Buy @ $1.95. Yield @ 9.231% and PE 10.67 (below M1!). Note however that DPU of 18ct is projected for FY09 (till Dec) and there’s no certainty that this will be maintained for FY10 (but EPL rights only cease from Aug-10, so there shouldn’t be any impact on earnings till then). Looks set to drop below $1.90! 😀
StarHub @ $2.06
Buy @ $2.06. They just lost their EPL broadcast rights fm 2010 to SingTel, now massive sell-down going on. Tried to buy at $2.04 but POEMS system was buggy.
I think StarHub over-bidded last time and must have made a loss – see Starhub AR2008 (pg 130), there’s a loss for ‘Cable TV and Broadband’ segment. I’m assuming ‘Broadband’ segment would have been profitable and therefore, the losses due to ‘Cable TV’ segment must have been quite large. Further, under ‘Cable TV’, ‘Sports Channel’ is only part of it. They ought to be many subscribers who only watches movies, cartoons, serials,… That means, their EPL bid last time must have been too aggressive.
My conclusion (a biased one as I’m vested) is that losing the EPL rights will be good in terms of short term profitability (fm 2010). There’s also the possibility that Starhub will license the EPL content fm SingTel. 😀
Note that prices may drop even further if market is very negative on Starhub’s longer term prospect due to the loss of this rights.
10:30am
Got some more @ $2.03. Looks like heading towards sub-$2!
Q309 Close
My portfolio (at cost) of S’pore stks for Q309 close,
The STI closed at 2672.57, +51.72% fm end 2008. Using cost as a ref, my portfolio stats (vs 2008),
- Size : +16.01%
- Realised Profit/Loss : +7.03% (Profits : +2.50% ; Div : +4.53%)
- Unrealised Profit/Loss : -15.6% (+18.02% if remove 2008 carry fwd)
- Net Portfolio Performance :
o At Cost : 7.03% – 15.6% = -8.57%
o At End-2008 Mkt Value : 7.03% + 18.02% = +25.05%
So, +25.05% vs +51.72% (STI), only half of STI’s gain. But, still big losses based on cost 🙁
Changes in portfolio (vs Q109 – unable to use Q209 data which was lost due to my HDD crash),
- New Additions : a-iTrust, SMRT
- Increases : Thomson, FirstREIT, MacCookPSF, CitySpring, SBSTransit, FrasersComm, SingPost, StarHub
- Decreases : SPH, HLFin
- No Change : MacCookIREIT, Cambridge, FSL, M1, GTC, Rickmers, STEng, SPAusNet
- No More : CDLHTrust, MapleTree, STI ETF
HLFin @ $2.69
SMRT @ $1.68
a-iTrust @ $0.855
Buy @ $0.855. Add to my new collection. Seller ’21’ – Kim Eng and ’73’ – Macquarie. 😀
10:34:22 0.855 9,000 Buy Up
10:32:33 0.855 45,000 Sell Down (Seller ’21’ – Kim Eng)
10:29:16 0.855 3,000 Sell Down (Seller ’73’ – MacQuarie)
10:19:07 0.855 3,000 Sell Down
10:12:33 0.855 8,000 Sell Down
10:09:04 0.855 3,000 Sell Down
10:01:29 0.860 5,000 Buy Up
10:01:04 0.860 5,000 Sell Down
10:00:52 0.860 100,000 Sell Down
10:00:03 0.865 5,000 Buy Up
09:52:33 0.865 8,000 Buy Up
09:52:19 0.865 5,000 Buy Up
09:50:28 0.865 10,000 Buy Up
09:49:03 0.860 2,000 Sell Down
09:49:00 0.860 3,000 Sell Down
09:43:31 0.865 10,000 Buy Up
09:37:26 0.865 18,000 Buy Up
09:34:47 0.865 4,000 Buy Up
09:27:18 0.865 5,000 Sell Down
09:26:36 0.865 5,000 Buy Up
09:26:05 0.865 4,000 Sell Down
09:25:56 0.865 6,000 Buy Up
09:25:28 0.865 17,000 Sell Down
09:18:43 0.865 3,000 Sell Down
09:13:15 0.870 18,000 Sell Down
09:13:08 0.870 100,000 Sell Down
09:08:35 0.870 3,000 Sell Down
09:07:18 0.875 9,000 Sell Down
08:59:02 0.870 35,000 Sell Down
12:17pm
Added some more at $0.845. Seller ’05’ – UOBKH
12:20:08 0.840 3,000 Sell Down
12:17:26 0.845 76,000 Sell Down
12:14:43 0.850 28,000 Sell Down
12:13:49 0.855 20,000 Buy Up
12:05:57 0.850 16,000 Buy Up
12:05:28 0.850 9,000 Buy Up
12:03:04 0.845 20,000 Sell Down
12:02:59 0.845 12,000 Sell Down
11:59:58 0.845 3,000 Sell Down
11:57:05 0.845 20,000 Sell Down
11:57:00 0.845 16,000 Sell Down
11:51:19 0.845 10,000 Sell Down
11:50:00 0.840 2,000 Sell Down
11:49:59 0.840 3,000 Sell Down
11:49:29 0.845 89,000 Sell Down
11:39:48 0.845 4,000 Sell Down
11:33:29 0.845 15,000 Sell Down
FirstREIT @ $0.66
CitySpring @ $0.48
a-iTrust @ $0.875
Buy @ $0.875. New addition to my portfolio. Get some exposure to India but that means, Country Rusk. Mid-yr on Sep-09 (semi-annual payout), Q1 DPU 2.06ct or Yield = 9.417%. Was waiting for it to go below $0.8 (for 10%+yield) but missed that last time. Seller ’21’ – Kim Eng. 😀
17:05:02 0.870 109,000 Buy Up
16:59:08 0.875 11,000 Sell Down
16:58:57 0.875 95,000 Sell Down
16:58:24 0.875 22,000 Buy Up
16:57:13 0.875 18,000 Buy Up
16:55:08 0.875 5,000 Sell Down
16:55:05 0.875 50,000 Sell Down
16:54:53 0.875 100,000 Sell Down
16:54:22 0.875 40,000 Sell Down
16:54:20 0.875 100,000 Sell Down
16:50:25 0.880 2,000 Buy Up
Don’t know which transaction is mine! Also don’t understand how 5:05pm matching becomes $0.87 and Buy Up (rather than Sell Down since it’s at a lower price).
FCOT @ $0.165
Buy @ $0.165. Decided to buy back what I sold (and more) previously as it doesn’t look like it’ll hit my tgt of $0.15 or lower. Yield @ 6.424% is rather low compared to other REITs and Gearing @ 38.5% is still on the high side.
With the stronger A$, hi chance the next DPU (Sep09) will likely be higher than the proforma figures. With the recent rights issue and CPPU (kind of like Convertible Preference Shares) issued to F&N in exchange for Alexandra Point, FCOT is now a lot more attractive to me for longer term hold.
But, mkt looks weak and it may drop further for me to buy some more. Seller ’17’ – CIMB and ’20’ – Phillip. 😀
17:05:01 0.165 631,000 Sell Down (Don’t know how come mine got 2 diff sellers!)
16:59:48 0.165 6,000 Sell Down
16:59:33 0.165 7,000 Sell Down
16:59:22 0.165 50,000 Sell Down
16:59:13 0.165 306,000 Sell Down