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Sunday, 12 January 2014

Cash - Closing Status 10 January

Donated $35 to Yellow Ribbon Fund in this week.

Reduced Asian Pay TV(APTT) 1 lot in this week under Cash portfolio for $11 nett gain which is part of usual portfolio re-balancing; total holding in it now at 23 lots.  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 $0.785.  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.

Re-invested into Duty Free 11 lots in this week under Cash portfolio as part of usual portfolio re-balancing.  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. 

Taking up a small stake in Technics Oil & Gas 1 lot in this week.  It is not that l have run out of stock company to invest in but l reckon it still worth investing. Its financials are in quite a mess situation as of full year 2013.  Also it did not pay any dividends in 2013.  Its share price on Friday of $0.66 is quite close to its 52 weeks low price at $0.635.  Its restructuring started back in Jan 2012 so should be more less completed by now.  It now needs to win more projects and gets its financial back in shape again quickly.

Reduced Tee International 8 lots in this week as part of usual portfolio re-balancing for $108 nett profit.  Total holding in it now at 19 lots.  Tee Intl delivered mix financial results for 2Q2014; revenue +ve 14% driven by ongoing and completed engineering projects and profit -ve 14% due to higher administrative expenses.  Higher administrative expenses was due to acquisition of Interlift Sales which also resulted in higher headcount for the group.  But really strange why the effect is only felt in Qtr 2 and no mention of this matter in Qtr 1 results.  Higher AR and other receivables due to the amount owing from subcontractors for an engineering project.  l am unsure if this really an industry norm?  It really needs to monitor its AR collections closely and be wary of domino effect which usually could have a severe financial impact. 

Portfolio walk since previous posting :-

+$2,675 Total Returns as of 3 January

+$119 Nett Gain on sales of Tee Intl, Asian Pay TV

-$35 Donation to Yellow Ribbon Project

+$1,018 Unrealised positions improved

+$3,777 Total Returns as of 10 January

Previous posting :- Cash - Closing Status 3 Jan

Remarks :- Profits locked in to-date $11,849 / year 2014 $356

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