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Sunday, 16 February 2014

Cash - Closing Status 14 Feb

Divested Soilbuild Reit 1 lot in this week as part of usual portfolio re-balancing for a small nett gain of $6.  Its 4Q2013 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 was at $0.76 is currently below its NAV as of end Dec'13 of $0.80.  Earliest debt maturity is in year 2015, are equally spread out over three years (2015-2017).  Occupancy rate 99.9%.  On 30 Jan, Chinese property tycoon Tong Jinquan has become a substantial shareholder of Soulbuild Reit; Tong Jinquan also having substantial stakes in Viva Industrial Trust, Lippo Malls Reit, OUE Reit (and previously, Perennial China Retail Trust).

Added GRP Ltd 15 lots in this week as part of usual portfolio re-balancing; total holding in it now at 31 lots.  For its HY2014 financial results, revenue +5.7% with growth in all the three business divisions.  Strong demand in Hose & Marine and ramp up in orders from a middle east customer for its uPVC.   Administrative expenses -6.7%.  Profit 24.4%.  Free cash flow status at the moment.  Cannot understand reason(s) for not declaring any dividends with this set of good results.

Invested into Duty Free 3 lots in this week as part of usual stock holdings.  For its 4Q2014 financial results, revenue +4.7%, profit -10.2%.  Higher revenue driven increase in demand for certain products as a result of competitive pricing.   Lower profit due to lower profit from discontinued operations and higher taxes.   NAV as of end Feb'14 at RM 0.3731 or (S$0.143 using FX rate 2.6096) versus Friday's closing price at $0.280.  

Invested into Boardroom 1 lot in this week as part of usual portfolio re-balancing.  From its 2Q14 financial results, revenue +8.0%, profit +7.4%.  Higher revenue mainly driven by increased clientele base secured in a number of the regional offices.  Higher profit because of higher revenue and depreciation and amortization -11.9% but offset by staff costs +10.5%, opex +7.2%.  At the moment stockbroking firm, GK Goh Holdings has makes mandatory buyout offer of Boardroom for a cash consideration of $0.575 per share.

Portfolio walk since previous posting :-

+$1,446 Total Returns as of 7 February

+$62 Nett gain on sales of  Duty Free and Soilbuild Reit

+$686 Unrealised positions improved

+$2,193 Total Returns as of 14 February

Previous posting :- Cash - Closing Status 7 Feb

Remarks :- Profits locked in to-date $12,176 / year 2014 $683

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