Cash - Closing Status 16 May

Donated $45 to Sunlove Abode For Intellectually Infirmed Ltd

Reduced GRP Ltd 40 lots in this week as part of usual and active stock holdings re-balancing for $44 nett gain; remaining total holding now at 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.

Divested away CEI Contract Manufacturing  21 lots in this week as part of usual and active stock holdings re-balancing for $39 nett gain.  NAV as of 31 Dec'13 at 0.0953 versus closing price $0.104 on 9 May'14.  GP Margin increased from 20.9% in FY 2012 to 22.0% in FY 2013 mainly from USA (increase to 26% from 21%) which offset poorer GP margin in Singapore (dropping to 26% from 28%).  Profit +2.1%.  Free Cash Flow $4088k (FY2012 $3796k).  Temasek Holdings has 18.09% and CEI Executive Chairman, Mr Tien Sing Cheong has 10.0% stakes in CEI respectively.  

Divested away Duty Free 3 lots in this week as part of usual and active stock holdings re-balancing for $26 nett gain.  For its 4Q2014 financial results, revenue +4.7%, profit -10.2%.  Higher revenue driven by increase in demand for certain products as a result of competitive pricing.   Lower profit due to higher taxes and lower profit from discontinued operations.  Total borrowings decreased by RM26.8 million, following a repayment of term loans amounting to RM12.8 million and a decrease in trade facilities borrowings of RM19.0 million. The decrease was partly offset by the increase in bank overdrafts of RM5.1 million.

Increased Tee International 15 lots as part of usual and active stock holdings re-balancing; total holding in it now at 34 lots.  It reported soft financial results for 3Q2014; revenue -29.5% due to lower recognition of revenue and profit -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.  Its Group Chief Executive, Mr Phua Chian Kin did five open market purchases - 110 lots (16 May), 100 lots (14 May), 100 lots (12 May), 210 lots (9 May), 65 lots (8 May) in current May month.

Reduced HPH Trust 2 lots in this week as part of usual and active stock holdings re-balancing for $16 nett gain; total holding in it now at 2 lots.  In its 1Q2014 revenue +2.7% and profit +18.6% versus last year.   The average revenue per TEU for Hong Kong was higher than last year due to favourable throughput mix of containers from liners, whereas that for China was higher than last year, primarily due to fewer concessions granted to some liners and a lower empty/laden container ratio.  Cost of services rendered +11.0% and Staff costs +3.0% due to higher container throughput, increase in external contractors’ costs and inflationary pressure.  Its end of Mar'14 NAV at HKD 7.32 (approx. SGD 1.18); last done share price on this Friday at $0.895.  Growth in the US and Europe is a major factor in determining the total volume of containers handled by HPH Trust.  Consensus outlook for both is favourable in 2014.  On 13 March 2014, HPH Trust entered into a strategic partnership with COSCO Pacific and CSTD through their investments of 40% and 20%, respectively, of effective equity and loan interests in ACT for an aggregate consideration of HK$2,472 million. The partnership will enhance its capabilities in servicing multiple mega-vessels simultaneously. It will further bolster all aspects of its port operations including its flexibility, efficiency, synergy and profitability.  

Divested away PEC Ltd 2 lots in this week as part of usual and active stock holdings re-balancing for $14 nett gain.  For its 3Q2014 results, revenue -22%, profit -22%.  Lower revenue due to decrease in revenue from project works.  Its gross profit margin increased from 16% to 22%; mainly due to claims for past variation works for project work which were finalized and recognised in Qtr 3.  Lower profit due to gross profit offset by higher operating expenses (+$2.7 mil which caused by $2.2 mil bad debts w/o), increase in administrative (+$0.6 mil); other operating income (+$1.3 mil).  NAV on 31 Dec was at $0.825.  It will continue to focus its business development efforts in Asia and the Middle East, where there are more project opportunities.

Cash stock holdings walk since previous posting :-

+$7,790 Total Returns as of 9 May

-$45 Donation to Sunlove Abode For Intellectually Infirmed Ltd

+$139 Nett gain on sales of GRP, Duty Free, PEC, CEI, HPH Trust

+$43 Unrealised positions improved

+$7,928 Total Returns as of 16 May

Previous posting :- Cash - Closing Status 9 May

Remarks :- Profits locked in to-date $15,281 / year 2014 $3,788
 

Cash - Closing Status 2 May

Invested into PCI Limited 3 lots in this week as part of usual stock holdings re-balancing.   For its 2Q2014 results, revenue +11.6%, profit +83.3%.   EMS (Electronics Manufacturing Services) segment as expected, contributed the bulk of its revenue increase for Qtr 2; but still at -4.2% for 1H2014.  Gross profit margin +12.5% mainly due to manufacturing expenses were brought in line with the level of plant activities.  No borrowings.

Added GRP Ltd 10 lots in this week as part of usual stock holdings re-balancing; total holding now at 21 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 PEC Ltd 2 lots in this week as part of usual stock holdings re-balancing.  For its 2Q2014 results, revenue -22%, profit -7%.  Lower revenue due to revenue decrease in project works from the Middle East and Singapore. The decrease was partly offset by an increase in maintenance segment resulted from higher maintenance activities.  Its gross profit margin increased from 14% to 22%; mainly due to claims for past variation works for project work which were recognised in Qtr 2.  Lower profit due to gross profit offset by decrease in other operating income (-$1.0 mil)and increase in administrative (+$0.6 mil), and other operating expenses (+$1.7 mil).  NAV on 31 Dec was at $0.821.

Divested away Soilbuild Reit 1 lot in this week as of usual stock holdings re-balancing for nett gain $16; and this par to its dividend of $16 (1 lot x $0.01562) which XD on 6 May.  Its dividends will be paid on 4 Jun but l have collected it in advance and am able re-invest on the sale proceeds.  Its 1Q2014 financial results has exceeded the forecast set out in its IPO prospectus, with most of the key drivers to the result performing better than expectation.  Revenue, property expenses and finance costs all recorded positive variances and contributed to an overall outperformance on the distributable income line.  Its share price as of this Friday was at $0.79 and is currently below its NAV as of end Mar'14 of $0.81.  Earliest debt maturity is in year 2015, are equally spread out over three years (2015-2017).  It received a BBB- investment grade credit rating from Standard & Poor’s on Jan 22.  Over 78% of all lease expiries due in 2014 have already been renewed, re-leased or precommitted and it will pro-actively focus on the remaining expiries. 

Re-invested into Duty Free 3 lots in this week as part of usual stock holdings re-balancing.  For its 4Q2014 financial results, revenue +4.7%, profit -10.2%.  Higher revenue driven by increase in demand for certain products as a result of competitive pricing.   Lower profit due to higher taxes and lower profit from discontinued operations.  Total borrowings decreased by RM26.8 million, following a repayment of term loans amounting to RM12.8 million and a decrease in trade facilities borrowings of RM19.0 million. The decrease was partly offset by the increase in bank overdrafts of RM5.1 million.

 
Stock holdings (Cash) walk since previous posting :-

+$6,628 Total Returns as of 25 April

+$16 Nett gain on sales of Soilbuild Reit

+$321 Unrealised positions improved

+$6,965 Total Returns as of 2 May

Previous posting :- Cash - Closing Status 25 April

Remarks :- Profits locked in to-date $15,047 / year 2014 $3,554

Cash - Closing Status 14 Feb

Divested Soilbuild Reit 1 lot in this week as part of usual portfolio re-balancing for a small nett gain of $6.  Its 4Q2013 financial results has exceeded the forecast set out in its IPO prospectus, with most of the key drivers to the result performing better than expectation.  Revenue, property expenses and finance costs all recorded positive variances and contributed to an overall outperformance on the distributable income line.  Its share price as of this Friday was at $0.76 is currently below its NAV as of end Dec'13 of $0.80.  Earliest debt maturity is in year 2015, are equally spread out over three years (2015-2017).  Occupancy rate 99.9%.  On 30 Jan, Chinese property tycoon Tong Jinquan has become a substantial shareholder of Soulbuild Reit; Tong Jinquan also having substantial stakes in Viva Industrial Trust, Lippo Malls Reit, OUE Reit (and previously, Perennial China Retail Trust).

Added GRP Ltd 15 lots in this week as part of usual portfolio re-balancing; total holding in it now at 31 lots.  For its HY2014 financial results, revenue +5.7% with growth in all the three business divisions.  Strong demand in Hose & Marine and ramp up in orders from a middle east customer for its uPVC.   Administrative expenses -6.7%.  Profit 24.4%.  Free cash flow status at the moment.  Cannot understand reason(s) for not declaring any dividends with this set of good results.

Invested into Duty Free 3 lots in this week as part of usual stock holdings.  For its 4Q2014 financial results, revenue +4.7%, profit -10.2%.  Higher revenue driven increase in demand for certain products as a result of competitive pricing.   Lower profit due to lower profit from discontinued operations and higher taxes.   NAV as of end Feb'14 at RM 0.3731 or (S$0.143 using FX rate 2.6096) versus Friday's closing price at $0.280.  

Invested into Boardroom 1 lot in this week as part of usual portfolio re-balancing.  From its 2Q14 financial results, revenue +8.0%, profit +7.4%.  Higher revenue mainly driven by increased clientele base secured in a number of the regional offices.  Higher profit because of higher revenue and depreciation and amortization -11.9% but offset by staff costs +10.5%, opex +7.2%.  At the moment stockbroking firm, GK Goh Holdings has makes mandatory buyout offer of Boardroom for a cash consideration of $0.575 per share.

Portfolio walk since previous posting :-

+$1,446 Total Returns as of 7 February

+$62 Nett gain on sales of  Duty Free and Soilbuild Reit

+$686 Unrealised positions improved

+$2,193 Total Returns as of 14 February

Previous posting :- Cash - Closing Status 7 Feb

Remarks :- Profits locked in to-date $12,176 / year 2014 $683

Cash - Closing Status 17 January

Divested Duty Free 11 lots in this week under Cash portfolio as part of usual portfolio re-balancing at $183 nett gain.  It declared $0.01 dividend which will XD 11 Feb and dividend payment scheduled to happen on 6 March.  The $183 nett gain amount is higher than the dividend amount declared 11 lots x dividend rate $0.01 = $110 and l have already collected it in advance.  For its 3Q2014 financial results, revenue +15.7%, profit -10.2%.  Higher revenue driven by higher demand for certain products as a result of competitive pricing.   Other notable positive impact were lesser inventories purchased and material consumed and net forex gain during the quarter.  Profit lowered mainly due to negative changes in inventories levels which resulted from higher sales as compared to the corresponding quarter of the previous financial year; no profit from discontinued operations; higher rental.  

Added Tee International 3 lots in this week as part of usual portfolio re-balancing.  Total holding in it now at 22 lots.  Tee Intl delivered mix financial results for 3Q2014; 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. 

Added GRP Ltd 7 lots in this week as part of usual portfolio re-balancing; total holding in it now at 18 lots.  For its 2013 financial results, revenue -2.3% mainly due to lower non recurring projects completed in last year for its Measuring Instrument segment which also impacted profit.  Profit -30.3%.  Lower other income due to one time gain for the disposal of its China subsidiary in 2012.   It recently did a rights cum warrants issue for the required funding to develop and manage properties in Myanmar.  The rights cum warrants issue was 157.8% subscribed.  

Portfolio walk since previous posting :-
+$3,777 Total Returns as of 10 January

+$183 Nett Gain on sales of Duty Free

-$487 Unrealised positions worsened

+$3,473 Total Returns as of 17 January

Previous posting :- Cash - Closing Status 10 Jan

Remarks :- Profits locked in to-date $12,032 / year 2014 $539

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 3 January

The following were activities in 1st week of January 2014 :-

Reduced GRP Ltd 8 lots in this week as part of usual portfolio re-balancing for $20 nett gain; total holding in it now at 11 lots.  For its 2013 financial results, revenue -2.3% mainly due to lower non recurring projects completed in last year for its Measuring Instrument segment which also impacted profit.  Profit -30.3%.  Lower other income due to one time gain for the disposal of its China subsidiary in 2012.   It recently did a rights cum warrants issue for the required funding to develop and manage properties in Myanmar.  The rights cum warrants issue was 157.8% subscribed. 

Added Duty Free 5 lots in this week under Cash portfolio but have decided to divest away total holding 8 lots of it for $107 nett gain 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. 

Reduced Tee International 13 lots in this 1st week of January as part of usual portfolio re-balancing for $110 nett profit.  Total holding in it now at 27 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 :-

+$2,427 Total Returns as of 31 December

+$237 Nett Gain on sales of Tee Intl, GRP, Duty Free

+$10 Unrealised positions improved

+$2,675 Total Returns as of 3 January

Previous posting :- Cash - Closing Status 31 Dec

Remarks :- Profits locked in to-date $11,730 / year 2014 $237

Cash - Closing Status 27 December

Donated $100 to Bone Marrow Donor Programme last Sunday evening.

Reduced Cache Logistics Trust 1 lots in this week under Cash portfolio as part of usual portfolio re-balancing for $24 nett gain; total holding in it now at 2 lots.  In its recent 3Q2013 financial results;  DPU slightly lowered by 0.8% due to higher number of issued units.  NPI higher by 8.5% for 3Q2013.  Property expenses gone up 27.7% from Qtr 2 to Qtr 3 due to one off reversal of expense accrual in Qtr 2.   As of end Qtr 3, its NAV was valued at $0.97 but Mr Market believes that it is worth more with its Friday closing price at $1.115.  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.

Reduced GRP Ltd 20 lots in this week as part of usual portfolio re-balancing for $90 nett gain; total holding in it now at 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.  The rights cum warrants issue was 157.8% subscribed.

Re-invested into Duty Free 3 lots in this week under Cash portfolio.  For its 2Q2014 financial results, revenue -1.3%, profit -65.5%.  Profit lowered mainly due to decrease in revenue, higher net foreign exchange loss and rental of premises of RM5.9 mil and RM 3.0 mil respectively.  To improve operational efficiency, it recently completed an internal reorganization exercise and disposal of its shareholding in its so called Border Town and airport businesses and Down Town businesses.  

Added Tee International 10 lots in this week under Cash portfolio.  Total holding in it now at 45 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. 

Reduced HPH Trust 2 lots in this week as part of usual portfolio re-balancing for $57 nett gain; total holding in it now at 4 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 a 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).

Divested away Sabana Reit 1 lot in this week for $25 nett gain.  Per its recent 3Q2013 financial results,  NPI +4.6%, income available for distribution +3.7%, DPU +1.7%.  Its Friday closing price at $1.075 is par to its end Qtr 3 NAV of $1.08.  Its new purchase high-tech industrial building in Chai Chee Lane will increase its income stream even though it has 50% vacancy.  Of the 5 master leases expired on 25 Nov, it renewed 1 master lease and took over direct management of 4 other properties.   Lease expiring in 2014 is at 8.7% of (3Q2013) gross revenue.   As of end Qtr 3,  its gearing was quite high at 37.5%;  about 97% of its total debt was at fixed rates and this reduces the impact of fluctuations in profit rates on the distributable income.  In mid-Nov'13 it secured a new 3-year revolving loan called Commodity Murabaha Facility of up to S$48.0 mil.

Portfolio walk since previous posting :-

+$863 Total Returns as of 20 December

+$195 Nett Gain on sales of HPH Trust, Sabana Reit, GRP, Cache Logistics

-$100 Donations to Bone Marrow Donor Programme

+$1,002 Unrealised positions improved

+$1,961 Total Returns as of 27 December

Previous posting :- Cash - Closing Status 20 Dec

Remarks :- Profits locked in to-date $11,450 / year 2013 $8,581

Cash - Closing Status 13 December

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

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

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

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

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

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

Invested into Soilbuild Reit 1 lot in this week.   Its 3Q2013 financial results has exceeded the forecast set out in its IPO prospectus, with most of the key drivers to the result performing better than expectation.  Revenue, property expenses and finance costs all recorded positive variances and contributed to an overall outperformance on the distributable income line.  Its share price as of this Friday at $0.75 is current below its NAV as of end Sept'13 of $0.80.  Earliest debt maturity is in year 2015 are equally spread out over three years (2015-2017).  Occupancy rate 99.8%.

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

 
Portfolio walk since previous posting :-

+$1,964 Total Returns as of 6 December

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

-$995 Unrealised positions worsened

+$1,017 Total Returns as of 13 December

Previous posting :- Cash - Closing Status 6 Dec

Cash - Closing Status 6 December

Added HPH Trust 2 lots in this week; total holding in it now at 5 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 in this week at $0.805 and will it go lower still?  If yes, then l reckon investors will starts absorbing more of it as almost all its perceived risks have already been priced-in by now. 

Added GRP Ltd 15 lots in this week under Cash portfolio; total holding in it now at 34 lots.  For its 2013 financial results, revenue -2.3% mainly due to lower non recurring projects completed in last year for its Measuring Instrument segment which also impacted profit.  Profit -30.3%.  Lower other income due to one time gain for the disposal of its China subsidiary in 2012.   It recently did a rights cum warrants issue for the required funding to develop and manage properties in Myanmar.  The rights cum warrants issue was 157.8% subscribed.  Also, this blog has an interesting read on GRP :- http://reaching4financialfreedom.blogspot.sg/2013/12/52-week-low-stocks-29-nov13-cheung-woh.html and also, http://sillyinvestor.wordpress.com/2013/12/02/grp-one-of-the-weirdest-company-i-have-seen

Added Tee International 10 lots in this week under Cash portfolio; total holding in it now at 19 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.  Its share price dropped to its new 52 weeks low in this Friday at $0.295 due to one transaction of one lot happened a few seconds at close of trading hour ----> 17hours:04minutes:38seconds.

Re-invested into Duty Free 5 lots in this week under Cash portfolio.  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 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.     

Added Mapletree Greater China Commercial Trust 1 lot in this week; total holding of it now at 5 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 $0.825.  Earliest debt expiry is in year 2015 and is well staggered into year 2018 at average 33% each year.  Borrowings interest rate for 71% of total debt fixed till year 2015.  Portfolio occupancy rate at 99% as of end Sep'13.  87% of expiring leases in current financial year have been renewed or re-let.  To ensure stability of S$ 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.  Its share price dropped to its new 52 weeks low on Thursday this week at $0.81 and will it go lower still?  Very unlikely, as the China growth story is still very much alive.

Received the following dividends in this week for my Cash portfolio :-
$112.50 SingPost
$127.32 Mapletree Greater China Commercial Trust
$18.20 Mapletree Logistics

Divested away JMH 400US$ 40 shares in this week under Cash portfolio for $40 nett gain.  But l did not manage to divest it away at an even higher prices but there is no seller's remorse effect on me.  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.

Portfolio walk since previous posting :-

+$3,199 Total Returns as of 29 November

+$258 Dividends from SingPost, Mapletree Logistics, Mapletree Greater China Commercial

+$40 Gain on sales of JMH 400US$

-$1,533 Unrealised positions worsened

+$1,964 Total Returns as of 6 December

Previous posting :- Cash - Closing Status 29 Nov

Cash - Closing Status 29 November

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

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

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

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

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

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

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

Portfolio walk since previous posting :-

+$2,671 Total Returns as of 22 November

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

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

-$72 Unrealised positions worsened

+$3,199 Total Returns as of 29 November

Previous posting :- Cash - Closing Status 22 Nov

Cash - Closing Status 22 November

Invested into Duty Free 6 lots in this week under Cash portfolio but divested away 1 lot in the same week for $13 nett gain so, remaining total holding now at 5 lots.  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.   

Added K-Green Trust 1 lot in this week but have decided to divest it all (2 lots) away in the same week for a small nett gain of $14 as part of usual portfolio re-balancing.  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.

Sold away Ascott Reit 200 rights shares for $40 proceeds.   Purposes of rights issue are to pay down its debt, to fund capex and AEI and for general corporate and working capital uses.    The increase in its debt headroom as a result of reduced borrowings will enhance its flexibility in pursuing potential acquisitions and at the same time improve its competitive positioning in the market via AEI plans.  Its gearing level post Rights will improve to 34.3% from 41.1% (end Sep'13 status).  

Reduced HPH Trust 1 lot in this week as part of usual portfolio re-balancing and to lock-in profit; total holding in it now at 3 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.

Invested into Chosen Holdings 8 lots in this week but have decided to book a $67 nett gain after divested it all away within the same week.   For its full year financial 2013, revenue was flat mainly due to weak orders for its data media storage product from the Singapore operation and lower orders for printing and imaging and communication product from its Malaysia operation; which was offset by strong orders for its Thailand operation's communication products and the China operation's automotive and printing and imaging products.  Profit -17.7%.  Gross margin declined from 8.0% to 4.5% due mainly to losses incurred by the Singapore operation as a result of lower sales of its higher value-added products.  Lower other income because of a one-time insurance claim received (of $2.8 mil) in respect of the flood affecting the Thailand operation in the previous year.   It pays dividend in every financial years;  dividend rate of $0.0066 was paid for its last three financial years;  lowest dividend rate of $0.005 in financial year 2009 and highest dividend rate of $0.0139 in financial year 2010.  Its NAV was at 22.91 cents as of end June'13 versus its last traded price in this week at 12.00 cents.

Re-invested into Singapore Shipping Corp (SSC) 1 lot in this week after having divested it all away in the previous week.  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 2Q2014 financial results, revenue +72.4%, profit -19.4% due to an insurance related recovery of approximately $1 mil in the previous year, higher exchange gain in the previous year, higher corporate costs and taxation in current financial year as incurred by the newly acquired agency and logistics businesses.  Bank borrowing decreased due to monthly instalment repayment.   On 8 Oct'13 its subsidiary company has signed an agreement to purchase a 10 year old pure car and truck carrier, which will be chartered out immediately upon purchase completion in 2Q2015.

Invested into GRP Ltd 11 lots in this week under Cash portfolio.  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.

Divested Tee International 15 lots in this week under Cash portfolio for a nett gain of $52 but added back 8 lots of it so total holding in it now at 17 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.

Portfolio walk since previous posting :-

+$2,907 Total Returns as of 15 November

+$207 Gain on sales of Duty Free, K-Green, HPH Trust, Tee International, Chosen, Ascott Rights

-$444 Unrealised positions worsened

+$2,671 Total Returns as of 22 November

Previous posting :-Cash - Closing Status 15 Nov

Cash - Closing Status 5 July

Divested UMS 3 lots which l have invested into it one week ago at nett gain of $67.  UMS will XD 9 July and dividend rate is at $0.01.  I have collected its dividend in advance and at 2.2 times more with its divestment in this week 3 lots x dividend rate $0.01 x 2.2 times = $67 as dividend payment is scheduled as 26 July.

Have decided to divest  Ascendas India Trust 1 lot in this week after only one week of investment into it at nett gain of $16 or 2.3% returns.  Reason for doing so is simple and it was because at 2.3% yield within such a short investment time so it beats the usual low bank deposit rate.  Furthermore the nett gain $16 is worth 4.5 train trips to and fro home and work place.  Or l can use this to save it for my next Donation (2013 to-date at $200).  Anyway, will re-invest into Ascendas India Trust at lower share price levels.

Could not resist divesting away Kingsmen Creatives 3 lots in this week under Cash portfolio for a nett gain of $126.  Nothing wrong with Kingsmen Creatives really but why not collecting its dividends in advance when it's already available. Unless l am stuck with a reasonably good dividend stock at an unrealised position then l will not hesitate to take profit off the table however small the amount.  I do not the luxury of large amount of funds for passive investment over a few years period.  I subscribe to the idea of making the money working much harder with a few rounds of investments and divestments.  However l do not subscribe to the idea of cutting loss in my stock investments unless it is a serious and incorrect bad investments (which happened no more than 5 times in about 2 years of serious shares investments).  Paper losses are investment noises as the stocks l am stuck in are still giving out reasonably good dividends so l okay with it.  Cutting losses is more for traders so it can really waste much of already limited available investment funds.  Back to the divestment of Kingsmen Creatives in this week, the $126 nett gain is 2.8 times its next dividend rate $0.015, if maintained the same for this year; 3 lots x dividend rate $0.015 x 2.8 times = $126.  And l have already collected it in advance now rather then waiting for XD 4 Sept and its payment 24 Sept.  Will re-invest into Kingsmen Creatives at lower or reasonably good share price levels.

Duty Free has declared dividends rate of $0.025 (interim dividend $0.01 + special interim dividend $0.015) which will XD on 10 July.  In this week l have divested Duty Free 7 lots at nett gain of $71 and is only equivalent to its interim dividend amount --> 7 lots x dividend rate $0.01 = $70.   l am hoping for better luck next time.  

Looking forward to receive dividends from SingPost when it is paid on 15 July of which l have 15 lots in it.  In this week l have sold SingPost 1 lot at nett gain $28 so in a way l have collected its next dividend in advance which will next XD around 14 Aug and hoping that it is still at same dividend rate $0.0125.  The nett gain $28 is 2.3 times its next dividend payment amount; 1 lot x dividend rate $0.0125 x 2.3 times = $28.   I am stuck with my investment in SingPost with paper loss status on the remaining 14 lots but l am okay with it as it can be considered a good problem to have. 

Portfolio walk since previous posting :-

+$1,368 Total Returns as of 28 June

+$309 Gain on sales of UMS, Duty Free, Ascendas India Trust, Kingsmen Creatives, SingPost

-$16 Unrealised positions worsened

+$1,661 Total Returns as of 5 July

Previous posting :-Cash - Closing Status 28 June

Cash - Closing Status 28 June

For my Cash portfolio this week l have added CM Pacific 2 lots bringing my total holding in it at 3 lots now.  No new development so far at CM Pacific so l can expect its share price will be in the range of $0.87 - $0.91 till its next financial results in early August month.  Its next interim dividend will usually be announced during half time financial results announcement.  Will consider to accumulate more of CM Pacific if its share price weakens further.

Invested into Ascendas India Trust 1 lot in order to average down.  With this, my total holding in it now at 2 lots.  Will re-invest more of it only when its share price weakens by say, another 10% (which is quite unlikely though).  Office rental in India is likely to stay lacklustre unless the INR currency (and India economy) recover from current weak status.

Continue to increase my holding in Kingsmen Creatives 1 lot so, now l have total of 3 lots.  Will add more of it if its share price weakens again, at lower price levels.

Duty Free reported its qtr 1 results in this week.  Revenue +1% driven by pricing imprpovement and sales mix.  Profit +MYR 113mil mainly from its discontinued operation.  Dividends $0.025 (interim dividend $0.01 + special interim dividend $0.015) was declared which will XD on 10 July.  In this week l have increased my holding in Duty Free 1 lot so my total holding in it now at 7 lots.

Divested UMS 4 lots which l have invested two weeks ago at nett gain of $40.  UMS will XD 9 July and dividend rate is at $0.01.  I have collected its dividend in advance with its divestment in this week 4 lots x dividend rate $0.01 = $40 as dividend payment is scheduled as 26 July.  In the same week, l have re-invested into UMS 3 lots.

Portfolio walk since previous posting :-

+$673 Total Returns as of 21 June

+$40 Gain on sales of UMS

+$656 Unrealised positions improved

+$1,368 Total Returns as of 28 June

Previous posting :-Cash - Closing Status 21 June

Cash - Closing Status 14 June

In this week under my Cash portfolio l have added a few stocks to my current portfolio on Cache Logistics 1 lot, Suntec Reit 1 lot, Duty Free 2 lots, UMS 2 lots and SingPost 1 lot.

These additions did not help much as they are still under heavy unrealized losses.  Will selectively adding more stocks next week as share prices will continue drifting lower.

 In this week, l have invested into both CM Pacific 1 lot and Tai Sin Electric 2 lots; both of which l have divested them away around two weeks ago.   l do not mind getting stuck with my investments in them if their share prices remaining weak.  Both companies dish out reasonable annual dividends of more than 6%.

Portfolio walk since previous posting :-

+$2,160 Total Returns as of 7 June

-$925 Unrealised positions worsened

+$1,236 Total Returns as of 14 June

Previous posting :-Cash - Closing Status 7 June