Like son like parents?

It's a rare chance to see parents going the way the children are heading to, especially when it comes to investing. 

When this happens this goes to show that the parents now have full faith in their children life decisions.  

Like their wise thinking children, the parents now decide to "follow their children footsteps" in a journey of abundance.  Like son like parents?  l hope l have coined it correctly.

Adapted from the success stories in these blogs :-

BULLy the BEAR

Dividend Warrior

(The) Boring Investor

The Finance

SRS - Closing status 21 February

Divested Soilbuild Reit 3 lots in this week as part of usual portfolio re-balancing for a small nett gain of $3.  Its 4Q2013 financial results has exceeded the forecast set out in its IPO prospectus, with most of the key drivers to the result performing better than expectation.  Revenue, property expenses and finance costs all recorded positive variances and contributed to an overall outperformance on the distributable income line.  Its share price as of this Friday was at $0.77 is currently below its NAV as of end Dec'13 of $0.80.  Earliest debt maturity is in year 2015, are equally spread out over three years (2015-2017).  It received a BBB- investment grade credit rating from Standard & Poor’s on Jan 22, and the management plans to raise its long term gearing target to between 35% and 40% from its current gearing of 29.3%, giving it an additional $75 million to $80 million in debt headroom for acquisitions. It plans to acquire industrial properties in Woodlands within FY2014.  Occupancy rate 99.9%.   17% of its net lettable area is due for renewal in 2014 and about 47% of that has been pre-committed, with the rest under negotiations.

Reduced Keppel Reit 5 lots in this week for $90 nett gain; total holding now at 2 lots.  In its recent 4Q2013 financial results and versus last year;  DPU stayed the same at 1.97 cents;  Property expenses gone up 26.8% due to higher repair and maintenance costs amounting close to $1 mil variance;  NPI higher by 13.9%;  Profit +76.1% due to higher NPI, higher interest income, profit from its related companies, higher net fair value gain in investment properties and lower amortization expenses; but offset by high borrowing costs and management fees as a results of the larger portfolio of assets under management.  As of end Qtr 4, its NAV was valued at $1.38 but Mr Market believes that it is worth much lesser with its Friday closing price at $1.155.  99.8% committed occupancy as at end Dec'13.  Seven out of eight buildings are 100% occupied.  88% of assets in Singapore and 12% of assets in Australia.  100% of Singapore properties located in the prime CBD.   Stronger performance from Ocean Financial Centre, Marina Bay Financial Centre Phase 1and One Raffles Quay, and additional income from newly acquired 8 Exhibition Street and Old Treasury Building.  It is considering to acquire one-thirf stake in Marina Bay Financial Centre Tower 3 at the right time.  And to fund future acquisitions, it could consider the possibility of divesting its older assets (possible candidates are Bugis Junction Towers  expiring Sep 2089, Prudential Tower expiring Jan 2095).  Leases expiring as a percentage of total portfolio NLA at 3.4% in year 2014 and 8.6% in year 2015.  Nearly 70% of the borrowings are at fixed interest rates.  All loan facilities outstanding in 2014 will be refinanced by loan facilities maturing in 2019.  Aggregate leverage at 42.1%.

Divested DBS Group 300 shares in this week for $106 nett gain.  For its 3Q13 financial results and versus year ago :- Net interest income +6% because loans +19% but the impact was partially offset by lower loan spreads and yields on investment securities; Non-interest income +11% because trade and transaction services, wealth management and treasury cross-selling contributed to the increase; Expenses +5% as staff and other operating costs were higher.  Net profit was flat as the increase in total income was offset by higher general and specific allowances, in line with faster loan growth. Non-performing loan rate at 1.2%. 

Portfolio walk since previous posting :-

+$5,194 Total Returns as of 7 Feb

+$199 Nett gain on sales of DBS, Soilbuild Reit, Keppel Reit
  
+$614 Unrealised positions improved

+$6,007 Total Returns as of 21 Feb

previous posting :- SRS - Closing status 7 Feb

Remarks :- Profits locked in to-date $12,938 / year 2014 $336

Cash - Closing Status 21 February

Divested Technics Oil & Gas 1 lot in this week as part of usual portfolio re-balancing, for a small $7 nett gain.  It recently announced a plan to acquire a 74% Vigahs Marine.  Its share price was at its 52 weeks low at $0.61 on 4th Feb but l will hands off Technics for now.  Its restructuring started back in Jan 2012 is still probably not fully completed yet as it is currently busy restructuring its remaining existing non-profitable businesses.  It is acquiring more companies with viable business model and a good management team for a stable stream of income and profit.


Reduced Mapletree Greater China Commercial Trust 3 lots in this week as part of usual portfolio re-balancing for $32 nett gain; total holding of it now at 4 lots.  In its 3Q2014 (1 Oct'13 to 31 Dec'13) financial results, comparisons were made 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 $0.82.  Earliest debt expiry is in year 2015 and is well staggered into year 2018 at average 33% each year.  Borrowings interest rate for 71% of total debt fixed till year 2015.  Portfolio occupancy rate at 97.9% as of end Dec'13.  89% of expiring leases in current financial year have been renewed or re-let.  To ensure stability of S$ 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.  

Increased HPH Trust 1 lot in this week as part of usual portfolio re-balancing; total holding in it now at 5 lots.  Attractive valuation after recent share price correction.  In its 4Q2013 revenue -0.8% and profit -34.2% versus last year.   The average revenue per TEU for Hong Kong came in lower due to one-off concession granted to liners after industrial action in HIT port;  also came in lower for China due to adverse throughput mix of containers from liners.  Cost of services rendered +10.3% and Staff costs +12.5% due to RMB appreciation, inflationary pressure, higher container throughput and ACT's staff costs after the acquisition.  Its share price dropped to a 52 weeks low at $0.755 on 11 Dec'13; its end of Dec'13 NAV at HKD 7.26 (approx. SGD 1.19); last done share price on this Friday at $0.80.  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.

Portfolio walk since previous posting :-

+$2,193 Total Returns as of 14 February

+$39 Nett gain on sales of  Technics and Mapletree Greater China

+$707 Unrealised positions improved

+$2,940 Total Returns as of 21 February

Previous posting :- Cash - Closing Status 14 Feb

Remarks :- Profits locked in to-date $12,215 / year 2014 $722

Believing in yourself

In investing, you can go read all the materials to be as successful as Warren Buffett, Benjamin Graham, Walter Schloss, and other gurus but you will still need to tailor your own investment strategies.  Your investment strategies probably seems "ugly" to others but that should not matter; so long as you are comfortable with it and able to book profits from it.

In anything you do it is important to believe in yourself.  Ignore the "bullies".  Just stay focused.

Just watched a nice video : link.

let it go

In a stock market and when things bloom

I say, Let it go! Let it go! Let it go!

But l am hearing another tune

Better to let the profit run its course

Better to avoid seller’s remorse

Better to follow analysts target price

Better to follow the chart which says more upsides

Better to wait for special dividends

In a stock market and when things gloom

I say, Let it go! Let it go! Let it go!

But l am hearing another tune

Better to let the margin of safety takes its own course

Better to avoid a falling knife

Better to follow analysts support price

Better to follow the chart which says limited downsides

Better to wait for special dividends

Remarks : Adapted from the following website, Singapore Man of Leisure

Cash - Closing Status 14 Feb

Divested Soilbuild Reit 1 lot in this week as part of usual portfolio re-balancing for a small nett gain of $6.  Its 4Q2013 financial results has exceeded the forecast set out in its IPO prospectus, with most of the key drivers to the result performing better than expectation.  Revenue, property expenses and finance costs all recorded positive variances and contributed to an overall outperformance on the distributable income line.  Its share price as of this Friday was at $0.76 is currently below its NAV as of end Dec'13 of $0.80.  Earliest debt maturity is in year 2015, are equally spread out over three years (2015-2017).  Occupancy rate 99.9%.  On 30 Jan, Chinese property tycoon Tong Jinquan has become a substantial shareholder of Soulbuild Reit; Tong Jinquan also having substantial stakes in Viva Industrial Trust, Lippo Malls Reit, OUE Reit (and previously, Perennial China Retail Trust).

Added GRP Ltd 15 lots in this week as part of usual portfolio re-balancing; total holding in it now at 31 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.

Invested into Duty Free 3 lots in this week as part of usual stock holdings.  For its 4Q2014 financial results, revenue +4.7%, profit -10.2%.  Higher revenue driven increase in demand for certain products as a result of competitive pricing.   Lower profit due to lower profit from discontinued operations and higher taxes.   NAV as of end Feb'14 at RM 0.3731 or (S$0.143 using FX rate 2.6096) versus Friday's closing price at $0.280.  

Invested into Boardroom 1 lot in this week as part of usual portfolio re-balancing.  From its 2Q14 financial results, revenue +8.0%, profit +7.4%.  Higher revenue mainly driven by increased clientele base secured in a number of the regional offices.  Higher profit because of higher revenue and depreciation and amortization -11.9% but offset by staff costs +10.5%, opex +7.2%.  At the moment stockbroking firm, GK Goh Holdings has makes mandatory buyout offer of Boardroom for a cash consideration of $0.575 per share.

Portfolio walk since previous posting :-

+$1,446 Total Returns as of 7 February

+$62 Nett gain on sales of  Duty Free and Soilbuild Reit

+$686 Unrealised positions improved

+$2,193 Total Returns as of 14 February

Previous posting :- Cash - Closing Status 7 Feb

Remarks :- Profits locked in to-date $12,176 / year 2014 $683

Greed only happen in bull market?

In a market which is correcting, all stays in the side lines hoping or waiting for :-

• fat bear

• bottom fishing

• margin of safety

• avoiding catching falling knife

• etc etc 

As a matter of fact, overdoing these is really greed and don't kid yourself denying.  Moderation is good.

>>>>>>>>



In a market which is climbing up each day, all stays in the side lines hoping or waiting for :-

• ending of dead cat bounce

• the target price set by analysts

• worry of seller's remorse

• special dividends 

• etc etc

As a matter of fact, overdoing these is really greed and don't kid yourself denying.  Moderation is good.

Cash - Closing Status 7 February

Donated $30 to Singapore Planned Parenthood Association in this week.

Added Mapletree Greater China Commercial Trust 2 lots in this week as part of usual portfolio re-balancing; 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 $0.795.  Earliest debt expiry is in year 2015 and is well staggered into year 2018 at average 33% each year.  Borrowings interest rate for 71% of total debt fixed till year 2015.  Portfolio occupancy rate at 97.9% as of end Dec'13.  89% of expiring leases in current financial year have been renewed or re-let.  To ensure stability of S$ 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. 

Re-invested into Soilbuild Reit 1 lot in this week.  Its 4Q2013 financial results has exceeded the forecast set out in its IPO prospectus, with most of the key drivers to the result performing better than expectation.  Revenue, property expenses and finance costs all recorded positive variances and contributed to an overall outperformance on the distributable income line.  Its share price as of this Friday was at $0.74 is currently below its NAV as of end Dec'13 of $0.80.  Earliest debt maturity is in year 2015, are equally spread out over three years (2015-2017).  Occupancy rate 99.9%.  On 30 Jan, Chinese property tycoon Tong Jinquan has become a substantial shareholder of Soulbuild Reit; Tong Jinquan also having substantial stakes in Viva Industrial Trust, Lippo Malls Reit, OUE Reit (and previously, Perennial China Retail Trust).

Added GRP Ltd 5 lots in this week as part of usual portfolio re-balancing; total holding in it now at 16 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.

Portfolio walk since previous posting :-
+$2,212 Total Returns as of 30 January

-$737 Unrealised positions worsened

+$1,446 Total Returns as of 7 February

Previous posting :- Cash - Closing Status 30 Jan

Remarks :- Profits locked in to-date $12,114 / year 2014 $622

SRS - Closing status 7 February

Invested into DBS Group 300 shares in this week under SRS portfolio.  For its 3Q13 financial results and versus year ago :- Net interest income +6% because loans +19% but the impact was partially offset by lower loan spreads and yields on investment securitie; Non-interest income +11% because trade and transaction services, wealth management and treasury cross-selling contributed to the increase; Expenses +5% as staff and other operating costs were higher.  Net profit fwas flat as the increase in total income was offset by higher general and specific allowances, in line with faster loan growth. Non-performing loan rate at 1.2%.

Added Keppel Reit 5 lots in this week so total holding now at 7 lots.  In its recent 4Q2013 financial results and versus last year;  DPU stayed the same at 1.97 cents;  Property expenses gone up 26.8% due to higher repair and maintenance costs amounting close to $1 mil variance;  NPI higher by 13.9%;  Profit +76.1% due to higher NPI, higher interest income, profit from its related companies, higher net fair value gain in investment properties and lower amortization expenses; but offset by high borrowing costs and management fees as a results of the larger portfolio of assets under management.  As of end Qtr 4, its NAV was valued at $1.38 but Mr Market believes that it is worth much lesser with its Friday closing price at $1.12.  99.8% committed occupancy as at end Dec'13.  Seven out of eight buildings are 100% occupied.  88% of assets in Singapore and 12% of assets in Australia.  100% of Singapore properties located in the prime CBD.   Stronger performance from Ocean Financial Centre, Marina Bay Financial Centre Phase 1and One Raffles Quay, and additional income from newly acquired 8 Exhibition Street and Old Treasury Building.  It is considering to acquire one-thirf stake in Marina Bay Financial Centre Tower 3 at the right time.  And to fund future acquisitions, it could consider the possibility of divesting its older assets (possible candidates are Bugis Junction Towers  expiring Sep 2089, Prudential Tower expiring Jan 2095).  Leases expiring as a percentage of total portfolio NLA at 3.4% in year 2014 and 8.6% in year 2015.  Nearly 70% of the borrowings are at fixed interest rates.  All loan facilities outstanding in 2014 will be refinanced by loan facilities maturing in 2019.  Aggregate leverage at 42.1%.

Portfolio walk since previous posting :-
+$6,082 Total Returns as of 30 Jan
  
-$888 Unrealised positions worsened

+$5,194 Total Returns as of 7 Feb

previous posting :- SRS - Closing status 30 Jan

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

Singapore Planned Parenthood Association

Donated $30 to Singapore Planned Parenthood Association today.

www.sppa.org.sg

About Us
Formerly known as the Family Planning Association of Singapore, the Singapore Planned Parenthood Association (SPPA) was formed in 1949. We are a voluntary non-profit organisation seeking to promote sexual and reproductive health awareness in Singapore.

SPPA was one of the founder members of the International Planned Parenthood Federation (IPPF) that was formed in 1952, an international body which supports programmes of member associations in the world. In the early years, the Association spearheaded for the wide acceptance of family planning. It was instrumental in helping to persuade the government to adopt an official population policy in 1966.

With the government providing family planning, the Association began advocating family life education and sexuality education promoting programme initiatives and services in the key areas of public education, counselling and training. With such a change in focus and mission, a decision was taken to change the name of the Association to: "The Singapore Planned Parenthood Association".

 
Our Vision
SPPA envisages a world in which all women, men and young people have access to the information and services they need; a world in which sexuality is recognised both as a natural and precious aspect of life and as a fundamental human right; a world in which choices are fully respected and where stigma and discrimination have no place.

Our Mission
SPPA aims to improve the quality of life of individuals by campaigning for sexual and reproductive health and rights through advocacy and services, especially for poor and vulnerable people. We defend the rights of all young people to enjoy their sexual lives free from all ill health, unwanted pregnancy, violence and discrimination. We support a woman’s right to choose to terminate her pregnancy legally and safely. We strive to eliminate sexually transmitted infections (STIs) and reduce the spread and impact of HIV&AIDS.

Our Core Values
SPPA believes that sexual and reproductive rights should be guaranteed for everyone because they are internationally recognised basic human rights.

We are committed to gender equality, and to eliminating the discrimination which threatens individual well-being and leads to the widespread violation of health and human rights, particularly those of young women.

We value diversity and especially emphasize the participation of young people and people living with HIV&AIDS in our governance and in our programmes. We consider the spirit of voluntarism to be central to achieving our mandate and advancing our cause.

We are committed to working in partnership with communities, governments, other organizations and donors.


What we do:
-Sexuality Education Talks, Workshops and Camps for youths and adults

-Marriage Enrichment Talks and Workshops

-Parenting Talks and Workshops

-Specialised training workshops for teachers and social workers

-Public Forums on Sexual & Reproductive Health issues like contraception, fertility, sexual intimacy, andropause, menpause, etc.

-Research on Sexual and Reproductive Health issues

-Telephone & Face to Face Counselling


Address
 Singapore Planned Parenthood Association
 Block 3A Holland Close # 01-55
 Singapore 272003

Counselling Hotline:
 Telephone:    1800 - 7758582

Killing the Goose on NSL

NSL announced the disposal of its subsidiary NSL Chemicals on 17 Nov and the disposal was completed on 3 Dec.  The transaction is expected to add 30 cents to NSL's net book value.

NSL share price on 15 Nov'13 at $1.44 and was at its 52 weeks high of $1.75 on 21 Jan'14.  Some say the special dividend have already been priced in by now.  But there are views that its share price will continue to climb to $2 mark.

There is no right or wrong answer whether an investor booking the profit now or wait till it goes beyond $2 mark.  Just make sure you check your greed temperament.

On value investing, Buffett says holding period is forever.  So, if an investor proclaim to be a champion of value investing then you will need to hold on to NSL forever; and not just going for the special dividend.   Investing into NSL for the sake of special dividend is trading (with greed) in the guise of value investing.  Don't kid yourself.

Let's say you have booked your profit on NSL already.  There should be no seller's remorse then if and when its share price continues to climb.  Believe in yourself that the capability to weave the same winning formula, again and again.  Well done!

There is no one ultimate and right way for value investing.  Can make money and have a good night sleep are very important.

Remarks : Adapted from the following website, Reaching for Financial Freedom in Singapore

Cash - Closing Status 30 January

Added K-Green Trust 1 lot in this week as part of usual portfolio re-balancing; total holding in it now at 2 lots.  For its 4Q2013 financial results revenue -5.7% versus last year; profit -1.4%.  It is quite a defensive stock as all three assets in its portfolio have long-term concession agreements with NEA and PUB.   Senoko Trust and Tuas DBOO Trust derive most of their income from capacity payments, which offer a stable source of income with little correlation to economic or demographic fluctuations.  Ulu Pandan Tust's income is derived in equal parts from availability payments and from NEWater output payments.   Its current businesses have been locally based so far and probably likely to stay the same in the next financial year.  Let's see.

Divested Mapletree Greater China Commercial Trust 2 lots in this week as part of usual portfolio re-balancing for $22 nett gain.  Total holding of it now at 5 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 Thursday was at a discount to NAV at $0.815.  Earliest debt expiry is in year 2015 and is well staggered into year 2018 at average 33% each year.  Borrowings interest rate for 71% of total debt fixed till year 2015.  Portfolio occupancy rate at 97.9% as of end Dec'13.  89% of expiring leases in current financial year have been renewed or re-let.  To ensure stability of S$ 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 in Jan'14 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.  

Divested Soilbuild Reit 1 lot in this week for $16 nett gain before it gone XD in this week.  Dividends 1 lot x $0.0151 = $15 will be paid 28 Feb.  So, l have already collected its dividends in advance and can re-use the proceeds for other investment opportunities.  Its 4Q2013 financial results has exceeded the forecast set out in its IPO prospectus, with most of the key drivers to the result performing better than expectation.  Revenue, property expenses and finance costs all recorded positive variances and contributed to an overall outperformance on the distributable income line.  Its share price as of this Thursday at $0.75 is currently below its NAV as of end Dec'13 of $0.80.  Earliest debt maturity is in year 2015, are equally spread out over three years (2015-2017).  Occupancy rate 99.9%.  On 30 Jan, Chinese property tycoon Tong Jinquan has become a substantial shareholder of Soulbuild Reit; Tong Jinquan also having substantial stakes in Viva Industrial Trust, Lippo Malls Reit, OUE Reit (and previously, Perennial China Retail Trust).

Added Tee International 8 lots in this week as part of usual portfolio re-balancing.  Total holding in it now at 30 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. 

Portfolio walk since previous posting :-
+$2,914 Total Returns as of 24 January

+$38 Nett Gain on sales of Mapletree Greater China, Soilbuild Reit

-$740 Unrealised positions worsened

+$2,212 Total Returns as of 30 January

Previous posting :- Cash - Closing Status 24 Jan

Remarks :- Profits locked in to-date $12,114 / year 2014 $622

SRS - Closing status 30 January

Added Tee International 5 lots in this week as part of usual portfolio re-balancing.  Total holding in it now at 45 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 :-

+$6,880 Total Returns as of 17 Jan
  
-$798 Unrealised positions worsened

+$6,082 Total Returns as of 30 Jan

previous posting :- SRS - Closing status 17 Jan

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