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Sunday, 4 May 2014

Cash - Closing Status 2 May

Invested into PCI Limited 3 lots in this week as part of usual stock holdings re-balancing.   For its 2Q2014 results, revenue +11.6%, profit +83.3%.   EMS (Electronics Manufacturing Services) segment as expected, contributed the bulk of its revenue increase for Qtr 2; but still at -4.2% for 1H2014.  Gross profit margin +12.5% mainly due to manufacturing expenses were brought in line with the level of plant activities.  No borrowings.

Added GRP Ltd 10 lots in this week as part of usual stock holdings re-balancing; total holding now at 21 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.

Invested into PEC Ltd 2 lots in this week as part of usual stock holdings re-balancing.  For its 2Q2014 results, revenue -22%, profit -7%.  Lower revenue due to revenue decrease in project works from the Middle East and Singapore. The decrease was partly offset by an increase in maintenance segment resulted from higher maintenance activities.  Its gross profit margin increased from 14% to 22%; mainly due to claims for past variation works for project work which were recognised in Qtr 2.  Lower profit due to gross profit offset by decrease in other operating income (-$1.0 mil)and increase in administrative (+$0.6 mil), and other operating expenses (+$1.7 mil).  NAV on 31 Dec was at $0.821.

Divested away Soilbuild Reit 1 lot in this week as of usual stock holdings re-balancing for nett gain $16; and this par to its dividend of $16 (1 lot x $0.01562) which XD on 6 May.  Its dividends will be paid on 4 Jun but l have collected it in advance and am able re-invest on the sale proceeds.  Its 1Q2014 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 $0.79 and is currently below its NAV as of end Mar'14 of $0.81.  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.  Over 78% of all lease expiries due in 2014 have already been renewed, re-leased or precommitted and it will pro-actively focus on the remaining expiries. 

Re-invested into Duty Free 3 lots in this week as part of usual stock holdings re-balancing.  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.

Stock holdings (Cash) walk since previous posting :-

+$6,628 Total Returns as of 25 April

+$16 Nett gain on sales of Soilbuild Reit

+$321 Unrealised positions improved

+$6,965 Total Returns as of 2 May

Previous posting :- Cash - Closing Status 25 April

Remarks :- Profits locked in to-date $15,047 / year 2014 $3,554

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