Buy @ $0.585. Add to my collection. Seller CP '28' – OCBC. 😀
| Time | Price | Trade size | Type |
| 14:30:27 | 0.585 | 1,000 | Buy Up |
| 14:26:44 | 0.585 | 8,000 | Buy Up |
| 14:23:48 | 0.585 | 30,000 | Buy Up |
| 14:23:23 | 0.585 | 23,000 | Buy Up |
| 14:23:23 | 0.580 | 1,093,000 | Sell Down |
| 14:20:33 | 0.585 | 20,000 | Buy Up |
| 14:20:33 | 0.585 | 614,000 | Sell Down |
| 14:17:59 | 0.590 | 1,000 | Buy Up |
| 14:15:26 | 0.590 | 1,000 | Buy Up |
Q111 results were out this AM. No dividend payout as they have a semi-annual payout policy. They re-affirmed their plan to increase DPU to 2.75ct for 1H11, which translates to Annualised Yield = 9.402%.
MIIF currently holds 3 main assets, CXP (ChangShu XingHua Port) and HNE (Hua Nan Expressway) both in China and in Taiwan, TBC (Taiwan Broadband Communication). A smaller loss-making asset in Taiwan is Miaoli Wind (almost written down to zero book value).
HNE operates a toll bridge in Guangzhou and its earnings was lower due to competition from a toll-free (recently detolled) bridge and new directives from the government that vehicles carrying fresh produce will not have to pay toll. One report I read from Macquarie projects that the 5.5ct / yr dividend will not be sustainable because of this. MIIF is however optimistic that toll collection will increase again over time due to the opening of new expressways.
Current Cash level is $288.5M but will be further reduced to $141.9M in May when they subscribe for new TBC shares. The excess cash is planned for share buy-back as they are unable to identify any good assets for acquisition. Debt level is $79.2M. NAV $0.82.