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Sunday, 26 January 2014

Cash - Closing Status 24 January

Reduced GRP Ltd 7 lots in this week as part of usual portfolio re-balancing for $45 nett gain; total holding in it now at 11 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.  

Added Mapletree Greater China Commercial Trust 2 lots in this week; total holding of it now at 7 lots.  It just released 3Q2014 (1 Oct'13 to 31 Dec'13) financial results and made comparisons against forecast made during IPO launch.   Achieved higher NPI +13.2%.  Available distributable income +16.6%.  Its NAV as of end Dec'13 was at $0.943 and its last done share price on this Friday was at a discount to NAV at $0.81.  Earliest debt expiry is in year 2015 and is well staggered into year 2018 at average 33% each year.  Borrowings interest rate for 71% of total debt fixed till year 2015.  Portfolio occupancy rate at 97.9% as of end Dec'13.  89% of expiring leases in current financial year have been renewed or re-let.  To ensure stability of S$ 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 Tuesday this week at $0.785.  And if we are truly in bear market now then its stock price recovery in this week will be stalled but any share price weakness in it will be a good opportunity to serious minded investors to get into it. 

Portfolio walk since previous posting :-
+$3,473 Total Returns as of 17 January

+$45 Nett Gain on sales of GRP

-$604 Unrealised positions worsened

+$2,914 Total Returns as of 24 January

Previous posting :- Cash - Closing Status 17 Jan

Remarks :- Profits locked in to-date $12,077 / year 2014 $584

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