SRS - Closing status 4 April

Divested away DBS Group 605 shares in this week under SRS portfolio as part of usual portfolio re-balancing for $161 nett gain.  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%.

Reduced  CDL Hospitality Trusts 2 lots for $22 nett gain as part of usual portoflio re-balancing; remaining 2 lots.  For its 4Q13 results, net property income +2.5%; income available for distribution per unit +0.6%.  Income from acquisition growth in 2013 has mitigated the impact of the softer trading conditions experienced in Singapore.  Its healthy gearing puts it in good stead to capitalise on expansion opportunities as it continues to actively seek yield-accretive acquisition opportunities in the hospitality sector.  Orchard Hotel Shopping Arcade, currently under AEI will be rebranded as "Claymore Link"; incremental rental income to be more than S$2.0 million on an annualized basis.

Portfolio walk since previous posting :-

+$5,776 Total Returns as of 28 March 

+$183 Nett gain on sales of DBS Group. CDL HTrust

+$277 Unrealised positions improved

+$6,235 Total Returns as of 4 April

previous posting :- SRS - Closing status 28 March

Remarks :- Profits locked in to-date $13,918 / year 2014 $1,316