SRS - Closing status 20 September

Sold away Rickmers Maritime 18 lots in this week for $120 nett profit or 2.4% returns after close to one month of holding in it.  Its next dividend will XD in Nov'13 and dividend payment will happen either in Nov'13 or Dec'13 and dividend rate likely same as previous year at USD 0.006.  Using these assumptions so l can expect dividend amount of $135 = 18 lots x USD 0.006 x fx rate (estimate) 1.25.  The $120 nett gain is $15 short from the expected dividend but l have no complain as l have already collected its dividend in advance.  Looking forward to re-invest into it again.

Divested Mapletree Commercial Trust 2 lots in this week under SRS portfolio at a nett gain of $33 or yield of 1.4% based on my investment costs in it. Assuming that its next dividend is having same XD date as last year in Nov'13 and also same dividend rate $0.01546 then the $33 nett gain is almost par to the expected dividend amount of $31 = 2 lots x dividend rate $0.01546. And l have already collected its dividend in advance in this week rather then waiting for its payment date in Nov'13.

Also divested Cache Logistics 7 lots in this week.  My holding period in it was for only one week for a $125 nett gain or 1.5% returns. If l hold it till its next XD around end of Oct'13 and its dividend payment date around end Nov'13 then l can expect to collect dividend amount $150 = 7 lots x dividend rate $0.02144 (assumed same as last year).  The $125 nett gain is lower than the expected dividend amount of $150 but l am not having any seller's remorse as l can already use the proceeds as my war chest for other investment opportunity.

Increase my position in Asian Pay TV 3 lots in this week so l have total holding of 6 lots now. It is now my 5th largest holding under SRS portfolio at 10%.

Portfolio walk since previous posting :-

+$5,717 Total Returns as of 13 Sept

+$278 Gain on sales of Mapletree Commercial, Cache Logistics, Rickmers

+$2,139 Unrealised positions improved

+$8,134 Total Returns as of 20 Sept

previous posting :- SRS - Closing status 13 Sept

SRS - Closing status 16 August

Invested into Mapletree Commercial Trust 2 lots in this week under SRS portfolio.  VivoCity maintains respectable growth despite a significant number of tenants undergoing fit-out; also improving performance at PSA building.  No debt due to expire in FY 2013/14; started exploring options to refinance debt due to expire in FY 2014/15.


In this week for my SRS portfolio, l have invested into AIMS AMP Industrial Reit 4 lots and got attacked by short sellers almost immediately.  I am already down by -6.7% on this new investment as of Friday's closing; rotten luck.  But l will not be over worrying as l am looking forward from it an annual dividend yield of around 6.7%.   Also, for the next quarter, AIMS AMP expects additional rental income from the completed phase II of 20 Gul Way will boost distributions further.

Portfolio walk since previous posting :-

+$7,265 Total Returns as of 7 Aug

-$1,122 Unrealised positions worsened

+$6,143 Total Returns as of 16 Aug

previous posting :- SRS - Closing status 7 Aug

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 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

MCT properties latest valuation

The last valuation on the three properties of Mapletree Commercial Trust (VivoCity, Bank of America Merrill Lynch HarbourFront, PSA Building) in Nov'2010 were valued at $2.8 billion. 

Its latest valuation (by DTZ Debenham) in Nov'2011 for the three properties were at $2.9 billion.

A broken record music by DBS Vickers

DBS Vickers published two industry focus research reports on two consecutive days, 13 Dec and another time on 14 Dec!!!


Dec 13 report :-
Singapore Retail Reits

and here on Dec 14 report :-

Singapore Reits

with very much emphasis on Capitamall Trust (C38U) and Mapletree Commercial Trust (N21U).  Noted, DBS Vickers.  We hear you loud and clear.

Another publication this week by DBS Vickers promoting these two counters, I will have to be on anti-nausea medication.