Dividends collected 3 Oct

Updating latest dividends amount collected since various previous updates on 12 Sep.

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

Cash - Closing Status 17 April

Reduced Far East Hospitality Trust 1 lot at break-even in this week, as part of usual portoflio re-balancing; remaining balance at 6 lots.  In its 4Q13 results, NPI -2.4%, Income available for distribution -2.2% as industry challenges remained. Rental from serviced residences and excluded commercial premises exceeded Forecast and helped to mitigate the shortfall in master lease rental derived from hotels.  Following the acquisition of the Rendezvous Hotel Singapore on 1 August 2013, it has embarked on soft refurbishments of the reception area, lobby bar and club rooms to reposition it as an art-inspired hotel, in synchronisation with the character of the precinct. The refurbishments were completed and the hotel was re-launched in January 2014.  It will continue to optimise the value of its existing assets and try to improve their competitiveness by implementing asset enhancement initiatives in a holistic and progressive manner. For 2014, it has planned for renovations at The Elizabeth Hotel, Village Hotel Albert Court, Village Hotel Changi and Regency House.  As at 31 December 2013, 62% of its debt portfolio or all of its debt maturing beyond 2016, is locked in at fixed interest rates, providing for stability in a rising interest rate environment.

Divested away Saizen Reit 2 lots in this week as part of usual portfolio re-balancing for $41 nett gain.  In its 2Q14 results, NPI +3.3%, profit +15.6%.  Quarter-on-quarter, NPI remained stable.  Average occupancy rate at 90.6%.  With the onset of the major leasing season in the months of February to April, occupancy demand is expected to increase.  Distribution per unit dropped to 3.25 cents from 3.30 cents due to effect of unit consolidation completed on 8 Nov'13. Deloitte had been appointed in Dec’13 as an independent financial adviser to undertake a strategic review of options for enhancing unitholder’s value and it remains on-going.  Nearest loan maturity is in Feb 2018.

Portfolio walk since previous posting :-

+$6,173 Total Returns as of 11 April

+$46 Nett gain on sales of Saizen Reit, Far East HTrust

+$831 Unrealised positions improved

+$7,050 Total Returns as of 17 April

Previous posting :- Cash - Closing Status 11 April

Remarks :- Profits locked in to-date $14,894 / year 2014 $3,402

Cash - Closing Status 4 April

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

$145.09 HPH Trust S$D
$113.60 Far East HTrust
$949.90 Asian Pay TV Trust
$135.00 Tee International
$52.40 Croesus Retail Trust

Divested away CDL Hospitality Trusts 2 lots at break-even in this week, as part of usual portoflio re-balancing.  For its 4Q13 results, net property income +2.5%; income available for distribution per unit +0.6%.  Income from acquisition growth in 2013 has mitigated the impact of the softer trading conditions experienced in Singapore.  Its healthy gearing puts it in good stead to capitalise on expansion opportunities as it continues to actively seek yield-accretive acquisition opportunities in the hospitality sector.  Orchard Hotel Shopping Arcade, currently under AEI will be rebranded as "Claymore Link"; incremental rental income to be more than S$2.0 million on an annualized basis.

Reduced GRP Ltd 75 lots in this week for $349 nett gain as part of usual portfolio re-balancing; remaining 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.

Invested into OUE Hospitality Trust 1 lot in this week but have decided to divest it away in the same week after achieving the profit target set of $21 or 2.5%.    In its recent 4Q13 results, NPI +0.6% mainly driven by higher food & beverage revenue from banquet sales and corporate meetings which more than compensated for slightly lower room revenue compared to forecast.  Income available for distribution +2.3% higher due to higher NPI coupled with lower trust expenses incurred.  As at end 2013, it has completed the conversion of 26 guest rooms, increasing the number of guest rooms to 1,077. In addition, 32 guest rooms have been refurbished and these rooms have achieved room rates which are about 15% higher than the non-refurbished rooms.  The asset enhancement programme to renovate 430 guest rooms at Mandarin Orchard is funded by the Sponsor, and is expected to be completed in phases in 2014 and 2015. The refurbishment schedule will be tailored to minimize disruption to the normal service of the hotel so that the occupancy of the hotel will continue to be optimised.

Reduced Far East Hospitality Trust 1 lot at break-even in this week, as part of usual portoflio re-balancing; remaining balance at 7 lots.  In its 4Q13 results, NPI -2.4%, Income available for distribution -2.2% as industry challenges remained. Rental from serviced residences and excluded commercial premises exceeded Forecast and helped to mitigate the shortfall in master lease rental derived from hotels.  Following the acquisition of the Rendezvous Hotel Singapore on 1 August 2013, it has embarked on soft refurbishments of the reception area, lobby bar and club rooms to reposition it as an art-inspired hotel, in synchronisation with the character of the precinct. The refurbishments were completed and the hotel was re-launched in January 2014.  It will continue to optimise the value of its existing assets and try to improve their competitiveness by implementing asset enhancement initiatives in a holistic and progressive manner. For 2014, it has planned for renovations at The Elizabeth Hotel, Village Hotel Albert Court, Village Hotel Changi and Regency House.  As at 31 December 2013, 62% of its debt portfolio or all of its debt maturing beyond 2016, is locked in at fixed interest rates, providing for stability in a rising interest rate environment.

Invested into Saizen Reit 2 lots in this week as part of usual portfolio re-balancing.  In its 2Q14 results, NPI +3.3%, profit +15.6%.  Quarter-on-quarter, NPI remained stable.  Average occupancy rate at 90.6%.  With the onset of the major leasing season in the months of February to April, occupancy demand is expected to increase.  Distribution per unit dropped to 3.25 cents from 3.30 cents due to effect of unit consolidation completed on 8 Nov'13. Deloitte had been appointed in Dec’13 as an independent financial adviser to undertake a strategic review of options for enhancing unitholder’s value and it remains on-going.  Nearest loan maturity is in Feb 2018.

Portfolio walk since previous posting :-

+$3,276 Total Returns as of 28 March

+$1,396 Dividends from Croesus, HPH Trust, Far East HTrust, Asian Pay TV, Tee Intl

+$373 Nett gain on sales of GRP, Far East HTrust, OUE HTrust, CDL HTrust

+$332 Unrealised positions improved

+$5,377 Total Returns as of 4 April

Previous posting :- Cash - Closing Status 28 Mar

Remarks :- Profits locked in to-date $14,763 / year 2014 $3,271

Cash - Closing Status 20 December

Re-invested into K-Green Trust 1 lot in this week under Cash portfolio.  For its 3Q2013 financial results revenue was flat versus last year; profit +7.4%.  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.  Ula Pandan Tust's income is derived in equal parts from availability payments and from NEWater output payments.   Its current businesses have been locally based so far.    Looking forward for it to spread its wings to Asia Pacific and Europe soon (in year 2014, perhaps?).

Added HPH Trust 1 lot in this week; total holding in it now at 6 lots.  Attractive valuation after recent share price correction.  Its 3Q2013 financial results did not go well with investors but l do not think it is justified.  Its 3Q2013 revenue and profit was +1% and -2% respectively versus last year <--- flat results.  A flat financial results is quite admirable when the world economy is still in turmoil and in spite of the depressed shipping industry which continue to stall freight rate recovery at the moment.   It is in Net Current Liabilities status as of end Sept'13 but overall still at Net Assets status; due to timing of US$3.6 billion term loan facility agreement for the refinancing of the existing facilities which was signed in late Sept'13.  It is still in free cash flow status.  Higher profit from new acquired Yantian container terminals was partially offset by lower profit in Hongkong international terminals.  Its share price dropped to its new 52 weeks low recently at $0.755 (11 Dec) which is really absurb.  Its end of Sept'13 NAV at HKD 7.41 (approx. SGD 1.20).

Received the following dividends in this week for my Cash portfolio :-
$65.80 Far East HTrust

Added Asian Pay TV(APTT) 1 lot in this week; total holding in it now at 24 lots under Cash portfolio.  Subscriber households have grown, average revenue per subscriber is constant, penetration rates have increased, all leading to growth in recently acquired Taiwan Broadband Communications (TBC) earnings.  Taiwan regulator already approved TBC expansion to greater Taichung which opens up opportunity to increase  household network coverage by up to 400,000.  NAV as of end Sep'13 at $0.91 and last done share price at discount of $0.745.  Interest rate swaps have been entered into, which fix a significant portion of the interest rate exposure from TBC's borrowings.  For growth in penetration rates, premium digital cable tv and broadband to increase as a result of up-selling and bundling strategies, increased set-top box penetration, greater availability of digital content, need for reliable internet access.  Network expansion through re-zoning is an opportunity for APTT.  Positive ongoing discussions with Taiwan tax authorities to resolve tax dispute.

Added Tee International 15 lots in this week under Cash portfolio.  Total holding in it now at 35 lots.  Tee Intl delivered mix financial results for 1Q2014; revenue +ve 24% driven by ongoing and completed engineering projects and profit -ve 62% due to higher administrative expenses and higher opex.  Higher administrative expenses was due to one off bonus payment to employees and higher staff costs and headcount in line with its business and operations expansion.  Giving extra bonuses is a good thing to do as it motivates employees which is in recognition of their hard works.  Higher opex due to unrealized forex losses that resulted from the depreciation of the MYR against the SGD.  It is in net cash used at the moment mainly due to cash received from receivables net off payment to trade payables, interest and income tax expenses and decrease in development properties.  Its chief executive & managing director, Mr Phua has 51% shareholding in Tee Intl as shown in the 2013 annual report so one can be well assured that he will run this company with very much more care and growing it at the same time.  Recently, it has signed an MOU with Loxley Public Company, a public company listed on the Stock Exchange of Thailand to explore opportunities in renewable energy business and related activities in the Indochina region - Myanmar, Laos DPR, Vietnam, Thailand and Cambodia. 

Portfolio walk since previous posting :-

+$1,017 Total Returns as of 13 December

+$66 Dividends from Far East HTrust

-$220 Unrealised positions worsened

+$863 Total Returns as of 20 December

Previous posting :- Cash - Closing Status 13 Dec

Remarks :- Profits locked in to-date $10,815 / year 2013 $8,046

Cash - Closing Status 13 December

Intended to increase Tee International 5 lots in this week under Cash portfolio but ended up with sell order input error.  So on the same day, l have added 6 lots of it with 5 lots of it to cover the oversold position which resulted in nett loss of $33.  l did not use my (previous) existing 19 lots holding to cover this so-called oversold position because it was not suppose to be a sell order in the first place so it's better to make a hard record of it for this mistake.  Despite keeping reminding myself to be extra careful, this mistake still making a comeback to haunt me time and again.   Total holding in it now at 20 lots.  Tee Intl delivered mix financial results for 1Q2014; revenue +ve 24% driven by ongoing and completed engineering projects and profit -ve 62% due to higher administrative expenses and higher opex.  Higher administrative expenses was due to one off bonus payment to employees and higher staff costs and headcount in line with its business and operations expansion.  Giving extra bonuses is a good thing to do as it motivates employees which is in recognition of their hard works.  Higher opex due to unrealized forex losses that resulted from the depreciation of the MYR against the SGD.  It is in net cash used at the moment mainly due to cash received from receivables net off payment to trade payables, interest and income tax expenses and decrease in development properties.  Its chief executive & managing director, Mr Phua has 51% shareholding in Tee Intl as shown in the 2013 annual report so one can be well assured that he will run this company with very much more care and growing it at the same time.  Recently, it has signed an MOU with Loxley Public Company, a public company listed on the Stock Exchange of Thailand to explore opportunities in renewable energy business and related activities in the Indochina region - Myanmar, Laos DPR, Vietnam, Thailand and Cambodia.  

Made a $25 donation to The Community Justice Centre in this week.

Added GRP Ltd 5 lots in this week under Cash portfolio; total holding in it now at 39 lots.  For its 2013 financial results, revenue -2.3% mainly due to lower non recurring projects completed in last year for its Measuring Instrument segment which also impacted profit.  Profit -30.3%.  Lower other income due to one time gain for the disposal of its China subsidiary in 2012.   It recently did a rights cum warrants issue for the required funding to develop and manage properties in Myanmar.  The rights cum warrants issue was 157.8% subscribed.  Also, this blog has an interesting read on GRP :- http://reaching4financialfreedom.blogspot.sg/2013/12/52-week-low-stocks-29-nov13-cheung-woh.html and also, http://sillyinvestor.wordpress.com/2013/12/02/grp-one-of-the-weirdest-company-i-have-seen

Re-invested into Duty Free 6 lots in this week under Cash portfolio but have divested it all away in the same week for $81 nett gain.  For its 2Q2014 financial results, revenue -1.3%, profit -65.5%.  Profit lowered mainly due to decrease in revenue, higher net foreign exchange loss and rental of premises of RM5.9 mil and RM 3.0 mil respectively.  To improve operational efficiency, it recently completed an internal reorganization exercise and disposal of its shareholding in its so called Border Town and airport businesses and Down Town businesses.     

Added Far East Hospitality Trust 1 lot so l have total holding 8 lots in it now.  In its 3Q2013 financial results, NPI -9.4% versus forecast, income available for distribution -7.4% versus forecast, DPU -7.8% versus forecast.  The operating environment remained challenging due to higher than expected price competition from the new supply of hotels and tight corporate budget.  The stronger SGD resulted in fewer bookings from key tourist markets, Indonesia and Malaysia. The acquisition of Rendezvous Grand Hotel Singapore and Rendezvous Gallery was completed on 1 August 2013; and has been repositioned as an art-inspired hotel. To address the competition in the mid-tier/upscale hospitality sector, it will focus on revenue management, growing the corporate segment and driving more direct bookings on its own website to improve yields.  On capital management, it has fixed the interest rate for all term loans maturing beyond 2016. This represents 62% of the total loan portfolio and will result in an expected composite interest cost of 2.3% per annum in the fourth quarter.  It plans to upgrade approximately 10% of the hotel rooms and serviced residence units in the portfolio in the next 12 months.

Re-invested into Sabana Reit 1 lot in this week.  Per its recent 3Q2013 financial results,  NPI +4.6%, income available for distribution +3.7%, DPU +1.7%.  Its Friday closing price at $1.035 is already below its end Qtr 3 NAV of $1.08.  Its new purchase high-tech industrial building in Chai Chee Lane will increase its income stream even though it has 50% vacancy.  Of the 5 master leases expired on 25 Nov, it renewed 1 master lease and took over direct management of 4 other properties.   Lease expiring in 2014 is at 8.7% of (3Q2013) gross revenue.   As of end Qtr 3,  its gearing was quite high at 37.5%;  about 97% of its total debt was at fixed rates and this reduces the impact of fluctuations in profit rates on the distributable income.  In mid-Nov'13 it secured a new 3-year revolving loan called Commodity Murabaha Facility of up to S$48.0 mil.

Invested into Soilbuild Reit 1 lot in this week.   Its 3Q2013 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 at $0.75 is current below its NAV as of end Sept'13 of $0.80.  Earliest debt maturity is in year 2015 are equally spread out over three years (2015-2017).  Occupancy rate 99.8%.

Added Cache Logistics Trust 1 lots in this week under Cash portfolio; total holding in it now at 3 lots.  In its recent 3Q2013 financial results;  DPU slightly lowered by 0.8% due to higher number of issued units.  NPI higher by 8.5% for 3Q2013.  Property expenses gone up 27.7% from Qtr 2 to Qtr 3 due to one off reversal of expense accrual in Qtr 2.   As of end Qtr 3, its NAV was valued at $0.97 but Mr Market believes that it is worth more with its Friday closing price at $1.075.  No debt re-financing requirement till 2015.  70% debts hedged by way of fixed interest rate swaps.  Its $375 mil secured term loan (includes $62 mil undrawn) are well spread out across 19 international banks.   Continued to maintain a portfolio occupancy at 100% in 3Q2013.  No lease expiry renewal risk for the remaining months of 2013.  And only 3% of total GFA lease to be renewed in year 2014.  Over 85% of GFA taken up by MNCs and government entities.

 
Portfolio walk since previous posting :-

+$1,964 Total Returns as of 6 December

+$48 Nett Gain on sales of Tee Intl, Duty Free

-$995 Unrealised positions worsened

+$1,017 Total Returns as of 13 December

Previous posting :- Cash - Closing Status 6 Dec

Cash - Closing Status 29 November

Added GRP Ltd 24 lots in this week under Cash portfolio but within the same week l have divested some of it; first divestment of 13 lots for $23 nett gain and another divestment of 3 lots for $10 nett gain.  Remaining total holding of 19 lots.  For its 2013 financial results, revenue -2.3% mainly due to lower non recurring projects completed in last year for its Measuring Instrument segment which also impacted profit.  Profit -30.3%.  Lower other income due to one time gain for the disposal of its China subsidiary in 2012.   It recently did a rights cum warrants issue for the required funding to develop and manage properties in Myanmar.  Also, this blog has an interesting read on GRP :- http://reaching4financialfreedom.blogspot.sg/2013/12/52-week-low-stocks-29-nov13-cheung-woh.html and also, http://sillyinvestor.wordpress.com/2013/12/02/grp-one-of-the-weirdest-company-i-have-seen

Added Far East Hospitality Trust 1 lot and divested it away in the same week for $36 nett gain.  No change to total holding 7 lots.  In its 3Q2013 financial results, NPI -9.4% versus forecast, income available for distribution -7.4% versus forecast, DPU -7.8% versus forecast.  The operating environment remained challenging due to higher than expected price competition from the new supply of hotels and tight corporate budget.  The stronger SGD resulted in fewer bookings from key tourist markets, Indonesia and Malaysia. The acquisition of Rendezvous Grand Hotel Singapore and Rendezvous Gallery was completed on 1 August 2013; and has been repositioned as an art-inspired hotel. To address the competition in the mid-tier/upscale hospitality sector, it will focus on revenue management, growing the corporate segment and driving more direct bookings on its own website to improve yields.  On capital management, it has fixed the interest rate for all term loans maturing beyond 2016. This represents 62% of the total loan portfolio and will result in an expected composite interest cost of 2.3% per annum in the fourth quarter.  It plans to upgrade approximately 10% of the hotel rooms and serviced residence units in the portfolio in the next 12 months.

Invested into JMH 400US$ 40 shares in this week under Cash portfolio.  For its 1 July'13 to 5 Nov'13 financial results; earnings were broadly in line with last year and if this trend persists then it would be third consecutive years of flat profit.  Of the businesses directly held, Jardine Pacific - decline in profit, Jardine Motors - improved earnings, Jardine Lloyd Thompson - on acquisition spree lately.  Of the businesses held through Jardine Strategic, Hongkong Land - strong performance, Dairy Farm - compressed margins, Mandarin Oriental - faster growth in Europe but slow demand rebound in Asia, Astra - increased competition in the car market, high employee costs, lower commodity prices, weaker rupiah.

Received the following dividends in this week for my Cash portfolio :-
$91.56 Suntec Reit
$22.40 Ascendas India Trust
$1.80 Sabana Reit
$125.00 Tee International
$24.80 Keppel Reit
$127.56 Cache Logistics Trust

Reduced Tee International 8 lots in this week under Cash portfolio as part of usual portfolio re-balancing.  First divestment of 4 lots for $14 nett gain and another divestment, also of 4 lots for $14 nett gain.  Remaining total holding in it now at 9 lots.  It delivered mix financial results for 1Q2014; revenue +ve 24% driven by ongoing and completed engineering projects and profit -ve 62% due to higher administrative expenses and higher opex.  Higher administrative expenses was due to one off bonus payment to employees and higher staff costs and headcount in line with its business and operations expansion.  Giving extra bonuses is a good thing to do as it motivates employees which is in recognition of their hard works.  Higher opex due to unrealized forex losses that resulted from the depreciation of the MYR against the SGD.  It is in net cash used at the moment mainly due to cash received from receivables net off payment to trade payables, interest and income tax expenses and decrease in development properties.  Its chief executive & managing director, Mr Phua has 51% shareholding in Tee Intl as shown in the 2013 annual report so one can be well assured that he will run this company with very much more care and growing it at the same time.  Recently, it has signed an MOU with Loxley Public Company, a public company listed on the Stock Exchange of Thailand to explore opportunities in renewable energy business and related activities in the Indochina region - Myanmar, Laos DPR, Vietnam, Thailand and Cambodia. 

Divested away Duty Free 5 lots in this week under Cash portfolio as part of usual portfolio re-balancing for $82 nett gain.  For its 2Q2014 financial results, revenue -1.3%, profit -65.5%.  Profit lowered mainly due to decrease in revenue, higher net foreign exchange loss and rental of premises of RM5.9 mil and RM 3.0 mil respectively.  To improve operational efficiency, in this week it announced internal reorganization exercise and disposal of its shareholding in its so called Border Town and airport businesses and Down Town businesses which scheduled to be completed within current financial year.    

Reduced Asian Pay TV(APTT) 3 lots at $28 nett gain as part of usual portfolio re-balancing.  Total holding in it now at 23 lots under Cash portfolio.  Subscriber households have grown, average revenue per subscriber is constant, penetration rates have increased, all leading to growth in recently acquired Taiwan Broadband Communications (TBC) earnings.  Taiwan regulator already approved TBC expansion to greater Taichung which opens up opportunity to increase  household network coverage by up to 400,000.  NAV as of end Sep'13 at $0.91 and last done share price at discount of $0.78.  Interest rate swaps have been entered into, which fix a significant portion of the interest rate exposure from TBC's borrowings.  For growth in penetration rates, premium digital cable tv and broadband to increase as a result of up-selling and bundling strategies, increased set-top box penetration, greater availability of digital content, need for reliable internet access.  Network expansion through re-zoning is an opportunity for APTT.  Positive ongoing discussions with Taiwan tax authorities to resolve tax dispute.

Portfolio walk since previous posting :-

+$2,671 Total Returns as of 22 November

+$393 Dividends from Suntec Reit, Cache Logistics, Tee Intl, Sabana, Keppel Reit, Ascendas India

+$207 Gain on sales of Duty Free, Far East HTrust, Tee Intl, GRP, Asian Pay TV

-$72 Unrealised positions worsened

+$3,199 Total Returns as of 29 November

Previous posting :- Cash - Closing Status 22 Nov

Cash - Closing Status 15 November

Received the following dividends in this week for my Cash portfolio :-
$82.50 CM Pacific

Added Tee International 15 lots in this week under Cash portfolio so total holding in it now at 24 lots.  It delivered mix financial results for 1Q2014; revenue +ve 24% driven by ongoing and completed engineering projects and profit -ve 62% due to higher administrative expenses and higher opex.  Higher administrative expenses was due to one off bonus payment to employees and higher staff costs and headcount in line with its business and operations expansion.  Giving extra bonuses is a good thing to do as it motivates employees which is in recognition of their hard works.  Higher opex due to unrealized forex losses that resulted from the depreciation of the MYR against the SGD.  It is in net cash used at the moment mainly due to cash received from receivables net off payment to trade payables, interest and income tax expenses and decrease in development properties.  Its chief executive & managing director, Mr Phua has 51% shareholding in Tee Intl as shown in the 2013 annual report so one can be well assured that he will run this company with very much more care and growing it at the same time.  Recently, it has signed an MOU with Loxley Public Company, a public company listed on the Stock Exchange of Thailand to explore opportunities in renewable energy business and related activities in the Indochina region - Myanmar, Laos DPR, Vietnam, Thailand and Cambodia. 

Added Asian Pay TV(APTT) 1 lot so total holding in it now at 26 lots under Cash portfolio.  Subscriber households have grown, average revenue per subscriber is constant, penetration rates have increased, all leading to growth in recently acquired Taiwan Broadband Communications (TBC) earnings.  Taiwan regulator already approved TBC expansion to greater Taichung which opens up opportunity to increase  household network coverage by up to 400,000.  NAV as of end June at $0.94 and last done share price at discount of $0.77.  Interest rate swaps have been entered into, which fix a significant portion of the interest rate exposure from TBC's borrowings.  For growth in penetration rates, premium digital cable tv and broadband to increase as a result of up-selling and bundling strategies, increased set-top box penetration, greater availability of digital content, need for reliable internet access.  Network expansion through re-zoning is an opportunity for APTT.  Positive ongoing discussions with Taiwan tax authorities to resolve tax dispute.

Added HPH Trust 2 lots in this week so total holding in it now at 4 lots.  Its 3Q2013 financial results did not go well with investors but l do not think it is justified.  Its 3Q2013 revenue and profit was +1% and -2% respectively versus last year <--- flat results.  A flat financial results is quite admirable when the world economy is almost in turmoil and freight rate recovery is still quite shaky at the moment.   It is in Net Current Liabilities status as of end Sept'13 but overall still at Net Assets status; due to timing of US$3.6 billion term loan facility agreement for the refinancing of the existing facilities which was signed in late Sept'13.  It is still in free cash flow status.  Higher profit from new acquired Yantian container terminals was partially offset by lower profit in Hongkong international terminals.

Divested Singapore Shipping Corp (SSC) 8 lots in this week for $66 nett gain, as part of regular portfolio re-balancing.  The acquired agency and logistics business completed in April is almost god-send as SSC existing business segment of ship owning and management will be quite soft in FY2014.  One ship reaching its end of charter and economic useful life by end of 2013 and two ships going into dry docking so a reduction in income from the ship owning segment.  However, the newly acquired business can more than make up for the shortfall in the ship owning business.  For its 1Q2014 financial results, revenue +82.8%, profit +55.7%, free cash flow status.

Added Far East Hospitality Trust 1 lot so total holding in it now at 7 lots.  In its 3Q2013 financial results, NPI -9.4% versus forecast, income available for distribution -7.4% versus forecast, DPU -7.8% versus forecast.  The operating environment remained challenging due to higher than expected price competition from the new supply of hotels and tight corporate budget.  The stronger SGD resulted in fewer bookings from key tourist markets, Indonesia and Malaysia. The acquisition of Rendezvous Grand Hotel Singapore and Rendezvous Gallery was completed on 1 August 2013; and has been repositioned as an art-inspired hotel. To address the competition in the mid-tier/upscale hospitality sector, it will focus on revenue management, growing the corporate segment and driving more direct bookings on its own website to improve yields.  On capital management, it has fixed the interest rate for all term loans maturing beyond 2016. This represents 62% of the total loan portfolio and will result in an expected composite interest cost of 2.3% per annum in the fourth quarter.  It plans to upgrade approximately 10% of the hotel rooms and serviced residence units in the portfolio in the next 12 months.

Divested away SingPost 4 lots in this week in two separate transactions from my Cash portfolio for a nett gain totaling $13 as part of regular portfolio re-balancing.  Remaining holding of 5 lots, to be divested away as well once reaching break even share price level.   In its 2Q2014 results, revenue +32.6%, Profit +9.7%. Total expenses +34.9% as its business expands and transforms into a diversified group with a bigger regional presence and lower-margin businesses   There is much room to improve on synergy and productivity from within.  Finance expenses -65.8%  as it had repaid the $300 mil bond in Apr'13.  Healthy operating cash flow.  It continues to conserve cash to support its investment needs as part of its growth strategy , anticipated capex, working capital and other funding requirements.

Portfolio walk since previous posting :-

+$3,185 Total Returns as of 08 November

+$83 Dividends from CM Pacific

+$79 Gain on sales of SingPost and Singapore Shipping

-$438 Unrealised positions worsened

+$2,907 Total Returns as of 15 November

Previous posting :-Cash - Closing Status 08 Nov

Cash - Closing Status 13 September

Added Sabana Reit 2 lots right after it announced a successful private placement in this week.  So my total holding in it now at 3 lots under my Cash portfolio.  An advance distribution of $0.022 was declared which is expiring on 19 Sept.  Depending on how its share price perform next week,  l will probably do a partial divestment for a nett profit better than bank savings rate (of say, 0.8%) hopefully before its XD date; otherwise l will have to keep it for 8.5% dividend yield per year.

Sold away Rickmers Maritime 18 lots in this week for $64 nett profit or 1.3% returns after three weeks of holding in it.  My original exit selling price was for another $0.05 and l have been in the sell queue for almost three weeks doing so.  Finally, l have decided to settle for an easier exit selling price and immediately since then l have been in the buy queue for one week now for a re-investment. 

With first dividend payment only to happen around March 2014, l have sold away OUE HTrust 1 lot for $16 nett gain or 1.8% returns.  Will re-invest into it at lower price level or during its dividend payment time.

Received the following dividends in this week for my Cash portfolio :-
$114.00 Far East HTrust

After one week's of investment into CapitaCommercial Trust 1 lot, l have sold it away for $28 nett gain or 2.2% returns.  Will consider taking a small investment into it again when its share price weakens. 

Divested CapitaRetail Trust 1 lot for $18 nett gain or 1.3% returns.  Even though it is a small realized gain but l am happy with it as it's a short investment duration of one week.  As with any divestments, it will make available more funds for next investment opportunity.

Added Cache Logistics 6 lots under Cash portfolio in this week.  It is now my 3rd largest holding at 12% of total Cash portfolio and my total holding in it now at 8 lots.  In just one week of investment into the additional 6 lots, l got poorer by 1.4% (over my investment costs in it) or -$96.  If l am stuck with this investment (of 8 lots total holding) then l can expect getting 7.2% dividend yield per year.  

Increase my position in Asian Pay TV 1 lot in this week so l have total holding of 5 lots now.  It is now at its lowest share price level since IPO (on 29 May'13).  l will continue to accumulate at lower share price levels.  At the moment, l can expect 10.4% dividend yield for my 5 lots holding in it.

Reduced Ascott Reit 1 lot in this week.  So my total holding in it now back to 1 lot.  For this divestment (under one week of investment duration) l have achieved $34 nett gain or 2.8% returns.  At Friday's close, its share price is only $0.03 away from its 52 weeks low.  Will try to re-enter into it, soon.

 
Portfolio walk since previous posting :-

+$709 Total Returns as of 6 Sept

+$160 Gain on sales of CapitaCommercial, Ascott Reit, Rickmers, CapitaRChina, OUE HTrust

+$114 Dividends collected from Far East HTrust

+$767 Unrealised positions improved

+$1,750 Total Returns as of 13 Sept

Previous posting :-Cash - Closing Status 6 Sep

Cash - Closing Status 6 September

Received the following dividends in this week for my Cash portfolio :-
$18.00 Mapletree Logistics
$100.00 Sembcorp Marine
$112.50 SingPost

Reduced Far East Hospitality Trust 1 lot so l have total holding of 6 lots now; for a $16 nett gain. Based on previous week's investment costs in it so it's a 1.8% returns.  For the remaining 6 lots holding l can expect 5.9% dividend yield per year, as "forced" passive income stream with the chance of collecting its dividends in advance now much reduced due to current uncertain economic growth globally and Middle East conflict.

Invested into CapitaRetail Trust 1 lot in this week under Cash portolfio.  Its share price is very near to its 52 weeks low which was last established 25 June.  And during that time its share price recovered to end July by 8.5%.  Will its share price making the same recovery in the next one month; no can tell for sure.  Based on my investment costs in it l can expect 7.0% dividend yield per year.

Invested into CapitaCommercial Trust 1 lot in this week under Cash portfolio which is an all-Singapore based investment properties.  Ongoing asset enhancements for its properties (Capital Tower, Six Battery Road, Raffles City Tower) will see increases in future DPU, usually.  Based on my investment costs in it l can expect 6.0% dividend yield per year.


Divested Perennial China Retail Trust 2 lots for a $25 nett gain. Based on previous week's investment costs in it so it's a 2.4% returns.  This is a much higher returns when comparing to bank savings rate for an investment amount of $1k over one week duration. Will re-invest into it when its share price weakens further.

Bid goodbye to Sin Ghee Huat 3 lots in this week under my cash portfolio for a $61 nett gain.  It goes XD on 29 Oct and payment date 14 Nov so l have already collected its dividends ahead by two months.  Expected dividend amount is $54 = 3 lots x dividend rate $0.018 so the $61 nett gain is much higher.

Portfolio walk since previous posting :-

+$54 Total Returns as of 30 Aug

+$101 Gain on sales of Sin Ghee Huat, Perennial CRT, Far East HTrust

+$231 Dividends collected from Mapletree Logistics, Sembcorp Marine, SingPost

+$324 Unrealised positions improved

+$709 Total Returns as of 6 Sept

Previous posting :-Cash - Closing Status 30 Aug

Cash - Closing Status 30 August

Divested away AIMS AMP Industrial Reit 1 lot in this week under Cash portfolio for a $28 nett gain after 1 week of investment into it.  Assuming that its next dividend rate same as last year at $0.025 and payment date around 20 Dec so the $28 nett gain was slightly higher than the expected dividend amount  ---> 1 lot x dividend rate $0.025 x 1.11 times.  And l have already collected the dividends in advance by almost four months and also l can re-use the proceeds for other investment opportunity.

Added Ascott Reit 1 lot in this week.  So my total holding in it now at 2 lots.   Based on my investment costs in it l can expect a 6.9% dividend yield if l am really stuck with my investment in it.

Donated $25 to Equal Ark in this week

My investment increased in Far East Hospitality Trust 1 lot so l have total holding of 7 lots now.  Based on my investment cost in it l can expect 6.0% (based on run rate) of annual dividend from it.  This Trust is all-Singapore based hotels and serviced residences so it will be interesting to see how well it can withstand the ongoing adverse micro and macro events locally and globally.


Re-invested into First Reit 1 lot in this week under Cash portfolio after having divested it away in the previous week with nett gain higher than the forecasted dividend payment in Nov'13.  I did the same for this week.  I have divested my 1 lot holding in the same week for $25 nett gain versus expected dividend payment in Nov'13 of $17 (1 lot x dividend rate $0.0168).  So l have collected its dividend in advance by three months and at a higher amount too.  It is very important to set an exit selling price and l have attained peace of mind with my stock investment.

Invested into K-Green Trust 1 lot in this week and it comes with an annual dividend yield of 7.7% based on my investment costs in it.  Its current businesses have been locally based so far.  Having gut feeling that it will spread its wings to Asia Pacific and Europe soon.  It will be confirmed once there is new  company incorporation.

Received the following dividends in this week for my Cash portfolio :-
$40.81 Ascott Reit
$42.94 Cache Logistics
$108.20 CDL Hospitality Trusts
$39.40 Keppel Reit
$112.45 Suntec Reit

It must have been hasty move when l have invested into KrisEnergy 2 lots in this week without further verifying on its potential dividend payout;  which l later found out that they do not have intention to pay any dividend.  l was lucky to have been able to divest it away for a $38 nett gain.  I am not into trading or speculation and also not so keen with growth stock so l am depending on reasonably good dividend stock.

Added Mapletree Industrial 1 lot under Cash portfolio for this week so l have total holding of 2 lots of it now.  In its recent 1Q2014 results, it reported higher distributable income which was higher by 9% versus year ago because of higher rental rates secured across all its property segments and achieving higher occupancies.  Based on my investment costs in it l will be getting dividend yield 7.1% per year.

Invested into OUE HTrust 1 lot.  Using dividend rate $0.0477 ( for 9 months financial) from its IPO prospectus and based on my investment costs in it so l can expect annual dividend yield of promising an annual dividend yield of 7.4%.  First dividend payment will happen some time March 2014.  l am eyeing an advance dividend from it, probably using a few round of investments and divestments.

To diversify further, for this week under Cash portfolio l have invested into Perennial China Retail Trust 2 lots.  If l hold it for long term then l can expect 7.5% dividend yield per year based on my investment costs in it.

I am not sure whether it was a risky decision when l have invested into Sabana Reit 1 lot in this week.  At the moment there is no new development yet on the four master leases expiring in Nov'13.  I am hoping that it will not materially affecting my expectation of 8.2% dividend yield per year based on my investment costs in it.     

Allocated a small investment funds into Sin Ghee Huat 2 lots in this week.  My total holding in it now at 3 lots.  It reported poorer results versus year ago recently but l will not be worrying so much of it.  Its business served five segments :- marine and shipbuilding, oil and gas and petrochemicals, building and construction, machining and processing, and trading and others so there will always be opportunities out there for it.  I am eyeing an advance dividends from it as l have already set an exit selling price for it.

Portfolio walk since previous posting :-

+$206 Total Returns as of 23 Aug

+$90 Gain on sales of First Reit, KrisEnergy, AIMS AMP

+$344 Dividends collected from Ascott Reit, Cache Logistics, CDL HTrust, Keppel Reit. Suntec Reit

-$25 Donation to Equal Ark

-$561 Unrealised positions worsened

+$54 Total Returns as of 30 Aug

Previous posting :-Cash - Closing Status 23 Aug

Cash - Closing Status 19 July

Added Far East Hospitality Trust 5 lots in this week under Cash portfolio before it went XD on 18 July.  So my total holding in it now at 6 lots and l can expect dividend amount of $114 = 6 lots x $0.019 when it is paid out on 11 Sept.  The dividend amount of $114 is equivalent to 2.0% returns based on my investment costs in it.  Meanwhile l have a choice of continue holding onto the 6 lots till its share price break even which is when l can divesting it all away in order to free up available funds for investment opportunities or continue keeping it as passive income investment.  The latter will happen when its share price stays below break even  and l am forced to participate into passive income investment; but it's will be a good problem to have due to its dividend yield which is way above bank fixed deposit rate at an invested funds of under $6k. 

Invested into First Reit 4 lots.  Its rental on Indonesia properties are pegged to SGD currency so there is no forex volatility issue.  However its rental in South Korea is in USD currency but it is only for one property so there is very little forex impact.  Earliest lease renewal is in year 2017 for a nursing home property in Singapore; after this, next property up for renewal will be in year 2021 so, there is stable stream of income for First Reit in the next eight years.  If its share price going south further then l will have good problem to deal with; l will be forced to participate into passive income investment which generates 5.9% returns based on my investment costs in it.  But if its share price improve and generates a returns better than bank deposit rate above 1% then l will liquidate all of it away so that (1) l can enjoy an accelerated passive income investment (2) l can move my funds into other investment opportunity.

Invested into CDL Hospitality Trusts (CDL HTrust) 2 lots in this week under Cash portfolio.  It has been close to one month now that CDL HTrust keeps trending its 52 weeks low share price level.  Will its share price going further lower from here.  No one can actually tell.  But any lower share price level is limited gut feeling wise.  Based on my investment costs in it and if l am stuck with this investment then l can expect a 6.7% returns.

Re-invested into Sin Ghee Huat 1 lot.  Just a very small investment into this company which is a distributor of stainless steel products.  It has a challenging business outlook at the moment but kind of defensive as it is quite spread out into five segments :- marine and shipbuilding, oil and gas and petrochemicals, building and construction, machining and processing, and trading and others.

Added Suntec Reit 1 lot so my total holding in it now at 6 lots.  l have a sinking feeling that l dumping funds into a sinkhole, at the moment.  This additional 1 lot investment already generating -2.0% returns as of Friday closing price.  Suntec Reit will be a forced passive income investment stock for me.  Based on Qtr 2 DPU 2.249 cents and my investment costs in it (at $11k) so l can expect an annual returns of 4.9% or $540 annual dividends.

Decided investing into Mapletree Greater China Commercial Trust (Magic) 1 lot in this week.  Its current share price is around 2.7% above its IPO price so what could be better time to invest into it than now.  Based on my investment costs in it l can expect a 5.5% returns.

For my cash portfolio this week l have also invested into Frasers Centrepoint Trust  (FrasersCT)  1 lot.  With an increasing DPU in each calendar year it's certainly worth investing into FrasersCT especially when its share price is only 8.1% away from its 52 weeks low.  Using 2Q13 DPU and based on my investment costs in it l can expect 5.8% returns.

Divested all of my holding in Loyz Energy 15 lots in this week for a gain of $269 or 5.5% based on my investment costs in it.  Of course l did not manage to sell at its intra-week high price but 5.5% returns in just one week of investment is really sweet which is really due to good luck.

Received dividends from SingPost in this week of $375.

Portfolio walk since previous posting :-

+$2,195 Total Returns as of 12 July

+$375 Dividends from SingPost

+$269 Gain on sales of Loyz

-$569 Unrealised positions worsened

+$2,271 Total Returns as of 19 July

Previous posting :-Cash - Closing Status 12 July

Cash - Closing Status 12 July

Divested CDW 16 lots at nett gain of $57in this week under Cash portfolio.  Its 2nd quarter results are likely to be weak mainly because of a major customer's stock adjustment.  Nevertheless overall full year results will still be okay.   So, l will look into re-investment opportunity on CDW at lower share price levels.

Also divested Tai Sin Electric 3 lots in this week at nett gain of $16.  It reported good revenue and profit results for 9M2012; so is cash generating from operating activities and strong Balance Sheet.  Will re-invest into Tai Sin soon.

Invested into Mapletree Logistics 1 lot in this week.  This logistics reit company has its well diversified customer-mix businesses in Singapore, Japan, Malaysia, Hong Kong, China, Vietnam and South Korea.  There is greater stability and resilience because there is no reliance on any single industry or customer.  Based on my investment costs in it l can expect an annual dividend yield 6.2% if l am stuck with it.

Also invested into Far East Hospitality Trust 1 lot in this week under Cash portfolio.  It goes XD on 18 July for dividend rate at $0.019 which equivalent to 2.0% dividend yield.  Definitely better than bank deposit rate for an investment costs under $1k.

Added SingPost 5 lots in this week so bringing total holding of it at 19 lots now. Looking forward to its usual next dividend which will XD on 14 Aug at dividend rate of $0.0125 if it is maintained the same as previous years.

I have plucked up my courage to invest into Loyz Energy 17 lots.  It's a new and exciting chapter for Loyz now that Sim Siang Choon Hardware has been successfully sold away to Mr Sim Siang Choon.

Portfolio walk since previous posting :-

+$1,661 Total Returns as of 5 July

+$73 Gain on sales of CDW, Tai Sin Electric

+$461 Unrealised positions improved

+$2,195 Total Returns as of 12 July

Previous posting :-Cash - Closing Status 5 July