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Sunday, 9 February 2014

SRS - Closing status 7 February

Invested into DBS Group 300 shares in this week under SRS portfolio.  For its 3Q13 financial results and versus year ago :- Net interest income +6% because loans +19% but the impact was partially offset by lower loan spreads and yields on investment securitie; Non-interest income +11% because trade and transaction services, wealth management and treasury cross-selling contributed to the increase; Expenses +5% as staff and other operating costs were higher.  Net profit fwas flat as the increase in total income was offset by higher general and specific allowances, in line with faster loan growth. Non-performing loan rate at 1.2%.

Added Keppel Reit 5 lots in this week so total holding now at 7 lots.  In its recent 4Q2013 financial results and versus last year;  DPU stayed the same at 1.97 cents;  Property expenses gone up 26.8% due to higher repair and maintenance costs amounting close to $1 mil variance;  NPI higher by 13.9%;  Profit +76.1% due to higher NPI, higher interest income, profit from its related companies, higher net fair value gain in investment properties and lower amortization expenses; but offset by high borrowing costs and management fees as a results of the larger portfolio of assets under management.  As of end Qtr 4, its NAV was valued at $1.38 but Mr Market believes that it is worth much lesser with its Friday closing price at $1.12.  99.8% committed occupancy as at end Dec'13.  Seven out of eight buildings are 100% occupied.  88% of assets in Singapore and 12% of assets in Australia.  100% of Singapore properties located in the prime CBD.   Stronger performance from Ocean Financial Centre, Marina Bay Financial Centre Phase 1and One Raffles Quay, and additional income from newly acquired 8 Exhibition Street and Old Treasury Building.  It is considering to acquire one-thirf stake in Marina Bay Financial Centre Tower 3 at the right time.  And to fund future acquisitions, it could consider the possibility of divesting its older assets (possible candidates are Bugis Junction Towers  expiring Sep 2089, Prudential Tower expiring Jan 2095).  Leases expiring as a percentage of total portfolio NLA at 3.4% in year 2014 and 8.6% in year 2015.  Nearly 70% of the borrowings are at fixed interest rates.  All loan facilities outstanding in 2014 will be refinanced by loan facilities maturing in 2019.  Aggregate leverage at 42.1%.

Portfolio walk since previous posting :-
+$6,082 Total Returns as of 30 Jan
-$888 Unrealised positions worsened

+$5,194 Total Returns as of 7 Feb

previous posting :- SRS - Closing status 30 Jan

Remarks :- Profits locked in to-date $12,739 / year 2014 $137

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