Category: MIIF

Buy @ $0.57. My last buy as I have run out of free cash. Will need to sell something if I plan to buy anything. Seller CP '73' – Macquarie. 😀

Buy @ $0.58. Finally got it again at $0.58, after queueing since morning. Running out of cash, at most can do only 1 more buy. 😀

Buy @ $0.585. Put in order after 5pm, hoping to get at $0.58, but was unsuccessful. Seller CP '82' – MS. 😀

Buy @ $0.585. Give up trying to get at $0.58 or lower as MIIF's share buy-back is very active. 😀

Buy @ $0.585. Add to my collection. Substitute for the SPAusNet I'd sold. Hard to get it lower at the moment as they are doing share buy-back at $0.58 – $0.59. 😀

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.

 

Buy @ $0.58. Their plans for the TBC acquisition had been approved during EGM. I queued at $0.585 but got done during 5pm matching at $0.58. Seller CP '82' – MS. 😀

 

Time

Price

Trade size

Type

17:05:01	0.580	1,284,000	Sell Down
16:58:46	0.585	91,000	Sell Down
16:57:41	0.590	1,000	Buy Up
16:57:40	0.590	1,000	Buy Up
16:57:39	0.590	2,000	Buy Up
16:57:37	0.590	1,000	Buy Up
16:57:11	0.590	5,000	Buy Up
16:57:09	0.590	8,000	Buy Up
16:57:06	0.590	5,000	Buy Up
16:57:02	0.585	100,000	Sell Down
16:54:48	0.590	2,000	Buy Up

 

Buy @ $0.595. Average down my recent buy. Someone's selling a lot every day and a lot of it is being absorbed by MIIF's share buy-back program. Seller CP '80' – CLSA. 😀

 

Time

Price

Trade size

Type

14:57:11	0.595	100,000	Buy Up
14:50:28	0.595	20,000	Buy Up
14:49:28	0.595	100,000	Buy Up
14:41:20	0.595	100,000	Buy Up
14:41:07	0.595	1,834,000	Sell Down
12:25:43	0.595	50,000	Sell Down
12:17:49	0.595	50,000	Sell Down
12:04:53	0.595	50,000	Sell Down
11:23:00	0.600	1,000	Buy Up
11:14:49	0.595	20,000	Sell Down
10:50:26	0.595	291,000	Sell Down
10:40:31	0.595	13,000	Sell Down
10:24:46	0.595	75,000	Sell Down
10:08:19	0.595	50,000	Sell Down
10:04:00	0.595	200,000	Sell Down

 

Buy @ $0.605. New addition to my portfolio. Seller CP '05' – UOBKH. 😀

Using latest DPU = 1.5ct for Dec-10 (Half Year), the Yield = 4.959% ; NTA = $0.76. But, they are currently proposing to use their Cash to buy additional (new) units of TBC (MIIF currently holds 40%) – Taiwan co. with business in Cable TV (main) + Broadband. This will allow TBC to restructure their debts repayment schedule (2013 – 2017) and allow more dividends to be paid out in the interim (2011 – 2013). MIIF is proposing to increase their semi-annual dividend payout to 2.5ct, which means a Yield = 9.091%. The impact of this acquisition is EPS = 4.94ct -> 5.52ct. So, actually even without this acquisition, MIIF can increase the current DPU of 1.5ct to at least 2.25ct!

The price had been well supported recently as MIIF had been doing daily buy-backs at $0.605 – $0.61. The risk is that price may drop drastically without this buy-back support.

 

Time

Price

Trade size

Type

16:30:16	0.605	50,000	Sell Down
16:30:06	0.605	200,000	Sell Down
16:29:44	0.605	300,000	Sell Down
16:27:32	0.605	15,000	Sell Down
15:30:41	0.605	200,000	Sell Down
15:15:19	0.605	1,180,000	Sell Down
14:55:53	0.605	20,000	Sell Down
09:45:41	0.605	77,000	Buy Up
09:33:16	0.605	223,000	Sell Down
09:25:21	0.605	50,000	Sell Down
09:24:42	0.605	350,000	Sell Down
09:18:53	0.610	17,000	Buy Up
09:18:51	0.605	150,000	Sell Down
09:18:50	0.605	705,000	Sell Down
08:59:01	0.610	21,000	Buy Up

 

Sell @ $1. Sell for some kopi $$. No more again 😀