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Sunday, 16 March 2014

SRS - Closing status 14 March

Added DBS Group 305 shares in this week under SRS portfolio as part of usual portfolio re-balancing; total holding in it now at 605 shares.  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 GRP Ltd 25 lots in this week as part of usual portfolio re-balancing.  Total holding in it now at 75 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 :-

+$6,046 Total Returns as of 7 March 

-$977 Unrealised positions worsened

+$5,068 Total Returns as of 14 March

previous posting :- SRS - Closing status 7 March

Remarks :- Profits locked in to-date $13,450 / year 2014 $848

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