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Sunday, 19 January 2014

Cash - Closing Status 17 January

Divested Duty Free 11 lots in this week under Cash portfolio as part of usual portfolio re-balancing at $183 nett gain.  It declared $0.01 dividend which will XD 11 Feb and dividend payment scheduled to happen on 6 March.  The $183 nett gain amount is higher than the dividend amount declared 11 lots x dividend rate $0.01 = $110 and l have already collected it in advance.  For its 3Q2014 financial results, revenue +15.7%, profit -10.2%.  Higher revenue driven by higher demand for certain products as a result of competitive pricing.   Other notable positive impact were lesser inventories purchased and material consumed and net forex gain during the quarter.  Profit lowered mainly due to negative changes in inventories levels which resulted from higher sales as compared to the corresponding quarter of the previous financial year; no profit from discontinued operations; higher rental.  

Added Tee International 3 lots in this week as part of usual portfolio re-balancing.  Total holding in it now at 22 lots.  Tee Intl delivered mix financial results for 3Q2014; 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. 

Added GRP Ltd 7 lots in this week as part of usual portfolio re-balancing; total holding in it now at 18 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.  
Portfolio walk since previous posting :-
+$3,777 Total Returns as of 10 January

+$183 Nett Gain on sales of Duty Free

-$487 Unrealised positions worsened

+$3,473 Total Returns as of 17 January

Previous posting :- Cash - Closing Status 10 Jan

Remarks :- Profits locked in to-date $12,032 / year 2014 $539

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