SMRT 3QFY2011

Results released on 31/1/2012

EPS                            = 2.4 cents
Total Assets               = $1,752,459,000
Total Liabilities         = $ 971,819,000
NAV                           = 51.4 cents
Operating Profit         = $46,384,000

Train   (P/L)                       = $25,652K
LRT     (P/L)                       = (92K)
Bus      (P/L)                       = (1715K)
Taxi     (P/L)                       = 1060K
Rental  (P/L)                       = $15,625K
Advert (P/L)                        = $5,618K
Engineering Svc (P/L)         = $718K
Investment          (P/L)         = ($482K)

SingPost Q3FY2011/2012

Results released on 30/1/2012.

Underlying Profit                    = $38.9M (decreased by 5% over corr quarter in prev year)
EPS (Q3 FY2011/2012)         = 2.2 cents
DPU Q3 FY2011/2012           = 1.25 cents
Net Gearing                            = 0.75x
EBITDA to Interest Expenses = 17.4x
Net Debt                                  = $232.4M
Borrowing                               = $505.7M
Cash & Cash Equiv                 = $273.3M
NAV  (as at 31th Dec 2011)    = 16.31 cents

Domestic Mail                         = $60.3M
Int Mail                                    = $31.8M
Hybrid Mail                             = $4.9M
Philatelic                                  = $1.0M

StarHillGlobal Q4FY2011

Results released on 30/1/2012.

DPU for Q4FY2011                  = 1.01 cents
DPU for FY2011                       = 4.12 cents
Gearing                                     =  30.8%
Interest Cover                            = 4.4x
Average Interest Rate                = 3.25%
Fixed Rate Debt                         = 87%
Avg Weight Debt Maturity         = 2.2 years
NAV (Dec 31th 2011)                = 0.95
Total Liabilities                          = $988,112,000
Net Assets                                   = $1,850,967,000
Total Assets                                = $2,839,079,000

Major Debt refinancing in 2013.

Ascendas India Trust 3Q FY11/12

Results for 3Q FY2011/2012 released on 26th Jan 2012

3Q FY2011/2012 DPU                         =  1.5 cents
YTD FY2011/2012 DPU                      = 4.54 cents
NAV (as at 31th Dec 2011)                  = $0.7 (compare to $0.8 as at March 2011)
Interest Cover                                       = 3.8
Gearing                                                 = 24.6 %
Effective Weighted Avg Cost Of Debt  = 6.0 %
Total Assets                                          = $992,962,000
Total Liability                                       = $416,513,000
Net Assets                                             = $576,449,000

largest customer form 6.8% of portfolio base rent!

*SGD appreciated by 16% over the INR over the last one year. Currently at S$1 to INR 40.

First Reit 4Q2011

Results for Q4FY2011 & FY2011 released on 26/1/2012.

NAV (as at 31th 2011)  = 80.5 cents
DPU (Q4FY2011)         = 1.93 cents
Annualized DPU            = 7.01 cents
Total Assets                   = $660,616,000
Total Liability                = $155,317,000
Total Debt                      = $98,700,000 (from $57,700,000 in Dec 31th 2010)
Interest Cover                 = 12.3 (from 11.6 in Dec 31th 2010)
Debt-to-Property Ratio   = 16% (from 9.4% in Dec 31th 2010)

Rentals from Singapore and Indonesian properties are denominated in Sing dollars whereas rental from Korean property denominated in US dollars

I expect to receive $656.20 in dividend froom First Reit in Feb 2012

CityDev, Hyflux and Capitaland

I sold off my holdings in the above recently. The market has risen quite a bit and I like to take some profit. I believe there should be opportunities later on in the year to re-enter at more attractive prices.

Greece

I am going to make a prediction here. Greece is going to default whether voluntary, involuntary or selective are just technical terms.After which, Greece will be out of the Euro before the end of 2012. I have the hunch that the market is fully aware of the outcome. So is the Eurozone. They have been preparing for this eventuality over the last two years.

Suntec Reit FY2011

DPU (Q4FY2011)       =   2.479cts

Total Assets  =  $7,516,726,000
Total Debts   =  $2,664,429,000
Net Assets     =  $4,456,633,000
NAV              = $1.987

Debt-to-Asset Ratio = 37.3%
Interest Cover          = 4.4

Corporate Rating = "Baa2"
Average All-in Financing Cost  = 2.81%

K-Green

K-Green released their FY2011 results yesterday. Here are the key statistics:-

EPS FY2011 = 2.54 cts

NAV (as at 31th Dec 2011) = $1.11

DPU (2HFY2011) = 4.69 cts

Net Assets = $697, 174, 000 (compare to $726,080,000 in FY2010)

Total Liability = $20,024,000

SPH 1Q2012

Just look at the results. Net profit attributable to shareholders declined from $101,253K(1Q2011) to $97,547K (1Q2102). This is mainly due to a drop in investment from income (unrealised exchange loss on foreign investments) of $5.5M. Recurring income was actually higher for 1Q2012 than 1Q2011 by $4.9M due to Clementi Mall in full operation in 1Q2012. EPS is 6cents (unchanged) and NAV stand at $1.44 . Core Newspaper and Magazine business revenue fell by $3.2M.

Total Assets: $3,885,427K, Total Liabilities: $1,490,861, Net Assets: $2,394,566
Circulation Revenue: $50.3M

My take: no major surprises at this point in time.

2012

I have not posted for a while. Now, I find myself starting with a new year. Last year was not a good year for investor like me though it was not exceptionally bad either as my derived dividends income still hit the expected value. There is some dip in my overall portfolio value but is is not as significant as the overall decline in the STI indexes due to my conservative position. I am fully aware that in a bullrun scenario, my conservation position will not allow me to extract maximum mileage but I am basically ok with that.

Looking at the new year ahead, of course there is this Mayan Calendar prediction of cataclysmic events will occur on 21 Dec 2012. This is very important to me? Not really as I am not a person perennially worry about about the end of the world doomsday scenario. If there is such a event likely similar to the one that probably exterminate the dinosaurs millions of years ago, it should not matter to humanity, I guess since it will all be over.

The sti starts the year at around 2646. I do not have a clue as to how it will end in 2012. It is anybody guess. However, I do note that in Dec , the ECB inject close to half a trillion dollars into the European banks through a offer of 3 year loan at 1%. This understated event probably reduces the level systemic risk coming out from the Eurozone. Much remain to be seen later this year when the Italian try to refinance their existing bonds.

My expected dividends for Jan is from Singtel only, if I am correct. I divested Capitaland entirely in 2011 but reenter modestly recently. City Dev is also a recent addition after the the slap on a additional buyers stamp duty targetted at foreigners.

My real bad investment in 2011 was Oceanus where I made a realised loss after the recent reported high abalone mortality rate. This experience really deliver a painful lesson for me when investing into company that I really do not have a grasp of the management and its operations.

My current portfolio are as follows:-

DBS
UOB 5.05%NCPS
OCBC CAP5.1%NCPS
SPH
Singtel
Cityspring
SP Ausnet
K-Green
StarHub
SBS Transit
Suntec Reit
Capitaland
City Dev
SMRT
First Reit
SATS
StarHill Global
LMIR
DBS Pref4.7%
Ascendas India Trust
SIA
Keppel Corp
SembCorp
Mehwah
SingPost
China Merchant Pacific
Hyflux