SRS - Closing status 4 July

Divested away GRP Ltd 50 lots in this week as part of usual and active stock holdings re-balancing for $41 nett gain.  For its HY2014 financial results, revenue +5.7% with growth in all the three business divisions.  Strong demand in Hose & Marine and ramp up in orders from a middle east customer for its uPVC.   Administrative expenses -6.7%.  Profit 24.4%.  Free cash flow status at the moment.  Cannot understand reason(s) for not declaring any dividends with this set of good results.  It recently announced termination of its projects and development works in Myanmar.

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

 SRS stock holdings walk since previous posting :-

+$10,735 Total Returns as of 27 June 

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

+$654 Unrealised positions improved

+$11,506 Total Returns as of 4 July

previous posting :- SRS - Closing status 27 June

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

Cash - Closing Status 13 June

Reduced GRP Ltd 50 lots in this week as part of usual and active stock holdings re-balancing for $24 nett gain; total holding in it 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.  It recently announced termination of its projects and development works in Myanmar.

Cash stock holdings walk since previous posting :-

+$10,346 Total Returns as of 6 June

+$24 Nett gain on sales of GRP

-$567 Unrealised positions worsened

+$9,803 Total Returns as of 13 June

Previous posting :- Cash - Closing Status 6 June

Remarks :- Profits locked in to-date $16,927 / year 2014 $5,434

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

SRS - Closing status 6 June

Invested into GRP Ltd 50 lots in this week as part of usual and active stock holdings re-balancing.  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.

Based on my stock holding of Tee International l have been given a bonus issue on Tee International Warrant W170526 of 18 lots.  Sold away the entire 18 lots of it in this week for $1,034 nett gain; as part of usual and active stock holdings re-balancing.  

Invested into K-Green Trust (now known as Keppel Infrastructure Trust) 10 lots in this week as part of usual and active stock holdings re-balancing.  For its 1Q2014 financial results, revenue -1.3% versus last year; profit +9.4%.  Higher profits driven by lower electricity price from measures taken to mitigate the volatility of electricity cost by fixing the price, and the savings from the solar photovoltaic (PV) system which generates electricity for plant consumption.  No borrowings.  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.  Ulu Pandan Tust's income is derived in equal parts from availability payments and from NEWater output payments.  In connection with the reorganisation of Keppel Integrated Engineering Limited (being the sponsor of KGT) and Keppel Energy Pte. Ltd. under Keppel Infrastructure Holdings Pte. Ltd. (KI), the investment mandate of KGT will now cover a wider range of infrastructure assets, so as to align with the wider business activities of KI.  KI currently has three core business platforms in Gas-to-Power, Waste-to-Energy and X-to-Energy, the latter of which spearheads strategic developments into alternative energy sources, energy conversion and integration of the energy value chain, as well as encapsulates other energy infrastructure businesses such as district heating and cooling.

 SRS stock holdings walk since previous posting :-

+$9,635 Total Returns as of 30 May

+$1,034 Nett gain on sales of Tee International Warrant

+$569 Unrealised positions improved

+$11,239 Total Returns as of 6 June

previous posting :- SRS - Closing status 30 May

Remarks :- Profits locked in to-date $16,182 / year 2014 $3,580

Cash - Closing Status 30 May

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

$23.20 Ascendas India Trust
$42.80 Cache Logistics
$39.40 Keppel Reit
$4.96 Suntec Reit

Reduced Keppel Reit 1 lot in this week for $24 nett gain as part of usual and active stock holdings re-balancing; remaining stock holding at 1 lot.  In its recent 1Q2014 financial results and versus last year;  DPU stayed the same at 1.97 cents;  Property expenses  now stabilized at +4.3%;  NPI higher by 14.7% resulted from improved performance from Ocean Financial Centre and Prudential Tower, as well as the additional income from 8 Exhibition Street in Melbourne;  Profit +20.1% due to higher NPI, higher interest income, higher share of results of associates and jv, lower trust expenses and lower amortization expenses; but offset by lower rental support, higher borrowing costs and management fees as a results of the larger portfolio of assets under management.  As of end Qtr 1, its NAV was valued at $1.39 but Mr Market believes that it is worth $1.305 as of its Friday closing price.  Recently, it sold away 92.8% of its stake in Prudential Tower and the sale proceeds will be used to repay existing debt in order to achieve greater financial flexibility, with the remaining amount to be used for general corporate and working capital purposes and/or for pursuing acquisition opportunities.  Post divestment, its aggregate leverage will decline from 42.1% to 38.8%.

Reduced GRP Ltd 40 lots in this week for $79 nett gain but re-invested into it again for 30 lots as part of usual and active stock holdings re-balancing; total holding in it now at 41 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.

Divested away Ascendas India Trust 1 lot at breakeven as part of usual and active stock holdings re-balancing.  For its 4Q2014 results, NPI +14% due to total property expenses declined by 10%; and hence a higher income available for distribution and higher DPU.   Occupancy rate at 97%.  Gearing at 22%.  NAV at $0.62 versus friday's closing $0.79.  

Divested away HPH Trust 2 lots in this week at breakeven as part of usual and active stock holdings re-balancing.  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 $0.94.  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 PCI Limited 3 lots in this week as part of usual stock holdings re-balancing for $38 nett gain.   For its 3Q2014 results, revenue -5.1%, profit +508.9%.   EMS (Electronics Manufacturing Services) revenue -5.9% due to weaker orders from key customers.  As a result of continuing efforts to manage cost, EMS operating profit margin was 3.1%.   No borrowings. 

Divested away Croesus Retail Trust 2 lots in this week for $20 nett gain as part of usual and active stock holdings re-balancing.  For its 3Q2014 results, NPI +12.3% and Income available for distribution per unit (SGD cents) +8.0% versus Forecast.  Higher NPI mainly due to better than expected tenant sales at Mallage Shobu.  Gearing 53.5%.  Majority lease expiry by gross rental income in FY2015 (21.5%) and FY2018 and beyond (67.5%).  NAV as of end Mar'14 at JPY 70.95 (SGD 0.87); friday close at $0.945.

Cash stock holdings walk since previous posting :-

+$7,386 Total Returns as of 23 May

+$110 Dividends from Keppel Reit, Ascendas India, Cache Logistics, Suntec Reit

+$162 Nett gain on sales of Keppel Reit, Ascendas India Trust, GRP, Croesus Retail, HPH Trust, PCI

+$818 Unrealised positions improved

+$8,477 Total Returns as of 30 May

Previous posting :- Cash - Closing Status 23 May

Remarks :- Profits locked in to-date $15,861 / year 2014 $4,369

 

Cash - Closing Status 23 May

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

$160.00 SembCorp Marine
$24.00 Mun Siong
$123.96 Mapletree Greater China

Increased Tee International 1 lot as part of usual and active stock holdings re-balancing; total holding in it now at 35 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. 

Added GRP Ltd 40 lots in this week as part of usual and active 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.

Re-invested into Croesus Retail Trust 2 lots in this week as part of usual and active stock holdings re-balancing.  For its 3Q2014 results, NPI +12.3% and Income available for distribution per unit (SGD cents) +8.0% versus Forecast.  Higher NPI mainly due to better than expected tenant sales at Mallage Shobu.  Gearing 53.5%.  Majority lease expiry by gross rental income in FY2015 (21.5%) and FY2018 and beyond (67.5%).  NAV as of end Mar'14 at JPY 70.95 (SGD 0.87); friday close at $0.96.

Cash stock holdings walk since previous posting :-

+$7,928 Total Returns as of 16 May

+$308 Dividends from Mun Siong, SembCorp Marine, Mapltree Greater China

-$849 Unrealised positions worsened

+$7,386 Total Returns as of 23 May

Previous posting :- Cash - Closing Status 16 May

Remarks :- Profits locked in to-date $15,589 / year 2014 $4,096

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 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 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 11 April

 Donated $40 to Ain Society in this week. 

Added GRP Ltd 19 lots in this week but divested it away in the same week as part of usual portfolio re-balancing for $85 nett gain; remaining 11 lots.  For its HY2014 financial results, revenue +5.7% with growth in all the three business divisions.  Strong demand in Hose & Marine and ramp up in orders from a middle east customer for its uPVC.   Administrative expenses -6.7%.  Profit 24.4%.  Free cash flow status at the moment.  Cannot understand reason(s) for not declaring any dividends with this set of good results.  The ex-President of REDAS, Mr Teo Tong How will be part of GRP's independent non-executive director and chairman of the board of directors.  Mr. Teo will add tremendous value to GRP due to his vast knowledge, experience and network in property development, and property investments.

Re-invested into Croesus Retail Trust 5 lots in this week as part of usual portfolio re-balancing.  It has 100% occupancy across all its four retail business properties in Japan.  Around 0.5% of leases are subjected for renewals in year 2014; and 20.5% 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 :-

+$5,377 Total Returns as of 4 April

-$40 Donation to Ain Society

+$85 Nett gain on sales of GRP

+$751 Unrealised positions improved

+$6,173 Total Returns as of 11 April

Previous posting :- Cash - Closing Status 4 April

Remarks :- Profits locked in to-date $14,848 / year 2014 $3,356

Cash - Closing Status 4 April

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

$145.09 HPH Trust S$D
$113.60 Far East HTrust
$949.90 Asian Pay TV Trust
$135.00 Tee International
$52.40 Croesus Retail Trust

Divested away CDL Hospitality Trusts 2 lots at break-even in this week, as part of usual portoflio re-balancing.  For its 4Q13 results, net property income +2.5%; income available for distribution per unit +0.6%.  Income from acquisition growth in 2013 has mitigated the impact of the softer trading conditions experienced in Singapore.  Its healthy gearing puts it in good stead to capitalise on expansion opportunities as it continues to actively seek yield-accretive acquisition opportunities in the hospitality sector.  Orchard Hotel Shopping Arcade, currently under AEI will be rebranded as "Claymore Link"; incremental rental income to be more than S$2.0 million on an annualized basis.

Reduced GRP Ltd 75 lots in this week for $349 nett gain as part of usual portfolio re-balancing; remaining 11 lots.  For its HY2014 financial results, revenue +5.7% with growth in all the three business divisions.  Strong demand in Hose & Marine and ramp up in orders from a middle east customer for its uPVC.   Administrative expenses -6.7%.  Profit 24.4%.  Free cash flow status at the moment.  Cannot understand reason(s) for not declaring any dividends with this set of good results.  The ex-President of REDAS, Mr Teo Tong How will be part of GRP's independent non-executive director and chairman of the board of directors.  Mr. Teo will add tremendous value to GRP due to his vast knowledge, experience and network in property development, and property investments.

Invested into OUE Hospitality Trust 1 lot in this week but have decided to divest it away in the same week after achieving the profit target set of $21 or 2.5%.    In its recent 4Q13 results, NPI +0.6% mainly driven by higher food & beverage revenue from banquet sales and corporate meetings which more than compensated for slightly lower room revenue compared to forecast.  Income available for distribution +2.3% higher due to higher NPI coupled with lower trust expenses incurred.  As at end 2013, it has completed the conversion of 26 guest rooms, increasing the number of guest rooms to 1,077. In addition, 32 guest rooms have been refurbished and these rooms have achieved room rates which are about 15% higher than the non-refurbished rooms.  The asset enhancement programme to renovate 430 guest rooms at Mandarin Orchard is funded by the Sponsor, and is expected to be completed in phases in 2014 and 2015. The refurbishment schedule will be tailored to minimize disruption to the normal service of the hotel so that the occupancy of the hotel will continue to be optimised.

Reduced Far East Hospitality Trust 1 lot at break-even in this week, as part of usual portoflio re-balancing; remaining balance at 7 lots.  In its 4Q13 results, NPI -2.4%, Income available for distribution -2.2% as industry challenges remained. Rental from serviced residences and excluded commercial premises exceeded Forecast and helped to mitigate the shortfall in master lease rental derived from hotels.  Following the acquisition of the Rendezvous Hotel Singapore on 1 August 2013, it has embarked on soft refurbishments of the reception area, lobby bar and club rooms to reposition it as an art-inspired hotel, in synchronisation with the character of the precinct. The refurbishments were completed and the hotel was re-launched in January 2014.  It will continue to optimise the value of its existing assets and try to improve their competitiveness by implementing asset enhancement initiatives in a holistic and progressive manner. For 2014, it has planned for renovations at The Elizabeth Hotel, Village Hotel Albert Court, Village Hotel Changi and Regency House.  As at 31 December 2013, 62% of its debt portfolio or all of its debt maturing beyond 2016, is locked in at fixed interest rates, providing for stability in a rising interest rate environment.

Invested into Saizen Reit 2 lots in this week as part of usual portfolio re-balancing.  In its 2Q14 results, NPI +3.3%, profit +15.6%.  Quarter-on-quarter, NPI remained stable.  Average occupancy rate at 90.6%.  With the onset of the major leasing season in the months of February to April, occupancy demand is expected to increase.  Distribution per unit dropped to 3.25 cents from 3.30 cents due to effect of unit consolidation completed on 8 Nov'13. Deloitte had been appointed in Dec’13 as an independent financial adviser to undertake a strategic review of options for enhancing unitholder’s value and it remains on-going.  Nearest loan maturity is in Feb 2018.

Portfolio walk since previous posting :-

+$3,276 Total Returns as of 28 March

+$1,396 Dividends from Croesus, HPH Trust, Far East HTrust, Asian Pay TV, Tee Intl

+$373 Nett gain on sales of GRP, Far East HTrust, OUE HTrust, CDL HTrust

+$332 Unrealised positions improved

+$5,377 Total Returns as of 4 April

Previous posting :- Cash - Closing Status 28 Mar

Remarks :- Profits locked in to-date $14,763 / year 2014 $3,271

SRS - Closing status 28 March

Divested away GRP Ltd 75 lots in this week for $285 nett gain as part of usual portfolio re-balancing.  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.

Portfolio walk since previous posting :-

+$5,068 Total Returns as of 14 March 

+$285 Nett gain on sales of GRP

+$422 Unrealised positions improved

+$5,776 Total Returns as of 28 March

previous posting :- SRS - Closing status 14 March

Remarks :- Profits locked in to-date $13,735 / year 2014 $1,133