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 23 May

Received a cheque in the mail this week from Mun Siong for $15 which is 1.1% of returns based on my investment costs in it.  I have no plan to increase or selling my 10 lots holding of it at the moment.  l am just taking this investment as if it is a bank deposit. 

UMS is currently having a CD status.  UMS will go XD on 9 July and payment will be made on 26 July.  I have sold all of it away this week from my Cash portfolio in order to collect its dividend in advance.  Profit made was at $157 and it is 30% more than the expected dividends which would have been at $120 (12 lots x dividend rate $0.01).  Will re-invest into UMS if its price weakens. 

l have divested Telechoice 20 lots for a profit of $568 and this is about 11% away from its two year's worth of annual dividend; last paid annual dividend rate $0.016 x 20 lots x 2 years x 89% = $568.  Will re-invest into Telechoice at lower share price level.

Portfolio walk since previous posting :-

+$3,246 Total Returns as of 17 May

+$725 Gain on sales of Telechoice, UMS

+$15 Dividends from Mun Siong

-$900 Unrealised positions worsened

+$3,086 Total Returns as of 23 May

Previous posting :-  Cash - Closing Status 17 May

Cash - Closing Status 25 May

Received a cheque early this week from Mun Siong for dividends of $60.  Mun Siong pays dividends only once in a year and the dividend amount was lowered from $0.01 (ROC 7.2%) to $0.006 (ROC 4.3%) and so, this is a disappointment.  My investment value in Mun Siong though has dropped by 24% but the paper loss is still small at $363 because the amount invested is less than $2k.  It has a healthy balance sheet and a healthy order book.  But l am concern of its gross profit margin which of late has been under pressure.  Because of lower dividend and a pressured gross profit margin, l will try to sell Mun Siong away at breakeven but l will have to average down first.

Added another 7 lots on TPV this week.  TPV released a disappointing 1Q2012 results this week.  Its revenue came in 13% lesser than a year ago.  Gross profit margin is almost flat at 6%.  In just 3 months, its cash and cash equivalents dropped 41%; current ratio is now at 0.92 times from 0.96 times.  Combined sales to China and Europe is about 55% of total sales; China growth is slowing down and costs of doing business there has gone up; Europe is in serious mess so looks like extremely tough time ahead for TPV.  Reason for additional 7 lots this week is to average down and am hoping to eventually looking at reducing my investment in TPV.  Time being, will have to continue averaging down if its share price weakens further.

Portfolio walk since previous posting :-

-$1,963 Total Returns as of 18 May 

+$60 Dividends from Mun Siong

+$689 Unrealised positions improved

-$1,215 Total Returns as of 25 May

previous posting :- Cash - Closing Status 18 May 

Cash - Closing Status 24 Feb

Bought Foreland 35 lots, Mun Siong 10 lots, Hock Lian Seng 6 lots.
Sold Serial System 19 lots

Portfolio walk since previous posting :-

$1,147 Total Returns as of 17 Feb 

+$86 Gain on sales of Serial System

+$175 Unrealised positions improved

$1,408 Total Returns as of 24 Feb


previous journal :-   Cash - Closing Status 17 Feb, Investment activities - week ending 24 Feb

Investment activities - week ending 24 Feb

There is no movement to both CPF and SRS portfolios in this week so am updating Cash portfolio as below.

Serial (S69)

Sold Serial System 19 lots this week; a day before its results announcement.  Nett nett gain at $86.  If this is kept till ex-dividend date then l will get $63 and from past record, the expected dividend payment date is 14 May.  So,  l have actually collected the dividend in advance and at higher amount.  Since 2001, its Revenue CAGR is 26%.  Measuring from year 2006, its semiconductor revenue CAGR is at 22% versus Asia Pacific semiconductor industry CAGR of 7%.  Its gross profit CAGR is at 15% since year 2005.  Though l would prefer a CARG data of the same starting year but these few CAGR info shows good growth track for Serial System. It must however, not losing focus and monitor very closely its increasing inventory and trade receivable turnover days.  l will reinvest into Serial System again at good entry price point.

The share market (local and global) seems overbought at this moment.  But in both bear and bull market, l reckon there are always (both long and short term) opportunities.  So, l did some purchases this week; as below.

Mun Siong MF6) 
Quick financials :- (based on full year results released on 10 Feb) Revenue +6.5%, lower gross profit margin in 2011 due to more complex scope of project work in 2010, current ratio 5.3 times, healthy operating cash flow before working capital changes. 
No. of shares purchased : 10 lots
Dividend rate : 0.6 cents
Ex-dividend date : Not announced yet.  Expected this to be on 27 April.
Plan A : To sell at exit selling price based on the dividend rate and am hoping this to happen within 60 days - which is the time-frame between now till 27 April.
Plan B : If stock price facing resistance between now and 27 April, then to sell it off at break even or at lower exit selling price target for a smaller nett gain.
Plan C : If stock price goes south and holding time frame already past 27 April then to hold for selling it at break even within six months.  Average down if necessary, in order to sell it off at break even.

Foreland (B0I) 
Quick financials :- (based on nine months results released on 14 Nov) Revenue +175%, gross profit margin improved to 29% from 18% in 2010, current ratio 3.5 times, healthy operating cash flow before working capital changes, Foreland issued higher revenue and profit alert on 14 February.
No. of shares purchased : 35 lots
Dividend rate : Not announced yet. Expected it to be higher than previous year 0.379 cents.  In order to form the exit selling price l have assumed and used the dividend rate of 0.51 cents.
Ex-dividend date : Not announced yet.  Expected this to be on 10 May.
Plan A : To sell at exit selling price based on the assumed dividend rate and am hoping this to happen within 74 days - which is the time-frame between now till 10 May.
Plan B : If stock price facing resistance between now and 10 May, then to sell it off at break even or at lower exit selling price target for a smaller nett gain.
Plan C : If stock price goes south and holding time frame already past 10 May then to hold for selling it at break even within six months.  Average down if necessary, in order to sell it off at break even.

HockLianSeng (J2T) 
Quick financials :- (based on full year results released on 22 Feb) Revenue -29% due to the completion of the Marina Bay station project , gross profit margin improved to 25% from 13% in 2010, current ratio 1.5 times, healthy operating cash flow before working capital changes.
No. of shares purchased : 6 lots
Dividend rate : 2 cents
Ex-dividend date : 7 May
Plan A : To sell at exit selling price based on the dividend rate and am hoping this to happen within 71 days - which is the time-frame between now till 7 May.
Plan B : If stock price facing resistance between now and 7 May, then to sell it off at break even or at lower exit selling price target for a smaller nett gain.
Plan C : If stock price goes south and holding time frame already past 7 May then to hold for selling it at break even within six months.  Average down if necessary, in order to sell it off at break even.


previous journal :-   Cash - Closing Status 17 Feb