SRS - Closing status 13 June

Received the SRS statement from the bank in this week for May month; collected the following dividends for my SRS stock holdings :-

$39.40 Keppel Reit
$160.00 SembCorp Marine
$154.95 Mapletree Greater China
$56.40 Sabana Reit 
$42.80 Cache Logistics
$37.80 Mapletree Logistics 

SRS stock holdings walk since previous posting :-

+$11,239 Total Returns as of 6 June

+$491 Dividends from Keppel Reit, Sabana Reit, SembCorp Marine, Cache Log, Mapletree Log, Mapletree GC

-$474 Unrealised positions worsened

+$11,256 Total Returns as of 13 June

previous posting :- SRS - Closing status 6 June

Remarks :- Profits locked in to-date $16,673 / year 2014 $4,071

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

SRS - Closing status 17 April

Reduced Tee International 15 lots as part of usual portfolio re-balancing for $166 nett gain; total holding now at 45 lots.  Tee Intl soft financial results for 3Q2014; revenue -29.5% due to lower recognition of revenue and profit -ve 13% due to higher admin costs from the acquisition of Interlift Sales Pte Ltd.  It  proposed an issue of 2 warrants for every 5 shares issue (exercise price of S$0.25 per warrant)  to strengthen its capital base and support its expanding business activities.

Divested away Mapletree Logistics 2 lots in this week at small nett profit of $13 as part of usual portfolio re-balancing.  For its 3Q2014 financial results, NPI -0.2%; excluding the forex impact then NPI +4.0%.  Borrowing costs -23% due to lower average interest rates achieved and weaker JPY.  Impact of weaker JPY on distribution is mitigated by currency hedges.  95% of amount distributable is hedged into / derived in SGD.  100% of income stream from Japan has been hedged.  Amount distributable to unitholders +8% driven by enlarged portfolio, positive rental reversions and lower financing costs.  NAV as of end Dec'13 at $0.93 but Mr Market says it is worth $1.085 at the moment.  Aggregate leverage ratio 33.9%.  73% of total debt hedged into fixed rates.  Portfolio occupancy 98.4%.    

Divested away Mapletree Industrial 2 lots in this week under CPF portfolio as part of usual portfolio re-balancing for $53 nett gain.   Using previous quarter dividends rate, the expected Qtr 4 dividends will be at $50 (2 lots x $0.0251) so, l have already collected its Qtr 4 dividends in advance. In 2013, the payment date was on 4th June.  For its 3Q2014 financial results, NPI +12.0%.  81% of borrowings had been hedged through interest rate swaps and fixed rate borrowings.  Amount distributable to unitholders +12.0%.  NAV as of end Dec'13 at $1.11 but Mr Market says it is worth $1.425 at the moment.   Aggregate leverage ratio 36.3%.  As of end Dec'13, net current liabilities position due to the reclassification of long term borrowings which are maturing in Aug'14 and Sep'14 (for financial year 2015).  It has existing banking facilities available to refinance most of these borrowings and has also obtained in-principle agreement with certain banks to refinance these loans on a longer term basis.  Portfolio occupancy 92.5%.  It recently signed a sale and purchase agreement to acquire a four-storey light industrial building located at 2A Changi North Street 2 on a sale-and-leaseback arrangement; completion of acquisition expected in 2nd Quarter of 2014.  has signed an agreement with Hewlett-Packard Singapore to develop and lease a new build-to-suit facility (BTS) at its existing Telok Blangah Cluster.  The proposed redevelopment is slated for completion in the first half of 2017 and will be carried out in two phases.  It has sufficient financial capacity to fund the BTS Facility.  Assuming the BTS Facility is fully funded by debt, the aggregate leverage ratio is expected to increase progressively from 36.3% (as at 31 December 2013) to 41.0% upon completion of the BTS Facility.

Invested into CM Pacific 5 lots in this week under SRS portfolio as part of usual portfolio re-balancing.  Revenue for FY2013 +31% mainly due to the consolidation of contribution from Beilun Port Expressway, which was acquired in November 2012 and the revenue growth from
Yongtaiwen Expressway.   Profit was flat; the exceptional gain of HK$365.1 million recorded on disposal of Yu Yao joint ventures in 2012, offset by impairment loss adjustments amounting to HK$87.4 million upon remeasurement of the property development business classified as disposal group.  It maintains its free cash flow status. It declares higher final dividend of 4.25 cents per share.

Divested away CDL Hospitality Trusts 2 lots at a small nett profit of $25 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.

Portfolio walk since previous posting :-

+$8,331 Total Returns as of 11 April

+$257 Nett gains on sales of Tee Intl, Mapletree Logistics, Mapletree Industrial, CDL HTrust

+$259 Unrealised positions improved

+$8,847 Total Returns as of 17 April

previous posting :- SRS - Closing status 11 April

Remarks :- Profits locked in to-date $15,044 / year 2014 $2,442

CPF - Closing Status 17 April

Divested away Mapletree Logistics 2 lots in this week at break-even as part of usual portfolio re-balancing.  For its 3Q2014 financial results, NPI -0.2%; excluding the forex impact then NPI +4.0%.  Borrowing costs -23% due to lower average interest rates achieved and weaker JPY.  Impact of weaker JPY on distribution is mitigated by currency hedges.  95% of amount distributable is hedged into / derived in SGD.  100% of income stream from Japan has been hedged.  Amount distributable to unitholders +8% driven by enlarged portfolio, positive rental reversions and lower financing costs.  NAV as of end Dec'13 at $0.93 but Mr Market says it is worth $1.085 at the moment.  Aggregate leverage ratio 33.9%.  73% of total debt hedged into fixed rates.  Portfolio occupancy 98.4%.    

Divested away Mapletree Industrial 2 lots in this week under CPF portfolio as part of usual portfolio re-balancing for $52 nett gain.   Using previous quarter dividends rate, the expected Qtr 4 dividends will be at $50 (2 lots x $0.0251) so, l have already collected its Qtr 4 dividends in advance. In 2013, the payment date was on 4th June.  For its 3Q2014 financial results, NPI +12.0%.  81% of borrowings had been hedged through interest rate swaps and fixed rate borrowings.  Amount distributable to unitholders +12.0%.  NAV as of end Dec'13 at $1.11 but Mr Market says it is worth $1.425 at the moment.   Aggregate leverage ratio 36.3%.  As of end Dec'13, net current liabilities position due to the reclassification of long term borrowings which are maturing in Aug'14 and Sep'14 (for financial year 2015).  It has existing banking facilities available to refinance most of these borrowings and has also obtained in-principle agreement with certain banks to refinance these loans on a longer term basis.  Portfolio occupancy 92.5%.  It recently signed a sale and purchase agreement to acquire a four-storey light industrial building located at 2A Changi North Street 2 on a sale-and-leaseback arrangement; completion of acquisition expected in 2nd Quarter of 2014.  has signed an agreement with Hewlett-Packard Singapore to develop and lease a new build-to-suit facility (BTS) at its existing Telok Blangah Cluster.  The proposed redevelopment is slated for completion in the first half of 2017 and will be carried out in two phases.  It has sufficient financial capacity to fund the BTS Facility.  Assuming the BTS Facility is fully funded by debt, the aggregate leverage ratio is expected to increase progressively from 36.3% (as at 31 December 2013) to 41.0% upon completion of the BTS Facility.

Divested away Keppel Reit 3 lots in this week as part of usual portfolio re-balancing for $33 nett gain which is only 55% of the actual dividends declared (3 lots x $0.0197 x 55%).  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 much lesser with its Friday closing price at $1.24.  99.8% committed occupancy as at end Mar'14.  Approximately 3.1% of portfolio NLA due for renewal and 6.3% of portfolio NLA due for rent review in 2014.  Nearly 68% of the borrowings are at fixed interest rates.  In 1Q 2014, early refinancing of a further 33% and 16% of borrowings due in 2015 and 2016 respectively.   Aggregate leverage at 42.4%.

 Portfolio walk since previous posting :-

-$7,902 Total Returns as of 11 Apr

+$86 Nett gain on sales of Keppel Reit, Mapletree Industrial, Mapletree Logistics

+$1,298 Unrealised positions improved

-$6,517 Total Returns as of 17 Apr

previous journal :- CPF - Closing Status 11 Apr

Remarks :- Profits locked in to-date $1,226 / year 2014 $581

SRS - Closing status 11 April

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

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

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

Portfolio walk since previous posting :-

+$6,235 Total Returns as of 4 April

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

+$1,227 Unrealised positions improved

+$8,331 Total Returns as of 11 April

previous posting :- SRS - Closing status 4 April

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

Cash - Closing Status 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

CPF - Closing Status 7 Mar

Received the CPF Investment statement from the bank in this week for (Jan) and Feb month.

Collected the following dividends in February month for my CPF portfolio :-
$73.96 Ascott Reit 
$59.10 Keppel Reit
$36.80 Mapletree Logistics Trust
$42.74 Cache Logistics Trust

Portfolio walk since previous posting :-

-$9,008 Total Returns as of 28 Feb

+$213 Dividends received : Ascott Reit, Cache Logistics, Mapletree Logistics, Keppel Reit

-$386 Unrealised positions worsened

-$9,182 Total Returns as of 7 Mar

previous journal :- CPF - Closing Status 28 Feb

Remarks :- Profits locked in to-date $913 / year 2014 $268

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

CPF - Closing Status 29 November

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

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

l will know the exact investment costs and divestment proceeds when the bank send the CPF Investment statement to me after month end; which l will then make necessary update to the Total Returns.

Portfolio walk since previous posting :-

-$6,992 Total Returns as of 22 Nov

-$44  Unrealised positions worsened

-$7,036 Total Returns as of 29 Nov

previous journal :- CPF - Closing Status 22 Nov

SRS - Closing status 29 November

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

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

Reduced Asian Pay TV(APTT) 5 lots at $41 nett gain as part of usual portfolio re-balancing.  Total holding in it now at 8 lots under SRS portfolio.  Subscriber households have grown, average revenue per subscriber is constant, penetration rates have increased, all leading to growth in recently acquired Taiwan Broadband Communications (TBC) earnings.  Taiwan regulator already approved TBC expansion to greater Taichung which opens up opportunity to increase  household network coverage by up to 400,000.  NAV as of end Sep'13 at $0.91 and last done share price at discount of $0.78.  Interest rate swaps have been entered into, which fix a significant portion of the interest rate exposure from TBC's borrowings.  For growth in penetration rates, premium digital cable tv and broadband to increase as a result of up-selling and bundling strategies, increased set-top box penetration, greater availability of digital content, need for reliable internet access.  Network expansion through re-zoning is an opportunity for APTT.  Positive ongoing discussions with Taiwan tax authorities to resolve tax dispute.

Portfolio walk since previous posting :-

+$7,591 Total Returns as of 22 Nov

+$41 Gain on sales of Asian Pay TV

+$36 Unrealised positions improved

+$7,666 Total Returns as of 29 Nov

previous posting :- SRS - Closing status 22 Nov
 

Cash - Closing Status 6 September

Received the following dividends in this week for my Cash portfolio :-
$18.00 Mapletree Logistics
$100.00 Sembcorp Marine
$112.50 SingPost

Reduced Far East Hospitality Trust 1 lot so l have total holding of 6 lots now; for a $16 nett gain. Based on previous week's investment costs in it so it's a 1.8% returns.  For the remaining 6 lots holding l can expect 5.9% dividend yield per year, as "forced" passive income stream with the chance of collecting its dividends in advance now much reduced due to current uncertain economic growth globally and Middle East conflict.

Invested into CapitaRetail Trust 1 lot in this week under Cash portolfio.  Its share price is very near to its 52 weeks low which was last established 25 June.  And during that time its share price recovered to end July by 8.5%.  Will its share price making the same recovery in the next one month; no can tell for sure.  Based on my investment costs in it l can expect 7.0% dividend yield per year.

Invested into CapitaCommercial Trust 1 lot in this week under Cash portfolio which is an all-Singapore based investment properties.  Ongoing asset enhancements for its properties (Capital Tower, Six Battery Road, Raffles City Tower) will see increases in future DPU, usually.  Based on my investment costs in it l can expect 6.0% dividend yield per year.


Divested Perennial China Retail Trust 2 lots for a $25 nett gain. Based on previous week's investment costs in it so it's a 2.4% returns.  This is a much higher returns when comparing to bank savings rate for an investment amount of $1k over one week duration. Will re-invest into it when its share price weakens further.

Bid goodbye to Sin Ghee Huat 3 lots in this week under my cash portfolio for a $61 nett gain.  It goes XD on 29 Oct and payment date 14 Nov so l have already collected its dividends ahead by two months.  Expected dividend amount is $54 = 3 lots x dividend rate $0.018 so the $61 nett gain is much higher.

Portfolio walk since previous posting :-

+$54 Total Returns as of 30 Aug

+$101 Gain on sales of Sin Ghee Huat, Perennial CRT, Far East HTrust

+$231 Dividends collected from Mapletree Logistics, Sembcorp Marine, SingPost

+$324 Unrealised positions improved

+$709 Total Returns as of 6 Sept

Previous posting :-Cash - Closing Status 30 Aug

SRS - Closing status 6 September

Earlier part of the week l have divested Ascendas Reit 2 lots at $81 nett gain; under one week of investment into it.  Projected next dividend amount at $71 = 2 lots x dividend rate (assumed same as last year) $0.0353 so the $81 nett gain came in slightly higher.  With this divestment l do not have to wait till its next XD date in Oct'13 and l have already collected its dividends in advance by around three months as payment expected to happen in Nov'13.  And l can already re-cycle the proceed for my next investment.    

Later part of the week l have re-invested into Ascendas Reit 2 lots.  Its new property building in Fusionopolis already achieved a pre-commitment for 58.3% of the lettable space. Another 16.2% of the lettable space is under advanced negotiation.  So can it can expect more revenue in the near future.  If l am stuck with this investment then based on my investment costs in it then l can expect a 6.3% dividend yield per year from it.  As usual, l am eyeing an exit selling price equal to its next dividend payment in Nov'13.

Received bank statement in this week for my SRS portfolio and there were records of dividends in it for August month :-

$216.40 CDL Hospitality Trusts
$108.00 Mapletree Logistics
$100.00 Sembcorp Marine
$62.50 SingPost
$50.00 Tat Hong

Divested away Cache Logistics 3 lots in this week under SRS portfolio at $47 nett gain.  Assuming that dividend rate same as last year, l have actually managed to collect 73% of it ---> 3 lots x dividend rate $0.02144 x 73% = $47.  Anyway l am still happy with the $47 nett gain as it is a 1.4% returns of my investment costs in it for a duration of two weeks which is better than bank savings rate . Hoping to re-invest into it soon.

Portfolio walk since previous posting :-

+$4,624 Total Returns as of 30 Aug

+$537 Dividends from Sembcorp Marine, SingPost, Tat Hong, CDL HTrust, Mapletree Logistics

+$128 Gain on sales of Cache Logistics, Ascendas Reit

+$651 Unrealised positions improved

+$5,939 Total Returns as of 6 Sept

previous posting :- SRS - Closing status 30 Aug

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 12 July

Divested CDW 16 lots at nett gain of $57in this week under Cash portfolio.  Its 2nd quarter results are likely to be weak mainly because of a major customer's stock adjustment.  Nevertheless overall full year results will still be okay.   So, l will look into re-investment opportunity on CDW at lower share price levels.

Also divested Tai Sin Electric 3 lots in this week at nett gain of $16.  It reported good revenue and profit results for 9M2012; so is cash generating from operating activities and strong Balance Sheet.  Will re-invest into Tai Sin soon.

Invested into Mapletree Logistics 1 lot in this week.  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% if l am stuck with it.

Also invested into Far East Hospitality Trust 1 lot in this week under Cash portfolio.  It goes XD on 18 July for dividend rate at $0.019 which equivalent to 2.0% dividend yield.  Definitely better than bank deposit rate for an investment costs under $1k.

Added SingPost 5 lots in this week so bringing total holding of it at 19 lots now. 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.

I have plucked up my courage to invest into Loyz Energy 17 lots.  It's a new and exciting chapter for Loyz now that Sim Siang Choon Hardware has been successfully sold away to Mr Sim Siang Choon.

Portfolio walk since previous posting :-

+$1,661 Total Returns as of 5 July

+$73 Gain on sales of CDW, Tai Sin Electric

+$461 Unrealised positions improved

+$2,195 Total Returns as of 12 July

Previous posting :-Cash - Closing Status 5 July

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