Cash - Closing Status 24 January

Reduced GRP Ltd 7 lots in this week as part of usual portfolio re-balancing for $45 nett gain; total holding in it now at 11 lots.  For its 2013 financial results, revenue -2.3% mainly due to lower non recurring projects completed in last year for its Measuring Instrument segment which also impacted profit.  Profit -30.3%.  Lower other income due to one time gain for the disposal of its China subsidiary in 2012.   It recently did a rights cum warrants issue for the required funding to develop and manage properties in Myanmar.  The rights cum warrants issue was 157.8% subscribed.  

Added Mapletree Greater China Commercial Trust 2 lots in this week; total holding of it now at 7 lots.  It just released 3Q2014 (1 Oct'13 to 31 Dec'13) financial results and made comparisons against forecast made during IPO launch.   Achieved higher NPI +13.2%.  Available distributable income +16.6%.  Its NAV as of end Dec'13 was at $0.943 and its last done share price on this Friday was at a discount to NAV at $0.81.  Earliest debt expiry is in year 2015 and is well staggered into year 2018 at average 33% each year.  Borrowings interest rate for 71% of total debt fixed till year 2015.  Portfolio occupancy rate at 97.9% as of end Dec'13.  89% of expiring leases in current financial year have been renewed or re-let.  To ensure stability of S$ distributable income, it has hedged 100% of HK$ distributable income for Year 1 and 90% for Year 2.  In addition, it has progressively converted CNY distributable income to SGD.  Its share price dropped to its new 52 weeks low on Tuesday this week at $0.785.  And if we are truly in bear market now then its stock price recovery in this week will be stalled but any share price weakness in it will be a good opportunity to serious minded investors to get into it. 

Portfolio walk since previous posting :-
+$3,473 Total Returns as of 17 January

+$45 Nett Gain on sales of GRP

-$604 Unrealised positions worsened

+$2,914 Total Returns as of 24 January

Previous posting :- Cash - Closing Status 17 Jan

Remarks :- Profits locked in to-date $12,077 / year 2014 $584

Cash - Closing Status 17 January

Divested Duty Free 11 lots in this week under Cash portfolio as part of usual portfolio re-balancing at $183 nett gain.  It declared $0.01 dividend which will XD 11 Feb and dividend payment scheduled to happen on 6 March.  The $183 nett gain amount is higher than the dividend amount declared 11 lots x dividend rate $0.01 = $110 and l have already collected it in advance.  For its 3Q2014 financial results, revenue +15.7%, profit -10.2%.  Higher revenue driven by higher demand for certain products as a result of competitive pricing.   Other notable positive impact were lesser inventories purchased and material consumed and net forex gain during the quarter.  Profit lowered mainly due to negative changes in inventories levels which resulted from higher sales as compared to the corresponding quarter of the previous financial year; no profit from discontinued operations; higher rental.  

Added Tee International 3 lots in this week as part of usual portfolio re-balancing.  Total holding in it now at 22 lots.  Tee Intl delivered mix financial results for 3Q2014; revenue +ve 14% driven by ongoing and completed engineering projects and profit -ve 14% due to higher administrative expenses.  Higher administrative expenses was due to acquisition of Interlift Sales which also resulted in higher headcount for the group.  But really strange why the effect is only felt in Qtr 2 and no mention of this matter in Qtr 1 results.  Higher AR and other receivables due to the amount owing from subcontractors for an engineering project.  l am unsure if this really an industry norm?  It really needs to monitor its AR collections closely and be wary of domino effect which usually could have a severe financial impact. 

Added GRP Ltd 7 lots in this week as part of usual portfolio re-balancing; total holding in it now at 18 lots.  For its 2013 financial results, revenue -2.3% mainly due to lower non recurring projects completed in last year for its Measuring Instrument segment which also impacted profit.  Profit -30.3%.  Lower other income due to one time gain for the disposal of its China subsidiary in 2012.   It recently did a rights cum warrants issue for the required funding to develop and manage properties in Myanmar.  The rights cum warrants issue was 157.8% subscribed.  

Portfolio walk since previous posting :-
+$3,777 Total Returns as of 10 January

+$183 Nett Gain on sales of Duty Free

-$487 Unrealised positions worsened

+$3,473 Total Returns as of 17 January

Previous posting :- Cash - Closing Status 10 Jan

Remarks :- Profits locked in to-date $12,032 / year 2014 $539

SRS - Closing status 17 January

Divested Ascott Reit 3 lots in this week under SRS portfolio at $137 nett gain which par to its 1H2013 dividends 3 lots x dividends rate $0.04541 = $136.  This divestment is part of usual portfolio re-balancing and also, paying myself the dividends in advance than its scheduled payment timing.  It will announce its 4Q2013 and full year results on 21 Jan after trading hours.  In its 3Q2013 financial results, revenue +11% mainly driven by contributions from 17 properties in China, Germany, Japan and Singapore which were acquired in the 2nd half of 2012 and June 2013.  Increase in revenue was partially offset by the divestment in Sep'12 and lower contribution from existing properties in Philippines and Japan (due to depreciation of JPY against SGD).   Its recent rights issue 1.6 times subscribed.  Purposes of rights issue are to pay down its debt, to fund capex and AEI and for general corporate and working capital uses.    The increase in its debt headroom as a result of reduced borrowings will enhance its flexibility in pursuing potential acquisitions and at the same time improve its competitive positioning in the market via AEI plans.  Its gearing level post Rights will improve to 34.3% from 41.1% (end Sep'13 status).   

Portfolio walk since previous posting :-

+$7,578 Total Returns as of 31 Dec 

+$137 Nett Gain on sales of Ascott Reit

-$835 Unrealised positions worsened

+$6,880 Total Returns as of 17 Jan

previous posting :- SRS - Closing status 31 Dec

Remarks :- Profits locked in to-date $12,739 / year 2014 $137

Cash - Closing Status 10 January

Donated $35 to Yellow Ribbon Fund in this week.

Reduced Asian Pay TV(APTT) 1 lot in this week under Cash portfolio for $11 nett gain which is part of usual portfolio re-balancing; total holding in it now at 23 lots.  Subscriber households have grown, average revenue per subscriber is constant, penetration rates have increased, all leading to growth in recently acquired Taiwan Broadband Communications (TBC) earnings.  Taiwan regulator already approved TBC expansion to greater Taichung which opens up opportunity to increase  household network coverage by up to 400,000.  NAV as of end Sep'13 at $0.91 and last done share price at discount of $0.785.  Interest rate swaps have been entered into, which fix a significant portion of the interest rate exposure from TBC's borrowings.  For growth in penetration rates, premium digital cable tv and broadband to increase as a result of up-selling and bundling strategies, increased set-top box penetration, greater availability of digital content, need for reliable internet access.  Network expansion through re-zoning is an opportunity for APTT.  Positive ongoing discussions with Taiwan tax authorities to resolve tax dispute.

Re-invested into Duty Free 11 lots in this week under Cash portfolio as part of usual portfolio re-balancing.  For its 2Q2014 financial results, revenue -1.3%, profit -65.5%.  Profit lowered mainly due to decrease in revenue, higher net foreign exchange loss and rental of premises of RM5.9 mil and RM 3.0 mil respectively.  To improve operational efficiency, it recently completed an internal reorganization exercise and disposal of its shareholding in its so called Border Town and airport businesses and Down Town businesses. 

Taking up a small stake in Technics Oil & Gas 1 lot in this week.  It is not that l have run out of stock company to invest in but l reckon it still worth investing. Its financials are in quite a mess situation as of full year 2013.  Also it did not pay any dividends in 2013.  Its share price on Friday of $0.66 is quite close to its 52 weeks low price at $0.635.  Its restructuring started back in Jan 2012 so should be more less completed by now.  It now needs to win more projects and gets its financial back in shape again quickly.

Reduced Tee International 8 lots in this week as part of usual portfolio re-balancing for $108 nett profit.  Total holding in it now at 19 lots.  Tee Intl delivered mix financial results for 2Q2014; revenue +ve 14% driven by ongoing and completed engineering projects and profit -ve 14% due to higher administrative expenses.  Higher administrative expenses was due to acquisition of Interlift Sales which also resulted in higher headcount for the group.  But really strange why the effect is only felt in Qtr 2 and no mention of this matter in Qtr 1 results.  Higher AR and other receivables due to the amount owing from subcontractors for an engineering project.  l am unsure if this really an industry norm?  It really needs to monitor its AR collections closely and be wary of domino effect which usually could have a severe financial impact. 

Portfolio walk since previous posting :-

+$2,675 Total Returns as of 3 January

+$119 Nett Gain on sales of Tee Intl, Asian Pay TV

-$35 Donation to Yellow Ribbon Project

+$1,018 Unrealised positions improved

+$3,777 Total Returns as of 10 January

Previous posting :- Cash - Closing Status 3 Jan

Remarks :- Profits locked in to-date $11,849 / year 2014 $356

Dare you to give up on KrisEnergy

The only time l have invested into KrisEnergy was in Aug’13 but l immediately got out of it when l realized it‘s wrong fit.  

Even though it is a relatively young company, established in 2009 but its geoscientists, engineers and operations specialists each have at least 20 years of experience in the upstream oil and gas industry in SEA region and have a successful track record across every facet of the exploration of production life cycle.

Also, since late 2012, Keppel Corpn has 20% interest in KrisEnergy.   Keppel is represented by both Mr Choo Chiau Beng and Mr Loh Chin Hua as KrisEnergy’s non-executive director.

It’s share price slumped to low of $0.84 today after it made an announcements within two weeks that exploration on two wells in Vietnam yielded disappointing results.

l reckon this massive price drop is totally unfair. 

One cannot simply writing off a company based on one or two exploration results.

KrisEnergy has many other wells in Indonesia, Cambodia, Bangladesh and Thailand. 

So all is not lost just because of failed projects in Vietnam.

Serious investors will look at its long term prospects rather than short term results of failed explorations.

Is it a good price to enter KrisEnergy ($0.84-$0.88) now?

l do not know.

Anyway, any further weakness from these price points will be very enticing indeed.

As for me, it still stays as a wrong fit till the day it decides to pay dividends.

SRS - Closing status 31 December

Received SRS statement from the bank this week for December.  In the statement, the following dividends were received in Dec month :-

$20.00 Tat Hong

$67.50 Sin Heng

Portfolio walk since previous posting :-

+$6,114 Total Returns as of 20 Dec 

+$88 Dividends from Sin Heng, Tat Hong

+$1,378 Unrealised positions improved

+$7,578 Total Returns as of 31 Dec

previous posting :- SRS - Closing status 20 Dec

Remarks :- Profits locked in to-date $12,602 / year 2013 $6,976

CPF - Closing Status 31 December

Received the CPF Investment statement from the bank in this week for December month. Have updated CPF portfolio with the correct charges incurred on both investments and divestments made in December month.

Also from the CPF Investment statement, the following dividends were received in Dec'13 :-

$322.50 SPH

Portfolio walk since previous posting :-

-$8,040 Total Returns as of 6 Dec

+$323 Dividends from SPH

-$26 Realized transactions differences per CPF Investment statement from bank

+$610 Unrealised positions improved

-$7,135 Total Returns as of 31 Dec

previous journal :- CPF - Closing Status 6 Dec

Remarks :- Profits locked in to-date $644 / year 2013 $75

Yellow Ribbon Fund

Donated $35 to Yellow Ribbon Fund today.

http://www.yellowribbon.org.sg/index.html




The Yellow Ribbon Fund administers funding to the development and implementation of reintegration programmes for inmates and ex-offenders, as well as family support programmes to strengthen family ties of inmates and ex-offenders.

Proceeds from the various fund-raising activities will go towards funding a variety of rehabilitation and reintegration programmes as well as family support programmes which are in line with the vision of CARE Network to their family members.

Specifically, the objectives of Yellow Ribbon Fund are to provides financial support for: 

•The provision of rehabilitative and aftercare services to inmates and ex-offenders during and after their discharge from custody and to assist the provision of such services by other partner organizations

•Rehabilitation and reintegration support programmes for family members of ex-offenders after their discharge from custody

•Public awareness programmes aimed at creating awareness of the need to give second chances to ex-offenders, generating acceptance of ex-offenders back into society and inspiring community action to support the rehabilitation and reintegration of ex-offenders.

The Yellow Ribbon Fund was granted Institute of Public Character (IPC) status since August 2004. Its Charity Registration Number (UEN) is T04CC1808H.

With the announcement of the Budget 2009, all donations made to Yellow Ribbon Fund will be given 2.5 times tax-deduction. Second the cause of the Yellow Ribbon Fund and pass on your additional tax savings this year to inmates, ex-offenders and their family members in threading through this difficult time today.

The Yellow Ribbon Fund believes in being fair and transparent in its financial dealings and has made its financial records publicly available for download

Yellow Ribbon Project

1. What is the Yellow Ribbon Project?
   Started in 2004, the Yellow Ribbon Project is a community initiative in Singapore that aims to create awareness of the need to give second chances to ex-offenders, generate acceptance of ex-offenders and their families in the community, and to inspire community action to support the rehabilitation and reintegration of ex-offenders into society.
2. How did the Yellow Ribbon Project get it’s name?
   The inspiration for the Yellow Ribbon Project is the popular song 'Tie a Yellow Ribbon Round the Ole Oak Tree'. It's lyrics "I'm really still in prison and my love, she holds the key, a simple yellow ribbon's what I need to set me free" aptly describes the constraints facing ex-offenders after they are released from jail.
3. Who runs the Yellow Ribbon Project?
   The Yellow Ribbon Project is managed by the Community Action for the Rehabilitation of Ex-Offenders (CARE) Network. Read more about the CARE Network
4. How can corporations support the Yellow Ribbon Project?
   There are many ways companies can support the Yellow Ribbon Project, from sponsoring Yellow Ribbon Project activities to employing ex-offenders.
5. What can individuals do to support the Yellow Ribbon Project cause?
   Everyone can play a part to support the Yellow Ribbon Project. You can support the cause as an individual by volunteering at Yellow Ribbon Project activities and programmes, donating to the Yellow Ribbon Fund or sponsoring Yellow Ribbon Project programmes and events.
6. How do I buy a Yellow Ribbon? Is it available all year round?
   Yellow ribbons are available for a donation of S$2.00 throughout the year. Email us to purchase yellow ribbons.
7. I know somebody who is in jail and his family could really do with some help. Where can they find aid?
   Several agencies offer assistance, from financial aid to employment and vocational training opportunities, marriage counselling and education grants for ex-offenders' children. Find out more about resources for ex-offenders on this website.

Yellow Ribbon Fund

1. What is the Yellow Ribbon Fund?
   The Yellow Ribbon Fund administers funding to a variety of reintegration programmes for ex-offenders and support programmes to strengthen their families.
   
   Proceeds from the various Yellow Ribbon Project fund-raising activities go towards the Yellow Ribbon Fund, which helps to administer these funds to a variety of reintegration programmes for ex-offenders as well as social support services to their family members.
2. Is the Yellow Ribbon Fund a registered charity?
   Yes, it is. The Yellow Ribbon Fund was granted Institute of Public Character (IPC) status in August 2004. The Yellow Ribbon Project’s Charity Registration No. is 01808.
3. Who are the beneficiaries of the Yellow Ribbon Fund?
   Through agencies and programmes dedicated to the rehabilitation and care of inmates and releases, the Yellow Ribbon Fund helps ex-offenders with a genuine desire to change for the better to do so. Find out more about who benefits from Yellow Ribbon Fund programmes.
4. How can I donate to the Yellow Ribbon Fund?
   Send a cheque with your pledged amount marked payable to the “Yellow Ribbon Fund” and send it to:
   Yellow Ribbon Fund Secretariat407 Upper Changi Road North
   Prison Headquarters Blk B
   Singapore 507658 

CARE Network

1. What is the CARE Network?
   The Community Action for the Rehabilitation of Ex-Offenders (CARE) Network is a group of major community and government organisations responsible for the rehabilitation of ex-offenders.
2. What does the CARE Network do?
   The CARE Network has several initiatives to help ex-offenders reintegrate into society, including rehabilitative and aftercare programmes. It administers Yellow Ribbon Funding to a variety of reintegration programmes for ex-offenders and support programmes to strengthen their families.
   
   It also spearheads the Yellow Ribbon Project, a community initiative in Singapore that aims to create awareness, generate acceptance and inspire community action to support the rehabilitation and reintegration of ex-offenders into society.

Cash - Closing Status 3 January

The following were activities in 1st week of January 2014 :-

Reduced GRP Ltd 8 lots in this week as part of usual portfolio re-balancing for $20 nett gain; total holding in it now at 11 lots.  For its 2013 financial results, revenue -2.3% mainly due to lower non recurring projects completed in last year for its Measuring Instrument segment which also impacted profit.  Profit -30.3%.  Lower other income due to one time gain for the disposal of its China subsidiary in 2012.   It recently did a rights cum warrants issue for the required funding to develop and manage properties in Myanmar.  The rights cum warrants issue was 157.8% subscribed. 

Added Duty Free 5 lots in this week under Cash portfolio but have decided to divest away total holding 8 lots of it for $107 nett gain as part of usual portfolio re-balancing.  For its 2Q2014 financial results, revenue -1.3%, profit -65.5%.  Profit lowered mainly due to decrease in revenue, higher net foreign exchange loss and rental of premises of RM5.9 mil and RM 3.0 mil respectively.  To improve operational efficiency, it recently completed an internal reorganization exercise and disposal of its shareholding in its so called Border Town and airport businesses and Down Town businesses. 

Reduced Tee International 13 lots in this 1st week of January as part of usual portfolio re-balancing for $110 nett profit.  Total holding in it now at 27 lots.  Tee Intl delivered mix financial results for 1Q2014; revenue +ve 24% driven by ongoing and completed engineering projects and profit -ve 62% due to higher administrative expenses and higher opex.  Higher administrative expenses was due to one off bonus payment to employees and higher staff costs and headcount in line with its business and operations expansion.  Giving extra bonuses is a good thing to do as it motivates employees which is in recognition of their hard works.  Higher opex due to unrealized forex losses that resulted from the depreciation of the MYR against the SGD.  It is in net cash used at the moment mainly due to cash received from receivables net off payment to trade payables, interest and income tax expenses and decrease in development properties.  Its chief executive & managing director, Mr Phua has 51% shareholding in Tee Intl as shown in the 2013 annual report so one can be well assured that he will run this company with very much more care and growing it at the same time.  Recently, it has signed an MOU with Loxley Public Company, a public company listed on the Stock Exchange of Thailand to explore opportunities in renewable energy business and related activities in the Indochina region - Myanmar, Laos DPR, Vietnam, Thailand and Cambodia. 

Portfolio walk since previous posting :-

+$2,427 Total Returns as of 31 December

+$237 Nett Gain on sales of Tee Intl, GRP, Duty Free

+$10 Unrealised positions improved

+$2,675 Total Returns as of 3 January

Previous posting :- Cash - Closing Status 31 Dec

Remarks :- Profits locked in to-date $11,730 / year 2014 $237

Cash - Closing Status 31 December

Reduced Tee International 5 lots in this 2-days week to 31 December under Cash portfolio as part of usual portfolio re-balancing for $43 nett profit.  Total holding in it now at 40 lots.  Tee Intl delivered mix financial results for 1Q2014; revenue +ve 24% driven by ongoing and completed engineering projects and profit -ve 62% due to higher administrative expenses and higher opex.  Higher administrative expenses was due to one off bonus payment to employees and higher staff costs and headcount in line with its business and operations expansion.  Giving extra bonuses is a good thing to do as it motivates employees which is in recognition of their hard works.  Higher opex due to unrealized forex losses that resulted from the depreciation of the MYR against the SGD.  It is in net cash used at the moment mainly due to cash received from receivables net off payment to trade payables, interest and income tax expenses and decrease in development properties.  Its chief executive & managing director, Mr Phua has 51% shareholding in Tee Intl as shown in the 2013 annual report so one can be well assured that he will run this company with very much more care and growing it at the same time.  Recently, it has signed an MOU with Loxley Public Company, a public company listed on the Stock Exchange of Thailand to explore opportunities in renewable energy business and related activities in the Indochina region - Myanmar, Laos DPR, Vietnam, Thailand and Cambodia.  

Portfolio walk since previous posting :-

+$1,961 Total Returns as of 27 December

+$43 Nett Gain on sales of Tee Intl

+$424 Unrealised positions improved

+$2,427 Total Returns as of 31 December

Previous posting :- Cash - Closing Status 27 Dec

Remarks :- Profits locked in to-date $11,493 / year 2013 $8,624