Buy @ $0.535
It's even cheaper than my cheapest ones @ $0.545 cd (DPU 0.89ct)! One of the worst hit REIT in the recent drop. 😀
UMS @ $0.475
KGT @ $1.055
Sell @ $1.055
There seems to be some interest returning to KGT after the damaging report by AmFraser some time back. Looks like it may have bottomed recently @ $1.035. 1H (Jun) results is ~2 mths away (on 16-Jul last year) and expected DPU = 3.13ct (same as last year). NAV = $1.01 and will likely drop to $0.98 after xd. Have to watch NAV closely as long as they don't do any yield accretive acquisitions and safer to buy only when it's closer to NAV. 😀
UMS @ $0.475
Buy @ $0.475
Decided to add more after reading a VB post that their main customer, Applied Materials has just reported a very strong Q2 (May), with a positive outlook for the next Q. There's a very strong co-relation to UMS results as Applied Materials accounts for the bulk of their biz and it's only another month to UMS Q2 (Jun) end. 😀
Extracts from Applied Materials News Release,
- Second consecutive quarter with more than $2 billion in new orders
- Net sales of $1.97 billion up 25 percent sequentially
- Non-GAAP adjusted EPS of 16 cents exceeded high end of outlook; GAAP loss of 11 cents per share reflected impairment charges in Energy and Environmental Solutions
​Business Outlook
For the third quarter of fiscal 2013, Applied expects net sales to be up slightly from the previous quarter. The company expects non-GAAP adjusted EPS to be in the range of $0.16 to $0.20. The non-GAAP adjusted EPS outlook excludes known charges related to completed acquisitions of approximately $0.04 per share but does not exclude other non-GAAP adjustments that may arise subsequent to this release.
Saizen @ $0.192
Sell @ $0.192
Decided to contra off as it hit my target for a short term trade. Will also sell off my initial buy if prices continue to go up as that's the only other purchase that's making profit. 😀
One outstanding homework is to check if their Operating Cash Flow is indeed more than what is paid out as I'd noticed they also do Loan Repayment.
Saizen @ $0.189
Buy @ $0.189
Big drop from $0.20 to $0.205 after their Q3 results last Friday (AM). Not a DPU payout quarter as they do semi-annual payouts.
Have only done a quick read. Looks like there'd been a big negative impact of the weakening JPY and some one-time expenses due to loan re-arrangement. Looking at just the NAV alone, it dropped from $0.27 to $0.25 (~-7.41%) last Q. But, now, looking at their "Statement of distributable income from operations", it's very interesting to note that they have been deploying cash for loan principal repayment. By lowering the amount for Q313 (Mar), they'd been able to mitigate the additional expenses. My guess is that for next Q, it's highly possible to maintain the previous DPU = 0.66ct if they want to. Without that, my worst case guess is a drop to 0.6ct.
The other observation is that although Gearing had increased to 39% (from 31%), they do have JPY1.07Bil in Cash (down from JPY2.24Bil in Jun-12) at the Company level, which can be used for either Shares Buy-Back or acquiring more properties to improve on the earnings and DPU.
Looks like lots of uncertainty which can only mean volatility. Let's see if I can trade with this current buy. 😀
UMS @ $0.475
Buy @ $0.475
Back as shareholder. Latest Q1 results shows strong indication that the previous Q may have been the bottom of their semicon cycle. Industry BB (Book-Bill) ratio had been >1 for a few months now. Take the risk to buy some, bearing in mind my other previous fears that the CEO cum largest shareholder can dump a substantial amount of his holdings and sell down the price any time..
May add a bit more if I have the cash to spare. 😀
A-HTrust @ $0.995
Sell @ $0.995
Decided to clear my last few lots. After it xd, prices didn't drop more than the DPU = 3.6616ct. (cd $ $1.02). After I sold, it hit a high of $1.01 and closed @ $1.005! Looks set to get higher in the coming days, otherwise the Equity Fund Raising will not be that successful. At an indicative rights price of $0.965, the market price does not have a lot of leeway to drop. Any drop means more units have to be issued which means a higher dilution to DPU and yield.
The other negative is the recent weakness of the A$. During listing, it was 1.309 but has dropped to 1.278 by end-Apr and is now @ 1.243 (~-5%). This will impact the DPU & NAV in the longer term if A$ stays weak.
Will likely only look at it again after they complete the Fund Raising. 😀
A-HTrust @ $1.02
Sell @ $1.02
Last day of cd today (DPU = 3.6616ct). I decided to take profit for the bulk of my holdings even tho' Yield = 7.18% is still the 2nd highest. Gearing = 35.3% ; NAV = $0.82 makes it only a bit less attractive. My main concern is the impending Equity Fund Raising to raise $300M for their acquisition of Park Hotel (Singapore). It's going to be massive as it's ~30% of current total assets.
After market closed, some brief details were released in an SGX Annc. Doesn't look too good to me as the two scenarios (different amount of Debts used) will result in what appeared to be a slightly lower DPU on a Proforma basis. The Illustrative Issue Price used was $0.965 and I'm surprised they didn't compute the Yield using TERP (Theoretical Ex-Rights Price). Perhaps it's not too surprising after all as using TERP will result in even lower Yield for existing shareholders!
Let's see if the market punishes the share price on Monday. I have left a few lots so that I can join in the fun (Rights Issue) but after looking at this SGX Annc, I think I'll sell if prices maintain at xd level ie. $0.98+ 😀