Sell @ $0.745 and $0.75. Contra off all my recent buys. Affected fm reading too many negative analysts’ reports. 😀
AllCo @ $0.735
Buy @ $0.75. Q’d this morning when it was going up and thot’ it won’t get done. After lunch, saw that it’s done and the price now lower! The Sgx Annc that Frasers will acquire the 17.7% stake of AllCo and the Trust Mgmt co. is positive if it goes thro’ (still got risk it may fail). Good discount to the $0.83 that Frasers will be paying for their stake but note the risk that it’s not a done deal till Aug. Seller code ’73’ – Macquarie. 😀
Buy more @ $0.72 at 3:11pm. Seller code ’08’ – CS. Looks like it’s headed for $0.6x like 2Qs ago!
Allco @ $0.725
AllCo @ $0.84
Sell @ $0.84. Q1 results were out last nite, DPU = 1.6ct (not paid as semi-annual policy). Above their projection of 1.5ct but way below my expectation as Q407 was 2.2ct. Yield = 7.643% @ $0.84.
Main positive is that they’ll appoint a sales agent for their Oz assets which is valued at ~S$600M+ or ~ $0.875/share. Their plan is to reduce their debts (gearing now 44.8%) and shift focus out of Oz to Asia. The coming year will be one of consolidation and organic growth, rather than acquisitions. 😀
AllCo @ $0.835
AllCo @ $0.85
AllCo @ $0.76
Buy @ $0.76. They just confirmed Moody’s downgrade – may have problem refinancing their debts at a good rate or worst case, gearing limit will drop from 60% to 45%.
On the positive side, they have indicated that they may sell their Australia assets (boom there), which will allow them to reduce their debts. If they are able to sell at their last valuation, the profits are also quite substantial (Cost A$346.8M ; Valuation A$482.9M => A68.4ct/share or ~S87ct/share ; Debts stands at S$888M ). The main risk is whether they can sell the Aussie assets at valuation. 😉