Thursday, December 26, 2013

2014 Dividend Payment Schedule

In 2014, I shall be collecting dividends for every month, except July and October. 
Mini-bonuses almost every month! Rejoice! ^^

January 2014:
- Singtel

Feb 2014:
- CapitaMall Trust
- Frasers CentrePoint Trust
- First REIT
- Suntec REIT
- Mapletree Logistics Trust
- CACHE Logistic Trust
- PLife REIT

Mar 2014:
- AIMS AMP REIT
- Mapletree Industrial Trust

April 2014:
- M1

May 2014:
- Starhub
- SPH
- ST Engineering- CapitaMall Trust
- Frasers CentrePoint Trust
-  First REIT
- Suntec REIT
- Mapletree Logistics Trust
- CACHE Logistic Trust
- Neratel

June 2014:
- Starhub
- PLife REIT
- AIMS AMP REIT
- Mapletree Industrial Trust

August 2014:
- Singtel
- M1
- SATS Ltd
- ST Engineering- CapitaMall Trust
- Frasers CentrePoint Trust
- First REIT
- Suntec REIT
- Mapletree Logistics Trust
- CACHE Logistic Trust
- Neratel

September 2014:
- AIMS AMP REIT
- Mapletree Industrial Trust

November 2014:
- Starhub
- CapitaMall Trust

- Frasers CentrePoint Trust
- First REIT
- Suntec REIT
- Mapletree Logistics Trust
- CACHE Logistic Trust

December 2014:
- SPH
- SATS Ltd
- AIMS AMP REIT
- PLife REIT
- Mapletree Industrial Trust


Happy Boxing Day!
Dividend Warrior

Monday, December 23, 2013

Catalysts for 2014 (Part 1)

Last week, the Fed finally announced the start of QE taper. Most of you would have known that QE tapering is largely negative for REITs as they are rather sensitive to a rise in interest rates. Dividend stocks are relatively more resilient, even though they were not spared from the recent correction in the local market. All these seem so gloomy and depressing :(

Christmas is around the corner, so I decided to spread some festive cheer! Let's take a look at positive future catalysts for some of my dividend stocks and REITs.


ST Engineering and SATS Ltd:
  • It is possible for ST Engg and SATS to raise their dividend payouts. Both companies are sitting on huge cash piles. ST Engg has more than S$300m and SATS has S$270m. ST Engg has strong long-term earnings visibility, with an order book of S$12.5b as at September 2013. SATS' recent acquisition of the Singapore Cruise Centre will provide synergy with the Marina Bay Hub. The joint venture at the new Sports Hub will start to reap benefits in 2015 when Singapore hosts the SEA Games.
Changi Airport T4 and Project Jewel are expected to be completed in 2017 and 2018 respectively.
  • ST Engg is the largest third-party maintenance, repair and overhaul (MRO) service provider for commercial aircrafts in the world. Since Singapore is probably going to become a regional aviation hub by 2020, it may translate to more business for ST Engg. 
  • SATS is already the dominant service provider at Changi Airport. Therefore, it stands a high chance of winning contracts/tenders to provide gateway services at the new Changi Airport Terminals 4 & 5.  

M1:
  • Barring unforeseen catastrophe, M1's management have guided a steady single-digit growth in revenue and EBITA next year. A rough back-of-the-envelope calculation shows that full-year earnings per share should be around 17 to 17.2 cents for 2014. If the management decides to maintain the same payout ratio, total dividends for 2014 should increase from 14.8 cents (2013) to 15.4 cents next year. Furthermore, the management already guided that capex for 2014 will be similar to 2013, at S$130m. So, I believe the possibility of M1 raising dividends next year is high. 
Source: The Business Times (20 December 2013)
  • Compared to Singtel and Starhub, M1 will benefit the most from the trend of consumers switching to 4G data plans in the future. Around 80% of M1's revenue comes from mobile data. 


AIMS AMP Capital Industrial Trust:

  • Redevelopments at 103 Defu Lane 10 and 20 Gul Way Phase 2E and Phase 3 should be completed by May 2014 and December 2014 respectively. The new space at 20 Gul Way will be leased to CWT with an annual rental escalation of 2%. 
Optus Centre is an A-Grade business park located at Macquarie Park in Sydney's north.
It is fully leased to Optus Administration, a unit of SingTel Optus
  • Acquiring 49% interest in Optus Centre, Sydney. This latest acquisition should be finalised by January 2014 and it offers 6 benefits. 1) Creates geographic diversification 2) Portfolio diversification into business park office space 3) First free-hold property in the portfolio with a quality tenant 4) Long WALE of 8.6 years, with rental escalation of 3% per annum 5) Weighted average debt tenor improves from 2.8 years to 3.4 years 6) Accretive to DPU

Mapletree Industrial Trust:
  • The build-to-suit development for Kulicke & Soffa has been completed recently. Distribution from this asset will start coming in 1Q 2014.
  • The various AEIs at Woodlands Central and Toa Payoh North 1 have been completed. Distribution from these two properties will start coming in 1Q 2014.  
  • The build-to-suit data centre for Equinix Singapore has begun construction in April 2013. It is scheduled to be completed in the second half of 2014. This data centre is leased to Equinix over 20 years, with the option to extend 5+5 years, at a rental escalation of 2% per annum. 

  • On 18 April 2013, Equinix held a groundbreaking ceremony to mark the start of construction of the building. The $108m project will be situated within one-north and consists of a seven-storey high specification building with a gross floor area of approximately 385,000 sqft. It is easily accessed via major expressways such as Ayer Rajah Expressway and Pan Island Expressway, and is within close proximity to one-north and Buona Vista Mass Rapid Transit (MRT) Stations.

Mapletree Logistics Trust:
Mapletree Benoi Logistics Hub is a five-storey ramp-up logistics facility located near to the Jurong and Pasir Panjang Ports and with easy access to the city. The building has been conferred the BCA Green Mark Platinum Award and incorporates modern features that cater to the operations of logistics companies.
  • The redevelopment of Mapletree Benoi Logistics Hub is on track for completion in 3QFY14, with 94% of the space already pre-committed by Menlo Worldwide Logistics on a 10-year lease. 
  • MLT will be embarking on its next redevelopment project at 5B Toh Guan Road in early FY15, which will see the site transform from a 3-storey warehouse to a 6-storey modern ramp-up facility. The plot ratio will be maximised from 0.93x to 2.5x. I like how MLT is focusing more on organic growth and rejuvenating its older assets. 


Merry Merry Christmas! ^^
Dividend Warrior

Saturday, November 23, 2013

SMRT - Too Big to Fail. Too Big to Prosper?

SMRT is integral to the lives of many Singaporeans. Without the public train and bus services, Singapore will literally cease to function. As a result, the public's general perception is that SMRT is a company that service the masses (low-middle income families). It is simply too big to fail. It even has Temasek Holdings as its major shareholder. At first glance, SMRT should be a solid blue-chip with strong fundamentals. Unfortunately, in my opinion, that is far from the truth.


I can imagine the following scenario playing out in an informal coffeeshop or hawker centre chit chat session.

Teochew porridge uncle, "Hi DW! Here for some porridge again?"

DW, "Yup. I am a Teochew after all. Please give me extra pork liver in my porridge. Thanks uncle!"

After 5 minutes......

Teochew porridge uncle, "Here you go. Enjoy! By the way, I just read from the papers that SMRT is not making huge profits. In fact, their profits are dropping fast. Made me really happy!"

DW, "Why did that make you happy?"

Teochew porridge uncle, "Because SMRT's aim should NOT be about making profits! They should focus on providing quality service to the commuters. In the past, during Mdm Saw Phaik Hwa's era, SMRT reported handsome profits and cash flow. Transport fares kept rising too. It really made my blood boil! Greedy management!"

DW, "Ok. OK. Calm down uncle. But other government-linked companies such as Singtel, Starhub and DBS are equally, if not more important to the survival of Singapore. Does your blood boil when you see Singtel, Starhub and DBS making profits and rewarding their shareholders too? "

Teochew porridge uncle, "Actually, I am ok with the telcos and banks making profits and prospering."

DW, "Ok........errrrrrmm. No disrespect, but dun you think you are being biased here?"

Teochew porridge uncle, "Dun get me wrong. I am not saying I want SMRT to go bust and collapse. I just want SMRT to function efficiently without making huge profits."

DW, "So, you are saying that SMRT should just earn enough to maintain its fleet of trains and buses, pay the staff, pay the electricity/fuel bills and distribute a little dividends?"

Teochew porridge uncle, "Yes. And they should not even distribute any dividends! No fat bonuses for the management too!"

DW, "Ok......Well, thanks for the porridge. Hey, is that your iPad?"

Teochew porridge uncle, "Yes. My wife and I used it to watch our favourite Taiwanese, Hong Kong and Korean drama serials when there is no customers around. My son helped me set everything up. All I need to do is to press a few buttons. Without the teletext service now, old people like myself have to learn how to surf the net too. My grandchildren have iPads too. I can do video chats with them. I could not believe I exceeded the data usage limit recently, I think I have to upgrade my basic data plan."

DW, "Wow! Even your grandchildren have iPads. You dun mind paying more for a higher-tiered data plan? Why dun you cut down on your drama serials? Can save money."

Teochew porridge uncle, "I dun mind paying more. My wife and I love our drama serials. ^^"

DW, "Alright then. See you again uncle. Bye!"
_________________________________________________________________________________

SMRT is too big and important to be allowed to prosper without incurring the wrath of the public. In fact, the title of the recently-released report from the Fare Review Committee says it all. "Affordable Fares. Sustainable Public Transport". I can't help but notice the succinct use of the word "Sustainable". That word is as commonly-used as "Productivity" nowadays. So, for those readers who have been asking me whether they should invest in SMRT. My question to you will be "Do you want to invest in a company that is merely sustainable?"



Is Sustainable Good Enough?
Dividend Warrior

Wednesday, October 23, 2013

My Third Cheque from Nuffnang

I received something nice in my mailbox today. ^^




I would like to thank all my readers for their support! ^^

I want to thank Nuffnang too. They have been really efficient in processing payment. 





Rock on,
Dividend Warrior

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