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K-Green Trust: Results for year ended Dec 2010.

Tuesday, January 18, 2011

Here are the highlights:

1. Profit after tax for the period from date of listing on 29 June to 31 December 2010 was $8.7 million, 22.1% higher than forecast.

2. Earnings per unit (EPU) for the period from date of listing to 31 December 2010 were 1.39 cents.

3. Net asset value per unit as at 31 December 2010 was $1.16.
4. Distribution per unit (DPU) of 4.31 cents was higher than forecast by 10.2%.
5. Annualised distribution yield was 7.9% based on unit closing price of $1.07 on 31 December 2010.

Full report here.

Some readers might remember an earlier blog post in which I questioned if K-Green Trust was a bad investment. In that post, I said "If it could land lucrative acquisitions with cheap debt, we could also see it reducing its payout ratio and keeping cash for asset renewal purposes. To think of KGT as a static business trust with no growth opportunities could be rather short sighted.  Why? Because it has zero gearing unlike CitySpring Infrastructure Trust." This is still a valid assumption but the Trust has yet to announce any such plans.

DPU of 4.31c will be paid out on 10 March 2011. This probably explains the bump up in the Trust's unit price to $1.10 today, forming a wickless white candle in the process. The buy signal on the MACD histogram yesterday has been confirmed. Drawing some Fibo lines suggests that further upside could meet with stronger resistance at $1.13. Is this attainable? The MFI has formed a higher low and further upside from $1.10 is probable.

Related post:
K-Green Trust: A bad investment?


Anonymous said...

If the DPU is 4.31 cents, how did you get annualised distribution yield at 7.9% based on unit closing price of $1.07 on 31 December 2010.

AK71 said...

Hi Anonymous,

The DPU is for the period of 29 June to 31 December 2010 and not one year. So, if you annualised the DPU, you would get about 7.9%.

Could you include your name or initials in future comments? Thanks.

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