Category: MPS

Sell @ $0.102. No more left. Yet another huge losses, my follies of '07 & '08.

Should have cut it when they started to reduce the dividends and then ceased altogether. For the past couple of years, they'd been busy selling assets (listed Property Trusts) at fire-sale price (due to bank – lenders pressure) and now they are left with mostly unlisted Property Trusts (still trying to sell due to bank imposed repayment schedule).

Although NTA = A$0.30 for FY10 is still at a good premium, I see it dropping every year as they need to pay expenses and the valuation may not be very accurate (as unlisted Property Funds are illiquid and hard to liquidate). At ASX, last done price is A$0.083, also a premium. But, not worth the extra effort for me to continue monitoring to get a better price as the absolute amount is not that large. Another good lesson learnt (I hope). 🙁

Sell @ $0.15. Became impatient and decided to take profit. See if I get to buy back again next time. Now, the $$ can be better deployed elsewhere. Buyer ’05’ – UOBKH.

Buy @ $0.14. Throw in good money after bad money to avg down. I’m betting that the recent takeover of MacArthurCook by AIMS will help MPS in the longer run. In the shorter term, they ought to be able to help MPS renew their borrowings on a longer term basis and perhaps, dividend payout will return. Another possible scenario is that AIMS may delist MPS assuming the current 75%+ discount to NTA is real (valuations in their Aussie assets may be much lower due to the crisis). Note that my risk is very high here. 😀

Buy @ $0.885. Yield @ 13.53%. Risk is high as in ASX, now trading at A$0.60 or less than S$0.80. Buy some to avg down my hldgs. 😀

Sell @ $1.35. Just announced rights issues 1-for-3 at S$1.32. Sell some to make it a multiple of 3, so that I won’t end up with odd lots 😀

Buy @ $1.37. Add to my collections 😀

Buy @ $1.38. Just xd but this AM’s annc was that fm Sep-07 Q, their annual DPS will be increased fm A9.5ct to A10.5ct. My rough est. is that Yield will be 9%+. May collect some more 😀

Buy @ $1.20. Dropping with every buy! Price still strong at ASX @ A$1.135 and xchange rate at 1.2074. ASX listed ones will get A2.35cts div, so after deducting that and converting, price shld be S$1.34!! Still don’t understand why there’s a gap of 10%. Anyway, yield is 8.958% @ $1.20 😀

Buy @ $1.21. IPO forecasted yield 8.884% at this price. Quite risky as bulk of their investments are in Unlisted Property Trusts in Australia.

Buy @ $1.22. Trading at A$1.145 (which is S$1.374 @ xchange rate of 1.2) in ASX, which is the primary listing. I wonder why there seems to be a sttep discount here? Must go n re-read the IPO prospectus again over the xmas hols! 😀