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Blog Archive

Sunday, 9 February 2014

Cash - Closing Status 7 February

Donated $30 to Singapore Planned Parenthood Association in this week.

Added Mapletree Greater China Commercial Trust 2 lots in this week as part of usual portfolio re-balancing; 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 $0.795.  Earliest debt expiry is in year 2015 and is well staggered into year 2018 at average 33% each year.  Borrowings interest rate for 71% of total debt fixed till year 2015.  Portfolio occupancy rate at 97.9% as of end Dec'13.  89% of expiring leases in current financial year have been renewed or re-let.  To ensure stability of S$ 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. 

Re-invested into Soilbuild Reit 1 lot in this week.  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 $0.74 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 5 lots in this week as part of usual portfolio re-balancing; total holding in it now at 16 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.

Portfolio walk since previous posting :-
+$2,212 Total Returns as of 30 January

-$737 Unrealised positions worsened

+$1,446 Total Returns as of 7 February

Previous posting :- Cash - Closing Status 30 Jan

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

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