Buy @ $3.04
Tried to Jump-Q @ $3.03 before mkt open but unsuccessful. My collection is growing… 😀
SB REIT @ $0.775
Buy @ $0.775
Had not been able to buy at a lower price. Neither is it moving up… stalemate. Current plan, no change ie. for Short Term Quarterly results (last Q DPU = 1.51ct). Rechecked SGX Annc since last results,
- 11-Mar : Proposed $18Mil acquisition, most likely to be funded by Debts – Will be mildly accretive to DPU but will also raised Gearing from 29.3% to >30%
- 19-Feb & 29-Jan : Shanghai Summit (via Wealthy Fountain) became substantial sharholder and raised stake to 6.05% – May provide better price stability as Sponsor holds only 22.48%
Shanghai Summit is the investment vehicle of Mr Tong Jinquan (No.70 in Forbes list). Other holdings in SGX REITs,
- VIT 63.45%
- OUE C-REIT 14.4%
- Cambridge 11.01%
- LMIR 8.1%
- Suntec 5.04%
I wonder what he's trying to do…. Perhaps VIT, Cambridge & SB REIT is in his area of competence ie Industrial Assets ; LMIR & OUE C-REIT may indicate a biz relationship with the Lippo Group while Suntec is with Mr Li himself…??? 😀
Neratel @ $0.775
Sell @ $0.775
Finally decided to start selling my extras, which I do have a lot… AGM on 29-Apr ; xd on 5-May are the days for me to monitor.
It'd appear that the new Indonesian major shareholder may have toned down their plan for unlocking value (which appeared in a couple of articles in TheEdge previously). My guess is they have bigger problems to deal with for their other Indonesia investments due to the weakened IDR and other economy related issues. Still, Neratel may have transformed into a bigger Cash Cow (I hope), with their Leasing Model.
Let's monitor their Quarterly financials closely and make decision accordingly. In the meantime, I'll be divesting my huge short-term stake which I'd built up at +/-70ct (most 71.5ct to 73.5ct), target latest by xd (may keep some to sell after xd)… 😀
Popular Hldgs @ $0.2371
Sell @ $0.235, $0.24
Good thing I was busy in the AM and wasn't monitoring as I was planning to sell @ $0.225 a few days back but raised my target to $0.23 when I noticed some buying. Vol = 1,738,000 ; Range = $0.23 to $0.245
After mkt closed, SGX Annc of Shares Buy Back (Finally! After 8mths as last one was on -Aug-13!). Details,
- 1,100,000 @ $0.2358
We were highly suspicious it was Shares Buy Back in action and calculated the Max Buy Price (allowable) = $0.2363 based on,
- 105% * Average Closing for Past 5 Sessions
Closing Prices,
- 11-Apr (Fri) : $0.23
- 10-Apr (Thu) : $0.225
- 9-Apr (Wed) : $0.225
- 8-Apr (Tue) : $0.225
- 7-Apr (Mon) : $0.22
With today's close of $0.24, tomorrow's Max Buy Price = $0.2405 ie. Will be mostly @ $0.24 if they continue with their Shares Buy Back. Total Shares Buy Back for the 1-year mandate = 3.316% ie. still have lots of leeway to 10% max.
I'll be keeping my fingers crossed as I plan to sell more… Estimated to hit $0.245 Max Buy Price on Wed / Thu if they continue buying.. BUT, they'd previously ever done 1-day of Shares Buy Back and then went MIA for months…. 😀
SATS @ $3.04
FCT @ $1.7738
FCT @ $1.78
Buy @ $1.78
Cheap thrills… buy back. I'd sold some due to my fears of negative market reaction to their proposed Changi Point acquisition which will be funded by Debts + Equity (Hi chance of Private Placement based on track record – David's observation). But, recent negative reactions to new Equity Issues had been short-lived eg. AIMSAMPReit (Rights) & A-HTrust (Private Placement). It'd appear that market is not as fearful as I'd thought, despite QE Tapering and a definite interest rate rise in the not too distant future…
Anyway, the acquisition had been stated to be DPU accretive but this will most likely be due to a trade-off of higher Gearing. On the plus side, I suppose there'll be subsequent AEIs to Changi Point which'll improve EPU… 😀
FCT @ $1.795
Sell @ $1.795
A slight loss based on cost but profitable if include 1 dividend payout. 😀
FCT announced a proposed acquisition (Changi Point) @ $305m yesterday. Funding will be by Debts + Equity and will be DPU accretive. According to David, FCT had used Private Placements for all New Equity Fund Raising so far ie. No Rights Issues. Altho' it'll be usually at a discount, what's more important is their announcement that it'll be yield accretive. Still, Funding have not been finalised and I'd prefer a Rights Issue….
As it's one of my top holding, I have decided to pare down my holdings a bit as part of my Risk Mgmt… plus, it gives me the option to execute Sam's "Shorting" strategy (Sell Hi – own holdings, Buy Lo) if opportunity arises.
SATS @ $3.03
SATS @ $3.05
Buy @ $3.06, $3.04
David's Yield Rotation Strategy involves switching between Yield Stocks which has sequential Dividend Reporting quarters.
In his case, a switch is being done from SIAEC to SATS, where both have the same Dividend Reporting quarters. This could be termed as Value Arbitrage if I interprete Seth Klarmen correctly in his book 'Margin of Safety'. SIAEC & SATS are being designated as a PAIR. Pairing Strategy involves identifying stocks which have similar financial characteristics for eg. Yield, usually in similar industries. Profits can be realised whenever there's a Value Arbitrage (in this case, I call it Yield Arbitrage – a term coined by a fellow forummer in Wallstraits where I'd previously shared my approach, mainly for REITs) ie. SIAEC price went up while SATS price went down, with Yield being the reference point (usually need to use a factor to normalise for the pairs for proper comparison – can also be more than a pair when applied to REITs). 😀