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Blog Archive

Saturday, 4 October 2014

Stock changes 3 Oct

Latest stock holdings :-

Additions since previous updates :-

Saizen Reit
Added 3 lots under Cash stock holdings.  In its 4Q14 results, NPI -0.6%, profit +JPY 88 mil.  Quarter-on-quarter gross revenue remained stable; net property income increased by 2.0% as compared to 3Q FY2014 because of lower property operating expenses.  Property operating expenses decreased by 4.8%, due mainly to seasonal expenses.  Average occupancy rate at 91.0%.  It has hedged the distribution payment for the six-month financial period ending 31 December 2014, at an average rate of JPY81.9/S$.  It will look into hedging the distribution payment for the six-month financial period ending 30 June 2015 soon.  The foreign exchange exposure on its assets, liabilities and equity capital (which are principally denominated in JPY) will not be hedged. A weakening of the JPY against the S$ will have a negative impact on its net asset value in S$-terms.  Interest rates for 88% of loans outstanding are fixed.  Nearest loan maturity is in March 2020.  Gearing at 33%. Overall rental reversion of new contracts entered into in FY2014 was marginally lower by about 0.5% from previous contracted rates.   Downward rental reversions were mainly recorded for expired contracts previously entered into prior to 2008 as the rent of such contracts had not been changed to prevailing market rates during their multiple contract renewals over the years. Reversions in 4Q FY2014 which involved expired contracts previously entered into from 2011 onwards were mostly transacted at the same or higher rents.

Invested into it for 1 lot under Cash stock holdings.  In its 3Q14 results, revenue -4.7%, profit -48.2%.  Lower revenue mainly from its Newspaper and Magazine business slid which was due to advertisement revenue and circulation revenue declined.  Lower profit because in last year there was a one-off fair value gain on investment properties of $111.4 mil.  The Seletar Mall is SPH's latest retail development and is expected to open at the end of 2014. This property is a potential asset to be injected into SPH REIT.   SPH’s wholly-owned subsidiary, Times Development Pte Ltd, also developed a 43-storey upmarket residential condominium, Sky@eleven, at Thomson Road.  Online classified business continued to enjoy strong growth in traffic.   Circulation copies lifted by strong digital sales particularly from The Straits Times and The Sunday Times.   It continues to restructure and transform with productivity drives as net 32 headcounts were cut.  Staff cost is at 43.4% of total cost composition.

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