No.
|
Company
|
No. of Shares
|
1.
|
AIMS AMP Capital
REIT
|
30, 000
|
2.
|
DBS
|
2, 500
|
3.
|
Mapletree
Logistics Trust
|
20, 000
|
4.
|
Singtel
|
10, 000
|
5.
|
Frasers
Centrepoint Trust
|
15, 000
|
6.
|
OCBC
|
3, 040
|
7.
|
Raffles Medical Group
|
15, 094
|
8.
|
SATS
|
4, 000
|
9.
|
ParkwayLife REIT
|
8, 000
|
10.
|
Ascendas REIT
|
7, 000
|
11.
|
Keppel DC REIT
|
12, 800
|
12.
|
CapitaLand Mall
Trust
|
10, 000
|
13.
|
Frasers Logistics
& Industrial Trust
|
13, 000
|
14.
|
Suntec REIT
|
6, 000
|
15.
|
Sheng Siong
|
7, 000
|
16.
|
Mapletree
Commercial Trust
|
8, 000
|
Dividends received in Jan & Feb 2017: S$2, 804.02
Total dividends received since Jan 2017: S$2, 804.02
Average dividends per month: S$233.67
Average dividends per day: S$7.68
Total portfolio market value: S$353, 768
Unrealised Profits:
S$42, 243
For the months of January & February, I
had/would be collecting a total of S$2,392.02 in dividends and distributions
from my income portfolio.
·
Singtel: S$544
·
CMT: S$201.60
·
FCT: S$433.50
·
Suntec REIT: S$155.76
·
Keppel DC: S$358.40
·
MLT: S$607.56
·
MCT: S$91.20
·
PLife REIT: S$336.60
· Ascendas REIT: S$412.02 (*Advanced distribution)
Latest Portfolio Re-balancing:
Completed a partial divestment of MLT and a full divestment
of MGCCT after their respective XD. Although MLT’s DPU has been steady over the
past few quarters, I find it a tad too stagnant for my liking. MGCCT’s DPU took
a small hit for 2 consecutive quarters due to a change in property tax
regulations in China and unfavourable forex movements of the Chinese RMB
against Singapore dollar. I feel my funds can be put to better use in other counters
with brighter growth prospects.
The funds from the divestments were promptly utilised in
building my positions on MCT, CMT, Singtel and DBS. The recent acquisition of
Mapletree Business City Phase 1 had given a considerable boost to MCT’s DPU.
The recent trend of businesses shifting their backend operations outside the
CBD to cheaper business parks should benefit MCT in the long run since it still
has Mapletree Business City Phase 2 (where Google is a major tenant) waiting in
the wings. The management is also competent in achieving strong positive rental
reversions from lease renewals/new leases.
The accumulation of CMT is more of a ‘buy on dip’ decision. Besides, I like the new retail concept at the Funan mall redevelopment, which I expect to provide future growth catalyst in 2019. The new Funan will feature an indoor cycling path, rock climbing and other sports facilities and a new cinema experience when it reopens. is being redeveloped into a mixed-use complex that will comprise two office towers, serviced residences and six floors of retail stores. Three tenants have already signed on: movie operator Golden Village, food court operator Kopitiam and rock climbing facility Climb Central.
Apart from indoor cycling lanes, there will also be bike shops, bike cafes, lockers and shower facilities for cyclists. While a floor of the mall will be dedicated to IT products, it will also incorporate workshops and other interactive elements. Other new concepts include a drive-through for collection of products ordered online, and a 4,000 sq ft urban farm.
The accumulation of Singtel was largely based on its latest
set of resilient results compared to the truly woeful results from its
competitors (Starhub & M1). Furthermore, the management finally officially
stated that they are preparing the blockbuster IPO of NetLink Trust in 2H2017,
widely expected to be worth $2.5b. I am hoping a one-time juicy special
dividend payout from this IPO. Fingers-crossed. The statement made by Mr Heng
Swee Keat, Finance Minister, in his Budget 2017 speech, was a confidence-booster
for me too.
“With
increased digitalisation, data will become an important asset for firms, and
strong cybersecurity is needed for our networks to function smoothly.”
Light at the end of the tunnel for the banks?
No surprise from the latest results of DBS, OCBC and UOB. Earnings
were down y-o-y and provisions for O&G related NPLs increased. I believe
the worst of the O&G crisis is behind us. We are looking at a slow recovery in
2017. Moving forward, major players like Keppel Corp and SembMarine should be
on stronger footing. For the love of God, no more ‘Swiber-like’ fallouts this
year (Please!). So I asked myself, when
the market eventually recovers (and it will), which bank will be the
best-positioned to grow fast again? OCBC’s insurance arm (Great Eastern) has been
a drag on its earnings in recent years and UOB has always been relatively
conservative in my opinion. That leaves DBS as my top choice because I like the
looks of its ‘crown jewel’. DBS’ wealth management fees climbed 19% to
a new high of SGD 714 million from stronger bancassurance income. The ‘Wealth
Management’ customer segment income increased 19% to SGD 1.68 billion with
assets under management growing 14% during the year to SGD 166 billion. Earning
more fees from ultra-high-net-worth individuals in Asia? Hell yeah!
Raffles Medical Group (RMG) – Expansion plans still in
gestation period
RMG’s topline and bottomline were weak as operation costs
intensify due to the recruitment of staff and procurement of medical equipment.
Weak medical tourism and rising expansion costs have hit its hospital segment’s
profit margin. ISOS is taking longer to turn profitable. I am expecting
earnings growth to be minimal this year. Even though I am confident of the new
Raffles Hospital extension and Shanghai International Hospital in providing
long-term growth, I am only willing to consider adding current holdings if PE
comes down to 28 times.
DK
