Cash - Closing Status 6 June

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

$18.90 Mapletree Logistics
$28.80 Fraser Centrepoint
$212.50 CM Pacific


Donated $65 to iC2 PrepHouse Limited

Invested into CDW 7 lots but divested it all away in the same week for $9 nett gain; as part of usual and active stock holdings re-balancing.  For its 1Q2014 results, revenue +2.0%, profit -50.5%.  Lower prfoit mainly due to one-off gain in 1Q2013 on bargain purchase of US$1.5 million.  Its gross profit margin also lowered; due to the increase in sales volume of high value items which were driven by material costs.  For its LCD Backlight Units segment, order volume with reasonable margin will be gradually recovered from mid of FY2014 with introduction of new models from existing customers as well as new customers in the PRC.  Demand in the LCD Parts and Accessories and Office Automation segments remains weak and sluggish.

Divested away CM Pacific 5 lots in this week at break even; part of usual and active stock holdings re-balancing.  For its 1Q2014 financial results, revenue +6% driven by the revenue growth from Yongtaiwen Expressway which accounted for 80% of its revenue.  Profit +14% driven by higher profit contribution from its toll road assets and the recognition of deferred income and effective interest income on compensation receivable from the relocation of certain toll stations along the Guihuang Highway. This was partly offset by higher finance costs and withholding tax and lower exchange gain.

Based on my stock holding of Tee International l have been given a bonus issue on Tee International Warrant W170526 of 14 lots.  Sold away the entire 14 lots of it in this week for $771 nett gain; as part of usual and active stock holdings re-balancing.  

Added GRP Ltd 20 lots in this week as part of usual and active stock holdings re-balancing; total holding in it now at 61 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.  It recently announced termination of its projects and development works in Myanmar.

Cash stock holdings walk since previous posting :-

+$8,477 Total Returns as of 30 May

+$260 Dividends from Fraser Centrepoint, CM Pacific, Maple Logistics

-$65 Donated to  iC2 PrepHouse Limited

+$781 Nett gain on sales of CDW, CM Pacific, Tee Intl Warrant

+$893 Unrealised positions improved

+$10,346 Total Returns as of 6 June

Previous posting :- Cash - Closing Status 30 May

Remarks :- Profits locked in to-date $16,902 / year 2014 $5,410

Cash - Closing Status 9 May

Invested into CEI Contract Manufacturing  21 lots in this week as part of usual stock holdings re-balancing.  NAV as of 31 Dec'13 at 0.0953 versus closing price $0.099 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. 

Reduced Tee International 11 lots as part of usual stock holdings re-balancing for $79 nett gain; total holding now at 19 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 purchased 65 lots of Tee International in the open market on 8 May; Mr Phua's total stake holding in Tee International now at 55.31%.

Invested into Pan Hong Property 4 lots in this week as part of usual stock holdings re-balancing.  In its 3Q2014 results, revenue -19.7%, profit -60.5%.  The decrease was mainly due to lower delivery of residential and commercial units as well as the car park lots of Nanchang Honggu Kaixuan.  Its revenue recognition is dependent on the launch of new projects and completion of handover of properties that are sold.  Consequently, revenue and profit for Pan Hong will appear irregular across quarters.  Gross profit margin in 3Q2014 improved from 31.6% in 3Q2013 to 37.6%.  The higher gross profit margin in 3Q2014 was due mainly to the handover of Huzhou Hua Cui Ting Yuan Phase 1 with better gross profit margin.  Extra Good Enterprises Ltd has 56% stake in Pan Hong.  The Executive Chairman of Pan Hong, Mr Wong Lam Ping (and his wife, Ms Chan Heung Ling) are major shareholders of Extra Good Enterprises. 

Divested away Mapletree Logistics 1 lot in this week at a small nett profit of $15 as part of usual stock holdings re-balancing.  For its 4Q2014 financial results, NPI +4.3% mainly due to positive rental reversions, initial contributions from newly completed asset enhancements in Singapore and Japan, and contribution from the Korea property acquired during the year.  Occupancy at 98.3%; the weighted average lease term to expiry (by net lettable area) at 4.8 years, with around 43% of the leases expiring in FY17/18 and beyond.   NAV as of end Mar'14 at $0.97 but Mr Market says it is worth $1.135 at the moment.  Aggregate leverage ratio 33.3%.  75% of total debt hedged into fixed rates.  Borrowing costs -17% due to lower average interest rates achieved & weaker JPY.  Impact of weaker JPY on distribution is mitigated by currency hedges.  88% of amount distributable in FY14/15 is hedged into / derived in SGD.  91% of income stream from Japan for FY14/15 has been hedged.

Added GRP Ltd 30 lots in this week as part of usual stock holdings re-balancing; total holding now at 51 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 Frasers Centrepoint Trust  1 lot in this week as part of stock holdings re-balancing at break-even.  For its 2Q2014 financial results, NPI +2.0% mainly due to higher revenue contribution from Causeway Point.  Gearing level at 27.7%.  94% of FCT’s borrowings are on fixed interest rate or have been hedged via interest rate swaps.  Occupancy rate at 96.8%; mall occupancy at Causeway Point, Northpoint and YewTee Point remained stable.  Bedok Point, currently undergoing fitting-out works for several incoming new tenants, registered mall occupancy of 77.0%.  Bedok Point’s occupancy is expected to recover to above 95% in the second half of year 2014 upon the lease commencement of the new tenants.  The proposed acquisition of Changi City Point will be the sixth mall for Frasers CT and it will enhance future growth and hence strengthen its ability to continue to deliver good and stable distribution returns.

Stock holdings (Cash) walk since previous posting :-

+$6,965 Total Returns as of 2 May

+$95 Nett gain on sales of Mapletree Logistics, Tee Intl, Frasers Centerpoint Trust

+$731 Unrealised positions improved

+$7,790 Total Returns as of 9 May

Previous posting :- Cash - Closing Status 2 May

Remarks :- Profits locked in to-date $15,141 / year 2014 $3,649

Cash - Closing Status 7 March

Received the following dividends in this week for my Cash portfolio :-
$111.20 CDL Hospitality Trust
$39.40 Keppel Reit
$62.50 Singapore Post
$25.00 Frasers Centrepoint Trust
$18.40 Mapletree Logistics Trust

Added GRP Ltd 19 lots in this week as part of usual portfolio re-balancing; total holding in it now at 30 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 Croesus Retail Trust 1 lot in this week for $15 nett gain as part of usual portfolio re-balancing purpose.  It has 100% occupancy across all its four retail business properties in Japan.  Around 0.4% of leases are subjected for renewals in year 2014; and 25.7% of leases are for renewals in year 2015.  Each of the properties is strategically locate within its submarket, being directly connected via major transportation nodes.  63.4% of its gross rental income is derived from leases structured as fixed term leases, giving it greater flexibility to adjust rentals and tenant composition, or variable rent, allowing it to share any income upside with its tenants.  It has very high gearing of around 41.8% but at very cheap interest costs. It recently announced the completion of acquisition on two income-producing retail properties in Japan, namely Luz Omori and NIS Wave; which will increase DPU approximately from 7.01 Singapore cents to 7.41 Singapore cents.

 Portfolio walk since previous posting :-

+$3,748 Total Returns as of 28 February

+$257 Dividends from Keppel Reit, Mapletree Logistics, SingPost, FrasersCT, CDL HTrust

+$15 Nett gain on sales of Croesus

+$259 Unrealised positions improved

+$4,278 Total Returns as of 7 March

Previous posting :- Cash - Closing Status 28 Feb

Remarks :- Profits locked in to-date $12,839 / year 2014 $1,347

Cash - Closing Status 08 November

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

Intended to increase Sabana Reit 1 lot in this week but ended up with sell order input error.  This resulted in nett loss of $41.  Per its recent 3Q2013 financial results,  NPI +4.6%, income available for distribution +3.7%, DPU +1.7%.  Its Friday closing price at $1.095 almost match its end Qtr 3 NAV of $1.08.  Its new purchase high-tech industrial building in Chai Chee Lane will increase its income stream even though it has 50% vacancy.  It is still working to convert five master leases (generates 44.7% of its gross revenue) expiring 25 Nov into multi-tenanted ones.  Lease expiring in 2014 is lower at 8.7% of (3Q2013) gross revenue and it will not rest on its laurel based on 2013 expiring leases experience.  Its gearing is quite high at 37.5%.  But about 97% of its total debt was at fixed rates and this reduces the impact of fluctuations in profit rates on the distributable income.

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

Added Tee International 3 lots in this week under Cash portfolio so total holding in it now at 9 lots.  It delivered mix financial results for 1Q2014; revenue +ve 24% driven by ongoing and completed engineering projects and profit -ve 62% due to higher administrative expenses and higher opex.  Higher administrative expenses was due to one off bonus payment to employees and higher staff costs and headcount in line with its business and operations expansion.  Giving extra bonuses is a good thing to do as it motivates employees which is in recognition of their hard works.  Higher opex due to unrealized forex losses that resulted from the depreciation of the MYR against the SGD.  It is in net cash used at the moment mainly due to cash received from receivables net off payment to trade payables, interest and income tax expenses and decrease in development properties.  Its chief executive & managing director, Mr Phua has 51% shareholding in Tee Intl as shown in the 2013 annual report so one can be well assured that he will run this company with very much more care and growing it at the same time.  Last week, it has signed an MOU with Loxley Public Company, a public company listed on the Stock Exchange of Thailand to explore opportunities in renewable energy business and related activities in the Indochina region - Myanmar, Laos DPR, Vietnam, Thailand and Cambodia.

Added Asian Pay TV(APTT) 2 lots and divested away 1 lot in this week so total holding in it now at 25 lots under Cash portfolio.  Divestment was for a nett gain of $21.  Recently acquired Taiwan Broadband Communications (TBC).  Subscriber households have grown, average revenue per subscriber is constant, penetration rates have increased, all leading to growth in TBC earnings.  Taiwan regulator already approved TBC expansion to greater Taichung which opens up opportunity to increase  household network coverage by up to 400,000.  NAV as of end June at $0.94 and last done share price at discount of $0.77.  Interest rate swaps have been entered into, which fix a significant portion of the interest rate exposure from TBC's borrowings.  For growth in penetration rates, premium digital cable tv and broadband to increase as a result of up-selling and bundling strategies, increased set-top box penetration, greater availability of digital content, need for reliable internet access.  Network expansion through re-zoning is an opportunity for APTT.  Positive ongoing discussions with Taiwan tax authorities to resolve tax dispute. 

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

Divested all away CM Pacific 3 lots in this week under Cash portfolio at nett gain $11 as part of regular portfolio re-balancing.  For its 3Q2013 financial results, revenue +37% driven by new income stream from Beilun Port expressway and revenue growth from Yongtaiwen expressway; of which resulted in Profit +36%.  It maintains its free cash flow status.  

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

Portfolio walk since previous posting :-

+$3,927 Total Returns as of 01 November

+$22 Dividends from Sabana Reit

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

-$41 Loss on sales of Sabana Reit

-$35 Donation to Xin Yuan Community Care

-$721 Unrealised positions worsened

+$3,185 Total Returns as of 08 November

Previous posting :-Cash - Closing Status 01 Nov

SRS - Closing status 26 July

Invested into Croesus Retail Trust 3 lots in this week under SRS portfolio.  Only less than 1% of leases are subjected for renewals in years 2013/2014; and 26% of leases are for renewals in year 2015.  Unless l am stuck with my investment so l do not really worry of year 2015.  However, so long that it can generate dividend yield better than bank deposit rate for my investment costs in it of $2.9k so l am fine with a forced passive income investment.  Based on my investment costs in it and dividend rate of $0.0739 so l can expect an annual dividend yield 7.7%.

Sold away Sin Heng Rights of 3,750 shares in this week for a proceeds of $145.

Divested Frasers Centrepoint Trust  (FrasersCT)  2 lots for nett gain of $42.  The divestment happened before it is going XD on 29 July but unfortunately it was slightly lower by 73% of the full dividend amount; 2 lots x dividend rate $0.0285 x 0.73 = $42.   Payment of the dividend will happen on 29 Aug so, l have already collected its dividend amount in advance.  On a side note however, this week's divestment is the third time of divestment on FrasersCT within July month under SRS portfolio so, in total l have collected $127 (1st divestment $44 + 2nd divestment $42 + 3rd divestment $42) of advance dividend and it is 2.2 times more ---> 2 lots x dividend rate $0.0285 x 2.2 = $127.

Divested Mapletree Logistics 6 lots in this week under SRS portfolio for $111 nett gain.  It declared dividend rate $0.018 last week for its 1Q14 results so expected dividend amount is 6 lots x $0.018 = $108.  The $111 nett gain is almost par to the full dividend amount and l have already collected it in advance as its actual payment date will only happen on 29 Aug.

Also in this week under SRS portfolio, l have divested away Singapore Post 10 lots for $160 nett gain.  Assuming that its next dividend rate is $0.0125 and XD on 14 Aug so, the expected dividend amount is 10 lots x dividend rate $0.0125 = $125; and also assuming that it has same payment date as last year on 31 Aug.  The nett gain $160 is higher than the expected dividend amount and l have already collected it in advance with this divestment.

Portfolio walk since previous posting :-

+$7,192 Total Returns as of 19 July

+$458 Gain on sales of Sin Heng Rights, Fraser Centrepoint Trust, SingPost, Mapletree Logistics

+$9 Unrealised positions improved

+$7,659 Total Returns as of 26 July

previous posting :- SRS - Closing status 19 July

Cash - Closing Status 26 July

Reduced Suntec Reit 1 lot in this week under Cash portfolio so my total holding in it now at 5 lots.  The divestment happened before it went XD on 25 July and it generated $22 nett gain; which is also the amount l am supposed to get paid (1 lot x dividend rate $0.02249 = $22) on 23 Aug.  But l have already collected its dividend in advance with this divestment and also freeing up funds for other investment opportunity.

Reduced my holding in Singapore Post 6 lots in this week for a nett gain $80.  Assuming that its next dividend rate is $0.0125 and XD on 14 Aug so, the expected dividend amount is 6 lots x dividend rate $0.0125 = $75; and also assuming that it has same payment date as last year on 31 Aug.  The nett gain $80 is higher than the expected dividend amount and l have already collected it in advance with this divestment.

Also for my cash portfolio this week l have divested Frasers Centrepoint Trust  (FrasersCT)  1 lot for nett gain of $35.  The divestment happened before it went XD on 29 July and it is higher than the expected dividend amount l am supposed to get paid (1 lot x dividend rate $0.0285 = $29).  Payment of the dividend will happen on 29 Aug so, l have already collected its dividend amount in advance.  Its share price has gone up higher after l have divested it away but l am still okay with it as it is an exit selling price l have set - to be profitable and matching the dividend rate declared or assumed, if possible.  Even if l have divested it away lower than the expected dividend amount l will still be okay as it freeing up funds for other investment opportunity and it is better than bank deposit rate, if possible.

Added Mapletree Greater China Commercial Trust (Magic) 3 lots in this week under Cash portfolio.  Its current share price stayed almost flat versus last week and is around 1.6% above its IPO price at the moment.

Portfolio walk since previous posting :-

+$2,271 Total Returns as of 19 July

+$138 Gain on sales of Suntec Reit, Frasers Centrepoint Trust, SingPost

+$681 Unrealised positions improved

+$3,089 Total Returns as of 26 July

Previous posting :-Cash - Closing Status 19 July

Cash - Closing Status 19 July

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

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

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

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

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

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

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

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

Received dividends from SingPost in this week of $375.

Portfolio walk since previous posting :-

+$2,195 Total Returns as of 12 July

+$375 Dividends from SingPost

+$269 Gain on sales of Loyz

-$569 Unrealised positions worsened

+$2,271 Total Returns as of 19 July

Previous posting :-Cash - Closing Status 12 July

SRS - Closing status 19 July

Divested Mapletree Commercial Trust 2 lots in this week under SRS portfolio at a gain of $46 or yield of 1.9% based on my investment costs in it.   Assuming that its next dividend is having same XD date as last year 31 July and also same dividend rate $0.01537 then the $46 gain is 1.5 times more than the expected dividend amount; $46 = 2 lots x dividend rate $0.01537 x 1.5 times.  And l have already collected its dividend in advance in this week rather then waiting for its payment date on 29 Aug (assuming same as last year).  The proximity of its four properties locations are very near to one another and are very much sought by businesses - PSA building, VivoCity, Bank of America Merrill Lynch HarbourFront,  Mapletree Anson (near to Tanjong Pagar mrt station) so, there is little chance with leases renewals problems.  Will re-invest into it again when its share price weakens further.

Re-invested into Frasers Centrepoint Trust (FrasersCT) 2 lots in this week; for the 3rd time within one month under SRS portfolio.  In the last two rounds (in current July'13 month) l have already collected in advance on its soon to be announced dividends by almost 1.7 times more.  Hope to be third time lucky with the latest re-investment in this week.  Otherwise l will be forced to take on a normal passive income investment route instead of an "accelerated" passive income investment style if its share price weakens further in the coming days and weeks.

Added CDL Hospitality Trusts (CDL HTrust) 2 lots under SRS portfolio in this week.  So my total holding in it now at 4 lots.  Its share price like all other business trusts and reits have been under heavy selling pressure of late.  Further downside on CDL HTrust share price is quite limited from here.  If it keeps getting lower on its share price then l will just keep it for passive income investment so, it becomes a forced passive income investment.  Of course, l do very much want it to be an accelerated passive income investment type even though doing so can be easily mistaken as trading (which is not my cup of tea really).  

Portfolio walk since previous posting :-

+$7,695 Total Returns as of 12 July

+$46 Gain on sales of Mapletree Commercial Trust

-$549 Unrealised positions worsened

+$7,192 Total Returns as of 19 July

previous posting :- SRS - Closing status 12 July

SRS - Closing status 12 July

Added  Mapletree Commercial Trust 1 lot in this week under SRS portfolio so, l have total of 2 lots of it now.  Just in case l am stuck with my investment in it then l can still expect an annual dividend yield 5.8%.  Distributable income is likely sustainable at 2012 rate or even higher with the completion of Mapletree Anson acquisition in early Feb'13.

Invested into Tat Hong 2 lots.  Its near term outlook is quite risky due to weakness in AUD currency where it has significant business there.  Its share price has been correcting since 22 May till now so further downside from current point seems quite limited.  Its next XD date is 5 Aug and just in case l am stuck with it beyond this XD date then l can expect annual dividend yield of 3.3% for calendar year 2013.  Annual dividend yield 3.3% is still reasonably okay especially when comparing against bank fixed deposit rate for investment amount of $2.4k.

When l have invested into Sin Heng Heavy Machinery 15 lots in this week l have overlooked the fact that it is currently going through Rights Issue which will ex-Rights on 18 July.  I have never like the idea of subscribing to Rights Issue due to expensive costs involved when divesting away odd lots.  Hoping to divest away Sin Heng before it goes ex-Rights.  Its nine-months results on both revenue and profit are really good and it has cash generating status on operating activities.  l will definitely re-invest into Sin Heng if l "survived" whilst divesting it away next week.  If l am stuck with it then based on my investment costs in it l can expect an annual dividend yield of 3.8%.
 
Divested Frasers Centrepoint Trust  (FrasersCT)  2 lots in this week under SRS portfolio, again.  Investment duration was only within one week for a nett gain of $42 or 1.1% returns which is better than bank rate for savings account.   Its next dividend likely to XD 31 July and assuming a dividend rate $0.026 same as last year then the nett gain of $42 is 80% of the full dividend amount ---> 2 lots x dividend rate $0.026 x 80% = $42.  I am still okay with it as the investment duration is short.  Will re-invest into FrasersCT when its share price weakens again.

Invested into Suntec Reit 1 lot in this week under SRS portfolio.  But l have divested it away within the same week for a nett gain of $24.   Assuming that its next dividend is having same XD date as last year 26 July and also same dividend rate $0.02361 then l can expect dividend amount of $24 = 1 lot x dividend rate $0.02361.  So, l have actually collected its dividend in advance in this week rather then waiting for its payment date on 27 Aug (assuming same as last year).

Finally, l have invested into SingPost 10 lots in this week.  Looking forward to its usual next dividend which will XD on 14 Aug at dividend rate of $0.0125 if it is maintained the same as previous years.

Portfolio walk since previous posting :-

+$7,544 Total Returns as of 5 July

+$65 Gain on sales of Suntec Reit, Frasers Centrepoint Trust

+$86 Unrealised positions improved

+$7,695 Total Returns as of 12 July

previous posting :- SRS - Closing status 5 July

SRS - Closing status 5 July

Divested Frasers Centrepoint Trust  (FrasersCT)  2 lots in this week under SRS portfolio.  Investment duration was only within 2 weeks for a nett gain of $44 or 1.2% returns which is better than bank rate for savings account.   Its next dividend likely to XD 31 July and assuming a dividend rate $0.026 same as last year then the nett gain of $44 is 85% of the full dividend amount ---> 2 lots x dividend rate $0.026 x 85% = $44.  I am still okay with it as the investment duration is short.  Will re-invest into FrasersCT when its share price weakens again.

Invested into Kingsmen Creatives 3 lots 2 weeks ago but l have decided to divest it all away in this week for a nett gain of $63.  The $63 nett gain is 1.4 times its next dividend rate $0.015, if maintained the same for this year; 3 lots x dividend rate $0.015 x 1.4 times = $63.  And l have already collected it in advance now rather then waiting for its next XD 4 Sept and payment 24 Sept.  Will re-invest into Kingsmen Creatives at lower or reasonably good share price levels.

Divested UMS 21 lots at a nett gain of $240 within one week of investment period.  I could not resist for doing so because the nett gain $240 is better than expected dividend amount of $210 (21 lots x dividend rate $0.01).  And also l can collect it ahead of its XD date 9 July and payment date 26 July. 

 
Portfolio walk since previous posting :-

+$6,944 Total Returns as of 28 June

+$347 Gain on sales of UMS, Frasers Centrepoint Trust, Kingsmen Creatives

+$252 Unrealised positions improved

+$7,544 Total Returns as of 5 July

previous posting :- SRS - Closing status 28 June

SRS - Closing status 28 June

In this week for my SRS portfolio, l have increased my holding in AIMS AMP Industrial Reit 1 lot.  But in the same week l have decided to sell all 4 lots away for a nett gain of $119. Assuming that the next dividend rate is same as last year at $0.025 and also having same XD as last year on 30 July so l will get 4 lots x dividend rate $0.025 = $100 dividend amount.  The nett gain of $119 is better than the expected dividend amount and l have already collected it in advance, now. 

Divested UMS 5 lots at a nett gain of $68 within one week of investment period.  I could not resist for doing so because the nett gain $68 is better than expected dividend amount of $50 (5 lots x dividend rate $0.01).  And also l can collect it ahead of its XD date 9 July and payment date 26 July.  Anyway, l have re-invested into UMS 21 lots in this week.  Its recent business outlook seems okay so l do not mind getting stuck investing in it when its share price starting to drift lower, possibly.

Divested K1 Ventures 10 lots within one week of investment in it for a nett gain of $24 or 1.4% yield , which is far much better than bank deposit rate within such a short investment period.  Looking forward to re-invest into K1 Ventures at lower share price levels.

Divested SingPost 6 lots at a nett gain of $118 within three weeks of investment period.  The nett gain $118 is around 78% of the dividend amount of $150 (6 lots x dividend rate $0.025 x 78%).  Even though the nett gain amount is lower but its a 1.5% yield which is better than bank deposit rate within a rather short investment period.  And also l have collected its dividend in advance as it will XD on 2 July and payment date 15 July.  Will re-invest into SingPost at lower share price levels.

CDL Hospitality Trusts share price dropped further in this week so l have increased my holding in it from 1 lot to 2 lots now.  If l am ever stuck with my investment in it l will have no regrets as l will consider it a good problem to have due to its reasonably good dividend yield of around 6.3% based on my investment costs in it.  

Added Frasers Centrepoint Trust 1 lot in this week so my total holding in it now at 2 lots. If l am stuck with this investment then l can still expect an annual dividend yield 5.3% which is much better than bank deposit rate.

Portfolio walk since previous posting :-

+$6,599 Total Returns as of 21 June

+$329 Gain on sales of UMS, AIMS AMP Reit, SingPost and K1 Ventures

+$16 Unrealised positions improved

+$6,944 Total Returns as of 28 June

previous posting :- SRS - Closing status 21 June

SRS - Closing status 21 June

In this week for my SRS portfolio, l have invested into AIMS AMP Industrial Reit 6 lots.  In the same week l have decided to reduce my holding in it by half to 3 lots currently.  This divestment was at a nett gain of $120.  If l am stuck with my investment for the remaining 3 lots then l can still expect an annual dividend of 6.6% based on my investment costs in it.

Divested UMS 25 lots at a nett gain of $164.  This is because l was not unsure whether the stock will continue to drift lower so l have decided to divest it all away as l was already in profit position.  The $164 nett gain is 66% of its dividend XD on 9 July which l think is still good considering that my investment duration in it was only for one week.  Its share price did not go lower much so l have re-invested into UMS 5 lots in the same week. Selling pressure will likely to come in next week as investors did not have much time to react when its share price ended Friday at its 52 weeks high at $0.525.

CDL Hospitality Trusts share price has been dropping for quite some time now and at one time on Friday, it was at its 52 weeks low of $1.70.  I have invested into CDL Hospitality Trusts 1 lot in this week but not at its lowest share price level in this week. Will the current haze situation affect its revenue?  Possibly yes, when it reports its 2nd quarter results ending 30 June but l think it will be minimal as 15% of its hotel businesses are in Australia and New Zealand and the haze situation happens for only 2-3 weeks duration.  If l am ever stuck with my investment in it l will have no regrets as l will consider it a good problem to have due to its reasonably good dividend yield of around 6.3% based on my investment costs in it. 

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

Invested into K1 Ventures 10 lots this week under SRS portfolio.  K1 is into a wide range of investments across diverse industry sectors - 50% in transportation leasing and 50% in Investments (mainly Education, Oil and Gas exploration, Financial Services, Automative Retail, Diversified funds).  There are many well known brand names under Education such as Busy Bees, Learning Vision, Learning Horizon, Pat's School House, The Children's House, Canadian International School of Singapore, Brighton Montessori, K12 Inc.  In its recently published annual report it said :- ".... It was concluded that shareholders were best served by not seeking additional capital and instead focus on the management of the current investment portfolio with the view to maximise shareholder value, and to distribute excess cash as investments are monetised. ....".  There are many powerful names in its board of directors namely Choo Chiau Beng (from Keppel Group), Lee Suan Yew (from Haw Par Group), Teo Soon Hoe (from Keppel Group), Yong Pung How (former Chief Justice of Singapore), Neo Boon Siong (from OCBC, Keppel T&T). At annual dividend rate of $0.015 (interim dividend $0.01 + assumed final dividend $0.005) then l can expect annual dividend yield of 9.0% based on my investment costs for 10 lots.

The share price of Frasers Centrepoint Trust (FrasersCT) looks quite attractive now.  Its share price started correcting lower since early May'13.  For this week, l have invested into FrasersCT 1 lot and if l am stuck with this investment then l can still expect an annual dividend yield 5.3% which is much better than bank deposit rate.

Also invested into Mapletree Commercial Trust 1 lot in this week at a share price which has a dividend yield 5.4% just in case l am stuck with this investment.  Distributable income is likely sustainable at 2012 rate or even higher with the completion of Mapletree Anson acquisition in early Feb'13. 

This week for my SRS portfolio l have invested into Kingsmen Creatives 3 lots.  Its revenue for 1str quarter results was lower than in 2012 but its gross profit margin at 30.7% was above 2012 full year (25%) and 1Q2012 (27.2%) so it is playing its sales mix well here which contributed positively to its profit.  Profit was also higher because of dividend income from other investment income in 1Q2013; not sure whether this is a one-time item?   Its associated companies also contributed positively to its profit.

Portfolio walk since previous posting :-

+$6,313 Total Returns as of 14 June

+$285 Gain on sales of UMS and AIMS AMP Reit

+$1 Unrealised positions improved

+$6,599 Total Returns as of 21 June

previous posting :- SRS - Closing status 14 June