Updating dividends collected since previous update.
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Showing posts with label SingPost. Show all posts
Showing posts with label SingPost. Show all posts
Sunday, 18 December 2016
Sunday, 23 October 2016
Friday, 26 August 2016
Saturday, 28 May 2016
Sunday, 20 December 2015
Saturday, 19 September 2015
Sunday, 23 August 2015
Monday, 13 July 2015
Sunday, 24 May 2015
Stock changes 24 May
Updating stocks holdings as of 22 May :-
Fraser And Neave
Invested into it for 400 shares under Cash stock holdings. For its Qtr 2 results, revenue +3.2%, profit +8.4%. Higher revenue mainly from brewery segment driven by festive season in Myanmar. Poor soft drinks sales in Malaysia due to GST implementation and flood situation. Mix dairies performance - strong sales in Thailand but bad performance in Malaysia and Singapore. Higher profits mainly from beer and diaries because of improved margins from lower input costs and improved manufacturing and route to market efficiencies. In January it announced extending dairy brand licence for 22 years for Nestle's liquid-milk brands, making Thailand a production hub for Asean and China. It is currently looking for a replacement energy drink after the exclusive rights to distribute Red Bull expires this coming September.
M1 Limited
Invested into it for 300 shares under Cash stock holdings. Its Qtr 1 revenue +22.8% mainly driven by higher handset sales due to higher sales volume and selling price. Profit +6.6% due to higher net profit margin - mainly contributed on service revenue. In March, it signed a Memorandum of Understanding (MOU) with the Maritime and Port Authority of Singapore (MPA) to help the maritime community leverage on mobile technology to enhance productivity and crew welfare. In April, it signs deal with NetLink Trust to install fibre links. Also in April, it announced that its customers on 4G plans will now be able to make 4G voice calls on an advanced network at no additional cost. In May, it announced the agreement to acquire a 15 per cent stake in Integrated Telecommunications Oman. The Oman telco company is Oman’s first private international gateway operator and a mobile services reseller.
Lum Chang Holdings
Invested into it for 9000 shares under Cash stock holdings. On its Qtr 3 results, revenue +43%, profit +$299 mil. Higher revenue was due timing of revenue recognition; and also, due to increase in work performed from three construction projects. Current Price/Book value at 0.699. It already commenced work as the main contractor for Northpoint City in Nee Soon; expected completion in the 2nd half of 2018. This latest contract brings the total outstanding value of construction projects still in progress to approximately SGD 966 mil. NAV on end Mar'15 at 53.65 cents; friday 22 May'15 closing price at 37.50 cents. Still in free cash flow position even though it is three times lower than previous year. Controlling family members and other associates has approx 38% stakes in the company.
SembCorp Industries
Invested into it for 3100 shares under Cash stock holdings. For its Qtr 1 results, revenue -11.0%, profit -23.35%. Soft revenue contributed mainly by Utilities; biggest revenue contributor Marine reported almost flat revenue drop (-2%). The decrease in Utilities revenue was due to Singapore operations’ lower gas offtake continued intense competition in the power markets. On Marine, lower revenue recognition for rig building projects and lower average revenue per repair vessel despite the increase in the number of ships repaired, mitigated by higher revenue recognition for offshore and conversion projects. Lower profits contributed by both Utilities (-19%), Marine (-13%), Urban development (-95%). Lowered profits on Utilities due lower contracted retail power prices in its Singapore operations; Marine profits impacted by lower contribution from rig building and repair projects, higher finance costs and lower associates and joint ventures contributions; big drop in Urban development profitys due to deferred recognition of Nanjing land sales profit to Qtr 2.
Starhub
Invested into it for 2500 shares (Cash 200 shares + CPF 2300 shares). For its Qtr 1 results, revenue +8.1%, profit -12.4%. Higher revenue mainly driven by higher equipment sales resulted from strong demand for the new smartphones. Overall positive sales mix except for double digit drop in Broadband revenue due to price competition; which likely continue in the coming quarters. Higher cogs in line with strong demand for the new smartphones. Other opex almost flat mainly due to lower operating leases from reversal of excess accruals for international capacity leases which have been concluded at lower prices. Drop in profits due to higher amount of subsidies from increased number of new and re-contract customers signed up for the new smartphones. Negative free cash flow currently due to lower cash flow from operating activities and higher capex. It will maintain annual cash dividend payout of 20 cents per ordinary share for 2015.
SIA Engineering
Invested into it for 300 shares under Cash stock holdings. For its Qtr 4 results, Revenue -11.3% which impacted profit -38% was due to lower airframe and component overhaul revenue as work content was lower with fewer heavy checks; which was offset slightly by increased revenue from fleet management and line maintenance. Share of profits of associated and joint venture companies also lowered - mainly due to the weaker contributions from the repair and overhaul centres. Strong and healthy Balance Sheet. The operating environment for the MRO industry remains challenging. Advancements in the newer generation engines have improved their reliability while the older generation engines are being phased out. These developments will continue to result in a reduction in engine shop visits in the next few years. Its share price weakened immediately when Qtr 4 results was released; and it has since gone back to its Qtr 3 results release share price level in early Feb. I would like to think that its expected bad financials already priced in and further downward spiral of its share price is limited though a research house would like to see it reaching $3.00 price level. Management guidance in the past quarters already mentioned of bad financials in the future quarters. Are investors not already forewarned? So, come Qtr 1 results announcement around end of July'15 then another lower share price of say, $2.00 is expected by research house? Throw out more funny bones please.
Keppel Corporation
Added 1100 shares of it under SRS stock holdings so, in total l have 6100 shares in it now. For its Qtr 1 results, Revenue -6.1%, Profits -5.2%. Lower Revenue due mainly to a drop in revenue recorded by Keppel Infrastructure's power and gas business, arising from lower prices and volume, lower revenue from the EPC projects which are nearing completion, as well as absence of revenue from Keppel FMO Pte Ltd which was disposed in Qtr 4 2014. Poor profits are from its O&M, Property and Infrastructure divisons; decrease in profits mainly due to higher net interest expense and lower contribution from associates such as Floatel and absence of contribution from Marina Bay Financial Centre Tower 3.
SPH
Added 12000 shares under Cash stock holdings but later on, decided to divest all of it (17000 shares = Cash 12000 shares + SRS 5000 shares) for $531 net realized profit. For its Qtr 2, revenue -3.0%, profit -12.1%. New revenue contributor, The Seletar Mall helped to reduce impact from lower revenues in advertisement and circulation. Decline in staff costs mainly arose from lower bonus provision as compared against last year. Last year's performance was lifted by the one-off gain on partial divestment of stake in the regional online classifieds business. It will continue with (i) Conservative stance maintained on investment allocation, focused on capital preservation; (ii) Returns are expected to be commensurate with low risk- return profile to mitigate against volatility.
Singapore Post
Invested to it for 500 shares under Cash stock holdings. For its Qtr 4 results, revenue +28.7%, profit -51.3%. Strong revenue driven by its Logistics division which grew strongly on higher ecommerce logistics contributions and the inclusion of new subsidiaries; Retail & eCommerce revenue improved as the growth in ecommerce services offset the decline in traditional retail & agency services, and financial services. Volume-related expenses increased with the inclusion of new subsidiaries and growth in business activities and volumes. Labour and related expenses were higher as a result of increased operating costs in Singapore and the continuing investment in talent for the growth transformation. The increase in administrative and other expenses was mainly attributable to higher property related expenses and professional fees related its Transformation initiatives and other administrative expenses. The increase in property related expenses was mainly attributable to higher rental costs for its operations. Lower profits due to higher Other operations in previous year - commercial property rental operations and unallocated corporate overhead items.
-end-
Fraser And Neave
Invested into it for 400 shares under Cash stock holdings. For its Qtr 2 results, revenue +3.2%, profit +8.4%. Higher revenue mainly from brewery segment driven by festive season in Myanmar. Poor soft drinks sales in Malaysia due to GST implementation and flood situation. Mix dairies performance - strong sales in Thailand but bad performance in Malaysia and Singapore. Higher profits mainly from beer and diaries because of improved margins from lower input costs and improved manufacturing and route to market efficiencies. In January it announced extending dairy brand licence for 22 years for Nestle's liquid-milk brands, making Thailand a production hub for Asean and China. It is currently looking for a replacement energy drink after the exclusive rights to distribute Red Bull expires this coming September.
M1 Limited
Invested into it for 300 shares under Cash stock holdings. Its Qtr 1 revenue +22.8% mainly driven by higher handset sales due to higher sales volume and selling price. Profit +6.6% due to higher net profit margin - mainly contributed on service revenue. In March, it signed a Memorandum of Understanding (MOU) with the Maritime and Port Authority of Singapore (MPA) to help the maritime community leverage on mobile technology to enhance productivity and crew welfare. In April, it signs deal with NetLink Trust to install fibre links. Also in April, it announced that its customers on 4G plans will now be able to make 4G voice calls on an advanced network at no additional cost. In May, it announced the agreement to acquire a 15 per cent stake in Integrated Telecommunications Oman. The Oman telco company is Oman’s first private international gateway operator and a mobile services reseller.
Lum Chang Holdings
Invested into it for 9000 shares under Cash stock holdings. On its Qtr 3 results, revenue +43%, profit +$299 mil. Higher revenue was due timing of revenue recognition; and also, due to increase in work performed from three construction projects. Current Price/Book value at 0.699. It already commenced work as the main contractor for Northpoint City in Nee Soon; expected completion in the 2nd half of 2018. This latest contract brings the total outstanding value of construction projects still in progress to approximately SGD 966 mil. NAV on end Mar'15 at 53.65 cents; friday 22 May'15 closing price at 37.50 cents. Still in free cash flow position even though it is three times lower than previous year. Controlling family members and other associates has approx 38% stakes in the company.
SembCorp Industries
Invested into it for 3100 shares under Cash stock holdings. For its Qtr 1 results, revenue -11.0%, profit -23.35%. Soft revenue contributed mainly by Utilities; biggest revenue contributor Marine reported almost flat revenue drop (-2%). The decrease in Utilities revenue was due to Singapore operations’ lower gas offtake continued intense competition in the power markets. On Marine, lower revenue recognition for rig building projects and lower average revenue per repair vessel despite the increase in the number of ships repaired, mitigated by higher revenue recognition for offshore and conversion projects. Lower profits contributed by both Utilities (-19%), Marine (-13%), Urban development (-95%). Lowered profits on Utilities due lower contracted retail power prices in its Singapore operations; Marine profits impacted by lower contribution from rig building and repair projects, higher finance costs and lower associates and joint ventures contributions; big drop in Urban development profitys due to deferred recognition of Nanjing land sales profit to Qtr 2.
Starhub
Invested into it for 2500 shares (Cash 200 shares + CPF 2300 shares). For its Qtr 1 results, revenue +8.1%, profit -12.4%. Higher revenue mainly driven by higher equipment sales resulted from strong demand for the new smartphones. Overall positive sales mix except for double digit drop in Broadband revenue due to price competition; which likely continue in the coming quarters. Higher cogs in line with strong demand for the new smartphones. Other opex almost flat mainly due to lower operating leases from reversal of excess accruals for international capacity leases which have been concluded at lower prices. Drop in profits due to higher amount of subsidies from increased number of new and re-contract customers signed up for the new smartphones. Negative free cash flow currently due to lower cash flow from operating activities and higher capex. It will maintain annual cash dividend payout of 20 cents per ordinary share for 2015.
SIA Engineering
Invested into it for 300 shares under Cash stock holdings. For its Qtr 4 results, Revenue -11.3% which impacted profit -38% was due to lower airframe and component overhaul revenue as work content was lower with fewer heavy checks; which was offset slightly by increased revenue from fleet management and line maintenance. Share of profits of associated and joint venture companies also lowered - mainly due to the weaker contributions from the repair and overhaul centres. Strong and healthy Balance Sheet. The operating environment for the MRO industry remains challenging. Advancements in the newer generation engines have improved their reliability while the older generation engines are being phased out. These developments will continue to result in a reduction in engine shop visits in the next few years. Its share price weakened immediately when Qtr 4 results was released; and it has since gone back to its Qtr 3 results release share price level in early Feb. I would like to think that its expected bad financials already priced in and further downward spiral of its share price is limited though a research house would like to see it reaching $3.00 price level. Management guidance in the past quarters already mentioned of bad financials in the future quarters. Are investors not already forewarned? So, come Qtr 1 results announcement around end of July'15 then another lower share price of say, $2.00 is expected by research house? Throw out more funny bones please.
Keppel Corporation
Added 1100 shares of it under SRS stock holdings so, in total l have 6100 shares in it now. For its Qtr 1 results, Revenue -6.1%, Profits -5.2%. Lower Revenue due mainly to a drop in revenue recorded by Keppel Infrastructure's power and gas business, arising from lower prices and volume, lower revenue from the EPC projects which are nearing completion, as well as absence of revenue from Keppel FMO Pte Ltd which was disposed in Qtr 4 2014. Poor profits are from its O&M, Property and Infrastructure divisons; decrease in profits mainly due to higher net interest expense and lower contribution from associates such as Floatel and absence of contribution from Marina Bay Financial Centre Tower 3.
SPH
Added 12000 shares under Cash stock holdings but later on, decided to divest all of it (17000 shares = Cash 12000 shares + SRS 5000 shares) for $531 net realized profit. For its Qtr 2, revenue -3.0%, profit -12.1%. New revenue contributor, The Seletar Mall helped to reduce impact from lower revenues in advertisement and circulation. Decline in staff costs mainly arose from lower bonus provision as compared against last year. Last year's performance was lifted by the one-off gain on partial divestment of stake in the regional online classifieds business. It will continue with (i) Conservative stance maintained on investment allocation, focused on capital preservation; (ii) Returns are expected to be commensurate with low risk- return profile to mitigate against volatility.
Singapore Post
Invested to it for 500 shares under Cash stock holdings. For its Qtr 4 results, revenue +28.7%, profit -51.3%. Strong revenue driven by its Logistics division which grew strongly on higher ecommerce logistics contributions and the inclusion of new subsidiaries; Retail & eCommerce revenue improved as the growth in ecommerce services offset the decline in traditional retail & agency services, and financial services. Volume-related expenses increased with the inclusion of new subsidiaries and growth in business activities and volumes. Labour and related expenses were higher as a result of increased operating costs in Singapore and the continuing investment in talent for the growth transformation. The increase in administrative and other expenses was mainly attributable to higher property related expenses and professional fees related its Transformation initiatives and other administrative expenses. The increase in property related expenses was mainly attributable to higher rental costs for its operations. Lower profits due to higher Other operations in previous year - commercial property rental operations and unallocated corporate overhead items.
-end-
Sunday, 30 March 2014
Cash - Closing Status 28 March
Divested away SingPost 5 lots in this week from my Cash portfolio for a nett gain of $65 as part of regular portfolio
re-balancing. In its 3Q2014 results, revenue +30.2%, Profit +0.7%. Higher revenue because of contributions from acquisitions and growth in e-Commerce related activities across the business segments. Total expenses +36.6% mainly attributable to the change in business model to a diversified group and growth in lower margin businesses. It has been taking proactive measures to manage costs including the implementation of shared services and productivity improvements to achieve considerable savings and be more efficient, although rising manpower costs continue to be a challenge. Finance expenses -43.0% as it had repaid the $300 mil bond in Apr'13. Its focus is on building end-to-end e-Commerce logistics solutions in the region - freight, warehousing & fulfillment, last mile delivery & returns and front-end web solutions. Several other major customers have come on board to leverage its e-Commerce solutions including Canon, Philips and Toshiba. It expects good growth potential in this space and is ready to tap the opportunities. In a recent Standard & Poor's announcement, SingPost rating got lowered to 'A' from 'A+' on continuing business risks; and outlook Stable. The stable (previously, negative) outlook reflects S&P's expectation that ongoing business transformation will prevent a material decline in SingPost's profitability over the next 12-24 months.
Divested away AIMS AMP Industrial Reit 1 lot in this week for $28 nett gain as part of usual portoflio re-balancing. In its 3Q2014 financial results, NPI +26.6%; available distributable income +29.6%. DPU +7.4%. Its NAV as of end Dec'13 was at $1.5183 and its last done share price on this Friday is already at a discount at $1.36 (partly due to recent Rights Issue effect). Portfolio occupancy rate at 98.2% as of end Dec'13. Only 2.6% of NLA expiring in 2014. Redevelopment of its Defu Lane 10 property on schedule and within budget and TOP is expected in May'14; expect income contribution in Sept 2014 quarter. For the development of phase 2e and 3 of its Gul Way property which upon completion will likely resulting 8.17% NPI yield on cost.
Reduced HPH Trust 2 lots in this week as part of usual portfolio re-balancing for $52 nett gain; total holding in it now at 4 lots. Attractive valuation after recent share price correction. In its 4Q2013 revenue -0.8% and profit -34.2% versus last year. The average revenue per TEU for Hong Kong came in lower due to one-off concession granted to liners after industrial action in HIT port; also came in lower for China due to adverse throughput mix of containers from liners. Cost of services rendered +10.3% and Staff costs +12.5% due to RMB appreciation, inflationary pressure, higher container throughput and ACT's staff costs after the acquisition. Its end of Dec'13 NAV at HKD 7.26 (approx. SGD 1.19); last done share price on this Friday at $0.835. 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. Recently it has established a joint venture and strategic alliance with COSCO Ports (ACT) Limited (a subsidiary of COSCO Pacific Limited) and China Shipping Terminal Development (Hong Kong) Company Limited (a subsidiary of China Shipping (Group) Company) respectively through their investments of 40% and 20% in HPH Trust’s wholly-owned subsidiary, Asia Container Terminals Holdings Limited, and their acquisition of corresponding proportions of existing loans owing to a subsidiary of HPH Trust by the ACT Holdings group for an aggregate consideration of HK$2,472,000,000 (equivalent to approximately S$403 million). The JV Alliance, has resulted in a reduction of HPH Trust’s effective interests in ACT Holdings from 100% to 40.0%. The establishment of the JV Alliance is an important and significant milestone achievement for both HPH Trust and the Hong Kong container port industry as a whole in that (i) not only does it yield a disposal gain of approximately HK$125 million (equivalent to approximately S$20 million) for HPH Trust, (ii) by securing this collaborative and strategically beneficial relationship with both COSCO Pacific and China Shipping, it allows all four berths located at the COSCO-HIT Terminals and the Asia Container Terminals to be operated as one contiguous 1,380 metre long berth, thereby enhancing Hong Kong’s position as a long term transshipment hub within the Pearl River Delta region compensating for the stagnant growth in South China’s transshipment and export volumes in 2013, (iii) servicing multiple mega vessels at this contiguous berth simultaneously is now possible, and (iv) the operational flexibility, efficiencies, synergies, competitiveness, and ultimately profitability of all relevant Hong Kong port operators are expected to be substantively bolstered.
Portfolio walk since previous posting :-
+$2,360 Total Returns as of 21 March
+$145 Nett gain on sales of HPH Trust, AIMS AMP Ind Reit, SingPost
+$771 Unrealised positions improved
+$3,276 Total Returns as of 28 March
Previous posting :- Cash - Closing Status 21 Mar
Remarks :- Profits locked in to-date $12,954 / year 2014 $1,462
Divested away AIMS AMP Industrial Reit 1 lot in this week for $28 nett gain as part of usual portoflio re-balancing. In its 3Q2014 financial results, NPI +26.6%; available distributable income +29.6%. DPU +7.4%. Its NAV as of end Dec'13 was at $1.5183 and its last done share price on this Friday is already at a discount at $1.36 (partly due to recent Rights Issue effect). Portfolio occupancy rate at 98.2% as of end Dec'13. Only 2.6% of NLA expiring in 2014. Redevelopment of its Defu Lane 10 property on schedule and within budget and TOP is expected in May'14; expect income contribution in Sept 2014 quarter. For the development of phase 2e and 3 of its Gul Way property which upon completion will likely resulting 8.17% NPI yield on cost.
Reduced HPH Trust 2 lots in this week as part of usual portfolio re-balancing for $52 nett gain; total holding in it now at 4 lots. Attractive valuation after recent share price correction. In its 4Q2013 revenue -0.8% and profit -34.2% versus last year. The average revenue per TEU for Hong Kong came in lower due to one-off concession granted to liners after industrial action in HIT port; also came in lower for China due to adverse throughput mix of containers from liners. Cost of services rendered +10.3% and Staff costs +12.5% due to RMB appreciation, inflationary pressure, higher container throughput and ACT's staff costs after the acquisition. Its end of Dec'13 NAV at HKD 7.26 (approx. SGD 1.19); last done share price on this Friday at $0.835. 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. Recently it has established a joint venture and strategic alliance with COSCO Ports (ACT) Limited (a subsidiary of COSCO Pacific Limited) and China Shipping Terminal Development (Hong Kong) Company Limited (a subsidiary of China Shipping (Group) Company) respectively through their investments of 40% and 20% in HPH Trust’s wholly-owned subsidiary, Asia Container Terminals Holdings Limited, and their acquisition of corresponding proportions of existing loans owing to a subsidiary of HPH Trust by the ACT Holdings group for an aggregate consideration of HK$2,472,000,000 (equivalent to approximately S$403 million). The JV Alliance, has resulted in a reduction of HPH Trust’s effective interests in ACT Holdings from 100% to 40.0%. The establishment of the JV Alliance is an important and significant milestone achievement for both HPH Trust and the Hong Kong container port industry as a whole in that (i) not only does it yield a disposal gain of approximately HK$125 million (equivalent to approximately S$20 million) for HPH Trust, (ii) by securing this collaborative and strategically beneficial relationship with both COSCO Pacific and China Shipping, it allows all four berths located at the COSCO-HIT Terminals and the Asia Container Terminals to be operated as one contiguous 1,380 metre long berth, thereby enhancing Hong Kong’s position as a long term transshipment hub within the Pearl River Delta region compensating for the stagnant growth in South China’s transshipment and export volumes in 2013, (iii) servicing multiple mega vessels at this contiguous berth simultaneously is now possible, and (iv) the operational flexibility, efficiencies, synergies, competitiveness, and ultimately profitability of all relevant Hong Kong port operators are expected to be substantively bolstered.
Portfolio walk since previous posting :-
+$2,360 Total Returns as of 21 March
+$145 Nett gain on sales of HPH Trust, AIMS AMP Ind Reit, SingPost
+$771 Unrealised positions improved
+$3,276 Total Returns as of 28 March
Previous posting :- Cash - Closing Status 21 Mar
Remarks :- Profits locked in to-date $12,954 / year 2014 $1,462
Saturday, 8 March 2014
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
$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
Sunday, 8 December 2013
SRS - Closing status 6 December
Received SRS statement from the bank this week for November month. In the statement, the following dividends were received in Nov month :-
Divested away CM Pacific 3 lots in this week under SRS portfolio at break even as part of regular portfolio re-balancing. For its 3Q2013 financial results, revenue +37% driven by new income stream from Beilun Port expressway and an increase in profit contribution from the Yongtaiwen expressway and the Guiliu expressway, and lower administrative expenses and withholding tax. The increase in profits was partly offset by higher finance costs; Profit +36%. It maintains its free cash flow status. The proposed disposal of its New Zealand based property development business is expected to be completed by end Dec'13. The disposal allows it to exit completely from its non-core property development business to focus on its core business of toll road operations; which will further strengthen its balance sheet.
Portfolio walk since previous posting :-
+$7,666 Total Returns as of 29 Nov
+$707 Dividends fm Keppel Reit, Sabana Reit, CM Pacific, SingPost, Tee Intl, Mapletree(Magic)
-$1,432 Unrealised positions worsened
+$6,942 Total Returns as of 6 Dec
previous posting :- SRS - Closing status 29 Nov
| $330.00 | CM Pacific |
| $24.80 | Keppel Reit |
| $159.15 | Mapletree Greater China |
| $5.40 | Sabana Reit |
| $62.50 | SingPost |
| $125.00 | Tee Intl |
Divested away CM Pacific 3 lots in this week under SRS portfolio at break even as part of regular portfolio re-balancing. For its 3Q2013 financial results, revenue +37% driven by new income stream from Beilun Port expressway and an increase in profit contribution from the Yongtaiwen expressway and the Guiliu expressway, and lower administrative expenses and withholding tax. The increase in profits was partly offset by higher finance costs; Profit +36%. It maintains its free cash flow status. The proposed disposal of its New Zealand based property development business is expected to be completed by end Dec'13. The disposal allows it to exit completely from its non-core property development business to focus on its core business of toll road operations; which will further strengthen its balance sheet.
Portfolio walk since previous posting :-
+$7,666 Total Returns as of 29 Nov
+$707 Dividends fm Keppel Reit, Sabana Reit, CM Pacific, SingPost, Tee Intl, Mapletree(Magic)
-$1,432 Unrealised positions worsened
+$6,942 Total Returns as of 6 Dec
previous posting :- SRS - Closing status 29 Nov
Saturday, 7 December 2013
CPF - Closing Status 6 December
Received the CPF
Investment statement from the bank in this week for November month.
Have updated CPF portfolio with the correct charges incurred on both
investments and divestments made in November month.
Also from the CPF Investment statement, the following dividends were received in Nov'13 :-
$100.00 SingPost
$159.15 Mapletree Greater China Commercial Trust
$212.60 Cache Logistics
$125.00 Tee International
Invested into Ascott Reit 2 lots in this week under CPF portfolio. In its 3Q2013 financial results, revenue +11% mainly driven by contributions from 17 properties in China, Germany, Japan and Singapore which were acquired in the 2nd half of 2012 and June 2013. Increase in revenue was partially offset by the divestment in Sep'12 and lower contribution from existing properties in Philippines and Japan (due to depreciation of JPY against SGD). Its recent rights issue 1.6 times subscribed. Purposes of rights issue are to pay down its debt, to fund capex and AEI and for general corporate and working capital uses. The increase in its debt headroom as a result of reduced borrowings will enhance its flexibility in pursuing potential acquisitions and at the same time improve its competitive positioning in the market via AEI plans. Its gearing level post Rights will improve to 34.3% from 41.1% (end Sep'13 status).
Invested into AIMS AMP Industrial Reit 2 lots in this week under CPF portfolio. For its 2Q2014 financial results, NPI +23.6%; available distributable income +28.7%. DPU +10%. Its NAV as of end Sep'13 was at $1.52 and its last done share price on this Friday is already at a discount at $1.445. Earliest debt expiry is in Oct'15. Aggregate leverage of 25.2%. Portfolio occupancy rate at 98% as of end Sep'13. Only 3.2% of NLA expiring in 2014. It recently acquires 49% interest in Optus Centre in Sydney, Australia; which expected to be completed by 1Q2014.
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 :-
previous journal :- CPF - Closing Status 29 Nov
Also from the CPF Investment statement, the following dividends were received in Nov'13 :-
$100.00 SingPost
$159.15 Mapletree Greater China Commercial Trust
$212.60 Cache Logistics
$125.00 Tee International
Invested into Ascott Reit 2 lots in this week under CPF portfolio. In its 3Q2013 financial results, revenue +11% mainly driven by contributions from 17 properties in China, Germany, Japan and Singapore which were acquired in the 2nd half of 2012 and June 2013. Increase in revenue was partially offset by the divestment in Sep'12 and lower contribution from existing properties in Philippines and Japan (due to depreciation of JPY against SGD). Its recent rights issue 1.6 times subscribed. Purposes of rights issue are to pay down its debt, to fund capex and AEI and for general corporate and working capital uses. The increase in its debt headroom as a result of reduced borrowings will enhance its flexibility in pursuing potential acquisitions and at the same time improve its competitive positioning in the market via AEI plans. Its gearing level post Rights will improve to 34.3% from 41.1% (end Sep'13 status).
Invested into AIMS AMP Industrial Reit 2 lots in this week under CPF portfolio. For its 2Q2014 financial results, NPI +23.6%; available distributable income +28.7%. DPU +10%. Its NAV as of end Sep'13 was at $1.52 and its last done share price on this Friday is already at a discount at $1.445. Earliest debt expiry is in Oct'15. Aggregate leverage of 25.2%. Portfolio occupancy rate at 98% as of end Sep'13. Only 3.2% of NLA expiring in 2014. It recently acquires 49% interest in Optus Centre in Sydney, Australia; which expected to be completed by 1Q2014.
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 :-
-$7,036 Total Returns as of 29 Nov
+$597 Dividends from SingPost, Cache, Tee Intl, Mapletree Greater China
-$1 Realized transactions differences per CPF Investment statement from bank
-$1,600 Unrealised positions worsened
+$597 Dividends from SingPost, Cache, Tee Intl, Mapletree Greater China
-$1 Realized transactions differences per CPF Investment statement from bank
-$1,600 Unrealised positions worsened
-$8,040 Total Returns as of 6 Dec
previous journal :- CPF - Closing Status 29 Nov
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.
+$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
Saturday, 16 November 2013
SRS - Closing status 15 November
Divested away SingPost 5 lots in this week from my SRS portfolio for a nett gain of $14 as part of regular portfolio
re-balancing. In its 2Q2014 results, revenue +32.6%, Profit +9.7%. Total expenses +34.9% as its business expands
and transforms into a diversified group with a bigger regional presence and
lower-margin businesses There is much room to improve on synergy and
productivity from within. Finance expenses -65.8% as it had repaid the $300 mil bond in Apr'13. Healthy operating cash
flow. It continues to conserve cash to support its investment needs as
part of its growth strategy , anticipated capex, working capital and
other funding requirements.
Added Asian Pay TV(APTT) 5 lots so total holding in it now at 13 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 June at $0.94 and last done share price at discount of $0.77. Interest rate swaps have been entered into, which fix a significant portion of the interest rate exposure from TBC's borrowings. For growth in penetration rates, premium digital cable tv and broadband to increase as a result of up-selling and bundling strategies, increased set-top box penetration, greater availability of digital content, need for reliable internet access. Network expansion through re-zoning is an opportunity for APTT. Positive ongoing discussions with Taiwan tax authorities to resolve tax dispute.
Portfolio walk since previous posting :-
+$7,897 Total Returns as of 08 Nov
+$14 Gain on sales of SingPost
-$16 Unrealised positions worsened
+$7,895 Total Returns as of 15 Nov
previous posting :- SRS - Closing status 08 Nov
CPF - Closing Status 15 November
Divested away SingPost 8 lots in this week from my CPF portfolio for a nett gain of $43 as part of regular portfolio
re-balancing. In its 2Q2014 results, revenue +32.6%, Profit +9.7%. Total expenses +34.9% as its business expands
and transforms into a diversified group with a bigger regional presence and
lower-margin businesses There is much room to improve on synergy and
productivity from within. Finance expenses -65.8% as it had repaid the $300 mil bond in Apr'13. Healthy operating cash flow. It continues to conserve cash to support its investment needs as part of its growth strategy , anticipated capex, working capital and other funding requirements.
Added Tee International 10 lots in this week under CPF portfolio so total holding in it now at 30 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.
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 :-
previous journal :- CPF - Closing Status 08 Nov
Added Tee International 10 lots in this week under CPF portfolio so total holding in it now at 30 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.
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.
-$6,846 Total Returns as of 08 Nov
+$43 Gain on sales of SingPost
+$196 Unrealised positions improved
+$43 Gain on sales of SingPost
+$196 Unrealised positions improved
-$6,606 Total Returns as of 15 Nov
previous journal :- CPF - Closing Status 08 Nov
Friday, 15 November 2013
Cash - Closing Status 15 November
$82.50 CM Pacific
Added Tee International 15 lots in this week under Cash portfolio so total holding in it now at 24 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.
Added Asian Pay TV(APTT) 1 lot so total holding in it now at 26 lots under Cash 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 June at $0.94 and last done share price at discount of $0.77. Interest rate swaps have been entered into, which fix a significant portion of the interest rate exposure from TBC's borrowings. For growth in penetration rates, premium digital cable tv and broadband to increase as a result of up-selling and bundling strategies, increased set-top box penetration, greater availability of digital content, need for reliable internet access. Network expansion through re-zoning is an opportunity for APTT. Positive ongoing discussions with Taiwan tax authorities to resolve tax dispute.
Added HPH Trust 2 lots in this week so total holding in it now at 4 lots. Its 3Q2013 financial results did not go well with investors but l do not think it is justified. Its 3Q2013 revenue and profit was +1% and -2% respectively versus last year <--- flat results. A flat financial results is quite admirable when the world economy is almost in turmoil and freight rate recovery is still quite shaky at the moment. It is in Net Current Liabilities status as of end Sept'13 but overall still at Net Assets status; due to timing of US$3.6 billion term loan facility agreement for the refinancing of the existing facilities which was signed in late Sept'13. It is still in free cash flow status. Higher profit from new acquired Yantian container terminals was partially offset by lower profit in Hongkong international terminals.
Divested Singapore Shipping Corp (SSC) 8 lots in this week for $66 nett gain, as part of regular portfolio re-balancing. The acquired agency and logistics business completed in April is almost god-send as SSC existing business segment of ship owning and management will be quite soft in FY2014. One ship reaching its end of charter and economic useful life by end of 2013 and two ships going into dry docking so a reduction in income from the ship owning segment. However, the newly acquired business can more than make up for the shortfall in the ship owning business. For its 1Q2014 financial results, revenue +82.8%, profit +55.7%, free cash flow status.
Added Far East Hospitality Trust 1 lot so total holding in it now at 7 lots. In its 3Q2013 financial results, NPI -9.4% versus forecast, income available for distribution -7.4% versus forecast, DPU -7.8% versus forecast. The operating environment remained challenging due to higher than expected price competition from the new supply of hotels and tight corporate budget. The stronger SGD resulted in fewer bookings from key tourist markets, Indonesia and Malaysia. The acquisition of Rendezvous Grand Hotel Singapore and Rendezvous Gallery was completed on 1 August 2013; and has been repositioned as an art-inspired hotel. To address the competition in the mid-tier/upscale hospitality sector, it will focus on revenue management, growing the corporate segment and driving more direct bookings on its own website to improve yields. On capital management, it has fixed the interest rate for all term loans maturing beyond 2016. This represents 62% of the total loan portfolio and will result in an expected composite interest cost of 2.3% per annum in the fourth quarter. It plans to upgrade approximately 10% of the hotel rooms and serviced residence units in the portfolio in the next 12 months.
Divested away SingPost 4 lots in this week in two separate transactions from my Cash portfolio for a nett gain totaling $13 as part of regular portfolio re-balancing. Remaining holding of 5 lots, to be divested away as well once reaching break even share price level. In its 2Q2014 results, revenue +32.6%, Profit +9.7%. Total expenses +34.9% as its business expands and transforms into a diversified group with a bigger regional presence and lower-margin businesses There is much room to improve on synergy and productivity from within. Finance expenses -65.8% as it had repaid the $300 mil bond in Apr'13. Healthy operating cash flow. It continues to conserve cash to support its investment needs as part of its growth strategy , anticipated capex, working capital and other funding requirements.
Portfolio walk since previous posting :-
+$3,185 Total Returns as of 08 November
+$83 Dividends from CM Pacific
+$79 Gain on sales of SingPost and Singapore Shipping
-$438 Unrealised positions worsened
+$2,907 Total Returns as of 15 November
Previous posting :-Cash - Closing Status 08 Nov
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