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Sunday, 18 May 2014

CPF - Closing Status 16 May

Divested away Cache Logistics Trust 2 lots in this week as part of usual CPF stock holdings re-balancing for $32 nett gain.  In its recent 1Q2014 financial results;  DPU lowered by 4.2% due to higher number of issued units.  NPI higher by 8.2% for 1Q2014 mainly due to rental contribution from new acquisitions made in 2013 and built-in rental escalation within the portfolio’s master leases.  As of end Qtr 1, its NAV was valued at $0.98 but Mr Market believes that it is worth more with its Friday closing price at $1.20.  Aggregate leverage at 29.1%.  Total borrowings, amounting to S$313.0 mil; 70% of the interest cost is hedged.  The aggregate leverage is expected to increase from 29.1% to approximately 34.8% at the completion of the BTS development for DHL Supply Chain Singapore.   94% of its property portfolio will be in modern ramp-up logistics warehouses.  

Invested into CM Pacific 15 lots in this week as part of regular stock holdings re-balancing.  For its 1Q2014 financial results, revenue +6% driven by the revenue growth from Yongtaiwen Expressway which accounted for 80% of its revenue.  Profit +14% driven by higher profit contribution from its toll road assets and the recognition of deferred income and effective interest income on compensation receivable from the relocation of certain toll stations along the Guihuang Highway. This was partly offset by higher finance costs and withholding tax and lower exchange gain. 

CPF stock holdings walk since previous posting :-

-$6,517 Total Returns as of 17 Apr

+$32 Nett gain on sales of Cache Logistics

+$265 Unrealised positions improved

-$6,221 Total Returns as of 16 May

previous journal :- CPF - Closing Status 17 Apr

Remarks :- Profits locked in to-date $1,257 / year 2014 $613

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