Dividend Chaser on September 2013 stock portfolio

(Personal Sharing)

I have the following stock portfolio for September 2013.

1. 3000 sabana

2. 20,000 rickmers

3. 1000 SPH

4. 1000 transpac 

5. 10,000 HPH

Dividend Chaser on first love rules

Dividend Chaser on HPH target price at 0.76USD

(From Article)

Safe harbour

• Strong cash flows from high quality ports
  
• Attractive distribution yield of 7%
  
• Initiate with BUY, US$0.76 target price
  

Market leader in the Pearl River Delta

Hutchison Port Holdings Trust (HPH Trust) is the biggest container port operator in China’s Pearl River Delta region by throughput, with market shares of around 70% at Hong Kong’s main Kwai Tsing Port and 47% in Shenzhen. The business trust enjoys the backing of sponsor Hutchison Port Holdings, one of the world’s biggest port operators and a subsidiary of HK-listed conglomerate Hutchison Whampoa, headed by billionaire Li Ka-shing.

Well-placed to ride rebound in world trade

HPH Trust owns interests in four deep-water container port assets – three at Hong Kong’s main Kwai Tsing Port and one in Shenzhen – with a combined throughput of some 22.9m TEU in 2012. We believe that its market dominance in the Pearl River Delta puts the trust in a strong position to capture the region’s trade flows of manufacturing exports and raw material imports, including intra-Asia cargo. HPH Trust is also likely to be a key beneficiary of the trend by shipping companies to deploy bigger vessels as they strive for greater economies of scale; its container terminals are situated in harbours with natural deep water approaches and are equipped with advanced equipment capable of serving even the world’s biggest vessels. Overall, we believe that HPH Trust is wellplaced to benefit from a rebound in international trade as the US and Europe economies recover, as well as continued growth in intra-Asia trade.

Recent price drop offers good entry point, decent upside

HPH Trust’s unit price has declined by 16% from its recent peak of US$0.86 on 2 Apr, hurt by concerns over the impact of strikes by port workers in Hong Kong in April and in Shenzhen earlier this week (both since resolved), and the weakness in the global economy. At the current price of US$0.725, we believe that the trust offers upside potential, including distributions, of more than 10% over the next 12 months as the recovery in the US and Europe gathers momentum. The main risk to our investment thesis in the short term is a renewed slowdown in these major economies. Still, we expect strong support for HPH Trust at its current price, given its attractive distribution yield of around 7%. Initiate with a BUY rating and US$0.76 target price.

Dividend Chaser on Singapore going from analog to digital TV

(From Article)

The switch from analogue to digital

MediaCorp will be transmitting all free-to-air channels in digital format come December 2013 under the DVB-T2 television standard. It is necessary as the world is moving away from analogue to digital broadcasting. Going digital will allow the government to free up frequency spectrum which can be used for new services like mobile, wireless broadband and potentially more TV services and channels.

For more information, please visit Media Development Authority website on Singapore's roadmap to digital TV here: www.mda.gov.sg/digitaltv

About DVB-T2

DVB-T2 stands for Digital Video Broadcasting – Second Generation Terrestrial. It is the extension of the television standard DVB-T, created for the broadcast transmission of digital terrestrial television. DVB-T2 is adopted as the industry standard in key European and Asian countries. It offers higher efficiency, robustness and flexibility, enabling efficient use of valuable terrestrial spectrum for the delivery of audio, video and data services to fixed, portable and mobile devices.

Benefits of digital TV

1. Better quality pictures (e.g High Definition TV and even 3 Dimensional TV)
2. Superior sound (e.g. surround sound)
3. Electronic programme guides where you can find out more information about the TV programmes

Come December 2013, while all seven MediaCorp channels will be broadcast in digital, four channels will also be in HD – Channel 5, Channel 8, Suria and Vasantham. The remaining three: Channel NewsAsia, Channel U and okto will be upgraded to HD by 2016.

Do I have to do anything now?

The switchover to digital broadcasting will begin in December 2013. The existing analogue TV signals will continue to be broadcast alongside the digital TV signals, for at least another two years until Singapore and ASEAN complete the switchover to digital broadcasting. This will give you enough time to migrate to digital TV. However, you may wish to switch to digital TV early to enjoy an enhanced viewing experience.

After the current analogue channels are switched off, you will not be able to receive or watch MediaCorp TV channels if 1.you do not have the right equipment to receive digital TV or 2. You are not a pay-TV subscriber.

Dividend Chaser on NTUC pull out advertisement

(From Article)

NTUC Income has withdrawn and apologised for a controversial advertisement that portrayed property agents as unprofessional and dishonest, after it met with criticism online.

In the advertisement which STOMPer Aaron alerted STOMP to, a property agent is seen trying to sell a house, with the true meaning of her words highlighted on screen.

NTUC Income Buzz posted an apology on their facebook page this morning, and explained why they decided to withdraw the advertisement. In the facebook posting, they said:

"We took the decision to pull the advertisement portraying some sales people as unprofessional in the real estate industry. The advertisement was insensitive and unfair to many professional people in that industry. We apologize for this.

"In our enthusiasm to promote the message of honesty, we have not taken into account that professional and honest sales people exist in every industry including the real estate professionals."

Singaporeans have reacted negatively to the video, and felt that it lacked respect and sensitivity towards the real estate industry. Some also described the video as "unethical advertising".

One facebook user said, "I'm utterly shocked and disappointed after viewing this distasteful and misleading ad! It clearly reflects the lack of respect and sensitivity towards the real estate industry!

Another user also felt that the organisation was putting down other professions in order to promote their own. He said:

"Why does NTUC have to put down other professions in order to push up their own profession? Even if NTUC wants to promote being 'honest', 'simple', and 'different', there are other ways to advertise."

Others asked for a more sincere apology that went further than just a facebook post. One user wrote:

"So creative, NTUC! How about doing another commercial to bring out the good in the real estate industry to show your sincere apology. Run it for at least six months."

However, one netizen in particular disagreed with the criticism and felt that everyone needed to "chill". He commented:

"Everyone needs to lighten up. Sure... it might not have been the best move to make but if you actually watch the commercial, it's clearly meant to be comical."

Dividend Chaser on 19 year old killed by remote helicopter

(From Article)

9.05.2013, 17:00 PM

Queens man, 19, killed by model helicopter shared passion for remote-controlled fliers with father

Roman Pirozek, who was the victim of helicopter accident in Brooklyn on Thursday.

A 19-year-old toy-helicopter enthusiast was killed Thursday in Brooklyn when his remote-control whirlybird plummeted from the sky and its rotor blades slashed his head and throat, cops said.

Roman Pirozek Jr. of Queens was apparently attempting an elaborate daredevil stunt when the trick went haywire and the copter hit him, police said.

The freak accident happened about 3:40 p.m. in a ballfield in Calvert Vaux Park on Shore Parkway and Bay 44th St. in Gravesend — a hot spot for model-helicopter hobbyists.

Cops said Pirozek was operating the model helicopter when something went haywire and it fell from the sky and struck him in the head and neck.

At least four witnesses watched in horror as the helicopter’s 2-feet-long carbon-fiber blades slammed into Pirozek, shearing off pieces of his scalp and slicing his neck, cops said.

RELATED: CHINESE BOY'S AUNT CUT OUT HIS EYES: POLICE

Police said Pirozek — a 2012 graduate of the High School for Construction Trades, Engineering and Architecture in Queens — died at the scene almost instantly.

James Keivom

Friends comfort Roman Pirozek, Sr., the victim's father, after he returned to his home on Thursday.

A first responder said there was nothing that could be done.

“The major vessels in his neck were involved and he just bled out very quickly,” he said.

Pirozek’s toy helicopter, measuring 3 feet by 1 foot, and estimated to cost up to $1,700, was found crumpled on the ground about 20 feet from his body .

Dividend Chaser on Saizen outlook

(From Article)

Revenue from acquisitions kicking in. Saizen’s gross revenue and net property income increased by 9.7% and 13.6% respectively in FY13, largely supported by its acquisitions of seven properties. For the sixmonth ending 30 June 2013, Saizen declared a DPU of 0.63 cents, amounting to a full‐year DPU of 1.29c. This is marginally higher than our projected FY13 DPU of 1.24c.

Acquisitions to be immediately yield‐accretive. FY14 will witness the full‐year contribution of Saizen’s recently‐acquired properties. Sitting on a cash pile of JPY6bil, Saizen could tap on its cash balance to engage in immediately yield‐accretive acquisitions. Moreover, Saizen has unencumbered properties valued at JPY2bil, further strengthening its financial clout. We are currently pencilling in JPY2.3bil of acquisitions at a 6% NPI yield.

Visibility of DPU comes at a price. To provide its Unitholders with greater visibility on distributions, Saizen has entered into hedging transactions for its upcoming distributions. The distribution payment for the period ended 30 June has been hedged at an average rate of JPY75.12/S$ and the subsequent distribution is hedged at an average rate of JPY81.15/S$, which compares unfavorably with the current

rate of JPY77.14/S$. This would inevitably weigh on Saizen’s FY14 DPU in S$ terms.

Unit consolidation proposed. Accompanying its latest results, Saizen proposed a unit consolidation involving the consolidation of every five existing Units in Saizen REIT held by Unitholders into one Unit, subject to regulatory and Unitholder approvals. The motivation behind such a proposed move is to reduce the magnitude of a single tick move on Saizen’s share price, and thus its perceived volatility. The share consolidation is expected to be completed in November 2013.

Maintain HOLD on FV $0.195. We rollover our estimates and lower our TP to S$0.195 on the back of a higher risk‐free rate of 2.7%, implying a capital upside of only 6%. In our opinion, Saizen’s current yield level of 7%, which translates to approx. 430 basis points over the risk‐free rate, does not yet sufficiently compensate investors for the inherent macro, forex and interest rate risks. Maintain HOLD.