Buy @ $0.945. Results were out last night, DPU = 3.04ct (Annualised 8.81ct). Seller CP '21' – Kim Eng. 😀
MIIF @ $0.58
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 |
MCT @ $0.88
Subscribe for IPO @ $0.88. Got alloted for 1 account. Some thoughts before applying,
- For Office + Mall REIT, they are positioning themselves (Yield = 5.648% ; Gearing = 39%) between CMT (Yield = 4.889% @ $1.90 ; Gearing = 39.9%) and Suntec (Yield = 6.372% @ $1.52 ; Gearing = 38.4%).
- The Mapletree brand enjoys a premium in the Industrial REITs sector and therefore gives the lowest Yield (after A-REIT) for MLT and MIT.
- They are untested in the Office + Mall REIT sector but it looks like they are assuming they'll enjoy the same premium based on their IPO pricing.
- Thus, if the market price them in the same class as CMT, there may be a 10%+ upside. If they are priced in the same class as Suntec, then 10%+ downside!
- Their main dominant assets is VivoCity.
Some balloting data,
| Applied | Balloting Ratio |
Alloted |
| 1 – 9 | 35 : 50 | 1 |
| 10 – 19 | 36 : 50 | 3 |
| 20 – 49 | 37 : 50 | 6 |
| 50 – 99 | 38 : 50 | 12 |
Listing is on 27-Apr-11 2pm. See whether I can stag or not.
Hyflux 6% CPS @ $1
Subscribe for IPO @ $1. The balloting results were out (already got the refund) and they'd upsized the issue to $400M Everyone who applied got alloted (Min. apllication of 100 shares = $10k will get 30 shares = $3k). Some ballot info,
| Applied | Alloted |
| 100 | 30 |
| 110 – 290 | 50 |
| 300 – 490 | 70 |
| 500 – 990 | 110 |
Before applying, I checked and had the following thoughts,
- They had to offer 6% (cumulative even, and step up to 8% in 2018 if not redeemed), which is high compared to the prevailing market interest rate. Possible reason is, they are highly geared and it's unlikely the banks will lend them. So, risk is actually very high.
- The funds raised will be used for new projects, so don't expect any new income stream to quickly come online.
- Due to the above points, I checked their latest FY10 results. Net Profit was $88.9M, so there ought to be enough to pay the $24M (6% @ $400M Pref Shares), assuming the Income Stream is stable based on FY10 results. FY09 Net Profit was lower at $74.3M.
- I didn't analyse their Cash Flow Statement to check their ability to pay the Pref Shares Dividend but according to a BT article (22-Apr-11), the FCF (Free Cash Flow) are FY10 = $81M ; FY09 = $47.5M ; FY08 = $6.2M. So, $24M dividend is OK if FCF is the same as FY10 or FY09 and impossible for FY08.
Since everyone got alloted, the price may hover around the $1 price if all take profit. But, as both the Private Placement and Public Tranche were heavily over-subscribed, I think there's a good chance it'll open above $1 (I was expecting $1.03 to $1.05, using the less risky recent DBS Pref 4.7% as a reference).
My plan is to either stag if the price is attractive (Listing on 26-Apr-11 9am) or if stuck with it, to monitor the Quarterly results closely to judge their ability to pay the dividends.
SingTel @ $3.09
Sell @ $3.09. Sudden market rally today (Election Rally??), STI +40 @ 3165 and Singtel +5ct. Decided to take profit for all, no more left. Buyer CP '71' – Nomura. 😀
| Time | Price | Trade size | Type |
| 17:05:02 | 3.090 | 818,000 | Sell Down |
| 17:05:02 | 3.090 | 515,000 | Sell Down |
| 16:59:56 | 3.090 | 13,000 | Sell Down |
| 16:59:52 | 3.090 | 100,000 | Sell Down |
| 16:59:51 | 3.100 | 1,000 | Buy Up |
| 16:59:48 | 3.090 | 6,000 | Sell Down |
MIIF @ $0.595
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 |
Cambridge Rts @ $0.429
Subscribe @ $0.429. Got the refund for excess rights. Applied for 3 accounts and got excess of 1125, 375 and 500. They rounded the total final holdings to the nearest 500 in alloting the excess rights and as in past experience, you don't get more alloted even if you apply for a lot of excess (unless it's under-subscribed – in this case, unlikely to happen as the rights were offered at a good discount).
MIIF @ $0.605
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 |
Sabana REIT @ $0.93
Buy @ $0.93. Quarterly reporting soon, will be their maiden report. Take the risk and get some more, am expecting DPU = 2.88ct to 3ct (more than 3mths of forecast FY11 DPU = 8.63ct as it'll be from listing date 26-Oct-10). I went to queue at $0.935 during 5pm and got it cheaper as someone sold at $0.93. Seller CP '05' – UOBKH! 😀
| Time | Price | Trade size | Type |
| 17:05:03 | 0.930 | 82,000 | Sell Down |
| 16:58:58 | 0.935 | 50,000 | Buy Up |
| 16:58:52 | 0.935 | 2,000 | Buy Up |
| 16:58:52 | 0.935 | 12,000 | Buy Up |
| 16:55:46 | 0.935 | 1,000 | Buy Up |
| 16:54:34 | 0.930 | 50,000 | Sell Down |
| 16:54:21 | 0.935 | 2,000 | Buy Up |
| 16:47:15 | 0.930 | 50,000 | Sell Down |
| 16:44:55 | 0.930 | 50,000 | Sell Down |
| 16:44:05 | 0.935 | 2,000 | Buy Up |
RafflesMG @ $2.17
Buy @ $2.17. A new addition to my portfolio. Not exactly cheap as PE = 25.08 ; Yield = 1.613% only.
Their Revenue had been growing from $101M (FY04) to $239M (FY10) with EPS from 2.43ct (FY04) to 8.65ct (FY10). Revenue Growth for FY09 and FY10 had slowed down to 8-9% but with their recent plans to expand their business (they bought a building + expansion of current facilities), we may see better growth from the next few years. With the delisting of Parkway and Thomson, this'll likely become my focus for Medical stock.
Seller CP '29' – DBSV. 😀
| Time | Price | Trade size | Type |
| 16:27:55 | 2.160 | 3,000 | Sell Down |
| 16:27:52 | 2.170 | 5,000 | Buy Up |
| 16:17:05 | 2.160 | 2,000 | Sell Down |
| 16:17:03 | 2.170 | 4,000 | Sell Down |
| 16:17:01 | 2.170 | 1,000 | Sell Down |
| 16:16:59 | 2.165 | 11,000 | X |
| 16:16:58 | 2.160 | 3,000 | Sell Down |
| 16:16:58 | 2.162 | 29,000 | X |
| 16:16:57 | 2.160 | 5,000 | Sell Down |
| 16:16:56 | 2.170 | 5,000 | Sell Down |
| 16:16:54 | 2.170 | 108,000 | Sell Down |
| 16:00:04 | 2.170 | 1,000 | Sell Down |
| 15:38:03 | 2.180 | 7,000 | Buy Up |
| 15:33:42 | 2.180 | 2,000 | Buy Up |
| 15:13:18 | 2.171 | 8,000 | X |
| 15:13:17 | 2.180 | 45,000 | Buy Up |
| 14:45:20 | 2.170 | 1,000 | Sell Down |
| 14:45:17 | 2.180 | 1,000 | Buy Up |