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Blog Archive

Sunday, 8 March 2015

Stock changes 6 March

Latest stock holdings :-

 Zagro Asia
Added 3000 shares of it under Cash stock holdings so total holdings in it now at 6000 shares.  For its full year results, revenue +11%, profit -28%.  Higher revenue driven by its investments in New Zealand and Australia in the middle of FY2014; which had cushioned the reduced turnover in the South East Asian markets.  Poor performace in its primary Asia market were affected by volatile weather conditions and stronger competitive pricing, especially in the crop care business segments. With the increased investments in New Zealand and Australia, Other countries sales now stands at 16% of total sales versus 9.4% year ago; crop care businesses bumped up to 57% from 53% previously.   The increase in total expenses by 24% was mainly due to additional investments in New Zealand and Australia which offset translation gain for the foreign subsidiaries equities resulted from weakened Singapore dollar as compared to the the significant strengthening in FY2013.  NAV on 31 Dec'14 at 34.26 cents; friday 6 Mar'15 closing price at 28 cents.  Price/Book Value at 0.847.  Its Chairman, Poh Beng Swee and other close associates has approx 67% stakes in Zagro.


Singapura Finance
Invested into it for 1100 shares under Cash stock holdings.  For its Qtr 2 results, net interest income +24.9% driven primarily by higher loan yield and volume; non-interest income flat.  Higher opex +24.9%, largely attributed to higher staff costs and other operating expenses, particularly amortisation of commissions to auto-loan dealers.  Profit +8.6%.  NAV at $1.56 versus friday 6 Mar'15 closing price at $1.05.


Starhub
Divested away Starhub 4000 shares (Cash 1000 shares + SRS 3000 shares) for $1172 net realized profit in order to lock-in profits and to re-use its proceeds for re-investment into other stocks.  For its Qtr 4 results, revenue +5.1%, profit +10.1%.  Higher revenue mainly driven by higher equipment sales resulted from strong demand for the new iPhones launched in September 2014.  Overall positive sales mix - mobile and fixed network services driving revenue higher which offset poor performance from broadband (pricing competition is expected to continue in FY2015); pay tv flat.  Higher cogs in line with strong demand for the new iPhones which drove handsets sales.  Other opex -1.9%.  Huge increase in finance expenses doubled (from $4.6 mil to $8.2 mil) or +78.1% due to financing costs for new bank loan facilities secured in 2014; but still considered manageable - finance expenses paid 4Q14 $5.3 mil versus $1.7 mil in 4Q13.  It will maintain annual cash dividend payout of 20 cents per ordinary share for 2015.
 

SIA Engineering
Divested away 100 shares under Cash stock holdings for $19 net realized profit.   For its Qtr 3 results, Revenue -6.5% due to lower airframe and component overhaul revenue as work content was lower with fewer heavy checks; which was offset slightly by increased revenue from fleet management and line maintenance. Strong and healthy Balance Sheet.  Profit -24.1% mainly from lower share of profits in associated and joint venture companies; because of reduction in engine shop visits due to the retirement of older engines, as well as engine improvement modifications and longer engine “on-wing” life of certain aircraft models , lower contributions from the engine repair and overhaul centers.  The operating environment remains challenging. Heavy maintenance business though stabilizing, engine shop visits will continue to decline.  Because intense competition and increasing business costs, the pressure on margins will remain.  Share price dropped from $4.40 range to current $4.15 range after announcement of its Qtr 3 results.


Lum Chang Holdings
Divested away 14200 shares under Cash stock holdings for $107 net realized profit in order to lock-in profits and to re-use its proceeds for re-investment into other stocks.  On its Qtr 2 results, revenue -20%, profit +62%.  Lower revenue was recognized from two construction projects as the projects were substantially completed in June 2014. Current Price/Book value at 0.71.  It recently disposed off its Kensington investment property at SGD 11.4 mil net gain; to be included in its Qtr 3 results; proceeds will be used to fund future investments of the company and its subsidiaries.  It will commence work as the main contractor for Northpoint City in Nee Soon in April'15; and expected to be completed in the 2nd half of 2018.  This latest contract brings the total outstanding value of construction projects still in progress to approximately SGD 1 billion.  NAV on 31 Dec'14 at 50.02 cents; friday 6 Mar'15 closing price at 36 cents.  Price/Book Value at 0.71.  Controlling family members and other associates has approx 38% stakes in the company.


Hong Leong Finance
Invested into it for 800 shares under Cash stock holdings.  For FY2014 results, net interest income/hiring charges flat versus year ago; profit -10.4%.  Flat net interest income/hiring charges due to a few normal-course of business reasons :- (1) overall growth in the total loan book resulted in higher interest income/hiring charges; (2) pricing pressure which resulted in slightly lower loan yield; (3) higher interest expense due to higher interest payable on deposits from combined effect of higher prevailing interest rates and a larger deposits base.  Lower fee and commission income mainly because of lower fee income from some lending products.  Lower profit due to higher general provisioning in line with loan portfolio growth; and write-back in FY213.  Lower Final dividends declared at 6 cents versus 8 cents year ago.  NAV at $3.74 as of 31 Dec'14.  Share price weakened slightly by approx 5 cents to friday close $2.63 range since its full year results on 26 Feb. 


2nd Chance Properties
Added 1100 shares of it under Cash stock holdings so total holdings in it now at 5100 shares.  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.  Qtr 2 results will be released on or around 30 March.


Bund Center Investment
Divested away 5000 shares of it under Cash stock holdings to lock-in $65 net realized profit.  For its Qtr 4 results, revenue +7.5%, profit 2.4 times higher versus year ago.  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.  Net other operating income mainly comprised net foreign exchange gain, business assistance grants and advertising income; huge jump in net other income of +$11 mil for Qtr 4 but overall full year +$1.3 mil mainly due to absence of renovation expenses on investment properties.


Croesus Retail Trust
Reduced Croesus Retail 4000 shares at break even in order to re-use its proceeds for re-investment into other stocks; remaining stock holdings in it now at 14000 shares.  For its Qtr 2 results higher NPI +48.8% driven by the additions Luz Omori, Croesus Tachikawa and One’s Mall; better tenant sales and property expense savings at Mallage Shobu.  To minimize the exposure to fluctuations in exchange rates, CRT has hedged close to 100% of the distribution for the next 18 months up to June 2016.  Approx 93% of FY2015 and approx 84% of FY2016 rentals have been locked in; lease expiry profile :- 6.7% in FY2015 and 9.6% in FY2016.  87.7% 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 19% of total long term debt.  Major lease expiring beyond year 2018 at 72.5%.  During the current financial year ending 30 June 2015, Mallage Shobu, CRT’s largest property has completed most of the negotiations to either replace or renew lease agreements with approximately 150 tenants. The rental income for these tenants accounts for approximately 16% of the total revenue of the current portfolio. The near completion of its rental reversion exercise is set to maximise future cash flow.


ST Engineering
Divested away 3000 shares of it under CPF stock holdings for $452 net realized profit or equivalent of approx $0.15 of dividend rate.  It goes XD on 27 April for declared dividend rate $0.11; payment date 15 May.  For its Qtr 4 results, revenue -4.6% (lower revenue across all business segments except Land Systems); profit -16% (the only profit growth from Electronics).  For full year, revenue -1.4% (lower revenue across all business segments except Marine), profit -9.2% (the only profit growth from Electronics).  Electronics is expected to lead all other sectors on both revenue and profits in FY2015.  Strong and healthy Balance Sheet.  Net cash from operating activities lowered by $305 mil mainly due to lower profits, higher income tax paid as well as unfavourable working capital movements arising mainly from the unfavourable variances in trade receivables, advance payments to suppliers, trade payables, advance payments from customers, other payables, accruals and provisions and deferred income, but these were partially offset by positive variance in progress billings in excess of work-in-progress. 

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