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Showing posts with label 2nd Chance. Show all posts
Showing posts with label 2nd Chance. Show all posts
Saturday, 28 May 2016
Saturday, 7 November 2015
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.
-end-
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.
-end-
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.
Starhub
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.
SPH
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.
HupSteel
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.
SATS Ltd
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%.
-end-
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.
Starhub
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.
SPH
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.
HupSteel
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.
SATS Ltd
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%.
-end-
Sunday, 23 November 2014
Stock changes 21 Nov
Latest stock holdings :-
Movements since previous updates :-
2nd Chance Properties
Invested into it for 2 lots under Cash stock holdings. For its Qtr 4 results, revenue - 16.14%, profit -87.97%. Contributions from its apparel, gold and properties segments fell due to the closure of some outlets, the lower retail price of gold, and the absence of a fair value gain on its properties respectively. Gold business to remain profitable. Downward pressure on rentals can be expected in the short term. The barrier to entry in the apparel segment is low, due to numerous government schemes helping small bumiputra businesses and easier access to suppliers compared to a few years ago. It had come up with a new strategy to increase revenue and profits under its First Lady apparel business in the wake of intense competition in Malaysia where it faces strong headwinds from hundreds of new boutiques. It wants to turn its apparel business into a Malay version of the internationally successful H&M retailer. It intends to distribute a dividend of no less than 3.55 cents per share for FY2015 (3.50 cents in FY2014). CEO Mr Mohamed Salleh declared on 4 Nov having bought from the open market 591 lots of 2nd Chance Properties.
CM Pacific
Net divestment of 112 lots (Cash 19 lots, CPF 65 lots, SRS 28 lots); nett realized profit $282. Proceeds have been used for re-investment into other stocks. For its Qtr 3 results, revenue +9%, profit +35%. The increase in revenue was largely attributable to the revenue growth from Yongtaiwen Expressway, the consolidation of Jiurui Expressway and the increase in bank interest income. Higher profit mainly due to higher profit contribution from the toll road operations. Its toll road business is expected to continue to deliver positive results, in light of the economic development and the continued growth in car ownership in the respective regions where its toll roads are located. Future catalysts include acquisitions of new toll roads, and organic traffic growth of Jiurui Expressway.
SATS Ltd
Invested into it for 20 lots (Cash 6 lots, CPF 9 lots, SRS 5 lots). For its Qtr 2 results, revenue - 2.2%, profit -6.5%. Strong and healthy Balance Sheet. Lower revenue and profit from Food Solutions due to lower contributions from its Japan subsidiary (TFK), loss of contributions from its Australian subsidiary which was divested in July 2014 (Urangan) and weakening of the Japanese Yen. For its Gateway Services higher revenue driven by the growth in cargo tonnage in Singapore but profit suffered due to overall reduction in cargo volumes and price pressure. In the immediate future, its operating landscape remains challenging given the ongoing pressures on regional aviation and rising manpower costs. Airlines will continue to rationalize capacity to match the slowing demand. The negative pressures arising from overcapacity of airline caterers at Narita Airport will continue to put a strain on TFK's profitability as competition continues to intensify. It will continue to invest into state-of-the-art facilities, comprehensive suite of services and new technologies to improve economies of scale and enhance connectivity for its customers. It stays focused on growing new businesses and customer segments. SATS Coolport which is wholly owned by SATS is now the world's first centre of excellence for independent validators in pharmaceutical handling; after 75 of its employees received IATA Pharmaceutical Handling Diploma as announced on 21 Nov. With this certification from IATA, SATS Coolport can now train, advise and support industry stakeholders in pharmaceutical handling, to meet the rigorous requirements of the pharmaceutical industry.
SIA Engineering
Invested into it for 10 lots under both Cash and CPF stock holdings; but later divested 6 lots in CPF stock holdings for $127 net realized profit. For its Qtr 2 results, Revenue -3.0% due to lower airframe and component overhaul revenue, which was offset slightly by increased revenue from fleet management. Strong and healthy Balance Sheet. Profit -40.7% due to higher subcontract costs, lower share of profits from associated and joint venture companies, lower contributions from the engine repair and overhaul centers. Currently, it has 25 joint ventures, spread over nine countries worldwide. Near-term, decline are expected in engine shop visits and heavy checks; pressure on margins due to rising business costs and intense competition. It may be going through the cyclical period where customers are deferring aircraft checks. Older engine models are being retired on an accelerated basis and newer models require less engine shop visits, thus lowering utilisation rates and profitability. It is stepping up efforts to improve productivity to stay competitive in this overall challenging environment. It stays the course in its pursuit of value-added collaborations with strategic partners. It has recently entered into a proposed JV with Boeing to provide fleet management services to Boeing customers in South Asia Pacific region.
ST Engineering
Invested into it for 3 lots under CPF stock holdings. For its Qtr 3 results, revenue +0.2%, profit -9.4%. Overall flat revenue; main highlights - higher revenue from Marine sector was largely offset by lower revenue recorded by Aerospace sector, while revenue for Electronics and Land Systems sectors were comparable. Lower profit due to double digit profit drop as recorded by Aerospace sector but was partially offset by higher profit from Electronics sector, while both Land Systems and Marine sectors reported comparable profit. Strong and healthy Balance Sheet. Near-term it will closely monitor and review its aerospace sector's European business.
Tee International
Divested 4 lots of it under Cash stock holdings for $35 net realized profit. For its Qtr 1 results, revenue -38.5%, profit +93.2%. Huge drop in revenue due to lower revenue recognised from on-going projects. Huge jump in profit driven by gain on disposal of a subsidiary, Interlift Sales Pte Ltd and net foreign currency exchange adjustment gain derived from strengthening of the Malaysian
Ringgit and Thai Baht; in 1QFY2014, there was a net foreign currency exchange adjustment loss
of S$1.3 million. Its CEO Phua Chian Kin still from time to time acquiring Tee International shares from the open market; his stake in the company now nearing 60%.
Starhub Ltd
Added 3 lots of it under SRS stock holdings. 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.
OSIM International
Invested 6 lots of it under SRS stock holdings but divested it away in the next few weeks for $100 net realized gain. For its Qtr 3 results, revenue +3%, profit -28%. According to CIMB, the weakening performance of Osim’s core business is worrying; while the company reported a 3% increase in sales but this would have been down 4 percent if topline contributions from TWG were excluded. The drop in profit was due to start-up and legal costs at TWG Tea, along with increases in wages and rents.
-end-
Movements since previous updates :-
2nd Chance Properties
Invested into it for 2 lots under Cash stock holdings. For its Qtr 4 results, revenue - 16.14%, profit -87.97%. Contributions from its apparel, gold and properties segments fell due to the closure of some outlets, the lower retail price of gold, and the absence of a fair value gain on its properties respectively. Gold business to remain profitable. Downward pressure on rentals can be expected in the short term. The barrier to entry in the apparel segment is low, due to numerous government schemes helping small bumiputra businesses and easier access to suppliers compared to a few years ago. It had come up with a new strategy to increase revenue and profits under its First Lady apparel business in the wake of intense competition in Malaysia where it faces strong headwinds from hundreds of new boutiques. It wants to turn its apparel business into a Malay version of the internationally successful H&M retailer. It intends to distribute a dividend of no less than 3.55 cents per share for FY2015 (3.50 cents in FY2014). CEO Mr Mohamed Salleh declared on 4 Nov having bought from the open market 591 lots of 2nd Chance Properties.
CM Pacific
Net divestment of 112 lots (Cash 19 lots, CPF 65 lots, SRS 28 lots); nett realized profit $282. Proceeds have been used for re-investment into other stocks. For its Qtr 3 results, revenue +9%, profit +35%. The increase in revenue was largely attributable to the revenue growth from Yongtaiwen Expressway, the consolidation of Jiurui Expressway and the increase in bank interest income. Higher profit mainly due to higher profit contribution from the toll road operations. Its toll road business is expected to continue to deliver positive results, in light of the economic development and the continued growth in car ownership in the respective regions where its toll roads are located. Future catalysts include acquisitions of new toll roads, and organic traffic growth of Jiurui Expressway.
SATS Ltd
Invested into it for 20 lots (Cash 6 lots, CPF 9 lots, SRS 5 lots). For its Qtr 2 results, revenue - 2.2%, profit -6.5%. Strong and healthy Balance Sheet. Lower revenue and profit from Food Solutions due to lower contributions from its Japan subsidiary (TFK), loss of contributions from its Australian subsidiary which was divested in July 2014 (Urangan) and weakening of the Japanese Yen. For its Gateway Services higher revenue driven by the growth in cargo tonnage in Singapore but profit suffered due to overall reduction in cargo volumes and price pressure. In the immediate future, its operating landscape remains challenging given the ongoing pressures on regional aviation and rising manpower costs. Airlines will continue to rationalize capacity to match the slowing demand. The negative pressures arising from overcapacity of airline caterers at Narita Airport will continue to put a strain on TFK's profitability as competition continues to intensify. It will continue to invest into state-of-the-art facilities, comprehensive suite of services and new technologies to improve economies of scale and enhance connectivity for its customers. It stays focused on growing new businesses and customer segments. SATS Coolport which is wholly owned by SATS is now the world's first centre of excellence for independent validators in pharmaceutical handling; after 75 of its employees received IATA Pharmaceutical Handling Diploma as announced on 21 Nov. With this certification from IATA, SATS Coolport can now train, advise and support industry stakeholders in pharmaceutical handling, to meet the rigorous requirements of the pharmaceutical industry.
SIA Engineering
Invested into it for 10 lots under both Cash and CPF stock holdings; but later divested 6 lots in CPF stock holdings for $127 net realized profit. For its Qtr 2 results, Revenue -3.0% due to lower airframe and component overhaul revenue, which was offset slightly by increased revenue from fleet management. Strong and healthy Balance Sheet. Profit -40.7% due to higher subcontract costs, lower share of profits from associated and joint venture companies, lower contributions from the engine repair and overhaul centers. Currently, it has 25 joint ventures, spread over nine countries worldwide. Near-term, decline are expected in engine shop visits and heavy checks; pressure on margins due to rising business costs and intense competition. It may be going through the cyclical period where customers are deferring aircraft checks. Older engine models are being retired on an accelerated basis and newer models require less engine shop visits, thus lowering utilisation rates and profitability. It is stepping up efforts to improve productivity to stay competitive in this overall challenging environment. It stays the course in its pursuit of value-added collaborations with strategic partners. It has recently entered into a proposed JV with Boeing to provide fleet management services to Boeing customers in South Asia Pacific region.
ST Engineering
Invested into it for 3 lots under CPF stock holdings. For its Qtr 3 results, revenue +0.2%, profit -9.4%. Overall flat revenue; main highlights - higher revenue from Marine sector was largely offset by lower revenue recorded by Aerospace sector, while revenue for Electronics and Land Systems sectors were comparable. Lower profit due to double digit profit drop as recorded by Aerospace sector but was partially offset by higher profit from Electronics sector, while both Land Systems and Marine sectors reported comparable profit. Strong and healthy Balance Sheet. Near-term it will closely monitor and review its aerospace sector's European business.
Tee International
Divested 4 lots of it under Cash stock holdings for $35 net realized profit. For its Qtr 1 results, revenue -38.5%, profit +93.2%. Huge drop in revenue due to lower revenue recognised from on-going projects. Huge jump in profit driven by gain on disposal of a subsidiary, Interlift Sales Pte Ltd and net foreign currency exchange adjustment gain derived from strengthening of the Malaysian
Ringgit and Thai Baht; in 1QFY2014, there was a net foreign currency exchange adjustment loss
of S$1.3 million. Its CEO Phua Chian Kin still from time to time acquiring Tee International shares from the open market; his stake in the company now nearing 60%.
Starhub Ltd
Added 3 lots of it under SRS stock holdings. 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.
OSIM International
Invested 6 lots of it under SRS stock holdings but divested it away in the next few weeks for $100 net realized gain. For its Qtr 3 results, revenue +3%, profit -28%. According to CIMB, the weakening performance of Osim’s core business is worrying; while the company reported a 3% increase in sales but this would have been down 4 percent if topline contributions from TWG were excluded. The drop in profit was due to start-up and legal costs at TWG Tea, along with increases in wages and rents.
-end-
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