Sunday, January 25, 2015

SoilBuild Trust 4QFY2014

Gross Revenue                                                 = $17.682m
NPI                                                                  = $14,392m
Distributable Income                                       = $12,892m
DPU                                                                 = 1.585 cents
NAV                                                                = 80 cents
Leverage                                                          = 35.4%
Average All-In Interest Ratio                          = 3.19%
Interest Cover                                                   = 5.3X

Thursday, January 22, 2015

Suntec Reit 4QFY2014

Gross Revenue                                 = $76.8m
NPI                                                   = $53.0m
Distributable Income                        = $64.6m
DPU                                                  = 2.577 cents
Gearing                                             = 34.7%
All-In-Financing-Cost                      = 2.44%
Interest Coverage Ratio                    = 4.3X
Adjusted NAV                                  = $2.091

Monday, January 19, 2015

Keppel Infra Trust FY2014

Revenue                                 $65,451,000
Operating Profit                     $13,103,000
Net Profit                               $12,709,000
Cash &Cash Equiv                $49,744,000
EPS                                        2.02 cents
DPU                                       4.69 cents (2HFY2014)
Adjusted NAV                       $0.89 (after 2HFY2014 distribution)

Thursday, January 15, 2015

FirstReit 4QFY14

Revenue                             = $23.9m
NPI                                    = $23.5m
Distributable Income         = $15m
DPU                                   = 2.04 cents (8.05 cents annualized)
Total Debt                          = $401.3m
Gearing                               = 33.1%
NAV                                   = 101.81 cents

Tuesday, January 13, 2015


Operating Revenue                    $307,057K
Operating Profit                         $102,344K
Investment Income                    $1,682K
Profit After Taxation                 $78,120K
Net Profit Attr To Shrs              $69,350K
EPS                                            4 cents
NAV                                           $2.33
Cash & Cash Equiv                    $802,614K

Advertisement revenue fell by $16m (8%). Circulation revenue fell by $3.2m (6.8%).Seletar Mall should contribute in 2QFY15.

Tuesday, December 30, 2014

Greece Crisis Revisted?

Remember GREXIT in 2011?It was the only country in the PIIGS to have its debt restructured.Now, on 29th Dec this year, the Greek Parliament failed to elect a new President thus forcing a snap elections next Jan 25th.Is the memory receding Euro Crisis entering a new phase after having been in the lull for quite a while?Right now, the Athens stock market is hit by the news but the rest of Europe and the world remain pretty much nonchalant about events unfolding in the birthplace of modern democratic ideals.Polls point to a victory for the populist far-left Syriza, the party headed by Alexis Tsipras who want to keep Greece in the Euro but dump most of the conditions tied to the bail-outs - ending austerity, reversing cuts in the minimum wage and in public spending, scrapping assets sales and to repudiate much debt.Expect a game of chicken to be played out between Alexis and his party vs the European troika if Syriza win next month.More volatility ahead, I think.

Friday, December 19, 2014

My Portfolio 2014

The following is my portfolio as at 2014 (not in any order). I do not expect any more changes till next year when I come back from my holidays to review again.

Edited in the prices as at Dec 31 (after trading).

DBS  ($20.60)
SPH   ($4.21)
SingTel ($3.90)
StarHub ($4.15)
CityDev ($10.27)
SP Ausnet ($1.42)
Cityspring ($0.53)
Keppel Infra Trust ($1.065)
Olam ($2.02)
Wilmar ($3.24)
SIA ($11.60)
Keppelcorp ($8.85)
SembCorp ($4.45)
CMPacific ($0.975)
CroesusRetail ($0.925)
CDL Trust ($1.74)
AsiaPay TV Trust ($0.86)
Capital China Trust ($1.615)
Ascendas India Trust ($0.82)
Lippo Malls Trust ($0.34)
SuntecReit ($1.96)
StarHillGlobal Reit ($0.80)
SATs ($3.05)
SingPost ($1.92)
First Reit ($1.255)
KReit ($1.22)
Accordia Golf Trust ($0.75)
SoilBuild Trust ($0.79)
HPH Trust ($0.915)
OCC 5.1%NCPS 100 ($105.22)
DBS$800M4.7%NCPS ($105.50)
Olam B180129 (US$1.07)