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Sunday, 2 February 2014

Cash - Closing Status 30 January

Added K-Green Trust 1 lot in this week as part of usual portfolio re-balancing; total holding in it now at 2 lots.  For its 4Q2013 financial results revenue -5.7% versus last year; profit -1.4%.  It is quite a defensive stock as all three assets in its portfolio have long-term concession agreements with NEA and PUB.   Senoko Trust and Tuas DBOO Trust derive most of their income from capacity payments, which offer a stable source of income with little correlation to economic or demographic fluctuations.  Ulu Pandan Tust's income is derived in equal parts from availability payments and from NEWater output payments.   Its current businesses have been locally based so far and probably likely to stay the same in the next financial year.  Let's see.

Divested Mapletree Greater China Commercial Trust 2 lots in this week as part of usual portfolio re-balancing for $22 nett gain.  Total holding of it now at 5 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 Thursday was at a discount to NAV at $0.815.  Earliest debt expiry is in year 2015 and is well staggered into year 2018 at average 33% each year.  Borrowings interest rate for 71% of total debt fixed till year 2015.  Portfolio occupancy rate at 97.9% as of end Dec'13.  89% of expiring leases in current financial year have been renewed or re-let.  To ensure stability of S$ 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 in Jan'14 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.  

Divested Soilbuild Reit 1 lot in this week for $16 nett gain before it gone XD in this week.  Dividends 1 lot x $0.0151 = $15 will be paid 28 Feb.  So, l have already collected its dividends in advance and can re-use the proceeds for other investment opportunities.  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 Thursday at $0.75 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 Tee International 8 lots in this week as part of usual portfolio re-balancing.  Total holding in it now at 30 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. 
Portfolio walk since previous posting :-
+$2,914 Total Returns as of 24 January

+$38 Nett Gain on sales of Mapletree Greater China, Soilbuild Reit

-$740 Unrealised positions worsened

+$2,212 Total Returns as of 30 January

Previous posting :- Cash - Closing Status 24 Jan

Remarks :- Profits locked in to-date $12,114 / year 2014 $622

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