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Saturday, 22 February 2014

Cash - Closing Status 21 February

Divested Technics Oil & Gas 1 lot in this week as part of usual portfolio re-balancing, for a small $7 nett gain.  It recently announced a plan to acquire a 74% Vigahs Marine.  Its share price was at its 52 weeks low at $0.61 on 4th Feb but l will hands off Technics for now.  Its restructuring started back in Jan 2012 is still probably not fully completed yet as it is currently busy restructuring its remaining existing non-profitable businesses.  It is acquiring more companies with viable business model and a good management team for a stable stream of income and profit.

Reduced Mapletree Greater China Commercial Trust 3 lots in this week as part of usual portfolio re-balancing for $32 nett gain; total holding of it now at 4 lots.  In its 3Q2014 (1 Oct'13 to 31 Dec'13) financial results, comparisons were made 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 $0.82.  Earliest debt expiry is in year 2015 and is well staggered into year 2018 at average 33% each year.  Borrowings interest rate for 71% of total debt fixed till year 2015.  Portfolio occupancy rate at 97.9% as of end Dec'13.  89% of expiring leases in current financial year have been renewed or re-let.  To ensure stability of S$ 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.  

Increased HPH Trust 1 lot in this week as part of usual portfolio re-balancing; total holding in it now at 5 lots.  Attractive valuation after recent share price correction.  In its 4Q2013 revenue -0.8% and profit -34.2% versus last year.   The average revenue per TEU for Hong Kong came in lower due to one-off concession granted to liners after industrial action in HIT port;  also came in lower for China due to adverse throughput mix of containers from liners.  Cost of services rendered +10.3% and Staff costs +12.5% due to RMB appreciation, inflationary pressure, higher container throughput and ACT's staff costs after the acquisition.  Its share price dropped to a 52 weeks low at $0.755 on 11 Dec'13; its end of Dec'13 NAV at HKD 7.26 (approx. SGD 1.19); last done share price on this Friday at $0.80.  Growth in the US and Europe is a major factor in determining the total volume of containers handled by HPH Trust.  Consensus outlook for both is favourable in 2014.

Portfolio walk since previous posting :-

+$2,193 Total Returns as of 14 February

+$39 Nett gain on sales of  Technics and Mapletree Greater China

+$707 Unrealised positions improved

+$2,940 Total Returns as of 21 February

Previous posting :- Cash - Closing Status 14 Feb

Remarks :- Profits locked in to-date $12,215 / year 2014 $722

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