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Sunday, 23 March 2014

Cash - Closing Status 21 March

Invested into AIMS AMP Industrial Reit 1 lot in this week under Cash portfolio as part of usual portoflio re-balancing.  In its 3Q2014 financial results, NPI +26.6%; available distributable income +29.6%.  DPU +7.4%.  Its NAV as of end Dec'13 was at $1.5183 and its last done share price on this Friday is already at a discount at $1.31 (partly due to recent Rights Issue effect).  Portfolio occupancy rate at 98.2% as of end Dec'13.  Only 2.6% of NLA expiring in 2014.  Redevelopment of its Defu Lane 10 property on schedule and within budget and TOP is expected in May'14; expect income contribution in Sept 2014 quarter.   For the development of phase 2e and 3 of its Gul Way property which upon completion will likely resulting 8.17% NPI yield on cost. 

Added GRP Ltd 10 lots in this week as part of usual portfolio re-balancing; total holding in it now at 86 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.  The ex-President of REDAS, Mr Teo Tong How will be part of GRP's independent non-executive director and chairman of the board of directors.  Mr. Teo will add tremendous value to GRP due to his vast knowledge, experience and network in property development, and property investments.
Portfolio walk since previous posting :-

+$3,438 Total Returns as of 14 March

-$1,078 Unrealised positions worsened

+$2,360 Total Returns as of 21 March

Previous posting :- Cash - Closing Status 14 Mar

Remarks :- Profits locked in to-date $12,839 / year 2014 $1,347


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