Cash - Closing Status 25 July

Donated $55 to Food From The Heart

Divested away Boardroom 2 lots in this week as part of usual portfolio re-balancing for a small $9 nett gain.  From its 3Q14 financial results, revenue +3.2%, profit -20.7%.  Higher revenue mainly driven by the continuing increase in activities in the Share Registry Services business.  Lower profit because of opex +7.7%, interest on borrowings +9.8%, income tax true-up.   At the moment it is in a legal suit matter in Australia of AUD 3.9 mil.

Divested away CM Pacific 15 lots in this week as part of usual and active Cash stock holdings re-balancing for $151 nett gain; total stock holding in it now at 15 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.It recently announced the acquisition of Jiurui Expressway.  The Jiurui Expressway is a newly-opened expressway with promising growth potential in traffic flow. It is one of the key routes in Jiangxi Province, PRC and an important interprovincial boundary crossing, passing through Jiujiang Municipality, PRC and connecting with Ruichang Municipality, PRC. Due to its strategic location, it has experienced significant increase in traffic flow since it was open to traffic in January 2011. This growth trend is expected to continue due to the robust economic growth of Jiangxi Province, PRC. In addition, a number of expressways and bridges currently under construction in the surrounding areas will be open to traffic from 2014 to 2017. The traffic flow on the Jiurui Expressway is expected to be further boosted once these expressways and bridges are operational. These factors are expected to drive the Jiurui Expressway’s future traffic flow and growth in toll revenue.

  Cash stock holdings walk since previous posting :-

+$10,907 Total Returns as of 18 July

-$55 Donation to Food From The Heart 

+$160 Nett gain on sales of CM Pacific, Boardroom

+$365 Unrealised positions improved

+$11,377 Total Returns as of 25 July

Previous posting :- Cash - Closing Status 18 July

Remarks :- Profits locked in to-date $17,298 / year 2014 $5,805

Cash - Closing Status 11 July

Reduced Asian Pay TV(APTT) 19 lots in this week for $42 nett gain which is part of usual and active stock holdings re-balancing; total holdings in it now at 4 lots.  For its 1Q2014 results, revenue -3.3% lower than the forecast in  the IPO prospectus; due to lower than expected revenue from Broadband driven by a lower number of subscribers, and from a lower ARPU due to the soft economic environment in Taiwan.  Revenue, especially from Premium digital TV and Broadband, is expected to increase throughout the year.  Profit -3.9%.  It has re-affirmed distribution guidance of 8.25 cents per unit for the twelve months ending 31 December 2014, which is expected to be declared as 4.12 cents per unit for the six months ending 30 June 2014 and as 4.13 cents per unit for the six months ending 31 December 2014. It recently announced resolution of tax dispute with the Taiwan tax authorities.

Added Boardroom 1 lot in this week as part of usual portfolio re-balancing; total stock holdings in it now at 2 lots.  From its 3Q14 financial results, revenue +3.2%, profit -20.7%.  Higher revenue mainly driven by the continuing increase in activities in the Share Registry Services business.  Lower profit because of opex +7.7%, interest on borrowings +9.8%, income tax true-up.   

Cash stock holdings walk since previous posting :-

+$11,025 Total Returns as of 4 July

+$42 Nett gain on sales of Asian Pay TV

-$173 Unrealised positions worsened

+$10,893 Total Returns as of 11 July

Previous posting :- Cash - Closing Status 4 July

Remarks :- Profits locked in to-date $17,138 / year 2014 $5,645

Cash - Closing Status 14 March

Donated $40 to 365 Cancer Prevention Society in this week. 

Received the following dividends in this week for my Cash portfolio :-
$10.00 Boardroom

Added GRP Ltd 46 lots in this week as part of usual portfolio re-balancing; total holding in it now at 76 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.

Portfolio walk since previous posting :-

+$4,278 Total Returns as of 7 March

-$40 Donation to 365 Cancer Prevention Society

+$10 Dividends collected from Boardroom 

-$811 Unrealised positions worsened

+$3,438 Total Returns as of 14 March

Previous posting :- Cash - Closing Status 7 Mar

Remarks :- Profits locked in to-date $12,839 / year 2014 $1,347

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