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Showing posts with label Croesus. Show all posts
Showing posts with label Croesus. Show all posts
Saturday, 18 April 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-
Friday, 20 February 2015
Stock changes 18 Feb
Latest stock holdings :-
UOB Bank
Invested into UOB Bank 100 shares under Cash stock holdings. For its Qtr 4 results, total operating income +6.2% YAGO. Net Interest income +6.7% YAGO, +1.1% QOQ mainly due to strong loan growth. Non-interest income +5.4% YAGO driven by strong fee Income and improved trading and investment income from favourable market sentiment; but -16.4% QOQ due to seasonal slowdown in business volume and higher hedging gains in 3Q14 on the back of favourable market conditions. Staff costs flat for QOQ. Higher opex due to higher revenue and IT related expenses to support its growing franchise and increased business volume. Impairment charges rose by 19.9% due mainly to a few isolated non-performing accounts in Thailand and Indonesia as well as collective impairment set aside for loan growth. Biggest segment, Group Wholesale Banking profit grew 5.3% driven by net interest income and increased cross-sell income from transaction banking and treasury products. The growth was partly negated by higher impairment charges and higher operating expenses. Higher operating expenses were resulted from the continued investment in product capabilities and hiring of new talents as the business expanded regionally.
Starhub
Reduced Starhub 9000 shares under SRS stock holdings for $13 net realized profit in order to re-use its proceeds for re-investment into other stocks. Remaining stock holding in it now at 4000 shares (Cash 1000 shares, SRS 3000 shares). 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.
SIA Engineering
Reduced SIA Engineering by 2900 shares under Cash stock holdings for $105 net realized profit in order to re-use its proceeds for re-investment into other stocks. 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.
Lum Chang Holdings
Increased Lum Chang Holdings 7200 shares under Cash stock holdings so total stock holdings in it now at 14200 shares. 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.
Bund Center Investment
Added Bund Center Investment 3000 shares under Cash stock holdings so there are 5000 shares in total now. 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.
Hai Leck Holdings
Reduced Hai Leck Holdings 4000 shares under Cash stock holdings for $81 net realized profit; so remaining balance status in it now at 2000 shares. For its Qtr 2 results, revenue -22.0%, profit -64.7%. Major customers are reducing its capital expenditure, thus Hai Leck as a service provider is affected. The plunge in oil prices impacted the down-stream in the oil and gas industries negatively. Competition continues to be intense and is expected to exert pressure on the profit margins.
HupSteel
Divested away Hupsteel 19000 shares under Cash stock holdings for $18 net realized profit in order to re-use its proceeds for re-investment into other stocks. On its Qtr 2 results, revenue -23%, profit -55%. Lower revenue due to weak demand for steel products as business activities declined during the year end festive holidays and fewer project orders were received. During the global financial crisis it dropped dividend rate from $0.035 to $0.01; and having been consistently declaring $0.01 dividend rate since calendar year 2009 till now (except for calendar year 2011, dividend rate $0.015). Also, the last rights issue was in calendar year 2007.
DBS Bank
Invested into DBS Bank 600 shares under both Cash (100 shares) and SRS (500 shares) stock holdings. For its Qtr 4 results, total operating income +9% YAGO, -7% QOQ. Net Interest income +15% YAGO, +4% QOQ from higher loan volumes and improved net interest margin. Non-interest income -4% YAGO, -27% QOQ mainly because trading income fell from less favourable trading conditions. Higher staff costs in both Qtr 4 YOY and QOQ. Lower total income on its biggest segment, Institutional Banking which was mainly dragged lower by non-interest income as contributions from investment banking fees and treasury customer income were lower.
Croesus Retail Trust
Reduced Croesus Retail 13000 shares at break even (or $4 net realized profit) in order to re-use its proceeds for re-investment into other stocks; remaining stock holdings in it now at 18000 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.
SPH
Added 10700 shares (Cash 1500 shares + SRS 9200 shares) under both Cash and SRS stock holdings. Total stock holdings in it now at 11200 shares (Cash 200 shares + SRS 9200 shares) 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.
- end -
UOB Bank
Invested into UOB Bank 100 shares under Cash stock holdings. For its Qtr 4 results, total operating income +6.2% YAGO. Net Interest income +6.7% YAGO, +1.1% QOQ mainly due to strong loan growth. Non-interest income +5.4% YAGO driven by strong fee Income and improved trading and investment income from favourable market sentiment; but -16.4% QOQ due to seasonal slowdown in business volume and higher hedging gains in 3Q14 on the back of favourable market conditions. Staff costs flat for QOQ. Higher opex due to higher revenue and IT related expenses to support its growing franchise and increased business volume. Impairment charges rose by 19.9% due mainly to a few isolated non-performing accounts in Thailand and Indonesia as well as collective impairment set aside for loan growth. Biggest segment, Group Wholesale Banking profit grew 5.3% driven by net interest income and increased cross-sell income from transaction banking and treasury products. The growth was partly negated by higher impairment charges and higher operating expenses. Higher operating expenses were resulted from the continued investment in product capabilities and hiring of new talents as the business expanded regionally.
Starhub
Reduced Starhub 9000 shares under SRS stock holdings for $13 net realized profit in order to re-use its proceeds for re-investment into other stocks. Remaining stock holding in it now at 4000 shares (Cash 1000 shares, SRS 3000 shares). 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.
SIA Engineering
Reduced SIA Engineering by 2900 shares under Cash stock holdings for $105 net realized profit in order to re-use its proceeds for re-investment into other stocks. 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.
Lum Chang Holdings
Increased Lum Chang Holdings 7200 shares under Cash stock holdings so total stock holdings in it now at 14200 shares. 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.
Bund Center Investment
Added Bund Center Investment 3000 shares under Cash stock holdings so there are 5000 shares in total now. 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.
Hai Leck Holdings
Reduced Hai Leck Holdings 4000 shares under Cash stock holdings for $81 net realized profit; so remaining balance status in it now at 2000 shares. For its Qtr 2 results, revenue -22.0%, profit -64.7%. Major customers are reducing its capital expenditure, thus Hai Leck as a service provider is affected. The plunge in oil prices impacted the down-stream in the oil and gas industries negatively. Competition continues to be intense and is expected to exert pressure on the profit margins.
HupSteel
Divested away Hupsteel 19000 shares under Cash stock holdings for $18 net realized profit in order to re-use its proceeds for re-investment into other stocks. On its Qtr 2 results, revenue -23%, profit -55%. Lower revenue due to weak demand for steel products as business activities declined during the year end festive holidays and fewer project orders were received. During the global financial crisis it dropped dividend rate from $0.035 to $0.01; and having been consistently declaring $0.01 dividend rate since calendar year 2009 till now (except for calendar year 2011, dividend rate $0.015). Also, the last rights issue was in calendar year 2007.
DBS Bank
Invested into DBS Bank 600 shares under both Cash (100 shares) and SRS (500 shares) stock holdings. For its Qtr 4 results, total operating income +9% YAGO, -7% QOQ. Net Interest income +15% YAGO, +4% QOQ from higher loan volumes and improved net interest margin. Non-interest income -4% YAGO, -27% QOQ mainly because trading income fell from less favourable trading conditions. Higher staff costs in both Qtr 4 YOY and QOQ. Lower total income on its biggest segment, Institutional Banking which was mainly dragged lower by non-interest income as contributions from investment banking fees and treasury customer income were lower.
Croesus Retail Trust
Reduced Croesus Retail 13000 shares at break even (or $4 net realized profit) in order to re-use its proceeds for re-investment into other stocks; remaining stock holdings in it now at 18000 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.
SPH
Added 10700 shares (Cash 1500 shares + SRS 9200 shares) under both Cash and SRS stock holdings. Total stock holdings in it now at 11200 shares (Cash 200 shares + SRS 9200 shares) 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.
- 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-
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