Wednesday, July 30, 2014

SoilBuild 2QFY2014

Revenue                                 = $16,708,000
NPI                                         = $14,042,000
Distributable Income              = $12,134,000
DPU                                        = 1.5 cents
Borrowings                              = $295m
NAV                                        = 80 cents
Aggregate Leverage                = 30.3%
All-In Interest Rate                  = 3.08%
Interest Cover                          = 5.4
Weighted Avg Debt Maturity  = 2.0 years
S&P Ratings                            = BBB-

Tuesday, July 29, 2014

StarHillGlobal 2QFY2014

Gross Revenue                            = $48.4m
NPI                                             = $39.2m
DPU Available For Distribution   = $26.9m
DPU                                           = 1.25 cents
Total Debt                                   = $870m
Gearing                                       = 29.4%
Interest Cover                             = 5.0
Avg Interest Rate                        = 3.22%
Unencumbered Asset Ratio        = 79%
Avg Debt To Maturity               = 3.2 years
NAV (Adjusted)                          = $0.92 cents
Total Assets                               = $2,962,787,000
Total Liabilities                          = $949,585,000
Net Assets                                 = $2,013,202,000
Free Float                                  = 55% (exclude YTL &AI

Sunday, July 27, 2014

Food For Thought - Black Swan Event

Two years ago, we were all going about our daily business, blissfully unaware that our planet almost plunged into global catastrophe.
A recent revelation by NASA explains how on July 23, 2012, Earth had a near miss with a solar flare, or coronal mass ejection (CME), from the most powerful storm on the sun in over 150 years, but nobody decided to mention it.

The power of this ejection would have raced across space to knock us back to the Dark Ages. It’s believed a direct CME hit would have the potential to wipe out communication networks, GPS and electrical grids to cause widespread blackout. The article goes on to say it would disable “everything that plugs into a wall socket. Most people wouldn’t even be able to flush their toilet because urban water supplies largely rely on electric pumps.”
Just 10 minutes without electricity, Internet or communication across the globe is a scary thought, and the effects of this event could last years. It would be chaos and disaster on an epic scale.
“According to a study by the National Academy of Sciences, the total economic impact could exceed $2 trillion or 20 times greater than the costs of a Hurricane Katrina.

So can we breathe a worldwide sigh of relief? Well, not quite. Physicist Pete Riley, who published a paper titled “On the probability of occurrence of extreme space weather events,” has calculated the odds of a solar storm strong enough to disrupt our lives in the next 10 years is 12 percent.

However, the CME that almost battered us was a bit of a freak occurrence as it was actually two ejections within 10 minutes of each other, plus a previous CME had happened four days earlier to effectively clear the path. Phew!!!!!

Friday, July 25, 2014

HPH Trust 2QFY2014

Revenue                                = HK$ 3063.0m
Operating Profit                     = HK$874.1m (decrease 8% yoy)
Profit Attrib to Shareholders = HK$ 368.4m (decrease 12% yoy)
EPS                                        = HK 4.23 cents
Net Assets                              = HK$ 85,513.8m
NAV                                       = HK$ 7.17
DPU                                        = HK 18.7 cents (1HFY2014)

Thursday, July 24, 2014

AscendasIndiaTrust 1QFY2014/2015

Total Property Income                          =  Rupee 1,520m
NPI                                                        =  Rupee 899m
Income Available For Dist                   =  $11.8m
DPU                                                      =  1.15 cents
NAV                                                      = 60 cents
Interest Cover                                         = 4.3
Gearing                                                   = 22% (taken acct of adjusted computation Gross Borrowing  +/- derivative financial instruments assets or liabilities)
Percentage Fixed Rate Debt                   = 100%
Average Cost Of Debt                            = 6.5%
Effective Borrowings                             = $233m

Currently at S$1 to INR 47.6. This is the first quarter after a long time where SGD depreciated against the INR compared to the previous quarter.I hope the decline in the INR has been arrested.

CLDT 2QFY2014


Revenue                         = $37,850m
NPI                                 = $31,334m
Debts/Asset Ratio          = 29.5%
Total Assets                   = $2,345m
Interest Cover                = 8.4
DPU                               = 5.25 cents (1HFY2014)

Singapore Hotels
Occupancy          86.1%
ARR                    $211
RevPAR              $181

Wednesday, July 23, 2014

CapitalRetail China Trust 2QFY2014

Revenue                                         = RMB 249,888,000
NPI                                                 = RMB 167,595,000
Income Available For Dist            =  $21,253,000
DPU                                               = 2.59 cents (2.38 cents for 2Q2013)
NAV                                               = $1.48 (net of dist)
Gearing                                           = 29.8%
Net Debt/EBITDA                          = 5.2
Interest Cover                                  = 5.5
Avg Term To Maturity                   = 2.32
Avg Cost Of Debt                           = 3.60%

Shoppers traffic up 5.5% and tenant sales' up 13.6% yoy. I expect performance to improve yoy as Minzhongleyuan was not contributing for 3QFY13 to 1QFY14 due to AEI works.I vested in this counter earlier this year or late last year at around $1.3 as the financial look decent to me at that time.