SRS - Closing status 30 May

Divested away Croesus Retail Trust 3 lots in this week at breakeven as part of usual and active stock holdings re-balancing.  For its 3Q2014 results, NPI +12.3% and Income available for distribution per unit (SGD cents) +8.0% versus Forecast.  Higher NPI mainly due to better than expected tenant sales at Mallage Shobu.  Gearing 53.5%.  Majority lease expiry by gross rental income in FY2015 (21.5%) and FY2018 and beyond (67.5%).  NAV as of end Mar'14 at JPY 70.95 (SGD 0.87); friday close at $0.945.

Divested away AIMS AMP Industrial Reit 2 lots in this week at breakeven as part of usual and active stock holdings re-balancing.  In its 4Q2014 financial results, NPI +3.1%; available distributable income +6.5%.  DPU -9.4%.  Higher NPI due to lower expenditure incurred for its portfolio of properties.  Lower DPU because of private placement in May 2013 and the recent rights issue in March 2014.  Borrowing costs +S$1.4 million mainly due to the additional interest expense incurred on the AUD borrowings to fund the acquisition of 49.0% interest in Optus Centre which is located at Macquarie Park, Sydney, Australia.  Earliest debt due for refinancing is in October 2015.  Its NAV as of end Mar'14 was at $1.468 versus its last done share price on this Friday at $1.45.  Portfolio occupancy rate at 97.0% as of end Mar'14.  72.1% of its borrowings on fixed rates taking into account the interest rate swaps and the Medium Term Notes.  It also recently issued S$50 million 3.80% fixed rate notes due 2019.   It had also recently received the Temporary Occupation Permit (TOP) for its redevelopment at 103 Defu Lane 10 on 28 May 2014.  Next, it will undertake customized asset enhancement initiative (AEI) at 26 Tuas Avenue 7.

Divested away Keppel Reit 2 lots in this week at breakeven as part of usual and active stock holdings re-balancing.  In its recent 1Q2014 financial results and versus last year;  DPU stayed the same at 1.97 cents;  Property expenses  now stabilized at +4.3%;  NPI higher by 14.7% resulted from improved performance from Ocean Financial Centre and Prudential Tower, as well as the additional income from 8 Exhibition Street in Melbourne;  Profit +20.1% due to higher NPI, higher interest income, higher share of results of associates and jv, lower trust expenses and lower amortization expenses; but offset by lower rental support, higher borrowing costs and management fees as a results of the larger portfolio of assets under management.  As of end Qtr 1, its NAV was valued at $1.39 but Mr Market believes that it is worth $1.305 as of its Friday closing price.  Recently, it sold away 92.8% of its stake in Prudential Tower and the sale proceeds will be used to repay existing debt in order to achieve greater financial flexibility, with the remaining amount to be used for general corporate and working capital purposes and/or for pursuing acquisition opportunities.  Post divestment, its aggregate leverage will decline from 42.1% to 38.8%.

SRS stock holdings walk since previous posting :-

+$9,971 Total Returns as of 16 May

+$8 Nett gain on sales of Keppel Reit, Croesus Retail Trust, AIMS AMP Industrial Reit

-$343 Unrealised positions worsened

+$9,635 Total Returns as of 30 May

previous posting :- SRS - Closing status 16 May

Remarks :- Profits locked in to-date $15,148 / year 2014 $2,546

Like son like parents? (May'14 update)

original posting here :- link

updating previous posting for another interesting financial planning by a blogger for his parents - SG Young Investment.

SG Young Investment

LiewCapital

A Singaporean Stockmarket Investor (ASSI)

BULLy the BEAR

Dividend Warrior

(The) Boring Investor

The Finance

Cash - Closing Status 23 May

Received the following dividends in this week for my Cash stock holdings :-

$160.00 SembCorp Marine
$24.00 Mun Siong
$123.96 Mapletree Greater China

Increased Tee International 1 lot as part of usual and active stock holdings re-balancing; total holding in it now at 35 lots.  It reported soft financial results for 3Q2014; revenue -29.5% due to lower recognition of revenue and profit -13% due to higher admin costs from the acquisition of Interlift Sales Pte Ltd.  It  proposed an issue of 2 warrants for every 5 shares issue (exercise price of S$0.25 per warrant)  to strengthen its capital base and support its expanding business activities.  Its Group Chief Executive, Mr Phua Chian Kin did five open market purchases - 110 lots (16 May), 100 lots (14 May), 100 lots (12 May), 210 lots (9 May), 65 lots (8 May) in current May month. 

Added GRP Ltd 40 lots in this week as part of usual and active stock holdings re-balancing; total holding now at 51 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.  The ex-President of REDAS, Mr Teo Tong How will be part of GRP's independent non-executive director and chairman of the board of directors.  Mr. Teo will add tremendous value to GRP due to his vast knowledge, experience and network in property development, and property investments.

Re-invested into Croesus Retail Trust 2 lots in this week as part of usual and active stock holdings re-balancing.  For its 3Q2014 results, NPI +12.3% and Income available for distribution per unit (SGD cents) +8.0% versus Forecast.  Higher NPI mainly due to better than expected tenant sales at Mallage Shobu.  Gearing 53.5%.  Majority lease expiry by gross rental income in FY2015 (21.5%) and FY2018 and beyond (67.5%).  NAV as of end Mar'14 at JPY 70.95 (SGD 0.87); friday close at $0.96.

Cash stock holdings walk since previous posting :-

+$7,928 Total Returns as of 16 May

+$308 Dividends from Mun Siong, SembCorp Marine, Mapltree Greater China

-$849 Unrealised positions worsened

+$7,386 Total Returns as of 23 May

Previous posting :- Cash - Closing Status 16 May

Remarks :- Profits locked in to-date $15,589 / year 2014 $4,096

Cash - Closing Status 16 May

Donated $45 to Sunlove Abode For Intellectually Infirmed Ltd

Reduced GRP Ltd 40 lots in this week as part of usual and active stock holdings re-balancing for $44 nett gain; remaining total holding now at 11 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.  The ex-President of REDAS, Mr Teo Tong How will be part of GRP's independent non-executive director and chairman of the board of directors.  Mr. Teo will add tremendous value to GRP due to his vast knowledge, experience and network in property development, and property investments.

Divested away CEI Contract Manufacturing  21 lots in this week as part of usual and active stock holdings re-balancing for $39 nett gain.  NAV as of 31 Dec'13 at 0.0953 versus closing price $0.104 on 9 May'14.  GP Margin increased from 20.9% in FY 2012 to 22.0% in FY 2013 mainly from USA (increase to 26% from 21%) which offset poorer GP margin in Singapore (dropping to 26% from 28%).  Profit +2.1%.  Free Cash Flow $4088k (FY2012 $3796k).  Temasek Holdings has 18.09% and CEI Executive Chairman, Mr Tien Sing Cheong has 10.0% stakes in CEI respectively.  

Divested away Duty Free 3 lots in this week as part of usual and active stock holdings re-balancing for $26 nett gain.  For its 4Q2014 financial results, revenue +4.7%, profit -10.2%.  Higher revenue driven by increase in demand for certain products as a result of competitive pricing.   Lower profit due to higher taxes and lower profit from discontinued operations.  Total borrowings decreased by RM26.8 million, following a repayment of term loans amounting to RM12.8 million and a decrease in trade facilities borrowings of RM19.0 million. The decrease was partly offset by the increase in bank overdrafts of RM5.1 million.

Increased Tee International 15 lots as part of usual and active stock holdings re-balancing; total holding in it now at 34 lots.  It reported soft financial results for 3Q2014; revenue -29.5% due to lower recognition of revenue and profit -13% due to higher admin costs from the acquisition of Interlift Sales Pte Ltd.  It  proposed an issue of 2 warrants for every 5 shares issue (exercise price of S$0.25 per warrant)  to strengthen its capital base and support its expanding business activities.  Its Group Chief Executive, Mr Phua Chian Kin did five open market purchases - 110 lots (16 May), 100 lots (14 May), 100 lots (12 May), 210 lots (9 May), 65 lots (8 May) in current May month.

Reduced HPH Trust 2 lots in this week as part of usual and active stock holdings re-balancing for $16 nett gain; total holding in it now at 2 lots.  In its 1Q2014 revenue +2.7% and profit +18.6% versus last year.   The average revenue per TEU for Hong Kong was higher than last year due to favourable throughput mix of containers from liners, whereas that for China was higher than last year, primarily due to fewer concessions granted to some liners and a lower empty/laden container ratio.  Cost of services rendered +11.0% and Staff costs +3.0% due to higher container throughput, increase in external contractors’ costs and inflationary pressure.  Its end of Mar'14 NAV at HKD 7.32 (approx. SGD 1.18); last done share price on this Friday at $0.895.  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.  On 13 March 2014, HPH Trust entered into a strategic partnership with COSCO Pacific and CSTD through their investments of 40% and 20%, respectively, of effective equity and loan interests in ACT for an aggregate consideration of HK$2,472 million. The partnership will enhance its capabilities in servicing multiple mega-vessels simultaneously. It will further bolster all aspects of its port operations including its flexibility, efficiency, synergy and profitability.  

Divested away PEC Ltd 2 lots in this week as part of usual and active stock holdings re-balancing for $14 nett gain.  For its 3Q2014 results, revenue -22%, profit -22%.  Lower revenue due to decrease in revenue from project works.  Its gross profit margin increased from 16% to 22%; mainly due to claims for past variation works for project work which were finalized and recognised in Qtr 3.  Lower profit due to gross profit offset by higher operating expenses (+$2.7 mil which caused by $2.2 mil bad debts w/o), increase in administrative (+$0.6 mil); other operating income (+$1.3 mil).  NAV on 31 Dec was at $0.825.  It will continue to focus its business development efforts in Asia and the Middle East, where there are more project opportunities.

Cash stock holdings walk since previous posting :-

+$7,790 Total Returns as of 9 May

-$45 Donation to Sunlove Abode For Intellectually Infirmed Ltd

+$139 Nett gain on sales of GRP, Duty Free, PEC, CEI, HPH Trust

+$43 Unrealised positions improved

+$7,928 Total Returns as of 16 May

Previous posting :- Cash - Closing Status 9 May

Remarks :- Profits locked in to-date $15,281 / year 2014 $3,788
 

SRS - Closing status 16 May

Divested away Cache Logistics Trust 2 lots in this week as part of usual SRS stock holdings re-balancing for $43 nett gain.  In its recent 1Q2014 financial results;  DPU lowered by 4.2% due to higher number of issued units.  NPI higher by 8.2% for 1Q2014 mainly due to rental contribution from new acquisitions made in 2013 and built-in rental escalation within the portfolio’s master leases.  As of end Qtr 1, its NAV was valued at $0.98 but Mr Market believes that it is worth more with its Friday closing price at $1.20.  Aggregate leverage at 29.1%.  Total borrowings, amounting to S$313.0 mil; 70% of the interest cost is hedged.  The aggregate leverage is expected to increase from 29.1% to approximately 34.8% at the completion of the BTS development for DHL Supply Chain Singapore.   94% of its property portfolio will be in modern ramp-up logistics warehouses.  

SRS stock holdings walk since previous posting :-

+$9,534 Total Returns as of 9 May

+$43 Nett gain on sales of Cache Logistics

+$395 Unrealised positions improved

+$9,971 Total Returns as of 16 May

previous posting :- SRS - Closing status 9 May

Remarks :- Profits locked in to-date $15,140 / year 2014 $2,538

CPF - Closing Status 16 May

Divested away Cache Logistics Trust 2 lots in this week as part of usual CPF stock holdings re-balancing for $32 nett gain.  In its recent 1Q2014 financial results;  DPU lowered by 4.2% due to higher number of issued units.  NPI higher by 8.2% for 1Q2014 mainly due to rental contribution from new acquisitions made in 2013 and built-in rental escalation within the portfolio’s master leases.  As of end Qtr 1, its NAV was valued at $0.98 but Mr Market believes that it is worth more with its Friday closing price at $1.20.  Aggregate leverage at 29.1%.  Total borrowings, amounting to S$313.0 mil; 70% of the interest cost is hedged.  The aggregate leverage is expected to increase from 29.1% to approximately 34.8% at the completion of the BTS development for DHL Supply Chain Singapore.   94% of its property portfolio will be in modern ramp-up logistics warehouses.  

Invested into CM Pacific 15 lots in this week as part of regular stock holdings re-balancing.  For its 1Q2014 financial results, revenue +6% driven by the revenue growth from Yongtaiwen Expressway which accounted for 80% of its revenue.  Profit +14% driven by higher profit contribution from its toll road assets and the recognition of deferred income and effective interest income on compensation receivable from the relocation of certain toll stations along the Guihuang Highway. This was partly offset by higher finance costs and withholding tax and lower exchange gain. 

CPF stock holdings walk since previous posting :-

-$6,517 Total Returns as of 17 Apr

+$32 Nett gain on sales of Cache Logistics

+$265 Unrealised positions improved

-$6,221 Total Returns as of 16 May

previous journal :- CPF - Closing Status 17 Apr

Remarks :- Profits locked in to-date $1,257 / year 2014 $613

Sunlove Abode For Intellectually Infirmed Ltd

Donated $45 to Sunlove Abode For Intellectually Infirmed Ltd

link

Organisation Background

Sunlove Home has come a long way since 1987 when its premises were no more than a disused chicken farm. It started off with just helping 3 patients. Later, 1 hectare of the farmland was occupied and sheds were promptly converted into dormitories that housed 20 psychiatric patients. Eventually, in 1998 the Ministry of Health stepped in to assist and the Home expanded. Today the Home is providing residential care to 200 intellectually disabled individuals.

Sunlove Home is one of the few charitable Homes in Singapore, which gives care to patients ranging in age from 22 to 75 years. The social stigma related to the intellectually-infirmed has caused families to shun their loved ones. The aim of the Home is to educate the public about various forms of mental illness and to eradicate the misconception that mental patients are violent and patients cannot be restored to health. The truth is that even serious mental illness like Schizophrenia can be treated and with early diagnosis, 70% will respond to treatment. The Home has opened its doors to give insight into volunteering opportunities thus aiming to remove the social stigma.

The Home offers compassionate help in rehabilitative programs, from daily supervision to psychotherapy, occupational, physiotherapy and medical treatment. The objective of this half-way house is to ultimately reintegrate the patients back to their homes and to society, restoring hope to the individual, building self-esteem and self worth.    SunLove services

Cash - Closing Status 9 May

Invested into CEI Contract Manufacturing  21 lots in this week as part of usual stock holdings re-balancing.  NAV as of 31 Dec'13 at 0.0953 versus closing price $0.099 on 9 May'14.  GP Margin increased from 20.9% in FY 2012 to 22.0% in FY 2013 mainly from USA (increase to 26% from 21%) which offset poorer GP margin in Singapore (dropping to 26% from 28%).  Profit +2.1%.  Free Cash Flow $4088k (FY2012 $3796k).  Temasek Holdings has 18.09% and CEI Executive Chairman, Mr Tien Sing Cheong has 10.0% stakes in CEI respectively. 

Reduced Tee International 11 lots as part of usual stock holdings re-balancing for $79 nett gain; total holding now at 19 lots.  It reported soft financial results for 3Q2014; revenue -29.5% due to lower recognition of revenue and profit -13% due to higher admin costs from the acquisition of Interlift Sales Pte Ltd.  It  proposed an issue of 2 warrants for every 5 shares issue (exercise price of S$0.25 per warrant)  to strengthen its capital base and support its expanding business activities.  Its Group Chief Executive, Mr Phua Chian Kin purchased 65 lots of Tee International in the open market on 8 May; Mr Phua's total stake holding in Tee International now at 55.31%.

Invested into Pan Hong Property 4 lots in this week as part of usual stock holdings re-balancing.  In its 3Q2014 results, revenue -19.7%, profit -60.5%.  The decrease was mainly due to lower delivery of residential and commercial units as well as the car park lots of Nanchang Honggu Kaixuan.  Its revenue recognition is dependent on the launch of new projects and completion of handover of properties that are sold.  Consequently, revenue and profit for Pan Hong will appear irregular across quarters.  Gross profit margin in 3Q2014 improved from 31.6% in 3Q2013 to 37.6%.  The higher gross profit margin in 3Q2014 was due mainly to the handover of Huzhou Hua Cui Ting Yuan Phase 1 with better gross profit margin.  Extra Good Enterprises Ltd has 56% stake in Pan Hong.  The Executive Chairman of Pan Hong, Mr Wong Lam Ping (and his wife, Ms Chan Heung Ling) are major shareholders of Extra Good Enterprises. 

Divested away Mapletree Logistics 1 lot in this week at a small nett profit of $15 as part of usual stock holdings re-balancing.  For its 4Q2014 financial results, NPI +4.3% mainly due to positive rental reversions, initial contributions from newly completed asset enhancements in Singapore and Japan, and contribution from the Korea property acquired during the year.  Occupancy at 98.3%; the weighted average lease term to expiry (by net lettable area) at 4.8 years, with around 43% of the leases expiring in FY17/18 and beyond.   NAV as of end Mar'14 at $0.97 but Mr Market says it is worth $1.135 at the moment.  Aggregate leverage ratio 33.3%.  75% of total debt hedged into fixed rates.  Borrowing costs -17% due to lower average interest rates achieved & weaker JPY.  Impact of weaker JPY on distribution is mitigated by currency hedges.  88% of amount distributable in FY14/15 is hedged into / derived in SGD.  91% of income stream from Japan for FY14/15 has been hedged.

Added GRP Ltd 30 lots in this week as part of usual stock holdings re-balancing; total holding now at 51 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.  The ex-President of REDAS, Mr Teo Tong How will be part of GRP's independent non-executive director and chairman of the board of directors.  Mr. Teo will add tremendous value to GRP due to his vast knowledge, experience and network in property development, and property investments.

Divested away Frasers Centrepoint Trust  1 lot in this week as part of stock holdings re-balancing at break-even.  For its 2Q2014 financial results, NPI +2.0% mainly due to higher revenue contribution from Causeway Point.  Gearing level at 27.7%.  94% of FCT’s borrowings are on fixed interest rate or have been hedged via interest rate swaps.  Occupancy rate at 96.8%; mall occupancy at Causeway Point, Northpoint and YewTee Point remained stable.  Bedok Point, currently undergoing fitting-out works for several incoming new tenants, registered mall occupancy of 77.0%.  Bedok Point’s occupancy is expected to recover to above 95% in the second half of year 2014 upon the lease commencement of the new tenants.  The proposed acquisition of Changi City Point will be the sixth mall for Frasers CT and it will enhance future growth and hence strengthen its ability to continue to deliver good and stable distribution returns.

Stock holdings (Cash) walk since previous posting :-

+$6,965 Total Returns as of 2 May

+$95 Nett gain on sales of Mapletree Logistics, Tee Intl, Frasers Centerpoint Trust

+$731 Unrealised positions improved

+$7,790 Total Returns as of 9 May

Previous posting :- Cash - Closing Status 2 May

Remarks :- Profits locked in to-date $15,141 / year 2014 $3,649

SRS - Closing status 9 May

Received the SRS statement from the bank in this week for April month which showed the following dividends collected for my stock holdings in SRS account :-

$52.50 Sin Heng

Stock holdings (SRS) walk since previous posting :-

Portfolio walk since previous posting :-

+$8,847 Total Returns as of 17 April

+$53 Dividends collected from Sin Heng

+$634 Unrealised positions improved

+$9,534 Total Returns as of 9 May

previous posting :- SRS - Closing status 17 April

Remarks :- Profits locked in to-date $15,097 / year 2014 $2,495

Cash - Closing Status 2 May

Invested into PCI Limited 3 lots in this week as part of usual stock holdings re-balancing.   For its 2Q2014 results, revenue +11.6%, profit +83.3%.   EMS (Electronics Manufacturing Services) segment as expected, contributed the bulk of its revenue increase for Qtr 2; but still at -4.2% for 1H2014.  Gross profit margin +12.5% mainly due to manufacturing expenses were brought in line with the level of plant activities.  No borrowings.

Added GRP Ltd 10 lots in this week as part of usual stock holdings re-balancing; total holding now at 21 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.  The ex-President of REDAS, Mr Teo Tong How will be part of GRP's independent non-executive director and chairman of the board of directors.  Mr. Teo will add tremendous value to GRP due to his vast knowledge, experience and network in property development, and property investments.

Invested into PEC Ltd 2 lots in this week as part of usual stock holdings re-balancing.  For its 2Q2014 results, revenue -22%, profit -7%.  Lower revenue due to revenue decrease in project works from the Middle East and Singapore. The decrease was partly offset by an increase in maintenance segment resulted from higher maintenance activities.  Its gross profit margin increased from 14% to 22%; mainly due to claims for past variation works for project work which were recognised in Qtr 2.  Lower profit due to gross profit offset by decrease in other operating income (-$1.0 mil)and increase in administrative (+$0.6 mil), and other operating expenses (+$1.7 mil).  NAV on 31 Dec was at $0.821.

Divested away Soilbuild Reit 1 lot in this week as of usual stock holdings re-balancing for nett gain $16; and this par to its dividend of $16 (1 lot x $0.01562) which XD on 6 May.  Its dividends will be paid on 4 Jun but l have collected it in advance and am able re-invest on the sale proceeds.  Its 1Q2014 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 $0.79 and is currently below its NAV as of end Mar'14 of $0.81.  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.  Over 78% of all lease expiries due in 2014 have already been renewed, re-leased or precommitted and it will pro-actively focus on the remaining expiries. 

Re-invested into Duty Free 3 lots in this week as part of usual stock holdings re-balancing.  For its 4Q2014 financial results, revenue +4.7%, profit -10.2%.  Higher revenue driven by increase in demand for certain products as a result of competitive pricing.   Lower profit due to higher taxes and lower profit from discontinued operations.  Total borrowings decreased by RM26.8 million, following a repayment of term loans amounting to RM12.8 million and a decrease in trade facilities borrowings of RM19.0 million. The decrease was partly offset by the increase in bank overdrafts of RM5.1 million.

 
Stock holdings (Cash) walk since previous posting :-

+$6,628 Total Returns as of 25 April

+$16 Nett gain on sales of Soilbuild Reit

+$321 Unrealised positions improved

+$6,965 Total Returns as of 2 May

Previous posting :- Cash - Closing Status 25 April

Remarks :- Profits locked in to-date $15,047 / year 2014 $3,554