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Sunday, 11 May 2014

Cash - Closing Status 9 May

Invested into CEI Contract Manufacturing  21 lots in this week as part of usual stock holdings re-balancing.  NAV as of 31 Dec'13 at 0.0953 versus closing price $0.099 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. 

Reduced Tee International 11 lots as part of usual stock holdings re-balancing for $79 nett gain; total holding now at 19 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 purchased 65 lots of Tee International in the open market on 8 May; Mr Phua's total stake holding in Tee International now at 55.31%.

Invested into Pan Hong Property 4 lots in this week as part of usual stock holdings re-balancing.  In its 3Q2014 results, revenue -19.7%, profit -60.5%.  The decrease was mainly due to lower delivery of residential and commercial units as well as the car park lots of Nanchang Honggu Kaixuan.  Its revenue recognition is dependent on the launch of new projects and completion of handover of properties that are sold.  Consequently, revenue and profit for Pan Hong will appear irregular across quarters.  Gross profit margin in 3Q2014 improved from 31.6% in 3Q2013 to 37.6%.  The higher gross profit margin in 3Q2014 was due mainly to the handover of Huzhou Hua Cui Ting Yuan Phase 1 with better gross profit margin.  Extra Good Enterprises Ltd has 56% stake in Pan Hong.  The Executive Chairman of Pan Hong, Mr Wong Lam Ping (and his wife, Ms Chan Heung Ling) are major shareholders of Extra Good Enterprises. 

Divested away Mapletree Logistics 1 lot in this week at a small nett profit of $15 as part of usual stock holdings re-balancing.  For its 4Q2014 financial results, NPI +4.3% mainly due to positive rental reversions, initial contributions from newly completed asset enhancements in Singapore and Japan, and contribution from the Korea property acquired during the year.  Occupancy at 98.3%; the weighted average lease term to expiry (by net lettable area) at 4.8 years, with around 43% of the leases expiring in FY17/18 and beyond.   NAV as of end Mar'14 at $0.97 but Mr Market says it is worth $1.135 at the moment.  Aggregate leverage ratio 33.3%.  75% of total debt hedged into fixed rates.  Borrowing costs -17% due to lower average interest rates achieved & weaker JPY.  Impact of weaker JPY on distribution is mitigated by currency hedges.  88% of amount distributable in FY14/15 is hedged into / derived in SGD.  91% of income stream from Japan for FY14/15 has been hedged.

Added GRP Ltd 30 lots in this week as part of usual stock holdings re-balancing; total holding now at 51 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 Frasers Centrepoint Trust  1 lot in this week as part of stock holdings re-balancing at break-even.  For its 2Q2014 financial results, NPI +2.0% mainly due to higher revenue contribution from Causeway Point.  Gearing level at 27.7%.  94% of FCT’s borrowings are on fixed interest rate or have been hedged via interest rate swaps.  Occupancy rate at 96.8%; mall occupancy at Causeway Point, Northpoint and YewTee Point remained stable.  Bedok Point, currently undergoing fitting-out works for several incoming new tenants, registered mall occupancy of 77.0%.  Bedok Point’s occupancy is expected to recover to above 95% in the second half of year 2014 upon the lease commencement of the new tenants.  The proposed acquisition of Changi City Point will be the sixth mall for Frasers CT and it will enhance future growth and hence strengthen its ability to continue to deliver good and stable distribution returns.

Stock holdings (Cash) walk since previous posting :-

+$6,965 Total Returns as of 2 May

+$95 Nett gain on sales of Mapletree Logistics, Tee Intl, Frasers Centerpoint Trust

+$731 Unrealised positions improved

+$7,790 Total Returns as of 9 May

Previous posting :- Cash - Closing Status 2 May

Remarks :- Profits locked in to-date $15,141 / year 2014 $3,649

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