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Sunday, 5 January 2014

Cash - Closing Status 3 January

The following were activities in 1st week of January 2014 :-

Reduced GRP Ltd 8 lots in this week as part of usual portfolio re-balancing for $20 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 Duty Free 5 lots in this week under Cash portfolio but have decided to divest away total holding 8 lots of it for $107 nett gain 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. 

Reduced Tee International 13 lots in this 1st week of January as part of usual portfolio re-balancing for $110 nett profit.  Total holding in it now at 27 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 :-

+$2,427 Total Returns as of 31 December

+$237 Nett Gain on sales of Tee Intl, GRP, Duty Free

+$10 Unrealised positions improved

+$2,675 Total Returns as of 3 January

Previous posting :- Cash - Closing Status 31 Dec

Remarks :- Profits locked in to-date $11,730 / year 2014 $237

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