Buy @ $2.87
Yet another of my stock which'd not recovered… average down… a bit early to buy for 2H div… Q3 results no surprise or shocks… just flat… 😀
SMRT @ $1.515
UOB @ $19.96
FCOT @ $1.425
Sell @ $1.425
Contra off a recent buy plus sell an earlier one together. Last day of cd today for DPU = 2.5181ct (Actual Payout = 1.6069ct due to Advanced DPU = 0.9112ct already paid out previously).
Recent results were better than I'd expected and FY16 rental reversions are expected to be positive. Still, I'd decided to treat it as a Yield Rotation Play to have more free cash… 😀
SMRT @ $1.49
Sell @ $1.49
Fear of a weaker Q2 results made me decide to pare down my stake a bit more… at a loss… 😀
After mkt closed, Q2 results were released. EPS = 1.69ct, just a tiny bit lower than 1.7ct last year and better than 1.32ct qoq… Looks like mkt knows better than me… but the good recovery from ~$1.30 looks too good to be true…. Hope I'm wrong as I have a lot more to sell!
F&N @ $2.16
Buy @ $2.16
Average down… 😀
Myanmar Brewery stake was sold on 19-Aug for US%560m (~S$777m).
Using info fm SGX Annc dated 7-Aug, EPS for FY14 (before fair value adjustments & exceptional items),
- 10ct (before disposal)
- 7.1ct (after disposal)
PE will increase fm 21.8 to 30.7…. Looks scary if no Special Div (mentioned in annc that proceeds is intended to be deployed for new and existing investments) to support prices…
But, if we factor in Cash of aro' 53.7ct / share fm Myanmar Brewery sale, PE = 23.14 (Share Price minus Cash / Share).
Not so scary,,, but they must redeploy the proceeds wisely…
Very likely, for the coming 2H results, Div = 3ct can be maintained… Keep my fingers crossed and hope for the best for the future….. 😀
SMRT @ $1.48
Sell @ $1.48
Sold my lowest priced ones at the same price as my buy price… Profitable if I add in Div = 1.75ct collected…. 😀
Recent news (Sep) which will be negative for SMRT is the record $5.4mil for the island-wide breakdown on 7-Jul. We may see this affecting the coming Q2 results. For reference, Q1 Net Profit = $20m.
Another potential negative is the news article on the growing popularity of Uber & GrabCar. It was mentioned that some taxi companies are already seeing taxis not rented out to drivers. I'd infer that we're starting to see the first group of taxi-drivers switching to become Uber or GrabCar drivers. The same article also mentioned that it's cheaper to rent a car (~$55) vs taxi (~$120), no min. drive hours, age,… for Uber / GrabCar drivers. Strong push and pull factors… unless govt regulation comes in to put some obstacles…
Anyway, play safe… reduce my not-so-tiny holding before Q2 results tomorrow…