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Sunday, 18 May 2014

Cash - Closing Status 16 May

Donated $45 to Sunlove Abode For Intellectually Infirmed Ltd

Reduced GRP Ltd 40 lots in this week as part of usual and active stock holdings re-balancing for $44 nett gain; remaining total holding 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.  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.

Divested away CEI Contract Manufacturing  21 lots in this week as part of usual and active stock holdings re-balancing for $39 nett gain.  NAV as of 31 Dec'13 at 0.0953 versus closing price $0.104 on 9 May'14.  GP Margin increased from 20.9% in FY 2012 to 22.0% in FY 2013 mainly from USA (increase to 26% from 21%) which offset poorer GP margin in Singapore (dropping to 26% from 28%).  Profit +2.1%.  Free Cash Flow $4088k (FY2012 $3796k).  Temasek Holdings has 18.09% and CEI Executive Chairman, Mr Tien Sing Cheong has 10.0% stakes in CEI respectively.  

Divested away Duty Free 3 lots in this week as part of usual and active stock holdings re-balancing for $26 nett gain.  For its 4Q2014 financial results, revenue +4.7%, profit -10.2%.  Higher revenue driven by increase in demand for certain products as a result of competitive pricing.   Lower profit due to higher taxes and lower profit from discontinued operations.  Total borrowings decreased by RM26.8 million, following a repayment of term loans amounting to RM12.8 million and a decrease in trade facilities borrowings of RM19.0 million. The decrease was partly offset by the increase in bank overdrafts of RM5.1 million.

Increased Tee International 15 lots as part of usual and active stock holdings re-balancing; total holding in it now at 34 lots.  It reported soft financial results for 3Q2014; revenue -29.5% due to lower recognition of revenue and profit -13% due to higher admin costs from the acquisition of Interlift Sales Pte Ltd.  It  proposed an issue of 2 warrants for every 5 shares issue (exercise price of S$0.25 per warrant)  to strengthen its capital base and support its expanding business activities.  Its Group Chief Executive, Mr Phua Chian Kin did five open market purchases - 110 lots (16 May), 100 lots (14 May), 100 lots (12 May), 210 lots (9 May), 65 lots (8 May) in current May month.

Reduced HPH Trust 2 lots in this week as part of usual and active stock holdings re-balancing for $16 nett gain; total holding in it now at 2 lots.  In its 1Q2014 revenue +2.7% and profit +18.6% versus last year.   The average revenue per TEU for Hong Kong was higher than last year due to favourable throughput mix of containers from liners, whereas that for China was higher than last year, primarily due to fewer concessions granted to some liners and a lower empty/laden container ratio.  Cost of services rendered +11.0% and Staff costs +3.0% due to higher container throughput, increase in external contractors’ costs and inflationary pressure.  Its end of Mar'14 NAV at HKD 7.32 (approx. SGD 1.18); last done share price on this Friday at $0.895.  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.  On 13 March 2014, HPH Trust entered into a strategic partnership with COSCO Pacific and CSTD through their investments of 40% and 20%, respectively, of effective equity and loan interests in ACT for an aggregate consideration of HK$2,472 million. The partnership will enhance its capabilities in servicing multiple mega-vessels simultaneously. It will further bolster all aspects of its port operations including its flexibility, efficiency, synergy and profitability.  

Divested away PEC Ltd 2 lots in this week as part of usual and active stock holdings re-balancing for $14 nett gain.  For its 3Q2014 results, revenue -22%, profit -22%.  Lower revenue due to decrease in revenue from project works.  Its gross profit margin increased from 16% to 22%; mainly due to claims for past variation works for project work which were finalized and recognised in Qtr 3.  Lower profit due to gross profit offset by higher operating expenses (+$2.7 mil which caused by $2.2 mil bad debts w/o), increase in administrative (+$0.6 mil); other operating income (+$1.3 mil).  NAV on 31 Dec was at $0.825.  It will continue to focus its business development efforts in Asia and the Middle East, where there are more project opportunities.

Cash stock holdings walk since previous posting :-

+$7,790 Total Returns as of 9 May

-$45 Donation to Sunlove Abode For Intellectually Infirmed Ltd

+$139 Nett gain on sales of GRP, Duty Free, PEC, CEI, HPH Trust

+$43 Unrealised positions improved

+$7,928 Total Returns as of 16 May

Previous posting :- Cash - Closing Status 9 May

Remarks :- Profits locked in to-date $15,281 / year 2014 $3,788

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