In my last post, I mention that “14” is not auspicious
number for my stock count. It means “going to die” in Mandarin. Since then, I
added 3 more stocks.
number for my stock count. It means “going to die” in Mandarin. Since then, I
added 3 more stocks.
Asian
Pay TV Trust – First biz
trust in Asia focused on pay-TV businesses of cable, digital TV and broadband. Seed-asset is Taiwan Broadband
Communications Group. Buy call; strong trustee manager “Macquarie”, low PE 12.4
(competitors 12-17), yield highest at 11%. PB 18% discount, Price 0.75 at lower range (0.72-0.97),
stable cash flow, growth driven by digital TV segment, sole operators in areas
it operates in. Temasek recent
share purchase makes it the largest shareholder with 7.5%. Risks includes strong
new-entrants competition in Taichung. Results 1Q14 yesterday reaffirming DPU of 8.25c close to 11% yield.
Pay TV Trust – First biz
trust in Asia focused on pay-TV businesses of cable, digital TV and broadband. Seed-asset is Taiwan Broadband
Communications Group. Buy call; strong trustee manager “Macquarie”, low PE 12.4
(competitors 12-17), yield highest at 11%. PB 18% discount, Price 0.75 at lower range (0.72-0.97),
stable cash flow, growth driven by digital TV segment, sole operators in areas
it operates in. Temasek recent
share purchase makes it the largest shareholder with 7.5%. Risks includes strong
new-entrants competition in Taichung. Results 1Q14 yesterday reaffirming DPU of 8.25c close to 11% yield.
AIMS
AMP Capital Industrial REIT –
Comprise of 25 industrial properties all in Singapore, although recently
acquire 49% of Optus centre in Sydney. Buy call; Strong trustee manager. One of
the highest yield >7% industrial REITs with a lower PB 0.97. Properties lease
expiry average > 30 years. Growth from existing developments of 20 Gul way
(2H15) and Defu Lane (2H2014). No debts for refinancing until Oct 2015. Manageable gearing below 35%. Recent 100m
rights proceeds for more acquisition and redevelopments, but account for
dilution risks. 4Q2014 results here. DPU increase but yield diluted by Rights from 7.7% to 7.4%.
AMP Capital Industrial REIT –
Comprise of 25 industrial properties all in Singapore, although recently
acquire 49% of Optus centre in Sydney. Buy call; Strong trustee manager. One of
the highest yield >7% industrial REITs with a lower PB 0.97. Properties lease
expiry average > 30 years. Growth from existing developments of 20 Gul way
(2H15) and Defu Lane (2H2014). No debts for refinancing until Oct 2015. Manageable gearing below 35%. Recent 100m
rights proceeds for more acquisition and redevelopments, but account for
dilution risks. 4Q2014 results here. DPU increase but yield diluted by Rights from 7.7% to 7.4%.
Chip
Eng Seng – Construction and
property group in Singapore, Australia and SEA. Main contractor for Duxton –
tallest public housing. Buy call; Strong construction orderbook S$520m. Comfortable
PE 6x, attractive and stable yield of 5%. Record top/bottom line S$1.2b/180m
(240% incr) in Y14 vs 13. Australian property still strong. Growth from Hotel
in Alexandra SG in Mid-15. Strong ROE 28.5% and ROA 12.1% Y14F. Also attracted by its
diversification from construction to property development in 55-45% rev
contribution. Risk includes interest rate increase and property rules changes in SG and
AUS.
Eng Seng – Construction and
property group in Singapore, Australia and SEA. Main contractor for Duxton –
tallest public housing. Buy call; Strong construction orderbook S$520m. Comfortable
PE 6x, attractive and stable yield of 5%. Record top/bottom line S$1.2b/180m
(240% incr) in Y14 vs 13. Australian property still strong. Growth from Hotel
in Alexandra SG in Mid-15. Strong ROE 28.5% and ROA 12.1% Y14F. Also attracted by its
diversification from construction to property development in 55-45% rev
contribution. Risk includes interest rate increase and property rules changes in SG and
AUS.
I will likely add one more stock this month to make it
“18” – meaning “going to be rich” in Mandarin.
“18” – meaning “going to be rich” in Mandarin.
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