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Saturday, 13 September 2014

Stock changes 12 Sep

Latest stock holdings :-

Additions and divestments since previous updates :-

Bund Center Investment
Divested all away 19 lots under Cash stock holdings.   Await to assess its 2nd half 2014 results and probably 1st Qtr 2015 results for re-investment into this stock.   For 1st half 2014, revenue +10.8% (hotel segment +9.0%, property leasing +12.5%). Higher leasing income from the Bund Center office tower; improved average leasing rate and higher average rent rate, underpinned by sustained demand from multinational and domestic companies for office space for expansions and new set-ups.   Side note, it also owns and manages the Golden Center, a six-storey retail complex in Ningbo.  Immediate future rental yield likely to come under pressure due to increase in supply of new office spaces in both centralised and decentralised business areas in Shanghai, as well as new retail spaces in Ningbo.  The Property Leasing segment engages in the ownership and leasing of investment properties.  Its "The Westin Bund Center Shanghai" hotel achieved higher average hotel occupancy rate and higher average room rate versus other five-star hotels in Shanghai. Hotel sector will come under pressure in the immediate future due to increase in supply of new hotel rooms and rising operating costs. The Hotel segment engages in the ownership of hotel which is under the management of Westin Hotel Management, L.P.  NAV as of 30 June at $0.16 versus friday's closing price at $0.215. 

Croesus Retail Trust
Invested into it for 31 lots (Cash 21 lots, SRS 10 lots) but later reducing it by 3 lots (Cash).  For its Qtr 4 results higher NPI driven by lower property operating expenses, due to savings on property management expenses and lower repair expenses. Nearest debt maturity is in FY2017, which is 20% of total long term debt.  Major lease expiring beyond year 2018 at 59.9%; lease expiring in 2015 at 20.4%. For the leases expiring in 2015, it is evaluating the performance of each of the tenants and will replace or renew the lease agreement in order to maximise future cash flows. Even though there was a slight disruption in sales patterns due to the consumption tax hike in April 2014 but this has been mitigated due to a high component of fixed and guaranteed minimum rent at its properties.  It recently announced a proposed acquisition of its seventh mall, a 14-year old freehold One’s Mall in Chiba, in the Greater Tokyo region.

Singapore Reinsurance
Divested it all away 9 lots under Cash stock holdings.  Harder days ahead due to intensified competition and premium rate erosion.  Escalating costs and unpredictable climate change will continue to make underwriting challenging.  Nevertheless, no matter how challenging the reinsurance environment is, it has been able survive through it for many years.  Certainly a company worth investing into at current price level and even better at slightly lower price levels.  NAV at $0.3815 versus friday's closing price $0.295.

CM Pacific  
Added 104 lots (SRS 19 lots, Cash 20 lots, CPF 65 lots).  It reported higher revenue and profit for Qtr 2.  Higher revenue because of revenue growth of Yongtaiwen Expressway and the increase in bank interest income.  Lower finance costs due to repayment of long term bank borrowings.   Higher profits due to higher profit contribution from the toll road operations and the gain on disposal of property development business.  It recently acquired Jiurui Expressway after buying over its toll road owner, Hong Kong Honest Queen International; after a second attempt at it.


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