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Sunday, 1 June 2014

Cash - Closing Status 30 May

Received the following dividends in this week for my Cash stock holdings :-

$23.20 Ascendas India Trust
$42.80 Cache Logistics
$39.40 Keppel Reit
$4.96 Suntec Reit

Reduced Keppel Reit 1 lot in this week for $24 nett gain as part of usual and active stock holdings re-balancing; remaining stock holding at 1 lot.  In its recent 1Q2014 financial results and versus last year;  DPU stayed the same at 1.97 cents;  Property expenses  now stabilized at +4.3%;  NPI higher by 14.7% resulted from improved performance from Ocean Financial Centre and Prudential Tower, as well as the additional income from 8 Exhibition Street in Melbourne;  Profit +20.1% due to higher NPI, higher interest income, higher share of results of associates and jv, lower trust expenses and lower amortization expenses; but offset by lower rental support, higher borrowing costs and management fees as a results of the larger portfolio of assets under management.  As of end Qtr 1, its NAV was valued at $1.39 but Mr Market believes that it is worth $1.305 as of its Friday closing price.  Recently, it sold away 92.8% of its stake in Prudential Tower and the sale proceeds will be used to repay existing debt in order to achieve greater financial flexibility, with the remaining amount to be used for general corporate and working capital purposes and/or for pursuing acquisition opportunities.  Post divestment, its aggregate leverage will decline from 42.1% to 38.8%.

Reduced GRP Ltd 40 lots in this week for $79 nett gain but re-invested into it again for 30 lots as part of usual and active stock holdings re-balancing; total holding in it now at 41 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.  It recently announced termination of its projects and development works in Myanmar.

Divested away Ascendas India Trust 1 lot at breakeven as part of usual and active stock holdings re-balancing.  For its 4Q2014 results, NPI +14% due to total property expenses declined by 10%; and hence a higher income available for distribution and higher DPU.   Occupancy rate at 97%.  Gearing at 22%.  NAV at $0.62 versus friday's closing $0.79.  

Divested away HPH Trust 2 lots in this week at breakeven as part of usual and active stock holdings re-balancing.  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 $0.94.  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 PCI Limited 3 lots in this week as part of usual stock holdings re-balancing for $38 nett gain.   For its 3Q2014 results, revenue -5.1%, profit +508.9%.   EMS (Electronics Manufacturing Services) revenue -5.9% due to weaker orders from key customers.  As a result of continuing efforts to manage cost, EMS operating profit margin was 3.1%.   No borrowings. 

Divested away Croesus Retail Trust 2 lots in this week for $20 nett gain as part of usual and active stock holdings re-balancing.  For its 3Q2014 results, NPI +12.3% and Income available for distribution per unit (SGD cents) +8.0% versus Forecast.  Higher NPI mainly due to better than expected tenant sales at Mallage Shobu.  Gearing 53.5%.  Majority lease expiry by gross rental income in FY2015 (21.5%) and FY2018 and beyond (67.5%).  NAV as of end Mar'14 at JPY 70.95 (SGD 0.87); friday close at $0.945.

Cash stock holdings walk since previous posting :-

+$7,386 Total Returns as of 23 May

+$110 Dividends from Keppel Reit, Ascendas India, Cache Logistics, Suntec Reit

+$162 Nett gain on sales of Keppel Reit, Ascendas India Trust, GRP, Croesus Retail, HPH Trust, PCI

+$818 Unrealised positions improved

+$8,477 Total Returns as of 30 May

Previous posting :- Cash - Closing Status 23 May

Remarks :- Profits locked in to-date $15,861 / year 2014 $4,369


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