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Blog Archive

Sunday 29 June 2014

Cash - Closing Status 27 June

Invested into CM Pacific 1 lot in this week as part of usual and active Cash 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.

Invested into Super Group 2 lots in this week as part of usual and active Cash stock holdings re-balancing.  For its 1Q2014 financial results, revenue -6% due mainly to lower branded consumer and food ingredient sales. Gross profit margin +1% due mainly to effective costs management.  Selling and distribution expenses +1% as it continued to step up its advertising and promotional campaigns.  The end of the amortization of deferred gain, together with higher administrative expenses incurred for the Group’s expanded production facilities, resulted in general and administrative expenses +11%.  Profit -19%.  Thailand is a key branded consumer markets, the civil unrest in Thailand has an adverse impact on its businesses.   It will closely monitor the development in Thailand and will take appropriate actions to mitigate the impact on its businesses.  Raw material costs and currency fluctuations will affect its operating performance, and it expects market conditions to remain competitive in the next twelve months.
Revenue decreased 6% YoY to S$124.6m mainly due to slower Branded Consumer and Food Ingredients sales - See more at: http://www.supergroupltd.com/investors-results/#sthash.r2R2m2B3.dpuf
Revenue decreased 6% YoY to S$124.6m mainly due to slower Branded Consumer and Food Ingredients sales - See more at: http://www.supergroupltd.com/investors-results/#sthash.r2R2m2B3.dpuf


Cash stock holdings walk since previous posting :-

+$9,850 Total Returns as of 20 June

+$6 Unrealised positions improved

+$9,855 Total Returns as of 27 June

Previous posting :- Cash - Closing Status 20 June

Remarks :- Profits locked in to-date $17,005 / year 2014 $5,512

Saturday 28 June 2014

SRS - Closing status 27 June

Added Saizen Reit 5 lots in this week as part of usual and active SRS stock holdings re-balancing; total stock holdings in it now at 10 lots.  In its 3Q14 results, NPI +2.5%, profit +JPY 314 mil.  Quarter-on-quarter gross revenue remained stable while net property income decreased by 4.1% as compared to 2Q FY2014. Property operating expenses increased by 9.4%, due mainly to seasonal expenses.  Higher profit due mainly to (i) the increase in net income from property operations, and (ii) the non-recurrence of refinancing-related costs incurred in 3Q FY2013, namely swap breakage costs (JPY 135.5 million) and loan commission written-off (JPY 148.0 million). Average occupancy rate at 91.1%.  As Saizen REIT’s distributable income from operations is generated in JPY, its S$-denominated distributions have been hedged.  Interest rates for 90% of loans outstanding are fixed.  Nearest loan maturity is in February 2018.  Gearing at 38%.   Deloitte & Touche has in early June'14 completed the strategic review of options for enhancing its unitholder’s value.  The review concluded that as a matter of priority, focus will be placed on its capital structure, in particular, its cash management and levels of leverage. As funds are made available as the capital structure is optimised, it will continue to seek opportunities to expand its property portfolio in line with its principal investment strategies.  It may also consider a buy-back of its shares at times of Unit price weakness, as a useful signaling mechanism and provided that is deemed as an effective use of capital at that time.  Following capital structure optimisation, more ambitious growth strategies will be explored, subject to availability, compatibility, returns and execution considerations.






SRS stock holdings walk since previous posting :-

+$11,043 Total Returns as of 20 June

-$308 Unrealised positions worsened

+$10,735 Total Returns as of 27 June

previous posting :- SRS - Closing status 20 June

Remarks :- Profits locked in to-date $16,673 / year 2014 $4,071

Sunday 22 June 2014

SRS - Closing status 20 June

Invested into Saizen Reit 5 lots in this week as part of usual and active SRS stock holdings re-balancing.  In its 3Q14 results, NPI +2.5%, profit +JPY 314 mil.  Quarter-on-quarter gross revenue remained stable while net property income decreased by 4.1% as compared to 2Q FY2014. Property operating expenses increased by 9.4%, due mainly to seasonal expenses.  Higher profit due mainly to (i) the increase in net income from property operations, and (ii) the non-recurrence of refinancing-related costs incurred in 3Q FY2013, namely swap breakage costs (JPY 135.5 million) and loan commission written-off (JPY 148.0 million). Average occupancy rate at 91.1%.  As Saizen REIT’s distributable income from operations is generated in JPY, its S$-denominated distributions have been hedged.  Interest rates for 90% of loans outstanding are fixed.  Nearest loan maturity is in February 2018.  Gearing at 38%.   Deloitte & Touche has in early June'14 completed the strategic review of options for enhancing its unitholder’s value.  The review concluded that as a matter of priority, focus will be placed on its capital structure, in particular, its cash management and levels of leverage. As funds are made available as the capital structure is optimised, it will continue to seek opportunities to expand its property portfolio in line with its principal investment strategies.  It may also consider a buy-back of its shares at times of Unit price weakness, as a useful signaling mechanism and provided that is deemed as an effective use of capital at that time.  Following capital structure optimisation, more ambitious growth strategies will be explored, subject to availability, compatibility, returns and execution considerations.

Added CM Pacific 5 lots in this week as part of usual and active SRS stock holdings re-balancing; total holding in it now at 10 lots.  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.

SRS stock holdings walk since previous posting :-

+$11,256 Total Returns as of 13 June

-$214 Unrealised positions worsened

+$11,043 Total Returns as of 20 June

previous posting :- SRS - Closing status 13 June

Remarks :- Profits locked in to-date $16,673 / year 2014 $4,071

CPF - Closing Status 20 June

Invested into Saizen Reit 14 lots in this week as part of usual and active CPF stock holdings re-balancing.  In its 3Q14 results, NPI +2.5%, profit +JPY 314 mil.  Quarter-on-quarter gross revenue remained stable while net property income decreased by 4.1% as compared to 2Q FY2014. Property operating expenses increased by 9.4%, due mainly to seasonal expenses.  Higher profit due mainly to (i) the increase in net income from property operations, and (ii) the non-recurrence of refinancing-related costs incurred in 3Q FY2013, namely swap breakage costs (JPY 135.5 million) and loan commission written-off (JPY 148.0 million). Average occupancy rate at 91.1%.  As Saizen REIT’s distributable income from operations is generated in JPY, its S$-denominated distributions have been hedged.  Interest rates for 90% of loans outstanding are fixed.  Nearest loan maturity is in February 2018.  Gearing at 38%.   Deloitte & Touche has in early June'14 completed the strategic review of options for enhancing its unitholder’s value.  The review concluded that as a matter of priority, focus will be placed on its capital structure, in particular, its cash management and levels of leverage. As funds are made available as the capital structure is optimised, it will continue to seek opportunities to expand its property portfolio in line with its principal investment strategies.  It may also consider a buy-back of its shares at times of Unit price weakness, as a useful signaling mechanism and provided that is deemed as an effective use of capital at that time.  Following capital structure optimisation, more ambitious growth strategies will be explored, subject to availability, compatibility, returns and execution considerations.


CPF stock holdings walk since previous posting :-

-$4,296 Total Returns as of 13 June

-$363 Unrealised positions worsened

-$4,660 Total Returns as of 20 June

previous journal :- CPF - Closing Status 13 June

Remarks :- Profits locked in to-date $2,994 / year 2014 $2,349

Saturday 21 June 2014

Cash - Closing Status 20 June

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

$78.00 Far East Hospitality Trust

Invested into K-Green Trust (now known as Keppel Infrastructure Trust) 2 lots in this week as part of usual and active stock holdings re-balancing.  For its 1Q2014 financial results, revenue -1.3% versus last year; profit +9.4%.  Higher profits driven by lower electricity price from measures taken to mitigate the volatility of electricity cost by fixing the price, and the savings from the solar photovoltaic (PV) system which generates electricity for plant consumption.  No borrowings.  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.  In connection with the reorganisation of Keppel Integrated Engineering Limited (being the sponsor of KGT) and Keppel Energy Pte. Ltd. under Keppel Infrastructure Holdings Pte. Ltd. (KI), the investment mandate of KGT will now cover a wider range of infrastructure assets, so as to align with the wider business activities of KI.  KI currently has three core business platforms in Gas-to-Power, Waste-to-Energy and X-to-Energy, the latter of which spearheads strategic developments into alternative energy sources, energy conversion and integration of the energy value chain, as well as encapsulates other energy infrastructure businesses such as district heating and cooling.

Cash stock holdings walk since previous posting :-

+$9,803 Total Returns as of 13 June

+$78 Dividends from Far East HTrust

-$31 Unrealised positions worsened

+$9,850 Total Returns as of 20 June

Previous posting :- Cash - Closing Status 13 June

Remarks :- Profits locked in to-date $17,005 / year 2014 $5,512

Sunday 15 June 2014

SRS - Closing status 13 June

Received the SRS statement from the bank in this week for May month; collected the following dividends for my SRS stock holdings :-

$39.40 Keppel Reit
$160.00 SembCorp Marine
$154.95 Mapletree Greater China
$56.40 Sabana Reit 
$42.80 Cache Logistics
$37.80 Mapletree Logistics 


SRS stock holdings walk since previous posting :-

+$11,239 Total Returns as of 6 June

+$491 Dividends from Keppel Reit, Sabana Reit, SembCorp Marine, Cache Log, Mapletree Log, Mapletree GC

-$474 Unrealised positions worsened

+$11,256 Total Returns as of 13 June

previous posting :- SRS - Closing status 6 June

Remarks :- Profits locked in to-date $16,673 / year 2014 $4,071


Saturday 14 June 2014

CPF - Closing Status 13 June

Received the CPF Investment statement from the bank in this week for May month; collected the following dividends for my CPF stock holdings :-

$320.00 Capitaland
$160.00 SembCorp Marine
$154.95 Mapletree Greater China
$150.00 SPH
$42.80 Cache Logistics

CPF stock holdings walk since previous posting :-

-$5,028 Total Returns as of 6 June

+$828 Dividends from Cache Logistics, Capitaland, Mapletree Greater China, SembCorp Marine, SPH

-$96 Unrealised positions worsened

-$4,296 Total Returns as of 13 June

previous journal :- CPF - Closing Status 6 June

Remarks :- Profits locked in to-date $2,994 / year 2014 $2,349

Friday 13 June 2014

Cash - Closing Status 13 June

Reduced GRP Ltd 50 lots in this week as part of usual and active stock holdings re-balancing for $24 nett gain; total holding in it 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.  It recently announced termination of its projects and development works in Myanmar.

Cash stock holdings walk since previous posting :-

+$10,346 Total Returns as of 6 June

+$24 Nett gain on sales of GRP

-$567 Unrealised positions worsened

+$9,803 Total Returns as of 13 June

Previous posting :- Cash - Closing Status 6 June

Remarks :- Profits locked in to-date $16,927 / year 2014 $5,434

Sunday 8 June 2014

Cash - Closing Status 6 June

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

$18.90 Mapletree Logistics
$28.80 Fraser Centrepoint
$212.50 CM Pacific


Donated $65 to iC2 PrepHouse Limited

Invested into CDW 7 lots but divested it all away in the same week for $9 nett gain; as part of usual and active stock holdings re-balancing.  For its 1Q2014 results, revenue +2.0%, profit -50.5%.  Lower prfoit mainly due to one-off gain in 1Q2013 on bargain purchase of US$1.5 million.  Its gross profit margin also lowered; due to the increase in sales volume of high value items which were driven by material costs.  For its LCD Backlight Units segment, order volume with reasonable margin will be gradually recovered from mid of FY2014 with introduction of new models from existing customers as well as new customers in the PRC.  Demand in the LCD Parts and Accessories and Office Automation segments remains weak and sluggish.

Divested away CM Pacific 5 lots in this week at break even; part of usual and active 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.

Based on my stock holding of Tee International l have been given a bonus issue on Tee International Warrant W170526 of 14 lots.  Sold away the entire 14 lots of it in this week for $771 nett gain; as part of usual and active stock holdings re-balancing.  

Added GRP Ltd 20 lots in this week as part of usual and active stock holdings re-balancing; total holding in it now at 61 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.  It recently announced termination of its projects and development works in Myanmar.

Cash stock holdings walk since previous posting :-

+$8,477 Total Returns as of 30 May

+$260 Dividends from Fraser Centrepoint, CM Pacific, Maple Logistics

-$65 Donated to  iC2 PrepHouse Limited

+$781 Nett gain on sales of CDW, CM Pacific, Tee Intl Warrant

+$893 Unrealised positions improved

+$10,346 Total Returns as of 6 June

Previous posting :- Cash - Closing Status 30 May

Remarks :- Profits locked in to-date $16,902 / year 2014 $5,410

CPF - Closing Status 6 June

Divested away CM Pacific 15 lots in this week for $254 nett gain; part of usual and active 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. 

Based on my stock holding of Tee International l have been given a bonus issue on Tee International Warrant W170526 of 12 lots.  Sold away the entire 12 lots of it in this week for $654 nett gain; as part of usual and active stock holdings re-balancing.  



CPF stock holdings walk since previous posting :-

-$6,221 Total Returns as of 16 May

+$909 Nett gain on sales of Tee Intl Warrant, CM Pacific

+$284 Unrealised positions improved

-$5,028 Total Returns as of 6 June

previous journal :- CPF - Closing Status 16 May

Remarks :- Profits locked in to-date $2,165 / year 2014 $1,521

Saturday 7 June 2014

SRS - Closing status 6 June

Invested into GRP Ltd 50 lots in this week as part of usual and active stock holdings re-balancing.  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.  It recently announced termination of its projects and development works in Myanmar.

Based on my stock holding of Tee International l have been given a bonus issue on Tee International Warrant W170526 of 18 lots.  Sold away the entire 18 lots of it in this week for $1,034 nett gain; as part of usual and active stock holdings re-balancing.  

Invested into K-Green Trust (now known as Keppel Infrastructure Trust) 10 lots in this week as part of usual and active stock holdings re-balancing.  For its 1Q2014 financial results, revenue -1.3% versus last year; profit +9.4%.  Higher profits driven by lower electricity price from measures taken to mitigate the volatility of electricity cost by fixing the price, and the savings from the solar photovoltaic (PV) system which generates electricity for plant consumption.  No borrowings.  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.  In connection with the reorganisation of Keppel Integrated Engineering Limited (being the sponsor of KGT) and Keppel Energy Pte. Ltd. under Keppel Infrastructure Holdings Pte. Ltd. (KI), the investment mandate of KGT will now cover a wider range of infrastructure assets, so as to align with the wider business activities of KI.  KI currently has three core business platforms in Gas-to-Power, Waste-to-Energy and X-to-Energy, the latter of which spearheads strategic developments into alternative energy sources, energy conversion and integration of the energy value chain, as well as encapsulates other energy infrastructure businesses such as district heating and cooling.

 SRS stock holdings walk since previous posting :-

+$9,635 Total Returns as of 30 May

+$1,034 Nett gain on sales of Tee International Warrant

+$569 Unrealised positions improved

+$11,239 Total Returns as of 6 June

previous posting :- SRS - Closing status 30 May

Remarks :- Profits locked in to-date $16,182 / year 2014 $3,580

Monday 2 June 2014

iC2 PrepHouse Limited

Donated $65 to iC2 PrepHouse Limited

link

iC2 PrepHouse Limited
The individual with impaired vision requires multi-faceted care which encompasses specialist medical attention, specific support services, special education programmes and family members and friends who are enlightened to their needs. 

At present, Singapore has achieved much in the medical diagnosis and treatment of low vision conditions. These efforts are primarily spear-headed by the Singapore National Eye Centre (SNEC) and the other Ophthalmology Departments of the various hospitals in Singapore. In addition to providing medical treatment, these centres are responsible for the training and continued education of both medical and paramedical eye care professionals. In support of this, the Singapore Eye Research Institute (SERI) has research programmes addressing strategies leading to better treatments and hopefully cure for various diseases that can cause low vision or blindness. National screening programmes are also already in place for early identification of children with myopia, ambylopia, strabismus and other low vision conditions. Additionally, annual free screening for adults have been useful in early detection of eye disease in individuals. The early identification of individuals with vision-threatening disorders, whether young or old, has allowed these individuals to benefit from medical intervention to improve vision or to retard visual deterioration.

Unfortunately, despite medical advances and our best efforts, patients have and will continue to lose vision as a result of late presentation, treatment failure or the incurable nature of some conditions. Patients who lose vision have little to fall back on in terms of support services. This is particularly so for children who are still in or are entering the education system in Singapore. Currently, support services for the visually impaired in Singapore remain fragmented. These include the Singapore Association for the Visually Handicapped (SAVH), the low vision clinics in the various hospitals in Singapore, specific support groups (eg. Retinitis Pigmentosa support group, Glaucoma support group etc.), Society for the Physically Disabled (SPD), the Guide Dog’s Association, the Asian Women’s Welfare Association (AWWA) and informal parent’s support groups. Despite the best of intentions, the combined support provided is inadequate compared to that available in other developed countries. What is still lacking is provision of customized structured programmes for both children with low vision and for older patients who lose variable degrees of vision at various stages of their lives. Although there are overlaps in the needs of these two groups, it is crucial to bear in mind that in children, the programmes must be geared towards both education and rehabilitation whilst those for adults who have already received a full education are designed mainly for rehabilitation.
The proposal is therefore for iC2 PrepHouse to fill this gap and to engage the low vision clinics affiliated to SNEC and other Ophthalmology Departments to ensure a smooth referral process. Whilst the pain of losing one’s vision or seeing a loved one lose vision cannot be fully assuaged, we hope that having a good support system in place will help in many ways to make the journey an easier one. In helping children with low vision stay in mainstream schools and in teaching them coping skills in everyday living, iC2 PrepHouse aims to prepare them for an independent and fulfilling future.
  

Sunday 1 June 2014

Cash - Closing Status 30 May

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

$23.20 Ascendas India Trust
$42.80 Cache Logistics
$39.40 Keppel Reit
$4.96 Suntec Reit

Reduced Keppel Reit 1 lot in this week for $24 nett gain as part of usual and active stock holdings re-balancing; remaining stock holding at 1 lot.  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%.

Reduced GRP Ltd 40 lots in this week for $79 nett gain but re-invested into it again for 30 lots as part of usual and active stock holdings re-balancing; total holding in it now at 41 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.  It recently announced termination of its projects and development works in Myanmar.

Divested away Ascendas India Trust 1 lot at breakeven as part of usual and active stock holdings re-balancing.  For its 4Q2014 results, NPI +14% due to total property expenses declined by 10%; and hence a higher income available for distribution and higher DPU.   Occupancy rate at 97%.  Gearing at 22%.  NAV at $0.62 versus friday's closing $0.79.  

Divested away HPH Trust 2 lots in this week at breakeven as part of usual and active stock holdings re-balancing.  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 $0.94.  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 PCI Limited 3 lots in this week as part of usual stock holdings re-balancing for $38 nett gain.   For its 3Q2014 results, revenue -5.1%, profit +508.9%.   EMS (Electronics Manufacturing Services) revenue -5.9% due to weaker orders from key customers.  As a result of continuing efforts to manage cost, EMS operating profit margin was 3.1%.   No borrowings. 

Divested away Croesus Retail Trust 2 lots in this week for $20 nett gain 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.

Cash stock holdings walk since previous posting :-

+$7,386 Total Returns as of 23 May

+$110 Dividends from Keppel Reit, Ascendas India, Cache Logistics, Suntec Reit

+$162 Nett gain on sales of Keppel Reit, Ascendas India Trust, GRP, Croesus Retail, HPH Trust, PCI

+$818 Unrealised positions improved

+$8,477 Total Returns as of 30 May

Previous posting :- Cash - Closing Status 23 May

Remarks :- Profits locked in to-date $15,861 / year 2014 $4,369

 

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