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.

Tuesday, July 22, 2014

SuntecReit 2QFY2014

Gross revenue                                  = $68.1m
Net Property Income                       = $46.1m
Income Available For Distribution  =$56.6m
DPU                                                  = 2.266 cents

Total Assets  =   $8,341m
Total Debts   =   $3,032m
Net Assets     =  $5,309m
NAV              = $2.069
EPS                = 1.242 cents

Outstanding Debt     = $2.878b
Debt-to-Asset Ratio = 34.1%
Interest Cover          = 4.3

Corporate Rating = "Baa2"
Average All-in Financing Cost  = 2.62%

SATS 1Q FY14/15

Revenue                                    = $435.2m
Operating Profit                        = $39.7m
PATMI                                     = $43.3m
Underlying Profit From Ops     = $43.4m
Underlying Net Margin             = 10%
PATMI Margin                         = 9.9%
Debt-to-Equity                          = 0.08
EPS                                           = 3.9 cents
NAV                                         = $1.30
Cash & Cash Equiv                   = $395.1m
FCF                                            = $31.1m

Key costs are Staff Costs ($203.9m) and Raw Materials (85.3m) . Share of after tax profits from associates/JV dropped 16.8% arising from lower cargo volumes.

Monday, July 21, 2014

Keppel Infra Trust 2QFY2014

Revenue                                        $16,430K
Net Profits                                     $3,341K
Net Assets                                     $604,942K
Cash & Cash Equiv                       $40,264K
EPS                                                0.53 cents
Adjusted NAV                               $0.93 (Adjusted)
DPU                                               3.13 cents

KReit 2QFY2014

Property Income                               = $47,346K
Net Property Income                        = $39,191K
Share Of Results Of Associates        = $14,244K
Income Available For Distribution   = $53,220K
DPS                                                    = 1.90 cents
All-In Interest Rate                            = 2.2%
Weighed Avg Term Of Expiry          = 3.6 years
Interest Cover                                     = 5.2
Percentage Fixed Of Debt                  = 67%
Total Borrowing                                 = $3,117m
NAV                                                   = $1.40
Aggregate Leverage                            = 42.8%