Just another REITDATA Sites site
Buy @ $0.675, $0.67, $0.66, $0.645, $0.65
Results were out last Friday and was very good!
At $0.655 (Friday close),
This AM, it opened strongly but big seller(s) appeared and seemed determined to sell at $0.645, CP = BNP… I wonder why… and who… Let's hope it's not the CEO.. Fortunately, there were also many ready buyers… for now…
Buy @ $3.78
Jump-Q during pre-open matching…
Results were out last evening. Q4 (Dec) showed very good Revenue & Profits, resulting in closing of the gap with FY12. However, they have reduced Payout Ratio from 90% to 80% and to be reduced to 75% from FY14 onwards. As such, Yield has dropped to <4%.. The forward statement is positive.
Hmm… with the Yield < 4%, PE = 20+ and a non-growth stock, I'm inclined to divest… Altho' the div has been reduced, 12ct (vs 13.8ct) ought to be able to provide some price support till xd date. 😀
Buy @ $2.67
Added back some more… just for the results and expected Div = 8ct… Seller is still around! 😀
Results Released after mkt close,
Extracts fm the above,
It looks like the drop in Profits is mainly coming from an increase in Staff Costs… No change in plan, will be selling off my stake on price rises… and before it goes xd.. 😀
Buy @ $2.67
Didn't managed to get any other stocks, despite having many in Q. Instead, decided to add some HLFin back since I have the free cash and 2H results will be out tomorrow (27th). If no surprises, share price ought to slowly move towards $2.70 – $2.75 if they declare the same 8ct div.
Someone is putting 10 lots to sell Q each time.. 😀
Sell @ $0.735
Contra off some of the ones I bouight on Friday. Got a bit carried away and bought too many in one day and created a challenging timing issue on funds transfer on due date. Altho' I'd already reduced this problem by doing a contra of STEng yesterday, today's contra will reduce it to a much more manageable issue.
The surprise is CP = DMG which also happen to be the analyst of the not-too-optimistic report that I'd attached to my previous post. 😀
I may buy back again, even at $0.73, if I have the spare cash.
Sell @ $0.40
Cleared the balance of my holdings, no more left.
Made the decision to clear after reading what Ben Koh of Lighthouse Advisors (link from David) had to say about LMIR profit being 2-3% lower than the Indonesia Govt Risk Free (10-Yr Bonds) rates of ~9%. The problem is,
Ben Koh stated that this must be due to either,
After some quick checks, some observations
So, Ben Koh is not wrong as he's likely looking at figures at a point in time ie. 30-Sep-13, which he used to do his calculations for his conclusion. But, as Indonesia had suffered severe economic problems in recent times, we see drastic changes over a few months' time frame… This is therefore the Economic (Emerging Economy at that) Risks and FOREX risks which we thought we'd be comfortable with… when weighed against the 8% Yield, Discount to NAV, Low Gearing,… previously.
Lastly, my selling is not due to the Ben Koh article as I was already selling prior to that. If anything, it reinforced my decision to sell.. and at a faster pace.. as I'm trying to make decisions based on Opportunity Costs… even if I have to take a huge individual loss.. 😀
For eg, my thoughts were,
So, if I were to hold, I'm projecting a likely holding period of 1-2 years. In the meantime, the Yield (based on mkt price) is 5-6%. It's lower if we use Cost but that'd not be useful for comparing Opportunity Cost. Thus, my decision to sell is based on switching to other opportunities which I think has a more than even chance of doing better than LMIR..