Croesus Retail Trust 4Q FY 2014 Result

Croesus Retail Trust (CRT) posted a set of above expectation results with twin boosts from higher revenue, especially at Mallage Shobu and lower property costs. This was despite the introduction of a higher consumption tax on 1 April 2014. FY 2014 distribution income of JPY 707.4 million (S$8.51 million) for the 4Q which was 10% ahead of the estimate. For the three months ended 30 Jun 2014, gross revenue was JPY 1.58 billion. Net property income for the quarter beat its forecast by 2.6% at JPY 1.02 billion. Looking ahead, CRT expect the tenant remixing exercise at Mallage Shobu to yield positive returns when the current low occupancy cost is marked to market. The group is also exploring third party acquisitions in addition to its two present Right of First Refusal (ROFR). With a gearing of 51.7%, it has room to raise JPY 16 billion worth of debt to fund its potential purchases.

The Board of Directors has declared a dividend of 3.74 cents per ordinary share for 4Q FY 2014 which is payable on 26 September 2014.

Embark another new chapter

Today is my last working day in my current company.  Tomorrow I will be embarking another new chapter in my career. It was upset to bid farewell with my colleagues and embark into another new journey, but however I made the decision to leave my current company is because of long term plan decision. The job I am doing is purely about working as a job and not as a career. You won't find any achievement in it especially if you are thinking of retirement there. So I made the decision to do something else as a career and hopefully this will be my last job or retirement job. Looking forward to tomorrow and embark another new chapter in my career.

Singtel 1Q FY 2015 Result

SingTel reported a 17% fall in its 1Q FY 2015 profit to S$835 million, hurt by one‐off items and adverse currency movements. Revenue fell 3.4% to S$4.15 billion, while Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) was S$1.25 billion, down 3.2%. SingTel derives the bulk of its profits from overseas, making its earnings particularly susceptible to currency changes. The company is expected to benefit from a turnaround in the Indian market where it effectively owns nearly a third of top mobile phone carrier Bharti Airtel. Shares of the company, valued at US$50 billion, have risen 6.8% so far this year, compared with a 4.2% increase in the broader market.

Frasers Centrepoint Limited 3Q FY 2014 Result

Frasers Centrepoint Limited (FCL) announced its 3Q FY 2014 revenue and Profit Before Interest and Tax (PBIT) jumped 41% and 56% from the previous corresponding 3Q FY 2013 to S$575.4 million and S$160.3 million respectively. The strong growth was driven by revenue recognition from overseas markets as a result of project completions in China, sale of completed units in Australia and the United Kingdom during the quarter as well as proceeds from the sale of Changi City Point to Frasers Centrepoint Trust (FCT) as the Group continued to execute on its REIT strategy. FCL’s strong operational performance in 3Q FY 2014 was partially offset by the absence of fair value gain on investment properties that were recorded in the corresponding period last year. The fair value gains arose from an additional valuation exercise taken as at 30 June 2013 in connection to the Group’s listing; the Group would otherwise normally revalue its investment properties at the end of each financial year. Consequently, attributable profit for the quarter was S$109.2 million, down 60% year-on-year. Excluding fair value change and exceptional items, the Group’s attributable profit for 3Q FY 2014 would have surged by 77%, from S$67.7 million a year ago to S$120 million.

FCL achieved strong operating results in the first nine months of the financial year. This was on the back of strong contributions from the overseas markets, as well as from the execution of their REIT strategy. Delivering value to shareholders and growing core earnings through the disciplined execution of their growth strategies remains their focus. They undertook several key corporate actions that enabled the Group to optimise capital productivity and strengthen their income base, as well as diversify their earnings across markets and increase recurring income. They will continue to
execute on their growth strategies to position the Group for long-term sustainable growth.

Singapore Post 1Q FY 2014/2015 Result

SingPost posted a net profit of 5.1% at $39.2 million in the 1Q of FY 2014/2015 higher as compared to $37.3 million in the same quarter last year FY 2013/2014. Excluding one-off items, underlying net profit was flat at $36.2 million.

SingPost continues to grapple with a declining postal industry and rising costs. Despite that, the group achieved a 4.8% increase in revenue to $210.9 million in 1Q FY 2014/2015, as growth in e-commerce-related activities continued to offset declines in the traditional postal business.

In the Mail division, revenue from domestic mail declined slightly but overall mail revenue grew 7.4% to $123.2 million boosted by growth in e-commerce related transhipment business and higher one-off corporate postings relating to the Personal Data Protection Act which came into effect in July 2014.

Logistics revenue was higher by 4.1% to $97.6 million with growth in contributions from ecommerce logistics activities under Quantium Solutions, the domestic parcel business, the freight forwarding business of Famous Holdings and Lock+Store self-storage business.

In Retail and eCommerce, revenue from financial services and eCommerce services grew 9.7% to $22.8 million offsetting declines in traditional retail and agency services. Revenue from eCommerce services was boosted by growth in its Omigo and vPOST business.

Rental and property-related income fell 3.6% to $10.8 million as a result of lower contributions from SingPost’s properties.

The Board of Directors has declared an interim dividend of 1.25 cents per ordinary share for 1Q FY 2014/2015 which is payable on 18 August 2014.

Starhub 2Q FY 2014 Result

StarHub posted a 6.3% decrease in net profit to $94.3 million for the 2Q ended 30 June 2014. Total revenue for the quarter was at $576 million, 2% lower compared to a year ago. On a half-year period, revenue was at $1.1 billion.

Mobile services revenue decreased 1% for the quarter to $310.3 million and was stable for the half year at $616.2 million. Pay TV revenue increased 3% for the quarter to $98.4 million and 1% to $192.2 million for the half year basis. Broadband revenue decreased 17% for the quarter to $51 million and 15% for the half year to $104.9 million. Fixed Network revenue increased 2% both for the quarter and half year periods to $92 million and $182.2 million respectively.

The group’s EBITDA decreased 2% for the quarter and also for the first half to $187 million and $365 million respectively. EBITDA margin as a percentage of service revenue was 34% for the quarter and was at 33.3% for the half year basis.

Free cash flow was $62 million for the quarter and cash capital expenditure (capex) was 6% higher at $95 million compared to a year ago. On a half year basis, free cash flow was $166 million while cash capex was $162 million.

The Board of Directors has declared an interim dividend of 5 cents per ordinary share for 2Q 2014. The dividend is payable on 28 August 2014.

AIMS AMP Capital Industrial REIT 1Q FY 2015 Result

AIMS AMP Capital Industrial REIT has announced a 2% year-on-year rise in Distribution Per Unit (DPU) to 2.55 cents per unit. Net property income rose 23.9% year-on-year to $19.5 million and distribution to shareholders rose 26.9% year-on-year to $15.8 million.

AIMS AMP Capital Industrial REIT has achieved a solid result this quarter with a full quarter’s income contribution from Optus Centre investment in Australia, secured new leases and renewals for 9% of it's portfolio and achieved significant weighted average rental increase of 11.9% from the renewals. They improved the Trust’s debt maturity profile with a $50 million issuance under the Medium Term Notes programme. The proceeds were used to repay the $50 million development loan for 20 Gul Way ahead of its October 2015 due date, enabling them to extend a portion of their debt for a further 5 years.

The Net Asset Value (NAV) increased to $1.48 per unit from $1.47 per unit due to the recognition of the development profits at 103 Defu Lane 10 and Phase Two extension of 20 Gul Way following obtaining the Temporary Occupation Permit (TOP) on 28 May 2014 and 14 June 2014 respectively.

Mapletree Greater China Commercial Trust 2Q FY 2014 Result

Mapletree Greater China Commercial Trust (MGCCT) has posted an 11.9% year‐on‐year growth in DPU to 1.56 Singapore cents for the 2Q ended 30 June 2014 with strong rentals for its retail and office assets, beating its forecast by 9.3%. MGCCT's gross revenue rose 8.6% to S$63.8 million as Festival Walk and Gateway Plaza both raked in higher revenues. Net property income rose 9.9% to S$52.6 million, exceeding its forecast by 8.8%. MGCCT achieved an occupancy of 99.2% as at 30 June 2014.

MGCCT had been undervalued for many months ever since it hit the lowest of 78 cents few months ago. At current price of 93 cents based on today closing, there is still room for upside on this REIT. I will stay vested as long as it had been giving consistent 6% to 7% yield annually.

Frasers Centrepoint Trust 3Q FY 2014 Result

Frasers Centrepoint Trust (FCT) has reported a 6% rise in distribution per unit to 3.022 cents in the 3Q ended June 2014, thanks to higher retail rentals and occupancies. The suburban mall operator enjoyed 7.8% of positive rental reversions in the 3Q and an improvement of its portfolio occupancy to 98.5%. Gross revenue for the quarter increased by 3.1% from a year before to S$41.2 million and Net Property Income (NPI) improved 2.4% to $29.1 million. FCT said that the growth in revenue
and NPI was supported by rental step up of current leases, better rental rates achieved for new and renewed leases and the maiden contribution from Changi City Point, which it acquired on 16 June 2014.

Yeesh!!

We got our COE in the first bid today at $62,890. Although the COE did not goes down but still very happy to get the COE in our first bid. Now is waiting for the car shipment to arrive to Singapore, in September..... another 1 month plus to drive a brand new Toyota Corolla Altis 1.6. Hopefully my new car plate number will be a nice one and give me luck to strike 4D to pay off the remaining loans.

Down Payment on my new Toyota Corolla Altis 1.6

I had not been active in my blog for the past months as I was quite busy lately especially I had just completed my In-Camp Training (ICT) today and also the one month of World Cup 2014 fever. This is my second high-key ICT. I am delighted to meet up with past colleagues and new NSF friends from the central pool. It was a good break but given a choice I will still prefer to go back to work rather than put on the SAF uniform.

Last Sunday, my wife and I went to Borneo Motors to make the down payment for our new car, Toyota Corolla Altis 1.6 finally. We had been thinking for the past months on when to make our purchase for the new car as my existing car is going to be 10 years soon. We trade in our Toyota Vios and got a guarantee COE bid within 3 months. The deal was S$116,488 after all the "discounts". Indeed it was not cheap but we decided to go ahead on the purchase as we need a car badly for the family. Hopefully for the next subsequent COE bid, the price will come down and we can get some further "discount" on our purchase. The COE rebate value for our package is 58k. If the COE price goes down below 58k, we will sort of getting more rebates.

First REIT 2Q FY 2014 Result

First Real Estate Investment Trust (First REIT), Singapore’s first healthcare real estate investment trust with properties in Indonesia, Singapore and South Korea, today announced a distribution per unit of 2 cents for the 2Q ended 30 June 2014, representing a 8.1% increase over the same period of the preceding year.

Distribution to shareholders for the quarter was $14.4 million, a 13.6% increase from a year ago. Annualised DPU rose 7% to 8.05 cents and at closing price of $1.21 on 14 July 2014, the trust’s distribution yield remained at 6.7%.

It was the highest DPU since listing, hitting the 2 cents mark. First REIT is pleased with how the Trust has panned out, with strong performance from their assets which they have increased to 15 properties on the completion of their latest acquisition, Siloam Hospitals Purwakarta. Going forward, they will continue to strengthen their portfolio and unlock value from their existing assets to enhance the returns to their shareholders.

For the quarter under review, First REIT’s gross revenue rose 14.5% year on year to $23 million, while net property income increased 15.4% y-o-y to $22.7 million. The growth was contributed by Siloam Hospitals Bali and Siloam Hospitals TB Simatupang, acquired in May 2013 and partial maiden contribution from the newly acquired Siloam Hospitals Purwakarta in May 2014.

Sabana REIT 2Q FY 2014 Result

Sabana REIT had announced their 2Q 2014 a DPU of 1.86 cents for the quarter from 1 April 2014 to 30 June 2014. This is largely unchanged compared to the 1.88 cents quarterly DPU achieved in 1Q 2014 despite an increase in unit base by approximately 2.7 million as a result of new units issued in 2Q 2014 pursuant to the Distribution Re‐Investment Plan (DRP) established on 1 April 2014.

It was attributed by the stable results to successful marketing and leasing efforts in 2Q 2014. They had successfully secured 6 new leases and 12 lease renewals. Portfolio occupancy remained largely unchanged at 90.8% in 2Q 2014 as compared to 90.6% in 1Q 2014.

Looking ahead, the market conditions are expected to remain challenging. They will continue to intensify their marketing and leasing efforts to improve on their portfolio occupancy and also continue to make selective acquisitions. In addition, they are looking for opportunities to recycle their capital by divesting on underperforming assets.

As at 30 June 2014, Sabana REIT’s portfolio consisted of 22 properties, with 4.5 million square feet of gross floor area, leased to a diversified base 151 tenants. The portfolio’s weighted average lease term for underlying land in terms of gross floor area was 38.4 years. The largest allocation in terms of net lettable area was in the high‐tech industrial sector which is approximately 46%.

Frasers Centrepoint Limited Update

Thai billionaire Charoen Sirivadhanabhakdi’s Singapore real estate company Frasers Centrepoint Limited (FCL) could raise as much as US$358 million by listing a Hospitality Industry Trust business in Singapore.

The deal size is slightly below an earlier estimate of as much as US$480 million for the Initial Public Offering (IPO), made before Frasers Hospitality Trust (FHT) began pre-marketing last week. The Trust comprises 6 serviced residences controlled by FCL and 6 hotels such as Singapore’s InterContinental Hotel, owned by Charoen’s TCC group.

FCL indicated to investors the newly listed firm will have a market capitalisation of between $1.02 billion to $1.12 billion. The parent plans to sell 30% to 40% stake of FHT to investors, raising up to US$358 million. The details of the deal are not made public yet. The sale could be formally launched as early as next week. A formal indicative range is yet to be disclosed, but source said FHT could offer an indicative dividend yield of 6.5% to 7.5%.

The listing would mark the first step in merging the property assets of Charoen’s business empire, comprising Singapore listed FCL and his Bangkok-based TCC Group, after the Thai tycoon won control of the drinks and property conglomerate Fraser and Neave (F&N) in an US$11 billion deal last year.

This IPO with an indicative dividend yield of 6.5% to 7.5% is an attractive investment for income investors. Details of the dividend yield had to be confirmed once the deal are finalised. They might only offered 6.5% to 7.5% yield for the 1st and 2nd year after launch of IPO, subsequently had to depend on market conditions.

Singapore Post 4Q FY 2013/2014 Result

Transformation efforts contribute to stable performance while SingPost Group continues to be under pressure with domestic mail volumes continued to decline for second consecutive year, compounded by escalating labour costs. The new subsidiaries and e-commerce related activities contribute to growth. Increasing cost pressures especially in Singapore, together with continued investment in service quality and productivity in Singapore.

In spite of the decline in the traditional postal business, SingPost Group revenue grew 5.9% in the 4Q of FY 2013/14, boosted by the full consolidation of new subsidiaries and the growth in e-commerce related businesses. Excluding contributions from the new subsidiaries, SingPost Group recorded organic revenue growth of 3%.

Domestic mail volumes continued to decline in 4Q, with the full year registering a reduction of 1.3%. However, overall Mail revenue grew 6.6% to S$123.4 million in the quarter, attributed to the increase in regional e-commerce transhipment business and inorganic improvement in direct mail revenue from Samplestore which was acquired in October 2013. For the full year, Mail revenue rose 11.5% to S$491.0 million.

Total expenses for 4Q increased 3.8% to S$170.0 million, attributed to the continued investment in resources for SingPost Group’s transformation, change in business model to a diversified group and growth in lower margin businesses. SingPost Group benefitted from the exceptional Government’s wage credit scheme which mitigated the increase in labour and related expenses due to additional headcount from the new subsidiaries. For the year, total expenses rose 26.4%.

Net profit increased 17.7% to S$30.7 million in 4Q. For the full year, net profit increased 4.8% to S$143.1 million. Excluding one-off items, underlying net profit declined 1.3% to S$31.4 million in the 4Q, while for the full year, it increased 2.9% to S$145.0 million.

The Board of Directors is recommending a final dividend of 2.5 cents per share for FY 2013/14. Together with the interim dividend payments of 1.25 cents per share for each of the first three quarters of the financial year, the proposed total dividend for FY 2013/14 would be 6.25 cents per share. The final dividend is payable on 18 July 2014.

Croesus Retail Trust 3Q FY 2014 Result

Gross revenue for 3Q 2014 was JPY 1,391 million, 3.7% higher than the forecast due primarily to better than expected tenant sales at Mallage Shobu. The revenue from Aeon Town Moriya, Aeon Town Suzuka, Luz Shinsaibashi, Luz Omori and NIS Wave I were largely in line with forecasts.

Increases in overall tenant sales and rental income were largely due to a combination of active marketing and promotional activities during the quarter and purchases ahead of the consumption tax increase on 1 April 2014. The increase in tenant sales was partly offset by the negative effect of heaviest snowstorms that hit Tokyo in the last 45 years, over 2 consecutive weekends in February 2014.

Net property income for 3Q 2014 was JPY 933 million, 12.3% higher than the forecast. The main positive variances were due to the increase in gross revenue and lower property operating expenses such as lower than expected property management expenses and utility expenses. Overall, property operating expenses were 10.3% lower than forecast which is a good sign.

Income available for distribution for 3Q 2014 was JPY 620 million, 7.4% higher than the forecast. The higher income available for distribution was mainly due to higher net property income. This was partially offset by realized exchange losses and lease incentives which were paid and capitalized to be adjusted to future revenue. Overall, the income available for distribution per unit for 3Q 2014 was Singapore 1.76 cents, 8% higher than the forecast.

Singtel 4Q FY 2014 Result

Singapore Telecommunications Limited (SingTel) reported a resilient 4Q, with net profit up 4% year-on-year to S$898 million even as the Australian dollar and regional currencies weakened significantly against the Singapore dollar. In constant currency terms, net profit would have grown 13%.

Earnings growth was driven by robust operating performance from the Singapore Consumer business and the regional mobile associates, led by Airtel. The regional mobile associates also saw good progress in their 3G network rollout and growth in mobile data services. The Group’s share of regional mobile associates’ pre-tax earnings increased 9% to S$558 million and would have grown 23% on a constant currency basis.

Operating revenue declined 8% but would have fallen 1% in constant currency terms. Singapore Consumer posted strong revenue growth but this growth was offset by lower consumer revenue in Australia and lower revenue from Group Enterprise. The board of Directors proposed a final dividend of 10 cents per share which is payable on August 2014, added up to total dividend of 16.8 cents for FY 2014.

Frasers Centrepoint Limited 2Q FY 2014 Result

Frasers Centrepoint Limited (FCL) continues to achieve strong revenue growth in 2Q. Growth driven mainly by contributions from overseas development properties and hospitality segment. The board of director declared an interim dividend of 2.4 cents per share which is payable on 12 Jun 2014. FCL continues to build on established overseas platforms to fuel the Group’s growth.

The Group’s 2Q FY 13/14 revenue and profit before interest and tax (“PBIT”) increased 48% and 32% from the previous corresponding period to S$501 million and S$143.8 million respectively. The increases were largely due to higher development property sales recognised in Australia and the United Kingdom, as well as improved operational performance from the hospitality segment. Inline with FCL’s higher PBIT, attributable profit (before fair value change and exceptional items) grew 44% year-on-year to S$107.1 million. Attributable Profit was down 20% in 2Q FY 13/14 as a result of an extraordinary item of S$41.8 million, which arose from the redemption of related company loans prior to FCL's listing. The one-off cost is the difference between the estimated fair value of the related company loans based on prevailing market interest rates at the time of redemption and the carrying value of the loans. Excluding this one-off cost, 2Q FY 13/14 Attributable Profit would have been up 28%.

AIMS AMP Capital Industrial REIT 4Q FY 2014 Result

AIMS AMP Capital Industrial REIT announced the final quarter FY 2014 and year end financial results, which saw net property income (NPI) for the quarter rise 24.1% year-on-year to $19.3 million. NPI for FY 2014 increased 20% year-on-year to S$71.9 million. The Board of Directors declared a Distribution Per Unit (DPU) of 2.51 cents for the final quarter of FY 2014, taking the full year DPU to 10.53 cents, representing a rise of 1.1% year-on-year is payable on 24 Jun 2014.

Comparing FY 2014 DPU year-on-year of 10.53 cents, the FY 2013 DPU of 10.72 cents was boosted by a one-off 30 cents from capital gains on an asset sale. Furthermore, there was an enlarged unit base following its private placement in May 2013 and recent rights issue in March 2014. Excluding the effects from the recent rights issue, DPU for 4Q FY 2014 and full year would be approximately 2.95 cents and 10.97 cents respectively. The 4Q FY 2014 distribution to shareholders rose by 22.2% year-on-year to S$15.6 million.

Starhub 1Q FY 2014 Result

Total revenue decreased 2% to S$571 million and service revenue was lower by 1% at S$544 million. The Group’s EBITDA decreased 3% to S$177 million from S$182 million previously. EBITDA margin for the quarter was at 32.6%. Net profit after tax was S$84 million or 8% lower year-on-year (YoY). Free cash flow at S$105 million was 14% higher compared to last year’s S$92 million. Cash capital expenditure was 45% higher at S$67 million compared to the same period last year.

Fixed Network Services revenue registered the highest growth for the quarter at 2% YoY. This was followed by Mobile revenue at 1%. In terms of total revenue mix, Mobile continued to be the major contributor at 54%. Pay TV, Broadband, Fixed Network Services and Sales of Equipment contributed 16%, 9%, 16% and 5% respectively to the revenue mix.

The Board of Directors has declared an interim dividend of 5 cents per ordinary share for 1Q 2014. The dividend is payable on 30 May 2014.

COE prices dive to 21-month low

On 7 May 2014, the latest Certificate of Entitlement (COE) took a dive across the board, with the price for Category A falling the most by more than $10,000. It went from $71,335 to $60,002 in the latest round of bidding, on the back of more COEs released for the next three months.

Category B premium also dipped from $75,010 to $70,000 while Open Category premium fell from $73,810 to $65,501. Motorcycle COE also tumbled from $4,502 to $4,001. The only category that bucked the trend was Category C, for goods vehicles and buses, which went up from $32,890 to $36,301.

With this biggest drop to 21 month low, the COE looks set to be on downward trend. I am a closely look out of this COE since last year. I will be going in to buy in July 2014, hopefully by that time the price of the COE will drop to $30,000 for Category A. :p

SingTel fined record S$6 million

On 6 May 2014 after the trading hours, the Infocomm Development Authority (IDA) has meted out a record of S$6 million fine to SingTel for the fire that broke out at a SingTel Bukit Panjang facility last year, causing a breakdown of mobile and broadband services to hundreds of thousands of subscribers. The fines will go to the digital inclusion fund. SingTel was also punished for lack of proper supervision that was found to have caused the fire.

On 7 May 2014, the start of trading session, SingTel shares drop by 3 cents which does not had any significant impact of the S$6 million fine. The shares of SingTel is still trading very strong despite the break out of the bad news. If retreat further, it creates an opportunity for investors to invest on this defensive stock which is giving good yield around 5-6%.

Frasers Centrepoint Trust 2Q FY 2014 Result

Frasers Centrepoint Trust (FCT) reported a DPU of 2.88 cents for its 2Q FY 2014, an increase of 6.7% compare to 2Q FY 2013 and is payable on 30 May 2014. Income available for distribution rose 1.4% to $23.8 million, while net property income rose 2% to $29.3 million. Gross revenue rose 2.9% to $41 million, driven by improved revenue from Causeway Point, upon completion of its addition and alteration works. As at 31 March 2014, the company's gearing level was 27.7%. Its weighted
average debt maturity was 23/4 years, with the interest rate of its borrowings averaging 2.72% in 2Q.

FCT's portfolio occupancy has maintained steady at 96.8%, while rental reversions stayed robust at 9.3% for the leases renewed during the quarter. Looking ahead, FCT reiterated that Causeway Point and Northpoint are expected to underpin growth within its existing portfolio, as both malls contribute to the bulk of the lease renewals in FY 2014-2015.

On 8 April 2014, FCT has announced to propose acquisition of Changi City Point for S$305 million. If this acquisition is to go through which I believed is very likely, will boost the DPU of FCT in an otherwise moderating growth portfolio.

Mapletree Greater China Commercial Trust 4Q FY 13/14 Result

MGCCT Fourth Quarter DPU of 1.587 cents exceeds Forecast by 15.9%. Full year DPU of 6.282 cents above Forecast by 13.1%. Full year rental uplift for Festival Walk and Gateway Plaza are 20% and 79% respectively. Lower gearing at 38% and high interest coverage ratio of 4.6 times.

MGCCT made a portfolio valuation recently on 31 March 2014 for Festival Walk and Gateway Plaza. Festival Walk had an increased of 4.5% valuation of S$3.611 billions and Gateway Plaza had an increased of 6.5% valuation of S$1.111 billions. MGCCT has repaid HK$695 millions of Term Loan Facility using operating cash. Weighted Debt Maturity as of 31 March 2014 is 3 years.

The Board of Directors had declared DPU of 3.099 cents per ordinary share which will be payable on 22 May 2014 for the Distribution Period from 1 October 2013 to 31 March 2014.

Full year DPU of 6.282 cents for the first year since IPO offering price of S$0.93 which equate to about 6.75% of dividend yield is considered a value investment portfolio for income. Whether MGCCT can continued to give attractive DPU had to rely on the occupancy rate of both Festival Walk and Gateway Plaza. In my opinion, the Management had did a good job and we will have another good year of approximately 6.5% dividend yield to come.

21 April 2014 Portfolio Update

Stock Name	No of Shares	Average Price	Price
Mapletree GCC Trust	2000	$0.96	$1,917.71

Total Invested Capital	$1,917.71
Total Dividend Collected 2014	$267.87
Total Capital Gain 2014	-$122.89
Total Investment Gain 2014	$144.96

Today I sell off my 4000 shares of Mapletree GCC Trust at a small profit of $83.06. The recent gain in this REIT is because of the financial result or dividend that will be announcing today after the trading. I had been pulling out majority of my investment recently as I want to re-organise my portfolio as well as taking some profit along the way to invest on opportunity.

Sabana REIT 1Q FY 2014 Result

Sabana REIT announced a DPU of 1.88 cents for the quarter from 1 January 2014 to 31 March 2014, a 22% dip from the quarterly DPU generated in 1Q 2013. This corresponds to an annualised distribution yield of 7.05%, based on an annualized DPU of 7.62 cents and a closing price of S$1.080 per Unit on 15 April 2014.

The decline in DPU in 1Q 2014 is reflective of more difficult and challenging market conditions. The results for 1Q 2014 have been affected by the conversion of four master‐tenanted properties into multi‐tenanted properties in 4Q 2013, which led to a significantly lower overall occupancy rate for the multi‐tenanted properties.

Occupancy remains largely unchanged at 90.6% in 1Q 2014. Occupancy at 151 Lorong Chuan increased to 95.1% from 93.8%, while occupancy at 8 Commonwealth Lane rose to 74.3% from 68.6% in 4Q 2013. Looking ahead, Sabana REIT will continue to intensify their marketing and leasing efforts to improve the portfolio occupancy. In addition, they will look for opportunities to recycle their capital by divesting underperforming assets and use the sale proceeds to reinvest in new
acquisitions, pare down the debt and/or distribute capital gains from divestment to the shareholders.

Although the DPU for the 1Q 2014 had a 22% dip as compared to 1Q 2013, it is still a good portfolio for income investors who are looking at a distribution yield of 7.05%. Hopefully the management will try to improve the occupany rate to more than 90.6% which will in turn generate more distribution yield to the shareholders.

Frasers Centrepoint Trust

Frasers Centrepoint Trust (FCT) has entered into a conditional sale and purchase agreement to acquire Changi City Point mall for a purchase consideration of $305 million. It planned to finance the purchase with a combination of equity and debt financing. This will ensure that the acquisition is DPU‐accretive to FCT shareholders, while maintaining an optimum level of gearing. The proposed acquisition of Changi City Point will take the total number of suburban retail malls in FCT's portfolio to 6, it will also increase FCT's total assets by about 14% to $2.4 billion.

Changi City Point started operations in Nov 2011 and is 97.8% occupied as at end Feb 2014 and it has a remaining useful life of 55 years till Apr 2069. FCT is currently trading at 5.57% yield and 1x book which is about in line with sector peers.

With this acquisition of Changi City Point, the DPU will be increase, making it a sound investment portfolio for income investors to include FCT into their portfolio. Yield will be increased to approximately 6% for this sound and steady REIT.

19 March 2014 Portfolio Update

Stock Name	No of Shares	Average Price	Price
Mapletree GCC	6000	$0.88	$5,266.14

Total Invested Capital	$5,266.14
Total Dividend Collected 2014	$267.87
Total Capital Gain 2014	-$205.97
Total Investment Gain 2014	$61.90

Today I sell off my 5000 shares of Frasers Centrepoint Ltd at a small profit of $151.75. This bring down my previous losses of selling Hutchison Port Holding Trust to negative $205.97. The decision to sell off FCL shares is firstly, it is coming to May soon. There is a saying Sell in May and go away. I personally believed in this statement after trading for 4 years, share prices will drop at least 5-8% during May period for almost every year. Secondly, after the all time low of $1.40 per share value of FCL, it had climbed gradually up to 15% which I think I should take a small profit and exit this portfolio. Certainly I will buy back this share again when the time arises as I am very optimistic with the growth of FCL.

Only Two Things Will Move The Market

That is Interest Rates and Earnings.

When interest rates fall, the market spikes up in the short term. But in the long term, the market follows the direction of the interest rate and goes down. When interest rates rise, the market will fall but in the long term, the market takes the direction of the rate and goes up.

After the US declared they are going to raise the interest rates gradually, I had been receiving from my bank that my home loan interest rate is increased from initially 1.06% to 1.07% to 1.099%. Today I received another notice from my bank regarding my new revised home loan interest rate. It is now 1.104% per annum. I had been receiving notices from my bank every 3 months regarding the new interest rate. Seem that it is inevitable for the rising interest rates but one thing for sure it will be getting higher and higher in the next 2-3 years. As long as it is still below the HDB home loan rate of 2.6%, it is still considered "cheap" to get a home loan from the bank.

Property owners who made their purchases of private home and are stretching to their personal limit, will be at risk for them on the rising of interest rates if they calculated their repayment loan to be "just enough" for the purchase. Either they rent out their property to make some rental yield to cover the bank loan or try to refinance at a later stage to bring down the loan amount.

Croesus Retail Trust Update

Croesus Retail Trust today announces that they has entered into 2 Sale and Purchase Agreements to acquire 2 retail properties in Tokyo, Japan – Luz Omori and NIS Wave I. With the completion of the sale, DPU is expected to increase by 5.7% from 7.01 Singapore cents to 7.41 Singapore cents for the period from 1 July 2013 to 30 June 2014. The enlarged portfolio will comprise 6 retail properties and expand CRT’s NLA by approximately 9% to 198,148 sqm and grow its portfolio value by approximately 28.3% to JPY 67,830 million.

The acquisition of the 2 quality assets represents a strategic move that is yield-accretive to CRT. Luz Omori and NIS Wave I are two strategically-located retail properties in growing residential areas within Tokyo, which has excellent accessibility to major transportation nodes. It's diversified tenant base and strong competitive position will offer resilience and stability to the portfolio.

The financing of the acquisition is through a combination of net debt proceeds from new 5-year Japanese onshore debt of JPY 8,300 million and proceeds of JPY 6,128 million from the issuance of the Notes pursuant to its U.S.$500,000,000 Euro Medium Term Note Programme established on 3 January 2014.

With the latest proposed acquisition of the 2 new retail properties, CRT will have 6 retail properties portfolio on hand to manage. DPU has also been increased by 5.7% with the new acqusition. This piece of news is great for investors like us who are investing for income as the distribution had increased and we are riding on it without having to go into fund raising to acquire the 2 new retail properties.

Frasers Centrepoint Limited trending up

If you had been following my post earlier, I did mentioned that FCL is currently undervalued. If you had picked up FCL at $1.40, you will be smiling now. It was trading at $1.53 after today closing, which is a good 9.28% profit. FCL had been trading on upward trend since 2 weeks ago after it had been fluctuating between $1.40 to $1.42. The Net Asset Value of FCL is $2.15 currently, which is a discount of 35% to its NAV. I believe there will be more upward to come for FCL in the next 1 or 2 weeks hopefully if there is no major negative news being released.

Croesus Retail Trust

Croesus Retail Trust (“CRT”) is the first Asia-Pacific retail trust with an initial portfolio located in Japan listed on 10th May 2013 on SGX mainboard through an Initial Public Offering (IPO) with an offer price of S$0.93. The first day closing trading price is S$1.145. CRT's current total number of issued shares of 229,118,000 shares, it's market capitalisation is approximately S$669.4 million at closing.

CRT’s principal investment strategy is to invest in a diversified portfolio of predominantly retail real estate assets located in Japan and across the Asia-Pacific region and real estate-related assets relating to the foregoing. The initial portfolio is located in Japan in order to create a core portfolio of stable income generating assets. This serves as a foundation for CRT to pursue development and acquisition opportunities in the Asia-Pacific region, to generate long-term capital value and long-term returns.

CRT is backed by its strategic partners Daiwa House and Marubeni who have contributed two Properties (approx. 41.1% of the Initial Portfolio based on the valuation by the independent valuer) and one Property (approx. 17.9% of the Initial Portfolio based on the valuation by the independent valuer) respectively. Both have granted CRT voluntary ROFRs to acquire further predominantly retail real estate assests across Asia-Pacific ex-Japan. Daiwa House is one of Japan's leading real estate business conglomorates while Marubeni is one of Japan's largest general trading companies.

CRT’s distribution policy is to distribute 100% of its Distributable Income for the period from the Listing Date to 30 June 2014 and from 1 July 2014 to 30 June 2015. Thereafter, CRT will seek to distribute at least 90% of its Distributable Income. The actual level of distribution will be determined at the Trustee-Manager's discretion.

CRT had 4 initial portfolios namely the AEON Town Moriya, AEON Town Suzuka, Luz ShinSaibashi and Mallage Shobu.

 AEON Town Moriya

Aeon Town Moriya comprises a large shopping mall with approximately 135 retail units across a GFA of approximately 65,000 sq m. It is a closed mall, which means that all its stores are located in one roofed-building having a supermarket as an anchor tenant and multiple specialty stores. The property accommodates a wide variety of tenants. Parking spaces are located on the third floor, rooftop, and external areas.

The NLA of Aeon Town Moriya is distributed over four floors above ground as follows:

• the first floor comprises 71 retail units, focused on family fashion, sporting goods and supermarket
• the second floor comprises 49 retail units, focused on ladies’ and men’s fashion, an electronic goods store and a cinema
• the third floor comprises car parking space
• the fourth floor comprises rooftop space

 

 AEON Town Suzuka

Aeon Town Suzuka comprises a large scale shopping centre with a GFA of approximately 41,500 sqm. Opened in June 2007, the property was built adjacent to Aeon Mall Suzuka, the second largest retail facility in Mie Prefecture, exceeded only by Aeon Kuwana Shopping Centre. The property was designed to complement Aeon Mall Suzuka, which also has the same operator, with both facilities featuring a diversified tenant mix and allowing for synergies with each other.

The property comprises 11 standalone structures located within a site area of approximately 90,000 sq m. The largest building is an open air mall located on the western side of the site with a diverse range of tenants focused on apparel and interior goods, including furniture, fashion and children’s and maternity wear.

The second largest building on the southern side has two units, comprising a home centre and a high-end fishing goods store at ground level, while the second floor is used for parking. A hot spring facility, a book store and six restaurant buildings are located on the eastern side of the property.

 Luz ShinSaibashi

Luz Shinsaibashi consists of one basement level and seven floors above ground. Completed in September 2009, the property is one of the few new retail buildings along the Shinsaibashisuji Avenue. 

Originally constructed in 1987, the reconstruction and opening of Luz Shinsaibashi has completely changed the image of the area into a trendier and more modern atmosphere. The property features an attractive façade with an eye-catching billboard of the anchor tenant, H&M Hennes & Mauritz AB. As it faces Dotonbori River and the bridge connecting Namba and Shinsaibashi stations along the Shinsabashisuji Avenue, the property boasts good visibility and is well positioned to attract the shoppers in the area.

 Mallage Shobu

Mallage Shobu is a suburban shopping centre developed and managed by Sojitz New Urban. In addition, Sojitz New Urban developed and manages other two suburban shopping centres located in Saga and Chiba prefectures. Mallage Shobu is the most recently completed facility under the Mallage branding and continues to establish itself among the market.

Mallage Shobu comprises a large scale shopping mall with approximately 250 retail tenants across a sales area of around 67,000 sq m. Opened in November 2008, Mallage Shobu is the second largest retail facility in Saitama Prefecture, superseded only by Aeon Laketown which is the largest shopping centre in the whole of Japan.

The retail mall area is distributed over three floors above ground in the following manner:

• the first floor, which comprises 109 retail units, is focused on family fashion and home interior goods 
• the second floor, which comprises 60 retail units, is focused on ladies' and men's fashion and lifestyle goods
• the third floor, which comprises 77 units, is catered towards young fashion and hobby/culture retailers

CRT Q2 FY 2013/2014 Financial Result released on 14 February 2014 indicate that their First Distribution Per Unit exceeds forecast for first half of FY 2014 by 3.1% and is paying their investors 5.24 cents per share. This property trust is attractive if you are interested in retail property in Asia Pacific or Japan at the moment. It works like a REITs, giving 90% of their distributable income after 30 June 2015. For now, they are giving 100% of their distributable income to their investors which is very appealing for the first year. I will be keen to invest on it when the price is right, probably after the exercise dividend.

COE February 2014 2nd Open Bidding Result

Certificate of Entitlement (COE) premiums rose across all categories of vehicles in the latest bidding exercise. The biggest jump was seen in Category A, for cars up to 1,600cc and 130 brake horsepower. It is the second bidding exercise since changes were made to the classification of vehicles.

COE premiums for Category A surged by S$5,637, or nearly eight per cent, to end at S$77,201 despite several luxury models removed from the category and reclassified in Category B. Meanwhile, COE for larger, more powerful cars in Category B climbed S$3,304 or about four per cent to S$78,604. Premiums for commercial vehicles rose S$1,888 to S$52,890, while that of motorcycles ended higher at S$3,501, up S$450. The COE price for the Open category rose S$1,997 to S$79,000.

The COE prices does not seem to go down and in fact goes up tremendously especially in the Category A. Buying a new car seem very very far away for middle-income group unless you are born with a silver spoon. So the only option is either getting a resale car that still have a few years of COE lifespan or by renewing your current COE if you choose to continue to drive.

18 February 2014 Portfolio update

Stock Name	No of Shares	Average Price	Price
Mapletree GCC	6000	$0.88	$5,266.14
Frasers Centrepoint Ltd	5000	$1.56	$7,817.44

Total Invested Capital	$13,083.58
Total Dividend Collected 2014	$269.00
Total Capital Gain 2014	-$357.72
Total Investment Gain 2014	-$88.72

Today I decided to sell off my 5000 shares of HPH Trust that I am holding for 3 months as there is no sign of growth from the share value I invested on it. Even after the XD, the share value drop as much as 5 cents which is more than the dividend of 22.30 HK cents given. After deducting the dividend, suffer a loss of $175 approximately which I think is not a big loss as it free up some of my funds to invest on other good prospective stocks in the next coming months. The sad thing will be if there is a good prospective stock and there is insufficient funds to invest on it. So it is always wise to have some opportunity funds in the event there is correction in the market.

Singtel 3Q FY 13/14 Result

SingTel reported a strong third quarter with net profit up 6% to S$872 million despite adverse currency movements. In constant currency terms, net profit would have increased 13%. Singapore and Australia consumer operations achieve strong EBITDA growth. Revenue per household and the number of customers on triple bundles continued to increase. Mobile customers in Singapore and Australia are upgrading their data plans and enjoying a faster data network.

The Group continued to register strong customer growth. As of 31 December 2013, the combined mobile customer base grew 9% or 40.9 million in the year to cross the half billion mark. Pre-tax earnings from the regional mobile associates increased 11% to S$506 million with strong performance from all the associates. In constant currency terms, pre-tax earnings would have been up 24%.

No dividend was declared in this quarter. Based on current share value at today closing of $3.57, Singtel gave 16.8 cents of dividend yield for FY 2013 which work out to be 4.7%. Just like Starhub, their dividend yield is approximately 4.72% per annum which are also giving attractive dividend for a growth stock.

Frasers Centrepoint Limited 1Q FY 13/14 Result

Frasers Centrepoint Limited said in its maiden 1Q FY 13/14 quarter ended 31 December 2013, revenue and PBIT surged 87% and 62% to $631.6 million and $176.2 million respectively from the previous corresponding period (1Q FY 12/13).

The increases were largely due to higher development property sales across Australia, China, and the UK, as well as improved operational performance from the hospitality segment. In line with FCL’s higher PBIT, attributable profit (before fair value change and exceptional items) grew 67% year-on-year to $119 million.

The group achieved robust growth in 1Q FY 13/14, with solid performance across property and geographical segments. Australia was the key growth driver this quarter and the supply-demand dynamics in the market continues to validate their decision to focus on Australia as one of FCL’s key markets.

No dividend was declared in this quarter. Investors who are looking for growth stock can consider on FCL as their share value is currently undervalue and there is more room for growth in this company as they are listed not long ago and investors are still on the side-line waiting for better news coming from FCL.

Hutchison Port Holdings Trust FY 2013 Result

2013 full year throughput of HPH Trust’s deep-water ports was 1% below last year. Combined throughput of HIT, COSCO-HIT and ACT was down by 2% year over year and YICT’s throughput was up by 1% year over year.

Revenue and other income for the full year was about the same as last year. NPAT and NPAT attributable to unitholders for the full year was 15% and 25% below last year respectively after payments of 2012 performance fee and acquisition related costs of ACT.

2013 full year Distribution Per Unit (“DPU”) is 41.00 HK cents. The Board of Directors has declared a half yearly dividend of 22.30 HK cents per ordinary share which will be payable on 28 Mar 2014.

Revenue and other income for the 4th quarter was 1% below last year. NPAT and NPAT attributable to unitholders for the 4th quarter was 34% and 47% lower than last year respectively mainly due to a couple of one-off items:
     • One-off concession to shipping lines after industrial action in HIT
     • Write off of upfront fee after US$3.6 billion bank loan refinancing
     • Exchange loss from the conversion of USD into HKD for bank loan repayment

Continued focus by HPH Trust on managing cash flow through appropriate financing arrangements, managing CAPEX spending, controlling working capital needs and optimising capital deployment with the objective of providing stable and growing annual distributions to unitholders consistent with the outlook for our business.

Based on current share value at today closing of S$0.84, HPH Trust is giving approximately 7 cents of dividend yield for FY 2013 after Sing dollar conversion which work out to be 8.33%. The dividend yield has remained attractive but one thing to note that if the share value continue to drop, the distribution will also drift lower to keep the dividend yield at 7-8%. 

Starhub FY 2013 Result

Starhub FY 2013 total revenue decreased 3% to S$2.36 billion, contributed by lower equipment sales revenue. Net profit after tax increased 3% to S$371 million. Free cash flow decreased 30% for the full year with cash capital expenditure (capex) at S$302.8 million. The higher capex requirements were for the payment of the leasehold land for the construction of our cable TV network transmission centre. The Board of Directors has declared a propose final dividend of 5 cents per ordinary share, totaling 20 cents per ordinary share for FY 2013.

Based on current share value at today closing of $4.23, Starhub is giving 20 cents of dividend yield per annum which work out to be 4.72%. For investors interested in Telco stocks for stability, this is one of the best choice beside Singtel. 

Frasers Centrepoint Limited Update

Thai billionaire Charoen Sirivadhanabhakdi is looking to raise up to S$600 million through the listing of a Hospitality Real Estate Investment Trust in Singapore in the second quarter. This listing would mark the first step toward the merging of property assets of Charoen's business  empire, which operates under the Singapore-listed FCL and his TCC Group, after the Thai tycoon won control of the drinks-and-property conglomerate Fraser and Neave in an $11 billion deal last year.

Frasers Centrepoint ventured into the serviced residence management in 1998 through its subsidiary Frasers Hospitality Pte Ltd. From two flagship properties in Singapore, Frasers Hospitality has since expanded aggressively to become an award-winning global serviced residence owner and management company with Gold-Standard residences across Europe, North Asia, Southeast Asia, Middle East and Australia. Today, it offers about 8,000 apartments in over 30 cities.

If the listing of a Hospitality Real Estate Investment Trust came true in the second quarter, investors of FCL will probably be given a one time special dividend upon the listing of the Hospitality REITs. Sound pretty attractive and the bright vision from Charoen in shaping FCL towards a strong footage in the property market. 

Singapore Post 3Q FY 13/14 Result

SingPost continues to invest in service quality and growth. Group revenue grew 30.2% to S$222.6 million from new acquisitions and e-Commerce related business. Excluding contributions from acquisitions, revenue increased by 9.3%.

The Group's net profit remained flat at S$39.4 million with continuous investments into transforming business especially in service quality and productivity in Singapore.

Net cash from operating activities was S$156.8 million, compared to S$129.6 million in the previous period, mainly due to higher operating cash flow and working capital changes. The Board of Directors has declared an interim quarterly dividend of 1.25 cents per ordinary share which will be payable on 28 Feb 2014.

Based on current share value at today closing of $1.315, SingPost is giving approximately 6.25 cents of dividend yield per annum which work out to be 4.75%. Not too bad for investors who is looking for low risk investment when the share price of SingPost does not fluctuate much.

COE February 2014 1st Open Bidding Result

COE price for small cars fell S$726 to S$71,564.
The premium for big cars recorded the largest decrease, falling S$3,700 to S$75,300.
Open category COE price went down by S$1,807 to end at S$77,003.
The COE price for commercial vehicles rose S$1,001 to S$51,002.
COE price for motorcycles recorded an increase of S$347, ending at S$3,051.

The bidding exercise on Wednesday is the first since COE quotas were cut by almost 13 per cent compared to the last exercise in January.
From this month, cars with engine power output exceeding 97kW (130 brake horsepower) will also be classified under Category B.

The COE prices keep on floating at the S$70k benchmark for Category A and B motor vehicles. People from middle income group had the toughest hit from the COE prices especially those with kids who required to send their kids to school early in the morning. I am one of them, had been looking at the COE prices for the past few months as my COE was expiring on March 2015.

Buying a new car is very expensive especially with so high COE prices. Getting a resale car is an option but need to check properly on the condition of the car from the previous owner. Another option is to renew my COE for another 5 years. This option seem to be the cheapest among the 3. First, I do not need to pay for the car installment anymore after my 10 years car loan. Secondly, I still get to drive a car for the next 5 years. Lastly, I know my car condition more than anybody. :)

Hutchison Port Holdings Trust

Hutchison Port Holdings Trust ("HPH Trust") is the first publicly traded Container Port Business Trust listed on 18th March 2011 on SGX mainboard through an Initial Public Offering (IPO) with an offer price of USD$1.01. The first day closing trading price is USD$0.95. HPH Trust's current total number of issued shares of 8,795,976,880 shares, it's market capitalisation is approximately USD$5.6 billion at closing.

HPH Trust is affiliated with Hutchison Port Holdings ("HPH"), the global leader in the container port industry by throughput and a subsidiary of Hutchison Whampoa Limited ("HWL").

HPH Trust's investment mandate is principally to invest in, develop, operate and manage deep-water container ports in the Pearl River Delta, while aiming to provide investors with stable and regular distributions as well as long-term Distribution Per Unit ("DPU") growth.
HPH Trust's portfolio consists of controlling interests in world class deep-water container port assets, namely Hongkong International Terminals ("HIT") and Asia Container Terminals ("ACT") in Kwai Tsing Port, Hong Kong and Yantian International Container Terminals ("YICT") in Shenzhen Port, PRC. HPH Trust also has 50% interest in COSCO-HIT Terminals ("COSCO-HIT") in Kwai Tsing Port. The assets also comprise certain port ancillary services and river ports complementary to the deep-water container ports operated by HPH Trust.

The share price had drop by 35% since the IPO on 18th March 2011 which could turn off investor to invest on this Trust due to their poor performance. However, from another perspective, this stock gives an annual dividend of approximately 9.4% per annum, which give an option to investor who is looking for high dividend yield stock.

Mapletree Greater China Commercial Trust

Mapletree Greater China Commercial Trust (“MGCCT”) is a Singapore Real Estate Investment Trust (“REIT”) listed on 7th March 2013 on SGX mainboard through an Initial Public Offering (IPO) with an offer price of S$0.93. The first day closing trading price is S$1.03. MGCCT's current total number of issued shares of 2,475,389,370 shares, it's market capitalisation is approximately S$2.1 billion at closing.

MGCCT aims to invest, directly or indirectly, in a diversified portfolio of income-producing real estate in the Greater China region which is used primarily for commercial purposes (including real estate used predominantly for retail and/or offices), as well as real estate-related assets.
MGCCT is the first and only REIT that offers investors the opportunity to invest in best-in-class commercial properties situated in prime locations in both Hong Kong and Mainland China.
MGCCT’s investment mandate will include Hong Kong, first tier cities in China (Beijing, Shanghai, Guangzhou and Shenzhen) and key second tier cities in China (Chengdu, Chongqing, Foshan, Hangzhou, Nanjing, Suzhou, Tianjin, Wuhan and Xi’an).

MGCCT had 2 initial portfolios namely the Festival Walk in Hong Kong and Gateway Plaza in Beijing, China.

Festival Walk
A landmark territorial retail mall and lifestyle destination with an office component, located in the upscale residential area of Kowloon Tong, Hong Kong.

Gateway Plaza
A premier Grade A office building with a retail atrium located in the established and prime Lufthansa Area in Beijing, China.


 MGCCT is definitely one of the best REITs investment portfolio that should be included as it had exposure from the China and Hong Kong market. The recent 3rd quarter result released on 23rd January 2014, indicated that their available Distribution Per Unit of 1.5181 cents exceeds forecast by 16.6%. 89% of the expiring leases in FY 13/14 had been renewed and they had minimised exposure to interest rate volatility by fixing interest cost on 71% of debt until end of FY 15/16.

Frasers Centrepoint Limited

Frasers Centrepoint Limited was listed on 9th January 2014 on SGX mainboard after she had demerged from the F&N group. For every 1 share of F&N, it's shareholders are given 2 shares of Frasers Centrepoint Limited. FCL commence trading with an opening price of $1.610. FCL's current total number of issued shares of 2,889,812,572 shares, it's market capitalisation is approximately S$4.3 billion at closing.

FCL had 4 main types of businesses namely Residential, Commercial, Hospitality and REITs.

Frasers Centrepoint Limited has major stakes in two Real Estate Investment Trusts (REITs) – Frasers Centrepoint Trust (FCT) and Frasers Commercial Trust (FCOT). Both the retail and commercial REITs have delivered strong growth and set new records for their respective distribution per unit, thereby, optimising returns for their unitholders.

As I had purchased a property from Frasers Centrepoint Limited, hence I am very keen in investing with this company as I strongly think that the current price is under valued. It is currently the third biggest property developers in Singapore which will be one of the big brothers in property market in the near future.

04 February 2014 Portfolio update

Stock Name	No of Shares	Average Price	Price
Mapletree GCC	6000	$0.88	$5,266.14
HPH Trust S$D	5000	$0.87	$4,328.94
Frasers Centrepoint Ltd	5000	$1.56	$7,817.44

Total Invested Capital	$17,412.52
Total Dividend Collected 2014	$86.50
Total Capital Gain 2014	NIL
Total Investment Gain 2014	$86.50

Although I had been trading for a couple of years, this is my first time blogging to document my portfolio update. Will try to update as and when I buy or sell my trade.

Today is the exercise dividend date for Frasers Centrepoint Limited. They are giving 1.73 cents per share which equate to $86.50. The payout of the dividend is on 18 Feb 2014.

Frasers Centrepoint Limited will be announcing their first quarter result ending 31 Dec 2013 before the start of trading on 12 Feb 2014.