Cash - Closing Status 2 May

Invested into PCI Limited 3 lots in this week as part of usual stock holdings re-balancing.   For its 2Q2014 results, revenue +11.6%, profit +83.3%.   EMS (Electronics Manufacturing Services) segment as expected, contributed the bulk of its revenue increase for Qtr 2; but still at -4.2% for 1H2014.  Gross profit margin +12.5% mainly due to manufacturing expenses were brought in line with the level of plant activities.  No borrowings.

Added GRP Ltd 10 lots in this week as part of usual stock holdings re-balancing; total holding now at 21 lots.  For its HY2014 financial results, revenue +5.7% with growth in all the three business divisions.  Strong demand in Hose & Marine and ramp up in orders from a middle east customer for its uPVC.   Administrative expenses -6.7%.  Profit 24.4%.  Free cash flow status at the moment.  Cannot understand reason(s) for not declaring any dividends with this set of good results.  The ex-President of REDAS, Mr Teo Tong How will be part of GRP's independent non-executive director and chairman of the board of directors.  Mr. Teo will add tremendous value to GRP due to his vast knowledge, experience and network in property development, and property investments.

Invested into PEC Ltd 2 lots in this week as part of usual stock holdings re-balancing.  For its 2Q2014 results, revenue -22%, profit -7%.  Lower revenue due to revenue decrease in project works from the Middle East and Singapore. The decrease was partly offset by an increase in maintenance segment resulted from higher maintenance activities.  Its gross profit margin increased from 14% to 22%; mainly due to claims for past variation works for project work which were recognised in Qtr 2.  Lower profit due to gross profit offset by decrease in other operating income (-$1.0 mil)and increase in administrative (+$0.6 mil), and other operating expenses (+$1.7 mil).  NAV on 31 Dec was at $0.821.

Divested away Soilbuild Reit 1 lot in this week as of usual stock holdings re-balancing for nett gain $16; and this par to its dividend of $16 (1 lot x $0.01562) which XD on 6 May.  Its dividends will be paid on 4 Jun but l have collected it in advance and am able re-invest on the sale proceeds.  Its 1Q2014 financial results has exceeded the forecast set out in its IPO prospectus, with most of the key drivers to the result performing better than expectation.  Revenue, property expenses and finance costs all recorded positive variances and contributed to an overall outperformance on the distributable income line.  Its share price as of this Friday was at $0.79 and is currently below its NAV as of end Mar'14 of $0.81.  Earliest debt maturity is in year 2015, are equally spread out over three years (2015-2017).  It received a BBB- investment grade credit rating from Standard & Poor’s on Jan 22.  Over 78% of all lease expiries due in 2014 have already been renewed, re-leased or precommitted and it will pro-actively focus on the remaining expiries. 

Re-invested into Duty Free 3 lots in this week as part of usual stock holdings re-balancing.  For its 4Q2014 financial results, revenue +4.7%, profit -10.2%.  Higher revenue driven by increase in demand for certain products as a result of competitive pricing.   Lower profit due to higher taxes and lower profit from discontinued operations.  Total borrowings decreased by RM26.8 million, following a repayment of term loans amounting to RM12.8 million and a decrease in trade facilities borrowings of RM19.0 million. The decrease was partly offset by the increase in bank overdrafts of RM5.1 million.

 
Stock holdings (Cash) walk since previous posting :-

+$6,628 Total Returns as of 25 April

+$16 Nett gain on sales of Soilbuild Reit

+$321 Unrealised positions improved

+$6,965 Total Returns as of 2 May

Previous posting :- Cash - Closing Status 25 April

Remarks :- Profits locked in to-date $15,047 / year 2014 $3,554

SRS - Closing status 7 March

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

$45.30 Soilbuild Biz Reit
$65.70 Sabana Reit
$39.40 Keppel Reit
$222.40 CDL Hospitality Trust
$42.74 Cache Logistics Trust

Invested into DBS Group 300 shares in this week under SRS portfolio.  For its 3Q13 financial results and versus year ago :- Net interest income +6% because loans +19% but the impact was partially offset by lower loan spreads and yields on investment securitie; Non-interest income +11% because trade and transaction services, wealth management and treasury cross-selling contributed to the increase; Expenses +5% as staff and other operating costs were higher.  Net profit fwas flat as the increase in total income was offset by higher general and specific allowances, in line with faster loan growth. Non-performing loan rate at 1.2%.

Invested into GRP Ltd 78 lots in this week but reduced it by 28 lots within the same week for $37 nett gain; as part of usual portfolio re-balancing.  Total holding in it now at 50 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.

Portfolio walk since previous posting :-

+$6,242 Total Returns as of 28 Feb

+$416 Dividends from Cache Log, Sabana Reit, CDL HTrust, Keppel Reit, Soilbuild Biz Reit

+$37 Nett gain on sales of GRP
  
-$648 Unrealised positions worsened

+$6,046 Total Returns as of 7 Mar

previous posting :- SRS - Closing status 28 Feb

Remarks :- Profits locked in to-date $13,450 / year 2014 $848

Cash - Closing Status 28 February

Received the following dividends in this week for my Cash portfolio :-
$36.98 Ascott Reit 
$46.90 K-Green Trust
$102.48 Suntec Reit
$42.74 Cache Logistics Trust

Divested away Singapore Shipping Corp (SSC) 1 lot in this week for $19 nett gain as part of usual portfolio re-balancing.   For its 3Q2014 financial results, revenue +69.9%, profit +28.4%.  The newly acquired agency and logistics business helped to reduce revenue shortfall in ship owning and management.  Ship-owning reported a lower Q3 net profit owing to the offhire of a vessel for drydocking.  The lower depreciation rate for two vessels (in drydocking) and contributions from the newly acquired agency and logistics businesses more than made up for the shortfall in profits.  Lower net cash from operating activities because of lower income from ship-owning; but this was partially offset by contributions from agency and logistics businesses.  Ship-owning’s operating results are expected to be better in 4Q2014 and the next financial year as no downtime for drydocking is expected. The delivery of a 6,500-unit pure car and truck carrier for long-term charter to a blue chip operator is on schedule.  The sale of its car carrier "MV Singa Ace" was completed on 14 Feb'14 and the gain on disposal of approximately USD 0.9 million is highly likely to be accounted for in 4Q2014.  MV Singa Ace is 30 years old and its class survey and statutory certificates will expire on 20 February 2014.

Re-invested into Soilbuild Reit 1 lot in this week as part of usual portfolio re-balancing.  Its 4Q2013 financial results has exceeded the forecast set out in its IPO prospectus, with most of the key drivers to the result performing better than expectation.  Revenue, property expenses and finance costs all recorded positive variances and contributed to an overall outperformance on the distributable income line.  Its share price as of this Friday was at $0.76 and is currently below its NAV as of end Dec'13 of $0.80.  Earliest debt maturity is in year 2015, are equally spread out over three years (2015-2017).  It received a BBB- investment grade credit rating from Standard & Poor’s on Jan 22, and the management plans to raise its long term gearing target to between 35% and 40% from its current gearing of 29.3%, giving it an additional $75 million to $80 million in debt headroom for acquisitions. It plans to acquire industrial properties in Woodlands within FY2014.  Occupancy rate 99.9%.   17% of its net lettable area is due for renewal in 2014 and about 47% of that has been pre-committed, with the rest under negotiations.

Divested away K-Green Trust 2 lots in this week at break-even as part of usual portfolio re-balancing.  For its 4Q2013 financial results revenue -5.7% versus last year; profit -1.4%.  It is quite a defensive stock as all three assets in its portfolio have long-term concession agreements with NEA and PUB.   Senoko Trust and Tuas DBOO Trust derive most of their income from capacity payments, which offer a stable source of income with little correlation to economic or demographic fluctuations.  Ulu Pandan Tust's income is derived in equal parts from availability payments and from NEWater output payments.   Its current businesses have been locally based so far and probably likely to stay the same in the next financial year.  Let's see.

Increased HPH Trust 1 lot in this week as part of usual portfolio re-balancing; total holding in it now at 6 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 share price dropped to a 52 weeks low at $0.755 on 11 Dec'13; its end of Dec'13 NAV at HKD 7.26 (approx. SGD 1.19); last done share price on this Friday at $0.795.  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.

Reduced GRP Ltd 20 lots in this week for $99 nett gain as part of usual portfolio re-balancing; total holding in it now at 11 lots.  For its HY2014 financial results, revenue +5.7% with growth in all the three business divisions.  Strong demand in Hose & Marine and ramp up in orders from a middle east customer for its uPVC.   Administrative expenses -6.7%.  Profit 24.4%.  Free cash flow status at the moment.  Cannot understand reason(s) for not declaring any dividends with this set of good results.

Divested Croesus Retail Trust 1 lot in this week for a small $5 nett gain but have decided to re-invest into it 1 lot within the same week; 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 intention to acquire  two income-producing retail properties in Japan, namely Luz Omori and NIS Wave which upon completion will increase DPU approximately from 7.01 Singapore cents to 7.41 Singapore cents.

Portfolio walk since previous posting :-

+$2,940 Total Returns as of 21 February

+$229 Dividends from Ascott Reit, Cache Logistics, K-Green Trust, Suntec Reit

+$123 Nett gain on sales of Sp Ship, Croesus, GRP

+$456 Unrealised positions improved

+$3,748 Total Returns as of 28 February

Previous posting :- Cash - Closing Status 21 Feb

Remarks :- Profits locked in to-date $12,567 / year 2014 $1,075

SRS - Closing status 21 February

Divested Soilbuild Reit 3 lots in this week as part of usual portfolio re-balancing for a small nett gain of $3.  Its 4Q2013 financial results has exceeded the forecast set out in its IPO prospectus, with most of the key drivers to the result performing better than expectation.  Revenue, property expenses and finance costs all recorded positive variances and contributed to an overall outperformance on the distributable income line.  Its share price as of this Friday was at $0.77 is currently below its NAV as of end Dec'13 of $0.80.  Earliest debt maturity is in year 2015, are equally spread out over three years (2015-2017).  It received a BBB- investment grade credit rating from Standard & Poor’s on Jan 22, and the management plans to raise its long term gearing target to between 35% and 40% from its current gearing of 29.3%, giving it an additional $75 million to $80 million in debt headroom for acquisitions. It plans to acquire industrial properties in Woodlands within FY2014.  Occupancy rate 99.9%.   17% of its net lettable area is due for renewal in 2014 and about 47% of that has been pre-committed, with the rest under negotiations.

Reduced Keppel Reit 5 lots in this week for $90 nett gain; total holding now at 2 lots.  In its recent 4Q2013 financial results and versus last year;  DPU stayed the same at 1.97 cents;  Property expenses gone up 26.8% due to higher repair and maintenance costs amounting close to $1 mil variance;  NPI higher by 13.9%;  Profit +76.1% due to higher NPI, higher interest income, profit from its related companies, higher net fair value gain in investment properties and lower amortization expenses; but offset by high borrowing costs and management fees as a results of the larger portfolio of assets under management.  As of end Qtr 4, its NAV was valued at $1.38 but Mr Market believes that it is worth much lesser with its Friday closing price at $1.155.  99.8% committed occupancy as at end Dec'13.  Seven out of eight buildings are 100% occupied.  88% of assets in Singapore and 12% of assets in Australia.  100% of Singapore properties located in the prime CBD.   Stronger performance from Ocean Financial Centre, Marina Bay Financial Centre Phase 1and One Raffles Quay, and additional income from newly acquired 8 Exhibition Street and Old Treasury Building.  It is considering to acquire one-thirf stake in Marina Bay Financial Centre Tower 3 at the right time.  And to fund future acquisitions, it could consider the possibility of divesting its older assets (possible candidates are Bugis Junction Towers  expiring Sep 2089, Prudential Tower expiring Jan 2095).  Leases expiring as a percentage of total portfolio NLA at 3.4% in year 2014 and 8.6% in year 2015.  Nearly 70% of the borrowings are at fixed interest rates.  All loan facilities outstanding in 2014 will be refinanced by loan facilities maturing in 2019.  Aggregate leverage at 42.1%.

Divested DBS Group 300 shares in this week for $106 nett gain.  For its 3Q13 financial results and versus year ago :- Net interest income +6% because loans +19% but the impact was partially offset by lower loan spreads and yields on investment securities; Non-interest income +11% because trade and transaction services, wealth management and treasury cross-selling contributed to the increase; Expenses +5% as staff and other operating costs were higher.  Net profit was flat as the increase in total income was offset by higher general and specific allowances, in line with faster loan growth. Non-performing loan rate at 1.2%. 

Portfolio walk since previous posting :-

+$5,194 Total Returns as of 7 Feb

+$199 Nett gain on sales of DBS, Soilbuild Reit, Keppel Reit
  
+$614 Unrealised positions improved

+$6,007 Total Returns as of 21 Feb

previous posting :- SRS - Closing status 7 Feb

Remarks :- Profits locked in to-date $12,938 / year 2014 $336

Cash - Closing Status 14 Feb

Divested Soilbuild Reit 1 lot in this week as part of usual portfolio re-balancing for a small nett gain of $6.  Its 4Q2013 financial results has exceeded the forecast set out in its IPO prospectus, with most of the key drivers to the result performing better than expectation.  Revenue, property expenses and finance costs all recorded positive variances and contributed to an overall outperformance on the distributable income line.  Its share price as of this Friday was at $0.76 is currently below its NAV as of end Dec'13 of $0.80.  Earliest debt maturity is in year 2015, are equally spread out over three years (2015-2017).  Occupancy rate 99.9%.  On 30 Jan, Chinese property tycoon Tong Jinquan has become a substantial shareholder of Soulbuild Reit; Tong Jinquan also having substantial stakes in Viva Industrial Trust, Lippo Malls Reit, OUE Reit (and previously, Perennial China Retail Trust).

Added GRP Ltd 15 lots in this week as part of usual portfolio re-balancing; total holding in it now at 31 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.

Invested into Duty Free 3 lots in this week as part of usual stock holdings.  For its 4Q2014 financial results, revenue +4.7%, profit -10.2%.  Higher revenue driven increase in demand for certain products as a result of competitive pricing.   Lower profit due to lower profit from discontinued operations and higher taxes.   NAV as of end Feb'14 at RM 0.3731 or (S$0.143 using FX rate 2.6096) versus Friday's closing price at $0.280.  

Invested into Boardroom 1 lot in this week as part of usual portfolio re-balancing.  From its 2Q14 financial results, revenue +8.0%, profit +7.4%.  Higher revenue mainly driven by increased clientele base secured in a number of the regional offices.  Higher profit because of higher revenue and depreciation and amortization -11.9% but offset by staff costs +10.5%, opex +7.2%.  At the moment stockbroking firm, GK Goh Holdings has makes mandatory buyout offer of Boardroom for a cash consideration of $0.575 per share.

Portfolio walk since previous posting :-

+$1,446 Total Returns as of 7 February

+$62 Nett gain on sales of  Duty Free and Soilbuild Reit

+$686 Unrealised positions improved

+$2,193 Total Returns as of 14 February

Previous posting :- Cash - Closing Status 7 Feb

Remarks :- Profits locked in to-date $12,176 / year 2014 $683

Cash - Closing Status 7 February

Donated $30 to Singapore Planned Parenthood Association in this week.

Added Mapletree Greater China Commercial Trust 2 lots in this week as part of usual portfolio re-balancing; total holding of it now at 7 lots.  It just released 3Q2014 (1 Oct'13 to 31 Dec'13) financial results and made comparisons against forecast made during IPO launch.   Achieved higher NPI +13.2%.  Available distributable income +16.6%.  Its NAV as of end Dec'13 was at $0.943 and its last done share price on this Friday was at a discount to NAV at $0.795.  Earliest debt expiry is in year 2015 and is well staggered into year 2018 at average 33% each year.  Borrowings interest rate for 71% of total debt fixed till year 2015.  Portfolio occupancy rate at 97.9% as of end Dec'13.  89% of expiring leases in current financial year have been renewed or re-let.  To ensure stability of S$ 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. 

Re-invested into Soilbuild Reit 1 lot in this week.  Its 4Q2013 financial results has exceeded the forecast set out in its IPO prospectus, with most of the key drivers to the result performing better than expectation.  Revenue, property expenses and finance costs all recorded positive variances and contributed to an overall outperformance on the distributable income line.  Its share price as of this Friday was at $0.74 is currently below its NAV as of end Dec'13 of $0.80.  Earliest debt maturity is in year 2015, are equally spread out over three years (2015-2017).  Occupancy rate 99.9%.  On 30 Jan, Chinese property tycoon Tong Jinquan has become a substantial shareholder of Soulbuild Reit; Tong Jinquan also having substantial stakes in Viva Industrial Trust, Lippo Malls Reit, OUE Reit (and previously, Perennial China Retail Trust).

Added GRP Ltd 5 lots in this week as part of usual portfolio re-balancing; total holding in it now at 16 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.

Portfolio walk since previous posting :-
+$2,212 Total Returns as of 30 January

-$737 Unrealised positions worsened

+$1,446 Total Returns as of 7 February

Previous posting :- Cash - Closing Status 30 Jan

Remarks :- Profits locked in to-date $12,114 / year 2014 $622

Cash - Closing Status 30 January

Added K-Green Trust 1 lot in this week as part of usual portfolio re-balancing; total holding in it now at 2 lots.  For its 4Q2013 financial results revenue -5.7% versus last year; profit -1.4%.  It is quite a defensive stock as all three assets in its portfolio have long-term concession agreements with NEA and PUB.   Senoko Trust and Tuas DBOO Trust derive most of their income from capacity payments, which offer a stable source of income with little correlation to economic or demographic fluctuations.  Ulu Pandan Tust's income is derived in equal parts from availability payments and from NEWater output payments.   Its current businesses have been locally based so far and probably likely to stay the same in the next financial year.  Let's see.

Divested Mapletree Greater China Commercial Trust 2 lots in this week as part of usual portfolio re-balancing for $22 nett gain.  Total holding of it now at 5 lots.  It just released 3Q2014 (1 Oct'13 to 31 Dec'13) financial results and made comparisons against forecast made during IPO launch.   Achieved higher NPI +13.2%.  Available distributable income +16.6%.  Its NAV as of end Dec'13 was at $0.943 and its last done share price on this Thursday was at a discount to NAV at $0.815.  Earliest debt expiry is in year 2015 and is well staggered into year 2018 at average 33% each year.  Borrowings interest rate for 71% of total debt fixed till year 2015.  Portfolio occupancy rate at 97.9% as of end Dec'13.  89% of expiring leases in current financial year have been renewed or re-let.  To ensure stability of S$ 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 in Jan'14 at $0.785.  And if we are truly in bear market now then its stock price recovery in this week will be stalled but any share price weakness in it will be a good opportunity to serious minded investors to get into it.  

Divested Soilbuild Reit 1 lot in this week for $16 nett gain before it gone XD in this week.  Dividends 1 lot x $0.0151 = $15 will be paid 28 Feb.  So, l have already collected its dividends in advance and can re-use the proceeds for other investment opportunities.  Its 4Q2013 financial results has exceeded the forecast set out in its IPO prospectus, with most of the key drivers to the result performing better than expectation.  Revenue, property expenses and finance costs all recorded positive variances and contributed to an overall outperformance on the distributable income line.  Its share price as of this Thursday at $0.75 is currently below its NAV as of end Dec'13 of $0.80.  Earliest debt maturity is in year 2015, are equally spread out over three years (2015-2017).  Occupancy rate 99.9%.  On 30 Jan, Chinese property tycoon Tong Jinquan has become a substantial shareholder of Soulbuild Reit; Tong Jinquan also having substantial stakes in Viva Industrial Trust, Lippo Malls Reit, OUE Reit (and previously, Perennial China Retail Trust).

Added Tee International 8 lots in this week as part of usual portfolio re-balancing.  Total holding in it now at 30 lots.  Tee Intl delivered mix financial results for 3Q2014; revenue +ve 14% driven by ongoing and completed engineering projects and profit -ve 14% due to higher administrative expenses.  Higher administrative expenses was due to acquisition of Interlift Sales which also resulted in higher headcount for the group.  But really strange why the effect is only felt in Qtr 2 and no mention of this matter in Qtr 1 results.  Higher AR and other receivables due to the amount owing from subcontractors for an engineering project.  l am unsure if this really an industry norm?  It really needs to monitor its AR collections closely and be wary of domino effect which usually could have a severe financial impact. 

Portfolio walk since previous posting :-
+$2,914 Total Returns as of 24 January

+$38 Nett Gain on sales of Mapletree Greater China, Soilbuild Reit

-$740 Unrealised positions worsened

+$2,212 Total Returns as of 30 January

Previous posting :- Cash - Closing Status 24 Jan

Remarks :- Profits locked in to-date $12,114 / year 2014 $622

SRS - Closing status 13 December

Re-invested into AIMS AMP Industrial Reit 2 lots in this week under SRS 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 $1.41.  Earliest debt expiry is in Oct'15. Aggregate leverage of 25.2%.  Its capital structure is well positioned for potential Fed tapering as 100% of its debt costs are fixed.  Portfolio occupancy rate at 98% as of end Sep'13.  Only 3.2% of NLA expiring in 2014.  Redevelopment of its Defu Lane 10 property on schedule and within budget and TOP is expected in May'14.   It commenced development of phase 2e and 3 of its Gul Way property which upon completion resulting 8.3% NPI yield on cost.   It recently acquires 49% interest in Optus Centre in Sydney, Australia; which expected to be completed by 1Q2014.   Optus Centre is Australia's largest campus-style office complex and is fully leased by SingTel for a weighted average lease term of 8.6 years with fixed annual escalation of 3%.

Invested into Soilbuild Reit 3 lots in this week.   Its 3Q2013 financial results has exceeded the forecast set out in its IPO prospectus, with most of the key drivers to the result performing better than expectation.  Revenue, property expenses and finance costs all recorded positive variances and contributed to an overall outperformance on the distributable income line.  Its share price as of this Friday at $0.75 is currently below its NAV as of end Sept'13 of $0.80.  Earliest debt maturity is in year 2015, are equally spread out over three years (2015-2017).  Occupancy rate 99.8%.

Portfolio walk since previous posting :-

+$6,942 Total Returns as of 6 Dec 

-$532 Unrealised positions worsened

+$6,410 Total Returns as of 13 Dec

previous posting :- SRS - Closing status 6 Dec

Cash - Closing Status 13 December

Intended to increase Tee International 5 lots in this week under Cash portfolio but ended up with sell order input error.  So on the same day, l have added 6 lots of it with 5 lots of it to cover the oversold position which resulted in nett loss of $33.  l did not use my (previous) existing 19 lots holding to cover this so-called oversold position because it was not suppose to be a sell order in the first place so it's better to make a hard record of it for this mistake.  Despite keeping reminding myself to be extra careful, this mistake still making a comeback to haunt me time and again.   Total holding in it now at 20 lots.  Tee Intl 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.  

Made a $25 donation to The Community Justice Centre in this week.

Added GRP Ltd 5 lots in this week under Cash portfolio; total holding in it now at 39 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

Re-invested into Duty Free 6 lots in this week under Cash portfolio but have divested it all away in the same week for $81 nett gain.  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 completed an internal reorganization exercise and disposal of its shareholding in its so called Border Town and airport businesses and Down Town businesses.     

Added Far East Hospitality Trust 1 lot so l have total holding 8 lots in it now.  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.

Re-invested into Sabana Reit 1 lot in this week.  Per its recent 3Q2013 financial results,  NPI +4.6%, income available for distribution +3.7%, DPU +1.7%.  Its Friday closing price at $1.035 is already below its end Qtr 3 NAV of $1.08.  Its new purchase high-tech industrial building in Chai Chee Lane will increase its income stream even though it has 50% vacancy.  Of the 5 master leases expired on 25 Nov, it renewed 1 master lease and took over direct management of 4 other properties.   Lease expiring in 2014 is at 8.7% of (3Q2013) gross revenue.   As of end Qtr 3,  its gearing was quite high at 37.5%;  about 97% of its total debt was at fixed rates and this reduces the impact of fluctuations in profit rates on the distributable income.  In mid-Nov'13 it secured a new 3-year revolving loan called Commodity Murabaha Facility of up to S$48.0 mil.

Invested into Soilbuild Reit 1 lot in this week.   Its 3Q2013 financial results has exceeded the forecast set out in its IPO prospectus, with most of the key drivers to the result performing better than expectation.  Revenue, property expenses and finance costs all recorded positive variances and contributed to an overall outperformance on the distributable income line.  Its share price as of this Friday at $0.75 is current below its NAV as of end Sept'13 of $0.80.  Earliest debt maturity is in year 2015 are equally spread out over three years (2015-2017).  Occupancy rate 99.8%.

Added Cache Logistics Trust 1 lots in this week under Cash portfolio; total holding in it now at 3 lots.  In its recent 3Q2013 financial results;  DPU slightly lowered by 0.8% due to higher number of issued units.  NPI higher by 8.5% for 3Q2013.  Property expenses gone up 27.7% from Qtr 2 to Qtr 3 due to one off reversal of expense accrual in Qtr 2.   As of end Qtr 3, its NAV was valued at $0.97 but Mr Market believes that it is worth more with its Friday closing price at $1.075.  No debt re-financing requirement till 2015.  70% debts hedged by way of fixed interest rate swaps.  Its $375 mil secured term loan (includes $62 mil undrawn) are well spread out across 19 international banks.   Continued to maintain a portfolio occupancy at 100% in 3Q2013.  No lease expiry renewal risk for the remaining months of 2013.  And only 3% of total GFA lease to be renewed in year 2014.  Over 85% of GFA taken up by MNCs and government entities.

 
Portfolio walk since previous posting :-

+$1,964 Total Returns as of 6 December

+$48 Nett Gain on sales of Tee Intl, Duty Free

-$995 Unrealised positions worsened

+$1,017 Total Returns as of 13 December

Previous posting :- Cash - Closing Status 6 Dec