Apr 23, 2018

Cory Diary : US Stock injection into SG Portfolio Tracker

I tend to keep my US stocks low profile. There are few personal reasons. Decided to do a first this time. Reason being my portfolio should have a better diversification tracking in management considering bulk of my shares are in SG Trust/Reits, Index and SG Bonds/PS.



Will be selective at first. Injected Facebook into my tracked holding and slowly expand if I am happy with the move. The complexity is they are traded in USD. So currency movement do affects my overall returns and risks. 

One logic to consider is the exchange rate. My consideration is how I can compute them on paper appropriately into Singapore dollars when they stay in USD cash account. This means that if USD is to depreciate 10% within a year, my open US stock and cash will have -10% fluctuation in returns. As for closed US stock, if their cash is stays in USD cash, their real profit will have to be adjusted.  I do not believe in paper loss.

Tracking Method consideration
  1. US Buy/Sell trade price.
  2. S$ translated Buy/Sell value will be dynamically updated.
  3. S$ Profit/Loss will be dynamically updated for open trades.
  4. Profit/Loss will be dynamically updated in S$ for closed trades unless I have them converted back to S$ then it will be locked.
  5. Available US$ cash will not be tracked. Neither will exchange cost for simplicity.
Hope this new chapter of my investment portfolio management proves wise and provide better excitement to my listless SG stocks. I am excited !


Cory
20180422


Apr 20, 2018

Cory Diary : CAPITALAND MALL TRUST 1Q18 ( CMT )

Quick collection read from today CMT 1Q18 report


  • DPU 1.8% YoY. That's about 5.4% yield at today $2.10 stock price.
  • Operating expenses decreased 4.7% which is quite significant.
  • Raffles City Singapore (Joint Venture) NPI is up. Was not so good in previous report.
  • Gearing lowered to 33.5%


Nice set of result. And we still have Funan Mall as a wild card.  To top it up, Sale of SSC for S$248.0 million. That's a good premium and helpful buffer for many quarters to come. Not sure I have opportunity to accumulate more next week.



Cory
20180420

Apr 15, 2018

Cory Diary : Compiling NetLink NBN Tr

NetLink NBN Tr - closer review

IPO price S$0.81 at lower band range. S$2.3 billion IPO is the biggest in Singapore since 2011. Singtel will hold about 24.99 per cent of the units in NetLink NBN Trust, which will own all of the units of NetLink Trust.

Consists of 10 Central Offices and approximately 76,000 km of fibre cable, 16,200 km of ducts, and 62,000 manholes then. Providing services for 89% of the residential homes in Singapore (2017). NLT is the sole network company for Next Gen NBN, it dominates the wholesale provision of dark fibre connections for residential premises.

3Q18 earnings came in at $21.7 million, 32.5% higher than IPO forecast, due to lower operating and staff costs. "The first distribution period will be for the period from 19 June 2017 to 31 March 2018 and will be paid on or before 29 June 2018. However, July'17 is when it get listed. About 8 month plus.

Unsecured loan 588,542,000 @ 2.53%
Units : 3,896,971,100
Depreciation : $36,897,000


Annualized Yield ( Price 81 cts )

Dividend cost @5% Yield  ~ $158M
Expect to achieve from cash flow.

Dividend cost @6% Yield ~ $190M. DPU will be 4.86 cents.

High side would be @7% yield. ~ S$221M cost. Stars need to be aligned to hit this. Alternatively, stock price has to go down to 69.4 cents if we maintain 4.86 cents dividends.

The upside is stable population or growth projection. Stable Earning. Low maintenance. Singtel major shareholder. Control of operating cost is especially key. The other will be commercial space expansion.The hope is most of the infra can last more than 15 Years. Therefore maintenance cost will be relatively low supporting cash flow for dividends.

The risk could be interest rate which will be few years later relative to earning. Technology and Competitor  not in visible horizon. However, infra cost needs to be monitored that could affect earning. Will be interesting to read next earning report and the first actual dividend for the 8 months.


Cory
20180415