Cash - Closing Status 11 July

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

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

Cash stock holdings walk since previous posting :-

+$11,025 Total Returns as of 4 July

+$42 Nett gain on sales of Asian Pay TV

-$173 Unrealised positions worsened

+$10,893 Total Returns as of 11 July

Previous posting :- Cash - Closing Status 4 July

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

SRS - Closing status 4 July

Divested away GRP Ltd 50 lots in this week as part of usual and active stock holdings re-balancing for $41 nett gain.  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.  It recently announced termination of its projects and development works in Myanmar.

Divested away Asian Pay TV(APTT) 8 lots in this week for $77 nett gain which is part of usual and active stock holdings re-balancing.  For its 1Q2014 results, revenue -3.3% lower than the forecast in  the IPO prospectus; due to lower than expected revenue from Broadband driven by a lower number of subscribers, and from a lower ARPU due to the soft economic environment in Taiwan.  Revenue, especially from Premium digital TV and Broadband, is expected to increase throughout the year.  Profit -3.9%.  It has re-affirmed distribution guidance of 8.25 cents per unit for the twelve months ending 31 December 2014, which is expected to be declared as 4.12 cents per unit for the six months ending 30 June 2014 and as 4.13 cents per unit for the six months ending 31 December 2014. It recently announced resolution of tax dispute with the Taiwan tax authorities.

 SRS stock holdings walk since previous posting :-

+$10,735 Total Returns as of 27 June 

+$118 Nett gain on sales of Asian Pay TV, GRP

+$654 Unrealised positions improved

+$11,506 Total Returns as of 4 July

previous posting :- SRS - Closing status 27 June

Remarks :- Profits locked in to-date $16,791 / year 2014 $4,189

SRS - Closing status 11 April

Received the SRS statement from the bank in this week for March month which showed the following dividends collected for my SRS portfolio :-

$73.60 Mapletree Logistics
$50.20 Mapletree Industrial
$55.40 AIMS AMP Industrial
$202.50 Tee International
$330.40 Asian Pay TV
$157.20 Croesus Retail

Added Tee International 15 lots as part of usual portfolio re-balancing; total holding now at 60 lots.  Tee Intl soft financial results for 3Q2014; revenue -29.5% due to lower recognition of revenue and profit -ve 13% due to higher admin costs from the acquisition of Interlift Sales Pte Ltd.  It  proposed an issue of 2 warrants for every 5 shares issue (exercise price of S$0.25 per warrant)  to strengthen its capital base and support its expanding business activities.

Portfolio walk since previous posting :-

+$6,235 Total Returns as of 4 April

+$869 Dividends - AIMS AMP Industrial, Croesus, Asian Pay TV, Tee Intl, Mapletree Logistics, Mapletree Industrial

+$1,227 Unrealised positions improved

+$8,331 Total Returns as of 11 April

previous posting :- SRS - Closing status 4 April

Remarks :- Profits locked in to-date $14,787 / year 2014 $2,185

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 10 January

Donated $35 to Yellow Ribbon Fund in this week.

Reduced Asian Pay TV(APTT) 1 lot in this week under Cash portfolio for $11 nett gain which is part of usual portfolio re-balancing; total holding in it now at 23 lots.  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 $0.785.  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.

Re-invested into Duty Free 11 lots in this week under Cash portfolio as part of usual portfolio re-balancing.  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. 

Taking up a small stake in Technics Oil & Gas 1 lot in this week.  It is not that l have run out of stock company to invest in but l reckon it still worth investing. Its financials are in quite a mess situation as of full year 2013.  Also it did not pay any dividends in 2013.  Its share price on Friday of $0.66 is quite close to its 52 weeks low price at $0.635.  Its restructuring started back in Jan 2012 so should be more less completed by now.  It now needs to win more projects and gets its financial back in shape again quickly.

Reduced Tee International 8 lots in this week as part of usual portfolio re-balancing for $108 nett profit.  Total holding in it now at 19 lots.  Tee Intl delivered mix financial results for 2Q2014; revenue +ve 14% driven by ongoing and completed engineering projects and profit -ve 14% due to higher administrative expenses.  Higher administrative expenses was due to acquisition of Interlift Sales which also resulted in higher headcount for the group.  But really strange why the effect is only felt in Qtr 2 and no mention of this matter in Qtr 1 results.  Higher AR and other receivables due to the amount owing from subcontractors for an engineering project.  l am unsure if this really an industry norm?  It really needs to monitor its AR collections closely and be wary of domino effect which usually could have a severe financial impact. 

Portfolio walk since previous posting :-

+$2,675 Total Returns as of 3 January

+$119 Nett Gain on sales of Tee Intl, Asian Pay TV

-$35 Donation to Yellow Ribbon Project

+$1,018 Unrealised positions improved

+$3,777 Total Returns as of 10 January

Previous posting :- Cash - Closing Status 3 Jan

Remarks :- Profits locked in to-date $11,849 / year 2014 $356

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 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

SRS - Closing status 29 November

Invested into Mapletree Industrial 2 lots in this week under SRS portfolio.   For its 2Q2014 financial results, NPI +11.6% despite the exit of a major tenant.  81% of borrowings had been hedged through interest rate swaps and fixed rate borrowings.  Amount distributable to unitholders +9.7%.  NAV as of end Sep'13 at $1.11 but Mr Market says it is worth $1.35 at the moment.   Aggregate leverage ratio 36.2%.  As of end Sep'13, net current liabilities position due to the reclassification of long term borrowings which are maturing in Aug'14 and Sep'14 (for financial year 2015); which it has commenced discussions with banks to either extend or refinance these loans.  Portfolio occupancy 93.9%.

Invested into Mapletree Logistics 2 lots in this week.  For its 2Q2014 financial results, NPI -1.3%; excluding the forex impact then NPI +3.4%.  Borrowing costs -27% due to lower average interest rates achieved and weaker JPY.  Impact of weaker JPY on distribution is mitigated by currency hedges.  Amount distributable to unitholders +7% driven by enlarged portfolio, positive rental reversions and lower financing costs.  NAV as of end Sep'13 at $0.93 but Mr Market says it is worth $1.05 at the moment.  Aggregate leverage ratio 34.4%.  74% of total debt hedged into fixed rates.  Portfolio occupancy 98.7%.    

Reduced Asian Pay TV(APTT) 5 lots at $41 nett gain as part of usual portfolio re-balancing.  Total holding in it now at 8 lots under SRS 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 :-

+$7,591 Total Returns as of 22 Nov

+$41 Gain on sales of Asian Pay TV

+$36 Unrealised positions improved

+$7,666 Total Returns as of 29 Nov

previous posting :- SRS - Closing status 22 Nov
 

SRS - Closing status 15 November

Divested away SingPost 5 lots in this week from my SRS portfolio for a nett gain of $14 as part of regular portfolio re-balancing.  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.

Added Asian Pay TV(APTT) 5 lots so total holding in it now at 13 lots under SRS 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.

Portfolio walk since previous posting :-

+$7,897 Total Returns as of 08 Nov

+$14 Gain on sales of SingPost

-$16 Unrealised positions worsened

+$7,895 Total Returns as of 15 Nov

previous posting :- SRS - Closing status 08 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 08 November

Received the following dividends in this week for my Cash portfolio :-
$22.00 Sabana Reit

Intended to increase Sabana Reit 1 lot in this week but ended up with sell order input error.  This resulted in nett loss of $41.  Per its recent 3Q2013 financial results,  NPI +4.6%, income available for distribution +3.7%, DPU +1.7%.  Its Friday closing price at $1.095 almost match 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.  It is still working to convert five master leases (generates 44.7% of its gross revenue) expiring 25 Nov into multi-tenanted ones.  Lease expiring in 2014 is lower at 8.7% of (3Q2013) gross revenue and it will not rest on its laurel based on 2013 expiring leases experience.  Its gearing is quite high at 37.5%.  But about 97% of its total debt was at fixed rates and this reduces the impact of fluctuations in profit rates on the distributable income.

Made a $35 donation to Xin Yuan Community Care in this week.

Added Tee International 3 lots in this week under Cash portfolio so 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.  Last week, 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) 2 lots and divested away 1 lot in this week so total holding in it now at 25 lots under Cash portfolio.  Divestment was for a nett gain of $21.  Recently acquired Taiwan Broadband Communications (TBC).  Subscriber households have grown, average revenue per subscriber is constant, penetration rates have increased, all leading to growth in 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 1 lot in this week so total holding in it now at 2 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 all away CM Pacific 3 lots in this week under Cash portfolio at nett gain $11 as part of regular portfolio re-balancing.  For its 3Q2013 financial results, revenue +37% driven by new income stream from Beilun Port expressway and revenue growth from Yongtaiwen expressway; of which resulted in Profit +36%.  It maintains its free cash flow status.  

Invested into Frasers Centrepoint Trust  1 lot in this week under Cash portfolio.  For its 4Q2013 financial results, NPI lowered by 5.0% due to higher property expenses because of higher property tax and maintenance expenses.  FY2013 NPI were lower at both Anchorpoint and Bedok Point.  FY2013, NPI grew 6.9% year on year or a 14.5% CAGR measured from FY2008; DPU grew 9.2% year on year or a 8.9% CAGR measured from FY2006.  Gearing 27.6% is at its lowest level in FY2013 since FY2007.  94% of borrowing on fixed rates or hedged via interest rate swaps; of which 10.2% of total borrowing due in Jan'14.  32.1% lease expires in 2014 followed by 39.0% lease expiry in 2015; of which both Causeway Point and Northpoint account for substantial portion of it.    

Portfolio walk since previous posting :-

+$3,927 Total Returns as of 01 November

+$22 Dividends from Sabana Reit

+$32 Gain on sales of Asian Pay TV, CM Pacific

-$41 Loss on sales of Sabana Reit

-$35 Donation to Xin Yuan Community Care

-$721 Unrealised positions worsened

+$3,185 Total Returns as of 08 November

Previous posting :-Cash - Closing Status 01 Nov

Cash - Closing Status 01 November

Divested Cache Logistics Trust 4 lots in this week under Cash portfolio at break even as part of regular portfolio re-balancing.  Remaining total holding of it now at 2 lots.  Divestment happened after it went XD on 29 Oct so l am still entitled to its dividend amount to be received around 27 Nov. It just released 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 much more with its Friday closing price at $1.19.  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.

Invested into HPH Trust 1 lot in this week.  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.

Reduced Croesus Retail Trust 2 lots in this week under Cash portfolio so my total holding of it now at 1 lot; for usual portfolio re-balancing purpose.  Nett gain $31 or 1.8% returns which is better than bank savings deposit rate.   It has 100% occupancy across all its four retail business properties in Japan.  Around 1% of leases are subjected for renewals in years 2013/2014; and 26% of leases are for renewals in year 2015.  Each of the properties is strategically locate within its submarket, being directly connected via major transportation nodes.  61.5% of its gross rental income is derived from leases structured as fixed term leases, giving it greater flexibility to adjust rentals and tenant composition, or variable rent, allowing it to share any income upside with its tenants.  It has very high gearing of around 43.7% but at very cheap interest costs.  Awaiting its financial results for the period ended 30 Sept'13 to be released on 13 Nov for decision to further increase or reduce positions in it.

Reduced Mapletree Greater China Commercial Trust 5 lots in this week; for usual portfolio re-balancing purpose.  Nett gain $51 or 1.1% returns which is better than bank savings deposit rate over one week holding period.    Remaining total holding of it now at 4 lots.  It just released 7M2014 (7 Mar'13 to 30 Sep'13) financial results and made comparisons against forecast made during IPO launch.   Achieved higher NPI +8.6%.  Available distributable income +10.5%.  Its NAV as of end Sep'13 was at $0.98 and its last done share price on this Friday was at a discount to NAV at $0.93.  Earliest debt expiry is in year 2015 and is well staggered into year 2018 at average 33% each year.  Borrowings interest rate for 71% of total debt fixed till year 2015.  Portfolio occupancy rate at 99% as of end Sep'13.  87% of expiring leases in current financial year have been renewed or re-let.  To ensure stability of S$ distributable income, it has hedged 100% of HK$ distributable income for Year 1 and 90% for Year 2.  In addition, it has progressively converted CNY distributable income to SGD.

Increase my position in Asian Pay TV (APTT) 1 lot in this week so l have total holding of 24 lots now under Cash portfolio.   Recently acquired Taiwan Broadband Communications (TBC).  Subscriber households have grown, average revenue per subscriber is constant, penetration rates have increased, all leading to growth in 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 $0.775.  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.  There were huge numbers of traders (or short sellers) queueing to sell on this Friday morning and early afternoon but it was very much reduced towards end of the day; which did not happen to APTT alone but it was almost across the board thingy.   Awaiting its next financial results for the period ended 30 Sept'13 to be released on 12 Nov for decision to increase or reduce positions in it.

Divested all away on Thai Village 11 lots in this week for nett gain $67 as part of usual portfolio re-balancing; before announcement of a private share placement.  The shares placement will see two new major shareholders in the directorship positions in Thai Village with their combined 46% shareholding.  Thai Village will diversify into development of commercial property as its new business.  The new subscribers experience and strong network in their field of works and background will be a total game changer for Thai Village.

Added Tee International 1 lot in this week under Cash portfolio so total holding in it now at 6 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.

Added Singapore Shipping Corp (SSC) 5 lots in this week so total holding of it now at 8 lots under Cash portfolio.  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. 

Portfolio walk since previous posting :-

+$4,577 Total Returns as of 25 October

+$151 Gain on sales of Cache Logistics, Mapletree Greater China, Croesus Retail, Thai Village

-$801 Unrealised positions worsened

+$3,927 Total Returns as of 01 November

Previous posting :-Cash - Closing Status 25 Oct

SRS - Closing status 25 October

Increase my position in Asian Pay TV 5 lots in this week so l have total holding of 8 lots now under SRS portfolio.  At the moment, l can expect 11.0% dividend yield for my 8 lots holding in it.   Towards the final hours on this Friday's close, its share price got hammered down suddenly and this can only be the works of traders wanting to earn quick profits.  l have the intention to adding more of it to my holding if its share price weakens further, again.


Divested away Mapletree Industrial 5 lots in this week by using the dividend declared as my exit selling price.  It goes XD on 28 Oct but for this week's divestment which was for a nett gain of $139 then this can be considered as collecting its dividends in advance which is 12% higher than the dividend declared ---> 5 lots x dividend rate $0.0247 x 112% = $139.   

Invested into Mapletree Greater China Commercial Trust 5 lots in this week.  Its current share price is already below its IPO price $0.93 but still above its post-IPO low of $0.83.   Based on my investment costs in it l can expect annual dividend yield of 6.0%.

Portfolio walk since previous posting :-

+$7,966 Total Returns as of 18 Oct

+$139 Gain on sales of Mapletree Industrial

+$85 Unrealised positions improved

+$8,190 Total Returns as of 25 Oct

previous posting :- SRS - Closing status 18 Oct

Cash - Closing Status 25 October

Increase my position in Asian Pay TV 2 lots in this week so l have total holding of 23 lots now under Cash portfolio.  At the moment, l can expect 10.9% dividend yield for my 23 lots holding in it.   Towards the final hours on this Friday's close, its share price got hammered down suddenly and this can only be the works of traders wanting to earn quick profits.  l have the intention to adding more of it to my holding if its share price weakens further, again.

Made a $30 donation to Singapore Association of the Visually Handicapped in this week.

Reduced Suntec Reit 1 lot in this week by using the dividend declared as my exit selling price.  It goes XD on 30 Oct but for this week's divestment which was for a nett gain of $26 then this can be considered as collecting its dividends in advance which par to the dividend declared ---> 1 lot x dividend rate $0.02289 = $23.  

Added Mapletree Greater China Commercial Trust 5 lots in this week; bringing my total holding in it now at 9 lots.  Its current share price is already below its IPO price $0.93 but still above its post-IPO low of $0.83.   Based on my investment costs in it l can expect annual dividend yield of 5.9%.

Divested away Mapletree Industrial 2 lots in this week by using the dividend declared as my exit selling price.  It goes XD on 28 Oct but for this week's divestment which was for a nett gain of $51 then this can be considered as collecting its dividends in advance which par to the dividend declared ---> 2 lots x dividend rate $0.0247 = $49. 

Invested into Singapore Shipping Corp 3 lots.   It pays dividends only once in a year and have been quite stable at dividend rate of $0.01 since year 2009 which is 4.5% yield based on my invested costs in it. No Singapore finance company or bank can match such high a fixed deposit interest rate (of 4.5%) for a "fixed deposit" amount less than $1k.

Reduced Ascendas India Trust 3 lots so my total holding of it now back to 1 lot.  Achieved $50 nett gain from the divestment for a holding period of only two weeks.  It goes XD on 11 Nov and payment date is 28 Nov.   l am getting 25% lesser on the dividend amount but l am still okay with it ---> 3 lots x dividend rate $0.0224 x 75% = $50.  l can already use the proceeds for other investment opportunity instead of waiting for its dividend payment date on 28 Nov.

Portfolio walk since previous posting :-

+$4,080 Total Returns as of 18 October

-$30 Donation to Singapore Association of the Visually Handicapped

+$127 Gain on sales of Ascendas India Trust, Mapletree Industrial, Suntec Reit

+$399 Unrealised positions improved

+$4,577 Total Returns as of 25 October

Previous posting :-Cash - Closing Status 18 Oct

Cash - Closing Status 18 October

Added Keppel Reit 1 lot under Cash portfolio in this week; just before it goes XD this coming Monday 21 October.  My total holding in it now at 2 lots.  It reported a strong and steady performance for 3Q2013; Net Revenue +6.8%, Profit +20%.  No refinancing requirements over the next 24 months.  Strong portfolio occupancy of 99.4% as at 3Q2013.

Added Thai Village 10 lots in this week under Cash portfolio so l have total holding of 11 lots in it now.  It pays dividend rate $0.007 to $0.009 in the last four financial years representing 6.1% to 7.9% dividend yield on the latest and last closing price in this week of $0.114.  Management staff holds around 55% shareholding in it.  It is likely to declare a dividend rate within the range in the last four financial years when reporting its second half year results in Nov'13. 

Increase my position in Asian Pay TV 15 lots in this week so l have total holding of 21 lots now under Cash portfolio.  At the moment, l can expect 10.9% dividend yield for my 21 lots holding in it.   l have the intention to adding more of it to my holding if its share price weakens further, again.

Added Croesus Retail Trust 1 lot in this week under Cash portfolio so my total holding of it now at 3 lots.  Around 1% of leases are subjected for renewals in years 2013/2014; and 26% of leases are for renewals in year 2015.  Unless l am stuck with my investment so l do not really have to worry of year 2015.

Increase my holding in Cache Logistics Trust 1 lot in this week  so l have 6 lots of it now.  Good results back in 2Q2013; DPU grew by 8.4% even though unit base got increased after its recent private placement in Mar'13. No logistics warehouse (properties) renewal risk in 2013 as all expiring leases have been renewed. Next leases renewal happening in year 2014 is for a small gross floor area of 6%. I am expecting same good results for 3Q2013 to be released next Wednesday on 23 October and at the same time furnishing more information of increased investments in China logistics warehouse properties.

Portfolio walk since previous posting :-

+$4,277 Total Returns as of 11 October

-$197 Unrealised positions worsened

+$4,080 Total Returns as of 18 October

Previous posting :-Cash - Closing Status 11 Oct