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Sunday, 2 March 2014

Cash - Closing Status 28 February

Received the following dividends in this week for my Cash portfolio :-
$36.98 Ascott Reit 
$46.90 K-Green Trust
$102.48 Suntec Reit
$42.74 Cache Logistics Trust

Divested away Singapore Shipping Corp (SSC) 1 lot in this week for $19 nett gain as part of usual portfolio re-balancing.   For its 3Q2014 financial results, revenue +69.9%, profit +28.4%.  The newly acquired agency and logistics business helped to reduce revenue shortfall in ship owning and management.  Ship-owning reported a lower Q3 net profit owing to the offhire of a vessel for drydocking.  The lower depreciation rate for two vessels (in drydocking) and contributions from the newly acquired agency and logistics businesses more than made up for the shortfall in profits.  Lower net cash from operating activities because of lower income from ship-owning; but this was partially offset by contributions from agency and logistics businesses.  Ship-owning’s operating results are expected to be better in 4Q2014 and the next financial year as no downtime for drydocking is expected. The delivery of a 6,500-unit pure car and truck carrier for long-term charter to a blue chip operator is on schedule.  The sale of its car carrier "MV Singa Ace" was completed on 14 Feb'14 and the gain on disposal of approximately USD 0.9 million is highly likely to be accounted for in 4Q2014.  MV Singa Ace is 30 years old and its class survey and statutory certificates will expire on 20 February 2014.

Re-invested into Soilbuild Reit 1 lot in this week as part of usual portfolio re-balancing.  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 $0.76 and 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).  It received a BBB- investment grade credit rating from Standard & Poor’s on Jan 22, and the management plans to raise its long term gearing target to between 35% and 40% from its current gearing of 29.3%, giving it an additional $75 million to $80 million in debt headroom for acquisitions. It plans to acquire industrial properties in Woodlands within FY2014.  Occupancy rate 99.9%.   17% of its net lettable area is due for renewal in 2014 and about 47% of that has been pre-committed, with the rest under negotiations.

Divested away K-Green Trust 2 lots in this week at break-even as part of usual portfolio re-balancing.  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.

Increased HPH Trust 1 lot in this week as part of usual portfolio re-balancing; total holding in it now at 6 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 $0.795.  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.

Reduced GRP Ltd 20 lots in this week for $99 nett gain as part of usual portfolio re-balancing; total holding in it now at 11 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.

Divested Croesus Retail Trust 1 lot in this week for a small $5 nett gain but have decided to re-invest into it 1 lot within the same week; as part of usual portfolio re-balancing purpose.  It has 100% occupancy across all its four retail business properties in Japan.  Around 0.4% of leases are subjected for renewals in year 2014; and 25.7% of leases are for renewals in year 2015.  Each of the properties is strategically locate within its submarket, being directly connected via major transportation nodes.  63.4% of its gross rental income is derived from leases structured as fixed term leases, giving it greater flexibility to adjust rentals and tenant composition, or variable rent, allowing it to share any income upside with its tenants.  It has very high gearing of around 41.8% but at very cheap interest costs. It recently announced intention to acquire  two income-producing retail properties in Japan, namely Luz Omori and NIS Wave which upon completion will increase DPU approximately from 7.01 Singapore cents to 7.41 Singapore cents.
Portfolio walk since previous posting :-

+$2,940 Total Returns as of 21 February

+$229 Dividends from Ascott Reit, Cache Logistics, K-Green Trust, Suntec Reit

+$123 Nett gain on sales of Sp Ship, Croesus, GRP

+$456 Unrealised positions improved

+$3,748 Total Returns as of 28 February

Previous posting :- Cash - Closing Status 21 Feb

Remarks :- Profits locked in to-date $12,567 / year 2014 $1,075

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