I am unwell when you call?

It usually takes a few weeks from the first call until the date of actual donation and during this time you would have recovered from a typical flu or other virus. You will also have a full medical check up as part of the Donor Workup and the doctor who is looking after you would decide if you are unfit to donate.

6. What happens if a donor is pregnant?

Women are not allowed to donate bone marrow during pregnancy and for 12 months after giving birth. You would automatically be withdrawn from the register for this time period.

7. If I come up as a match, do I have to pay any expenses?

No, you will not. You will be reimbursed for all expenses relating to the bone marrow donation including any travel expenses or unpaid leave although most employers are very supportive and will allow additional time to attend medical check ups. For the donation itself you will be given 2-3 days medical leave to make sure you get adequate rest. Throughout the whole process, our BMDP Donor Centre Coordinator will be with you to help set up appointments, answer your questions and generally be your liaison.

8. Can I say “No”?

A volunteer donor who is successfully matched with a transplant patient may decide not to go ahead with the process. There are legitimate reasons for saying “no”, including illness, the risk involved or even fear. While the BMDP respects the decision of the matched donor, uncommitted donors give false hope to patients awaiting transplants. Once a donor gives his or her consent on the “Intent to Donate” form, the patient actually begins pre-transplant treatment where his or her bone marrow is completely being wiped out. So when a donor decides to pull out at any stage after the endorsement, the patient will most likely die without a transplant as his or her own bone marrow has been wiped out. The BMDP hopes that you will be committed to your participation as a bone marrow donor.

9. Are there any risks or side effects?

Other than the remote chance of a reaction to anaesthesia or an infection, the risks to bone marrow harvest are minimal. Donors generally feel no pain during the bone marrow harvest as the procedure is carried out under general anaesthesia. After the procedure, there may be slight discomfort in the lower back lasting a few days, which is much like a muscle ache or similar to pain felt on the tailbone after a fall. With the peripheral blood stem cell harvest, donors might experience some flu-like symptoms, slight bone pain, or a feeling of heaviness during the 5 days where the injections to stimulate and mobilize the stem cells into the blood are being given. These discomforts usually disappear soon after the collection is completed.

10. What exactly is a Marrow / Stem Cell Transplant?

It is the replacement of diseased marrow with marrow from a healthy donor. The recipient will first undergo a pre-transplant “conditioning” treatment where his or her own bone marrow is completely destroyed so that the new marrow can engraft. The bone marrow or stem cells are infused into a patient’s vein just like a blood transfusion and they have a unique ability to migrate to the spaces in the bones. Within two to three weeks, the transplanted marrow/stem cells will begin to produce normal blood cells and platelets.

11. When do I become a Bone Marrow Donor?

Your tissue type has to match perfectly with that of the patient’s. The odds vary widely, depending on the rarity of the patient’s tissue type. However, once you are identified as a compatible donor, you may be the only person who can provide the life-saving bone marrow to that patient.

12. How is bone marrow collected from a donor?

Upon identification as a compatible match, the donor will be counselled before undergoing a thorough medical examination to ascertain his or her fitness level. Currently, there are two standard methods to harvest the bone marrow.
Method 1: Bone Marrow Harvest
The bone marrow is removed from the back of the pelvic bone using a special needle. The entire process takes 45 to 60 minutes whilst the donor is under general anaesthesic (GA). Although there is no surgery involved, after a GA it is recommended that the donor stays overnight to rest in the hospital and goes home the following morning. The amount of bone marrow harvested is less than 5% of the body’s marrow and this is naturally regenerated within 4-6 weeks.
Method 2: Peripheral Blood Stem Cell Harvest (PBSC)
Peripheral Blood Stem Cells are those blood cells that are usually found in the bone marrow. The donor will be given 4 daily injections of a hormone called G-CSF (Granulocyte-Colony Stimulating Factor) to stimulate the growth of their stem cells and to mobilise them into the blood stream. This is usually done in the morning and the donor can continue their normal daily activities. On the fourth day, the stem cells will be collected in an outpatient procedure that is very similar to blood donation except that it will take between 5-7 hours. Once complete, the donor is usually free to go home.

13. Who needs a Bone Marrow Transplant?

Bone marrow transplants are used to treat patients whose bone marrow stops producing the correct amount of various blood cells. More than 60 potentially fatal diseases, including several types of leukaemia, are treated with unrelated bone marrow transplants.

14. What is the source of the G-CSF growth hormones  used in the Peripheral Blood Stem Cell Harvest (PBSC) method of Bone Marrow donation?

Granulocyte colony-stimulating factor (G-CSF) is a natural substance produced by the body in time of infection. It is used to stimulate the production of blood stem cells. A man-made G-CSF derived from the E coli bacteria is used for peripheral blood stem cell harvesting.

15. Who determines the method of bone marrow donation?

The best source of stem cell donation (Bone Marrow Harvest OR Peripheral Blood Stem Cell Donation) would be determined by the patient’s medical condition. Transplant doctors may indicate the preferred source of stem cells based on the needs of the patient. Donors can indicate their preferred method of donation and they will be advised of the transplant doctors’ preference eventually.

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

Cash - Closing Status 20 December

Re-invested into K-Green Trust 1 lot in this week under Cash portfolio.  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 (in year 2014, perhaps?).

Added HPH Trust 1 lot in this week; total holding in it now at 6 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 recently at $0.755 (11 Dec) which is really absurb.  Its end of Sept'13 NAV at HKD 7.41 (approx. SGD 1.20).

Received the following dividends in this week for my Cash portfolio :-
$65.80 Far East HTrust

Added Asian Pay TV(APTT) 1 lot in this week; total holding in it now at 24 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 $0.745.  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 Tee International 15 lots in this week under Cash portfolio.  Total holding in it now at 35 lots.  Tee Intl 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 :-

+$1,017 Total Returns as of 13 December

+$66 Dividends from Far East HTrust

-$220 Unrealised positions worsened

+$863 Total Returns as of 20 December

Previous posting :- Cash - Closing Status 13 Dec

Remarks :- Profits locked in to-date $10,815 / year 2013 $8,046

SRS - Closing status 13 December

Re-invested into AIMS AMP Industrial Reit 2 lots in this week under SRS portfolio.  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 is already at a discount at $1.41.  Earliest debt expiry is in Oct'15. Aggregate leverage of 25.2%.  Its capital structure is well positioned for potential Fed tapering as 100% of its debt costs are fixed.  Portfolio occupancy rate at 98% as of end Sep'13.  Only 3.2% of NLA expiring in 2014.  Redevelopment of its Defu Lane 10 property on schedule and within budget and TOP is expected in May'14.   It commenced development of phase 2e and 3 of its Gul Way property which upon completion resulting 8.3% NPI yield on cost.   It recently acquires 49% interest in Optus Centre in Sydney, Australia; which expected to be completed by 1Q2014.   Optus Centre is Australia's largest campus-style office complex and is fully leased by SingTel for a weighted average lease term of 8.6 years with fixed annual escalation of 3%.

Invested into Soilbuild Reit 3 lots in this week.   Its 3Q2013 financial results has exceeded the forecast set out in its IPO prospectus, with most of the key drivers to the result performing better than expectation.  Revenue, property expenses and finance costs all recorded positive variances and contributed to an overall outperformance on the distributable income line.  Its share price as of this Friday at $0.75 is currently below its NAV as of end Sept'13 of $0.80.  Earliest debt maturity is in year 2015, are equally spread out over three years (2015-2017).  Occupancy rate 99.8%.

Portfolio walk since previous posting :-

+$6,942 Total Returns as of 6 Dec 

-$532 Unrealised positions worsened

+$6,410 Total Returns as of 13 Dec

previous posting :- SRS - Closing status 6 Dec

Cash - Closing Status 13 December

Intended to increase Tee International 5 lots in this week under Cash portfolio but ended up with sell order input error.  So on the same day, l have added 6 lots of it with 5 lots of it to cover the oversold position which resulted in nett loss of $33.  l did not use my (previous) existing 19 lots holding to cover this so-called oversold position because it was not suppose to be a sell order in the first place so it's better to make a hard record of it for this mistake.  Despite keeping reminding myself to be extra careful, this mistake still making a comeback to haunt me time and again.   Total holding in it now at 20 lots.  Tee Intl 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.  

Made a $25 donation to The Community Justice Centre in this week.

Added GRP Ltd 5 lots in this week under Cash portfolio; total holding in it now at 39 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 :- 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

Re-invested into Duty Free 6 lots in this week under Cash portfolio but have divested it all away in the same week for $81 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, it recently completed an internal reorganization exercise and disposal of its shareholding in its so called Border Town and airport businesses and Down Town businesses.     

Added Far East Hospitality Trust 1 lot so l have total holding 8 lots in it now.  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.

Re-invested into Sabana Reit 1 lot in this week.  Per its recent 3Q2013 financial results,  NPI +4.6%, income available for distribution +3.7%, DPU +1.7%.  Its Friday closing price at $1.035 is already below 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.  Of the 5 master leases expired on 25 Nov, it renewed 1 master lease and took over direct management of 4 other properties.   Lease expiring in 2014 is at 8.7% of (3Q2013) gross revenue.   As of end Qtr 3,  its gearing was quite high at 37.5%;  about 97% of its total debt was at fixed rates and this reduces the impact of fluctuations in profit rates on the distributable income.  In mid-Nov'13 it secured a new 3-year revolving loan called Commodity Murabaha Facility of up to S$48.0 mil.

Invested into Soilbuild Reit 1 lot in this week.   Its 3Q2013 financial results has exceeded the forecast set out in its IPO prospectus, with most of the key drivers to the result performing better than expectation.  Revenue, property expenses and finance costs all recorded positive variances and contributed to an overall outperformance on the distributable income line.  Its share price as of this Friday at $0.75 is current below its NAV as of end Sept'13 of $0.80.  Earliest debt maturity is in year 2015 are equally spread out over three years (2015-2017).  Occupancy rate 99.8%.

Added Cache Logistics Trust 1 lots in this week under Cash portfolio; total holding in it now at 3 lots.  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 more with its Friday closing price at $1.075.  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 :-

+$1,964 Total Returns as of 6 December

+$48 Nett Gain on sales of Tee Intl, Duty Free

-$995 Unrealised positions worsened

+$1,017 Total Returns as of 13 December

Previous posting :- Cash - Closing Status 6 Dec

The Community Justice Centre

Donated $25 to The Community Justice Centre

http://cjc.org.sg/about-us

About CJC

The Community Justice Centre (CJC) is an independent charity with IPC (Institute of Public Character) status conferred. Based in the Subordinate Courts, the CJC is committed to ensuring litigants in person (LIPs) have access to justice through community partnership.

As an integrated one-stop hub, CJC aims to provide a wide range of support services for the litigants in Person (LIPs) and their family members. It will provide free practical and emotional support to LIPs in need as well as free legal advice at the legal clinics. Through the support of the CJC, the LIPs should be able to better present their case, follow proceedings and understand judicial rulings or pronouncements in their respective cases.

Many LIPs have to deal with the burden of underlying emotional distress, financial difficulties and other social issues in addition to their legal problem. In collaboration with other social services agencies, the CJC also hopes that the underlying social problems and concerns for the litigants and their family members can be addressed. It is this combination of legal and emotional support that makes CJC unique. The CJC will always be near at hand to guide LIPs through the challenges of their legal problem, providing direct and immediate assistance on the ground.

Where Your Donation Goes

Charitable Programmes

International law firms have thousands of employees. We only have a handful of staff to support a wide variety of programmes run by our volunteers. In addition, your donation could be used on projects like development of DIY toolkits, training video where information would be made available to everyone. This makes your donation more effective in helping the needy.

Support Services Just like other organisation, the CJC has to fund its infrastructure costs, including utilities, IT. Your donation will enable us to keep our infrastructure and operation running effectively.

Address: 1 Havelock Square, Level 1 Subordinate Courts Complex, Singapore 059724
Tel: +65 6557 4100    Email: help@cjc.org.sg

SRS - Closing status 6 December

Received SRS statement from the bank this week for November month.  In the statement, the following dividends were received in Nov month :-

$330.00	CM Pacific
$24.80	Keppel Reit
$159.15	Mapletree Greater China
$5.40	Sabana Reit
$62.50	SingPost
$125.00	Tee Intl

Divested away CM Pacific 3 lots in this week under SRS portfolio at break even as part of regular portfolio re-balancing.  For its 3Q2013 financial results, revenue +37% driven by new income stream from Beilun Port expressway and an increase in profit contribution from the Yongtaiwen expressway and the Guiliu expressway, and lower administrative expenses and withholding tax.  The increase in profits was partly offset by higher finance costs; Profit +36%.  It maintains its free cash flow status. The proposed disposal of its New Zealand based property development business is expected to be completed by end Dec'13.  The disposal allows it to exit completely from its non-core property development business to focus on its core business of toll road operations; which will further strengthen its balance sheet.

Portfolio walk since previous posting :-

+$7,666 Total Returns as of 29 Nov

+$707 Dividends fm Keppel Reit, Sabana Reit, CM Pacific, SingPost, Tee Intl, Mapletree(Magic)

-$1,432 Unrealised positions worsened

+$6,942 Total Returns as of 6 Dec

previous posting :- SRS - Closing status 29 Nov

CPF - Closing Status 6 December

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


Also from the CPF Investment statement, the following dividends were received in Nov'13 :-
$100.00 SingPost
$159.15 Mapletree Greater China Commercial Trust
$212.60 Cache Logistics
$125.00 Tee International

Invested into Ascott Reit 2 lots in this week under CPF 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).    

Invested into AIMS AMP Industrial Reit 2 lots in this week under CPF portfolio.  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 is already at a discount at $1.445.  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.  It recently acquires 49% interest in Optus Centre in Sydney, Australia; which expected to be completed by 1Q2014.

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 :-

-$7,036 Total Returns as of 29 Nov

+$597 Dividends from SingPost, Cache, Tee Intl, Mapletree Greater China

-$1 Realized transactions differences per CPF Investment statement from bank

-$1,600 Unrealised positions worsened

-$8,040 Total Returns as of 6 Dec

previous journal :- CPF - Closing Status 29 Nov

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 :- 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 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

Seller's remorse on JMH

At the opening bell of stock market today l have divested 40 shares in JMH 400US$ and l have estimated the nett gain to be around $44.  And now l realized l have divested it away at the lowest price of the day.  Its price has continue to rise.  l have given up the chance  for a $125 nett gain if l have waited and offloaded it 3 hours later.  

Will l suffer any seller’s remorse? 
Definitely no; for the following reasons :-

(1) A little bit of greed is okay; too much of it then one becomes a greedy pig; waiting to be slaughtered.

(2) l prefer letting the next person whom l passed the baton to, to also enjoy the joy of winnings.

(3) l can already re-use the proceeds for other investment opportunities. The stock market is like a big ocean, one will soon spot another fat juicy fish swimming by.

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

The Twin Terrors -Past & Present

At the moment, my CPF portfolio has not performed as well as both my Cash portfolio and SRS portfolio.  Reasons being that l have suffered twin terrors effect in my investment using CPF funds.

l was way too careless to be involved in speculative investment back then when l have invested into Wilmar and Olam.  l did not even know back then that both Wilmar and Olam are speculative stocks. And by the time l knew of their speculative traits my CPF portfolio already suffered combined paper losses of $8.2k on Wilmar and Olam.  It was a hard decision made but l needed a reboot at some point of time so these were sold off and hence l have suffered huge realized losses on them.  Buy and holding these twin terrors is not good thing so it's better to divest them away.

Spiltting headache over Olam and Wilmar

Au revoir Wilmar

CPF - Closing Status 28 Dec

CPF - Closing Status 15 Mar

In the present moment l have another new twin terrors in my CPF portfolio - Capitaland and SembMar.   Both are good blue chips companies.  l am keeping both for now as these are not speculative stocks and both still have good growth story on them.