Tuesday, October 21, 2014

SoilBuild 3QFY2014

Revenue                                 = $16,916,000
NPI                                         = $14,193,000
Distributable Income              = $12,539,000
DPU                                        = 1.546 cents
Borrowings                              = $289m
NAV                                        = 80 cents
Aggregate Leverage                = 30.3%
All-In Interest Rate                  = 3.08%
Interest Cover                          = 5.1
Weighted Avg Debt Maturity  = 2.0 years
S&P Ratings                            = BBB-

SuntecReit 3QFY2014

Gross revenue                                  = $71.5m
Net Property Income                       = $48.8m
Income Available For Distribution  =$58.3m
DPU                                                  = 2.328 cents

Total Assets  =   $8,365m
Total Debts   =   $3,087m
Net Assets     =  $5,144m
NAV              = $2.033

Outstanding Debt     = $2.907b
Debt-to-Asset Ratio = 34.4%
Interest Cover          = 4.6

Corporate Rating = "Baa2"
Average All-in Financing Cost  = 2.42%

Friday, October 17, 2014

FirstReit 3QFY2014


Gross Revenue                                    $23,843,000
NPI                                                      $23,452,000
Distributable Income                           $14,688,000
DPU                                                     2.02 cents
NAV                                                     96.99 cents
Gearing                                                 below 35%

No refinancing needs till 2017.It provide an yield of 6.8% based on annualized dpu at a share price of $1.19/..

Thursday, October 16, 2014

KREIT 3QFY2014

Property Income                               = $47,628K
Net Property Income                        = $38,524K
Share Of Results Of Associates        = $14,401K
Rental Support                                  = $12,655K
Income Available For Distribution   = $52,027K
DPS                                                    = 1.85 cents
All-In Interest Rate                            = 2.2%
Weighed Avg Term Of Expiry          = 3.5 years
Interest Cover                                     = 5.1
Percentage Fixed Of Debt                  = 72%
Total Borrowing                                 = $2,888m
NAV                                                   = $1.39
Aggregate Leverage                            = 42.1%

SPH FY2014

 Profit & Loss (Before Taxation)

Newspaper & Magazine              $246,381,000
Property                                       $239,397,000
Treasury & Investment                $30,419,000
Others                                           $12,194,000

Newspaper & Magazine segment decrease by 16% yoy and now form slightly less than half of overall PBT.Decline was basically due to lower advertisement revenue.Partial divestment in 701Search result in a gain in Others segment.Hardcopy ST circulation decrease  but digital increase yoy.Seletar Mall is target to open in Nov 2014.Final Dividend of 14 cents declared for FY2014.

With a total dividend of 21 cents at a current price of $4.16 per share, it is operating more like a pseudo bond of 5%.Do not expect too much in term of price appreciation, just get your 5% and hope and business fundamental do no deteriorate too much from here.

Saturday, September 20, 2014

The $50m Dollar Man!!!

This is the $50m dollar Man!!!!He wrote in his weibo blog, "looking forward to $50m in my Cash Vault!"

Monday, September 8, 2014

China Merchant Pacific - Jiurui Expressway

CMPF today hold a EGM to approve the acquisition of Hong Kong Honest Queen International Investment Limited which is the holding company of Jiurui Expressway Co.It was overwhelming majority approved.

It will issue 119,374,987 shares at 0.985 apiece which will raised approx. RMB580m. In addition, it will pay an additional RMB117m cash for a total consideration for a total of RMB697m for the purchase. The issued share will be about 16% of total ordinary share capital issued.

Net Asset Value after purchase will be at HK$5.82. EPS will be at 52.09 HK cents.Gearing will be at 30%. All are calculated based on full diluted convertible bond conversion.

Jiurui is a 48km expressway in Jiangxi with toll lease lasting till dec 31 2040.

The current deal look much more attractive than the previous proposal that was dropped due to some issues with getting approval for the NZ property business that was also packaged in the proposal.