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Sunday, 10 August 2014

Cash - Closing Status 8 August

Donated $95 to Association for Persons with Special Needs.

Invested into Wee Hur 3 lots in this week as part of  usual and active Cash stock holdings re-balancing.  For its 1H14 financial results, revenue -4%, profit +48%.  Lower revenue due to lower contributions from construction projects.  Higher profit driven by higher contribution of gross profit margin in property development business.  Phase 1 of its Tuas View Dormitory is expected to commence operation in August 2014 whilst Phase 2 of the dormitory is expected to commence operation in November 2014;  will add on significant recurring income.  TOP of Premier@Kaki Bukit will be expected within 3QFY14 which will provide a one-off earnings boost.

Invested into Bund Center Investment 19 lots in this week as part of  usual and active Cash stock holdings re-balancing.  For its 1Q14 financial results, revenue +10.4%, profit -25.6%.   Higher revenue driven by higher leasing income from our Bund Center office tower; mainly from increases in average leasing rate and rental rate, supported by sustained demand from multinational and domestic companies for office space for expansions and new set-ups.  Lower profit due to net foreign exchange loss of S$2.1 million recorded in 1Q2014 (1Q2013: gain of S$1.8 million), mainly comprised unrealised translation loss arising from revaluation of USD denominated borrowings in its Chinese subsidiary, as well as revaluation of inter-company payables in certain investment holding subsidiaries.

Invested into CSE Global 1 lot but divested it away in the same week for $17 nett gain as part of  usual and active Cash stock holdings re-balancing.  For its 1Q14 financial results, revenue -4%, profit -38%.  Lower revenue due to lower project revenue recognized for the Middle East.  Lower profit mainly due to no profit contribution from divested operations in Dec'13.  Next financial results to be announced on 11 August.

Re-invested into Saizen Reit 15 lots in this week as part of usual and active Cash stock holdings re-balancing.  In its 3Q14 results, NPI +2.5%, profit +JPY 314 mil.  Quarter-on-quarter gross revenue remained stable while net property income decreased by 4.1% as compared to 2Q FY2014. Property operating expenses increased by 9.4%, due mainly to seasonal expenses.  Higher profit due mainly to (i) the increase in net income from property operations, and (ii) the non-recurrence of refinancing-related costs incurred in 3Q FY2013, namely swap breakage costs (JPY 135.5 million) and loan commission written-off (JPY 148.0 million). Average occupancy rate at 91.1%.  As Saizen REIT’s distributable income from operations is generated in JPY, its S$-denominated distributions have been hedged.  Interest rates for 90% of loans outstanding are fixed.  Nearest loan maturity is in February 2018.  Gearing at 38%.   Deloitte & Touche has in early June'14 completed the strategic review of options for enhancing its unitholder’s value.  The review concluded that as a matter of priority, focus will be placed on its capital structure, in particular, its cash management and levels of leverage. As funds are made available as the capital structure is optimised, it will continue to seek opportunities to expand its property portfolio in line with its principal investment strategies.  It may also consider a buy-back of its shares at times of Unit price weakness, as a useful signaling mechanism and provided that is deemed as an effective use of capital at that time.  Following capital structure optimisation, more ambitious growth strategies will be explored, subject to availability, compatibility, returns and execution considerations.  

Invested into Singapore Reinsurance 9 lots in this week as part of  usual and active Cash stock holdings re-balancing.  For its 1Q14 financial results, revenue +35.3%, profit -8.7%.  Higher revenue mainly driven by timing difference in booking of premiums and higher premiums reported by some cedants.  Lower profit mainly due decline net investment income from the liquidation of strategic holding in a Thai insurance company in the previous year.  Next financial results to be announced on 14 August.

Invested into SembCorp Industries 1 lot in this week as part of  usual and active Cash stock holdings re-balancing.  For its 2Q14 financial results, revenue +1.4%, profit +8.0%.  Flat revenue because of  higher revenue (Marine) recognition for rig building projects offset by weak Utilities revenue mainly attributable to de-consolidation of Salalah and Singapore operations’ lower electricity sales, lower gas offtake and lower High Sulphur Fuel Oil prices recorded.  Competition in the power market has intensified and is expected to affect the performance of its Singapore operations.  Its overseas Utilities operations are expected to deliver continued growth.  On Marine, slowdown in capital expenditure may impact new orders and keen competition continues to exert pressure on margins; the repair business continues to see increase in market share.  However, despite the larger number of vessels, the average revenue per ship remained low in view of market conditions.   The four new dry docks continue to see full utilization.  Higher profit driven by lower profit for Others/Corporate in previous year mainly due to recognition of fair value loss of $25.1 million for its then associated company upon shareholding dilution from 23.92% to 11.96%.

Cash stock holdings walk since previous posting :-

+$10,798 Total Returns as of 1 August

+$17 Nett gain on sales of CSE Global

-$95 Donation to Association for Persons with Special Needs

-$677 Unrealised positions worsened

+$10,043 Total Returns as of 8 August

Previous posting :- Cash - Closing Status 1 August

Remarks :- Profits locked in to-date $17,426 / year 2014 $5,933
 

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