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Sunday, 25 January 2015

Stock changes 23 Jan

Latest stock holdings :-

IREIT Global
Reduced 2 lots of it at break even ($1 net realized profit); remaining stock holding in it now at 1 lot.  Largest shareholding of IREIT at 57.36% is Tong Jinquan and he is the Non-Exec Director of IREIT.   And as seen from Tong Jinquan stock holdings in various listed Biz Trusts and Reits companies, the holding period in them range from around six month to less than two years so, in some ways this shorter term stock holdings could be have a destabilizing effect to the stock price. Let's see in time to come whether this deduction is baseless.  Since listing date in Aug'14 there is no updated news on its latest financials standing nor any new property additions.   And also, no periodic announcements yet on the utilisation of the net proceeds from the IPO.

Lum Chang Holdings
Added 2 lots of it under Cash stock holdings so total stock holdings in it now at 7 lots.   On its Qtr 1 results, revenue -49%, profit -89% due to lower revenue recognised for 3 major construction projects. Current Price/Book value at 0.695.

Reduced 1 lot of it at break even ($1 net realized loss); remaining stock holding in it now at 13 lots (Cash 1 lot, SRS 12 lots).  It will announce full year results on 25 Feb.  For its Qtr 3 results, revenue +2.3%, profit +2.6%.  Higher revenue mainly driven by higher sales of equipment.  Higher profits contributed by higher revenue and other income, offset by higher operating expenses.  It will maintain annual cash dividend payout of 20 cents per ordinary share for 2014 so $0.05 will be declared when it announce full year results on 25 Feb..

Zagro Asia
Invested into it for 3 lots under Cash stock holdings.  For its half year results, revenue -4%, profit -40%.  Lower revenue due to volatile weather conditions and stronger competitive pricing in certain markets especially in the crop care businesses.  The increase in total expenses by 10% was mainly due to exchange loss, the addition of a new subsidiary and $476k reversal of inventories write-down in the previous year.  NAV on 30 June'14 at 32.57 cents; friday 23 Jan'15 closing price at 28 cents.  Price/Book Value at 0.89.  It recently increased investment in its subsidiary companies in Australia and Vietnam.

HPH Trust
Divested away 1 lot of it under Cash stock holdings for $5 net realized profit.  In its 3Q2014 results, revenue +1.7% and profit -8.6% versus last year.   Slightly higher revenue due to higher container throughput at HIT and YICT, offset by the absence of ACT contributions as it become an associated company after the stake sale.  Lower profit primarily due to higher cost of services rendered from higher external contractor costs and inflationary pressures; lower contributions from ACT; higher tax due to higher tax in YICT after the tax credit was fully used up in the last quarter of 2013 and the increase of YICT Phase III’s profits tax rate from 12.5% to 25% after the tax exemption period expired.

Keppel Infrastructure
Divested away 2 lots under Cash stock holdings for $29 net realized profit; remaining stock holdings in it now at 10 lots (all under SRS stock holdings).  For full year 2014, revenue -2.5% mainly due to lower production of NEWater and lower power tariff arising from changes in fuel price, partially offset by higher output from the waste-to-energy plants and higher O&M tariffs due to changes in consumer price index (CPI).  Profit -10.4% due to higher O&M costs  (+$1.0 mil); higher Trust expenses resulted from higher project evaluation and due diligence expenses for the proposed merger between CitySpring and Keppel Infrastructure.

Croesus Retail Trust
Added 3 lots of it under SRS stock holdings so total stock holdings in it now at 31 lots (Cash 18 lots, SRS 13 lots).  It will announce Qtr 2 results on 11 Feb.  For its Qtr 1 results higher NPI +37.3% driven by the addition of Luz Omori and NIS Wave I; and also other income at Mallage Shobu.  To minimize the exposure to fluctuations in exchange rates, it has hedged at least 80% of the distribution for the next 12 months up to December 2015.  Approx 82% of FY2015 and approx 74% of FY2016 rentals have been locked in; lease expiry profile :- 17.9% in FY2015 and 8.1% in FY2016.  65.3% of gross rental income is derived from leases structured as Fixed Term Leases, giving it greater flexibility to adjust rentals and tenant composition.  Nearest debt maturity is in FY2017, which is 21% of total long term debt.  Major lease expiring beyond year 2018 at 59%.  Even though there was a slight disruption in sales patterns due to the consumption tax hike in April 2014 but this has been mitigated due to a high component of fixed and guaranteed minimum rent at its properties.  Mallage Saga and Forecast Kyoto Kawaramachi are retail malls in the pipeline.

Hai Leck Holdings
Invested 6 lots into it under Cash stock holdings.  For its Qtr 1 results, revenue -9.8%, profit +10.2%.  Lower revenue due to several projects and maintenance services were in the preliminary stages.  Higher opex due to the increase in technical and administrative staff as it geared up the EPC business.  Higher profit driven mainly by lower cost of sales which is in line with early stages of prjects and maintenance services; and also lower effective tax from the Productivity
and Innovation Credits (PIC) claimed during the quarter.

Re-invested into it for 0.500 lot under Cash stock holdings.  For its Qtr 1, revenue -6.5%, profit -20.0%.  Lower revenue due to lower advertisement and circulation revenue  Lower profit mainly due to its share of net loss of associates and jointly-controlled entities from its investment in the regional online classified business.  Staff costs grew by S$1.5 million (1.7%) due to acquisition of new businesses and incentives to drive growth and retain staff in a tight labour market; headcount lowered to 4310 from 4322 previously.  The Seletar Mall was officially opened on November 28, 2014 and is expected to contribute to its property business from 2Q 2015.  It will maintain a conservative stance on its investment portfolio allocation with focus on capital preservation. Returns are expected to be commensurate with a low risk-return profile to mitigate against volatility.

Re-invested 19 lots into it under Cash stock holdings.  On its Qtr 1 results, revenue -33%, profit +4%.  Lower revenue due to weak demand for steel plates mainly from its shipyard customers.  Higher profit mainly from the better gross profit margin achieved and lower expenses.  Lower free cash flow due to capex spending of $2.7 mil.  Price/Book Value at 0.609.

2nd Chance Properties
Added 2 lots of it under Cash stock holdings so total holdings in it now at 4 lots.  For its Qtr 1 results, revenue -4.00%, profit -55.77%.  Contributions from its apparel and properties segments fell due to the closure of some outlets and gold stabilized.  Lower apparel due to closure of six outlets in Singapore and Malaysia; continuing from the previous quarter.  The flagship store for First Lady apparel business soften the loss of rental income from the sale of three investment properties.  Decrease in Profit mainly due to the unrealized loss recorded on financial assets at fair value in securities segment; and also due to closure of six apparel outlets.  Tax was higher due to net tax write back in the previous year.  Higher finance costs due to short term borrowing for the First Lady flagship store and also purchase of fixed income and equity securities.  But overall long term borrowings and short term borrowing amount reduced from the previous quarter.

Bund Center Investment
Reduced 13 lots in it under Cash stock holdings for $105 net realized profit; remaining stock holding in it now at 2 lots.  For its Qtr 3 results, revenue +4.2%, profit +0.1%.  Better revenue due to higher leasing income from the Bund Center office tower and improved average occupancy rate in hotel segment. Higher leasing income driven by improvement in average leasing rate in office tower segment, as well as higher average rent rate.  Better hotel revenue due to higher average occupancy and average room rate which is higher than the average occupancy rate and average room rate achieved by five-star hotels in Shanghai.  Flat profit due to net foreign exchange loss in current quarter comparing to net foreign exchange gain in previous year.

Divested the remaining 1 lot of it in Cash stock holdings for $75 net realized profit.  Qtr 3 results will be released on 4th Feb.  But judging from its Qtr 3 operating data for its Singapore operations, revenue will be further and much depressed :- Unit Services Handled -6.7% (-1.6%), Flights Handled -10.6% (-2.9%), Passengers Handled -7.3% (-2.5%), Cargo/Mail Processed +6.1% (+5.6%), Unit Meals Produced +0.6% (+1.3%), Gross Meals Produced +1.0% (+1.8%).  Figures in bracket are from Qtr 2.  Revenue from Singapore geographical location is at approx. 82%.


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