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Sell @ $2.84
During the last minutes of 5pm matching, saw a large enough Buy block and quickly decided to take profit for the profitable ones… Am left with the close to $3 ones… Recent results don't appear very good, despite their Press Release headlines. Take profit first and patiently wait to collect back….. 😀
Buy @ $1.615
A new addition to my portfolio. Am not deterred by their not winning the LTA Bus Route Tender. The positives will be $$ from LTA to pay for the Bus assets (ought to be above Book Value) for the routes they'd lost. For this tender, of the Bus Interchanges which the buses will operate from, Bukit Batok is SMRT territory whereas Clementi & JE is under SBS ….
The just released results show improved EPS (mainly from Advertising & Rental) and Div, altho' still far away from the good ol' days of 4-5% Yield & PE <20… Now only 2% Yield & PE 26.9…:D
Buy @ $3.17, $3.16, $3.15
A new addition to my portfolio.
FY15 Results will be out tomorrow AM before mkt opens. Am expecting Div = 8ct (2H14 80% Payout) to be likely maintained, with the possibility of Best Case 11.5ct (if 100% Payout). Take note,
In fact, almost similar as last year and not very strong justification for a higher payout…The motivation will have to come from their parent (SIA) to "milk" their Cash Cows. The other "cow", SIAEC, had just reported a bad set of results, with a much lowered Div payout ie left SATS as the only alternative (if they need the cash)…. 😀
Sell @ $0.535, $0.54
Contra off my 2 recent batches. Share price was strong today even tho' STI was weak (-30 mostly). There's a possibility that Shares Buy Back (just cleared EGM recently and Blackout lifted with the announcement of Q1 results on 8-May) may have started (made a mistake in original post as forgot to x 1.05 and had wrongly concluded the price rise can't be due to Shares Buy Back) as the Max Avg Buy Price is calculated by the formula of 105% of Average 5-Days Closing Prices.
Max Average Share Buy Back Price = $0.542
With 12-May (Tue) = $0.54, Max Average Share Buy Back Price = $0.546
Q1 results were out last Friday after mkt closed. Revenue & Profits were as per guided in the previous Q ie improved, altho' it was lower on a yoy basis. The expected 1ct div was maintained (FCF = 1.49ct).. The forward guidance is 2H15 is now expected to see better biz, instead of 1H15. If I were to read between the lines, I'm guessing that Q2 will at best be flat, with the possibility of weakness… AMAT results were also out, looked flat for SSG segment. Let's continue to monitor BB Ratio… 😀
Sell @ $3.55
Contra off 2 outstanding batches.
Did an FCF study over the weekends and was very surprised that FCF < Dividends for last 2 years! The first thought is M1 Div Payout is not sustainable. However, after studying their Cash Flow for the past 6 years, I realised that M1 is declaring Div based on furture FCF. As CAPEX is a known Figure & Timing to their mgmt, it is not impossible to do that. In several instances where FCF + Cash is insufficient to pay the Dividends (End-Apr & Mid-Aug), it was observed that Debts (CL) had increased for that Quarter ie Short Term Debts must have been utilised to cover for any shortfall.
As such, my conclusion is that whether M1 will continue to do a 100% Payout (their Policy is min 80%), will be more dependent on FY16 CAPEX requirements. Looking at Q1 low Cash Level and the 11.8ct Div paid out on 30-Apr (Q2), I have lowered my enthuaism for a 100% payout. Perhaps things may be clearer in Q3… 😀
Sell @ $1.745
Jump-Q at 9am to contra off all… Looks like a good decision when it proceeded to slide to a low of $1.735 but only for a short while as it recovered and hit a high of $1.765, before closing at $1.76… Looks like I may have to raise my target price if I want to enter again….
But, it may be a good idea to stop entering new positions as the Quarterly Reporting season is drawing to an end… 15th should be the last day for Quarterly & 31st for FY end… Focus only on those which I think is below valuation (but very subjective) ie No more on Yield Rotation Strategy unless supported by cd (hv to tgt to sell before xd) or prepare for June Quarter… 😀