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Golden Agriculture: Alarm bells aplenty?

Saturday, April 2, 2011

I missed the last leg up on Golden Agriculture as its share price formed a higher low on 15 March at 62.5c. The counter touched a high of 71.5c in the last session before closing at 70.5c.


The MACD has been rising and is now in positive territory heralding the return of positive momentum. However, the question to ask is whether this is durable. Notice that OBV is not higher than it was on 4 March when share price touched a high of 72c. This shows distribution going on as price retests highs. The MFI and RSI are both bordering overbought regions. The suggestion is that upside could be limited. If alarm bells are going off in your head, you are not alone.

If you believe like I do that the counter's share price has not spotted a strong trend in a while, we have to look at the Stochastics which is currently in overbought territory. So, a pull back is more likely than not to happen in the near future. More alarm bells? I think so.

Connecting the lows of 23 Feb and 15 Mar gives us a trendline support. For anyone considering a long position in this counter, a retest of this support could be a much better option. So, is there no possibility of a breakout which could see price going higher? The possibility of a breakout exists, of course. Like I said before, TA is about probability, not certainty.

Related post:
Golden Agriculture: Testing the 200dMA.

ASSI 1Q 2011 Quarterly Report.

ASSI had 32,200 unique visitors in the month of January 2011. In the following month, the number reduced only a tad to 31,815. Given the fact that February is a short month, the average number of unique visitors per day actually increased. In March 2011, the number of unique visitors saw a spike to 40,832 while the number of returning visitors also formed a new high of 20,554. In all three months, ASSI registered more than 1,000 unique visitors a day on average.


Comparing the quarterly numbers since January 2010, 1Q 2011 has the best showing. Page loads increased from 78,184 to 161,049 year on year for a 206% increase. Number of unique visitors increased from 39,151 to 104,847 year on year for a 268% increase.


Quarter on quarter, page loads increased from 147,742 to 161,049 for a 9% increase. Number of unique visitors increased from 88,558 to 104,847 for an 18.4% increase. Returning visitors increased by 18.2% as well, quarter on quarter.

I enjoy blogging since discovering it in late 2009 and would probably continue doing it just as a pastime. However, such strong readership numbers provide me with that extra motivation to blog regularly. I am only human and respond well to positive reinforcement. Thanks to all regular readers for spreading the word and a hearty welcome if you are new to my blog.

Related post:
ASSI 2010 Annual Report.

Healthway Medical: 1 for 8 rights issue.

Friday, April 1, 2011

I just went to an ATM to subscribe for the rights by Cambridge Industrial Trust earlier this evening. Now, I have another rights issue to contend with. Healthway Medical is also having a 1 for 8 rights issue. See announcement here. The rights will be priced at 7.5c per piece.

On 2 March, I suggested that no investor would put money in the company at 14c per share because it was trading at a PE ratio of 100x! I also said that "Immediate support is at 13.5c but if this were to break, we could see 12.5c next." Its share price went on to test 12.5c for 7 sessions later in the same month. Price closed at 13.5c today.


Technically, the counter is still in a downtrend and this is defined by the 50dMA which coincides with the trendline resistance. Resistance is currently at 14c. The MACD is rising in negative territory and it looks like it could cross into positive territory if the strong momentum of late continues. Does this mean that, for some reason, market participants like the rights issue which is heavily discounted?

What would I do? I still have a small investment in the company. Fundamentally, it does not make sense to throw more money into a weak business. Technically, unless I see some hints of a reversal, I won't bother going in either. So, I could simply sell away the nil-paid rights and sit this one out.

Related post:
Healthway Medical: 4Q 2010 results.

First REIT: Bought more at 73c.

On 26 March, I mentioned that "In a change of plan, I would increase exposure to this REIT on any weakness and this would be at 73c (100dMA), 72c (lower Bollinger) and 71.5c (the recent low of 17 Mar)." Today, I bought more units of First REIT at 73c a piece. With an expected DPU of 6.4c for 2011, this latest purchase would have a distribution yield of about 8.77%.


Today's selling down was somewhat aggressive as volume was very high, the highest since 14 Feb 2011. A long black candle was also formed. The lower shadow on the black candle suggests that there is support for this REIT. I also like how the MACD has been slowly rising even as price touched a recent low of 71.5c.

The REIT's price action looks rangebound and if we believe that there is no trend, we should pay attention to the Stochastics which suggests that the REIT is correcting from an almost overbought position. So, more weakness to be expected? Possibly and I am waiting to accumulate on any further weakness.

Related post:
First REIT: Accumulate on weakness.

Sabana REIT: Initiated long position.

Thursday, March 31, 2011

Initiated a long position in Sabana REIT at 93c and 92.5c today. 93c was, of course, a hedge, while 92.5c was the price I have been waiting for since late last year shortly after the REIT's IPO.

The IPO price was at $1.05/unit. So, getting in at the prices that I did today represents a discount of more than 11% from the IPO price. The NAV per unit is 99c and my entry prices today represent a discount of more than 6% to NAV. With an estimated DPU of 8.63c for 2011, my investment today will enjoy a distribution yield of about 9.3%. With a gearing level of 26.5%, I believe this REIT is a fairly safe investment in the next couple of years.


Technically, the REIT looks rather weak and is suffering from some heavy selling which saw its price touch a low of 92c today. A single sell order at 9.42AM accounted for 1,215 lots sold down at 92.1c per unit. It seems that someone is selling down the REIT and we see 100 lots being sold down regularly throughout the day at 93c per unit. Volume was really heavy. More downside seems likely.

What's next? Fundamentally, any further price weakness would make this REIT even more attractive to me. However, I am not in a hurry to accumulate. After all, I have gotten my foot in the door today. I will now monitor the technicals until there are more favourable signs to add to my initial long position. 91c next? Possibly. Keep an eye on the MACD and see if a higher low forms as price forms a lower low. We are on the lookout for a potential positive divergence.

After all, given the fact that Sabana REIT should be announcing its first income distribution soon, could we not see a reversal of its downtrend in the near future? The REIT, as per its prospectus, "will make distributions to Unitholders on a quarterly basis, with the amount calculated as at 31 March, 30 June, 30 September and 31 December each year for the three-month period ending on each of the said dates."

Good luck, mon ami.


Related post:
Sabana REIT: Being stubborn?

New or Resale Property – Which One Is a Better Investment?

Wednesday, March 30, 2011

The following post is excerpted from the newly launched Secrets of Singapore Property Gurus, in an interview with Getty Goh, Director of Ascendant Assets.

Based on the research my company has done, we found that buyers will have a higher chance of getting value-for-money deals by buying resale properties. If you think about it, it is actually quite intuitive. After all, developers are in the business of selling properties for profits. With many of them having ample financial reserves, how cheaply do you think they will sell their new units for? 

Resale properties on the other hand are bought from other owners, who can be selling for a variety of reasons. While some of the homeowners may be savvy investors, there will definitely be others who need to dispose their property urgently and are prepared to sell their unit at a discount.

It is possible to get a good deal on a resale property

I have personally come across numerous value-for-money deals. Let me share one such deal that my company helped a client secure. In late 2009, I was helping a client find an investment property. As he did not want to over-stretch himself, the investment budget was set at $700,000. After several weeks of searching, we eventually found a suitable unit that was going for $650,000. Based on my company’s research, we knew that it was a good deal as the asking price of similar sized units in the same development was about $100,000 more than the asking price for that unit. In addition, we found out that the seller was parting with his property for a loss of more the $50,000. All these were indications of a value-for-money unit and we were confident that my client would have easily made a tidy profit had he decided to flip the unit.

We later found out that the owners were willing to let the unit go at a discount because they were going through a divorce and wanted to quickly divide the assets. From this experience, it reaffirmed my belief that there are plenty of good resale deals. It is just a matter of how diligent we are in our search to find them.

The benefits of buying directly from the developer

That said, I am not implying that buyers should totally avoid new sales as there are advantages to buying properties direct from developers. Firstly, when someone buys a property directly from developers, they will be entitled to a one year Defects Liability Period (DLP) that starts when the development receives its Temporary Occupancy Permit (TOP). During the DLP, any defects found will be rectified by the developer. Resale units do not have such liability periods and buyers will have to rectify any defects at their own expense.

Another advantage in new sale purchases is that buyers generally are able to choose the unit they want. However this is dependent on how buoyant the property market is at that point in time. Nonetheless, under normal market conditions, buyers are able to select the units they desire.

Lastly, payment schemes for new and resale purchases are different. New sale buyers can opt for a progressive payment method, while resale buyers will have to start serving their mortgage based on the full loan amount after the sale is completed. While there are pros and cons for new and resale properties, I feel that resale properties will be a better bet for those who are looking for value-for-money deals.

Sabana REIT: Being stubborn?

I have been waiting for a chance to initiate a position in Sabana REIT at 92.5c, its historical low. I have been described by some as stubborn for not giving in and buying at 1 bid higher. Well, it was this same stubborn behaviour that got me into Cache Logistics Trust at 91.5c instead of 94.5c recently. I am investing for income and yield is a major consideration and, therefore, the entry price is a major consideration.


Of course, I am not blind to the power of market sentiments and that is where TA comes in. If you remember, I changed tact on First REIT and revised my buying price higher because of technical signals which suggested strength recently. I also bought more units in Cache Logistics Trust at 92.5c. Nothing is set in stone.

With Sabana REIT, the technicals are still weak and there is a chance of its unit price going lower. So, I will continue to wait at 92.5c. OK, as a hedge, I would put in a buy queue at 93c too. To those who have said I am stubborn, well, this shows that you are wrong and this makes me happy.

Easily contented, I am, and to bed with a smile, I will.

Related post:
Sabana REIT: 92.5c is near.

CapitaMalls Asia: Partial divestment at $1.78.

In my last blog post on CapitaMalls Asia, I suggested that I could divest at $1.78 and I did so today. Using a Fibo fan, it is interesting to see how opening at $1.78 today is exactly where we find resistance provided by the 61.8% fanline. 61.8%, being one of the three golden ratios, is likely to be a strong resistance and so it was today.


If price action should break the resistance provided by the 61.8% fanline in the next couple of sessions, we could see the 100dMA tested as resistance ultimately. This is currently at $1.89. Sounds exciting? Of course it does but there is $1.83 to contend with first as that is likely to be a very strong resistance too. Sounds tougher now, doesn't it? This is especially so when we realise that volume has been reducing in the last few sessions (see orange line).

One wonders if the trendline support that started on 15 March could hold or would it break. If price should pull back in the next session, support is at $1.73. If the hypothesis that we could be entering a rangebound, sideways trading turns out to be correct, we should take heed of the Stochastics which shows a bearish crossover to be completed in overbought territory. This hypothesis finds support in the ADX as well which, at the moment, suggests that there is no strong trend in this counter's price action.

Having made a partial divestment at $1.78 today, I would still benefit from a continuing upward movement in price if it should take place. If price should weaken instead, I would be able to load up with less reservation.

Related post:
CapitaMalls Asia: Testing resistance.

AIMS AMP Capital Industrial REIT: Insights.

With the advanced distribution of 0.285c per unit on 28 March, the next distribution is going to be modest and I estimate it to be about 0.215c per unit. This is likely to be payable sometime in June.

In the recent madness of heavy selling, I increased my exposure to this REIT at 20c and 19.5c. It is currently my largest investment in the stock market by market value. With an expected DPU of 2c per year and with a set of stronger numbers in its books, this is a strong proposition for anyone who is investing for income.


As it is climbing out of oversold territory after the recent sell down, there could possibly be room for capital appreciation as well from the current levels. The ADX is declining and this suggests that the downtrend is weakening and the -DIs are falling as well. The MACD is rising and already set to form a higher high. Things are looking more benign but I am under no illusion that any upward climb would be up a wall of worries and that the REIT's unit price remains in a longer term downtrend which started on 17 Sep 2010. That resistance is currently at 22c.

In an article today in The EDGE, it was revealed that the manager "also aims to grow its portfolio by about $200 million, its chief executive officer Nicholas McGrath told Reuters in an interview. “We have an increasing bias towards business parks and high-tech space,” said McGrath". So, more rights issues and private placements are probably to be expected. As long as these are beneficial to unitholders, I have nothing to complain about. Indeed, I am sitting on some nice paper gains from its last rights issue while the distribution yield remains very attractive.

Apart from acquisitions, "AA Reit is also looking at redeveloping and enhancing several of its warehouses, logistic and manufacturing facilities as they currently have underutilized plot ratios. This would help the reit to boost its gross floor area and rental income, McGrath said." This, I find most heartening. I am looking forward to more good news from this REIT.



Related post:
AIMS AMP Capital Industrial REIT: Lower gearing.

Saizen REIT: Insider buying again at 14c/unit.

Insiders know the situation of their companies best. It is reasonable to assume that they would not want to throw money down the drain as well. Saizen REIT's insiders have been steadily buying up more units at the current depressed price.


Argyle Street Management Holdings Limited, on 28 March 2011, bought 1,275,000 units at 14c a piece. On 29 March 2011, it bought another 200,000 units also at 14c a piece. See announcement here.

It seems to me that they are being very savvy and are patiently waiting for people to sell down the shares at 14c a piece. They are not pushing up the unit price. It would be sensible to take a leaf from their book and do the same, don't you think?

On a side note, this is the 1000th blog post for ASSI. :-)

Related post:
Saizen REIT: Insider buying more at 14c/unit.

CapitaMalls Asia: Testing resistance.

Tuesday, March 29, 2011

CapitaMalls Asia once again tested resistance at $1.78 today. Volume is higher than the previous session but lower than two sessions ago when price gapped up to test $1.78.

In the face of falling share prices amongst Singapore developers today, the counter's resilience is impressive. The momentum oscillators continue to rise although the MACD is still in negative territory. That there is demand and support is quite obvious. However, could price move higher? It could but a more useful question is how high could it go before it hit another significant resistance (yes, "another" because $1.78 is four times tested since 25 Feb and is a significant resistance now).



In the event that $1.78 should be overcome, where do I see the next significant resistance? $1.83. In the event that price should decline, where do I see immediate support? $1.72 and if that goes, it would be $1.68. The downside could be as much as 10c while the upside could be limited to just 5c.

If we look at the Bollinger Bands and the MA envelope, it is hard not to see that they have gone flat. We could be seeing the start of a rangebound, sideways trading. This possibility cannot be discounted. In such an instance, I would take a look at the Stochastics which suggests, in this case, that the counter is overbought.

Readers who have followed my blog since its early days would remember that I talked about avoiding the memory effect. This basically means that we should make decisions based on current realities and that we should try not to be fettered to past memories which could lead to irrational decisions. Yes, we can only try.

Therefore, I could possibly do a partial divestment of my investment in this company tomorrow even if price fails to go higher.

Related post:
CapitaMalls Asia: Dual listing failed to excite.

Capitaland: Testing supports.

Just after reading in The EDGE this past weekend that JP Morgan "upgraded the Singapore property sector from underweight to overweight largely because it believes the market is discounting physical market price declines of 12-40% which are too bearish", today, The EDGE reported that "Morgan Stanley downgraded the sector to cautious from in-line"!

JP Morgan's top picks were Capitaland and CDL. Today, these companies' share prices declined and underperformed the STI. Anyone who bought shares in these companies after JP Morgan's call would have lost money today.

This is why it is important that we do not rely solely on analysts and take their words as the Gospel truth. Listen to JP Morgan or Morgan Stanley? Your guess is as good as mine. Having said this, don't take my words as the Gospel truth either. Please read the disclaimer at the end of my blog. Oh dear, am I getting confused?

On 27 March, I said that if price should weaken, "I see immediate support at $3.27, followed by $3.24" and a low of $3.23 was touched today before closing at $3.26. Downside momentum is strong and trading volume is more than double that of the session before. It would be interesting to see if the share price would form a higher low or a lower low. With the last low at $3.08 (17 March), it would be very bearish indeed if a lower low should be formed.

Keep an eye on the volume if price should decline. A low volume pullback could suggest a buying opportunity. Wait, didn't Morgan Stanley just downgrade the sector? Why should we think of buying? Tough question. Decide for yourself.







Related post:
Capitaland: To sell or to buy?

Saizen REIT: Divestment of Club House Kikugaoka.

Club House Kikugaoka
Saizen REIT has divested another property, Club House Kikugaoka, and this one is in Kitakyushu, was built in March 1991 and comprises 25 residential units and 26 car parking lots. It was sold to an independent private investor for a cash consideration of JPY 230,000,000 (S$3.6 million). The sale price was at the property's exact valuation.

The loan of YK Shintoku went into maturity default in November 2009. YK Shintoku is currently carrying out a progressive and partial sale of its properties to reduce the absolute amount of its loan so as to make the refinancing of the loan more acceptable to lenders.

Saizen REIT: Insider buying more at 14c/unit.

Argyle Street Management Holdings Limited, on 24 March 2011, bought 1,275,000 units of Saizen REIT at 14c a piece. This increased their share from 15.471 % to 15.579 % (from 181,761,217 units to 183,036,217 units). See notice here.


I am sure quite a few people are considering increasing their stakes in this REIT but they could be holding back for fear of the uncertain situation at the Fukushima nuclear power plant. It is, of course, good to be cautious and being able to sleep a bit more peacefully at night is priceless. As long as we do not panic, I believe we can't go far wrong.

NOL: That sinking feeling.

Monday, March 28, 2011

NOL is definitely not for the faint hearted. Today's black candlestick with price closing at $1.93 was formed on the back of very high volume and it looks like the downward momentum is strong as the MACD formed a lower high in negative territory. The MFI is also on its way to form a lower low.


Technically, NOL is still in a downtrend which started on 5 Jan 2011. A continuing downward movement in price could see the channel support at $1.84 tested or, in very bearish situation, the lower limits of the MA envelope tested. Any attempt to move higher would meet with resistance at $2.02, a recent thrice tested resistance level. Good luck to all vested.

Olam: Channel trading?

Olam could be seeing the early days of trading within a channel. Continuing weakness in price could see support at $2.68 tested.


ADX has been declining and the downtrend has weakened. The MFI and RSI could both test 50% for support soon. The MACD continues to rise, although in negative territory. Underlying momentum is strong and there is demand. To verify this, today's black candle day was on the back of relatively low volume.

See if a picture of low volume pullback should continue. Buying at supports could be very rewarding if this were the case.

CapitaMalls Asia: Dual listing failed to excite.

News of the proposed dual listing in Hong Kong didn't send its share price higher. In fact, it closed lower at $1.74 after closing the gap at $1.72.


The ADX continues to decline and the downtrend has definitely weakened. This does not automatically mean that the share price is going higher. We could be seeing the start of rangebound trading too. So, is it time to buy more? The volume for half a day's worth of trading is quite high and I would not be surprised if there should be more downside. Immediate support in the next session is at $1.70.

I will see how the share price moves in the next few days. If a higher low in share price should be formed and if the technicals are supportive of a move up, I could possibly increase my exposure to this counter. There could be some near term weakness in this counter's share price but over a longer term, the prospects could be more benign.

Related post:
CapitaMalls Asia: Proposed dual listing in Hong Kong.

CapitaMalls Asia: Proposed dual listing in Hong Kong.

CapitaMalls Asia's trading halt early this morning made me wonder if the rumours of dual listing in Hong Kong for this company are true. I just checked SGX's website and have confirmation.

"CapitaMalls Asia wishes to announce its intention to explore a secondary listing in Hong Kong to complement CapitaMalls Asia's growth strategy in China. China currently accounts for approximately 37%1 and 70%1 of CapitaMalls Asia’s total property portfolio by property value and Gross Floor Area respectively. Given the growing importance of CapitaMalls Asia's China business going forward, the Directors believe that the Listing will complement CapitaMalls Asia’s expansion in the country and achieve its longer-term strategic objectives." Read announcement here.

Like with all dual listing announcements, it is reasonable to expect a spike in buying interest in this counter. The fervour could dissipate after some time but I would expect some positive movement initially. Resistance levels could possibly weaken and higher highs could be formed.

See slides proposing secondary listing here.

Related post:
CapitaMalls Asia: Moving higher.

AIMS AMP Capital Industrial REIT: Lower gearing.

Sunday, March 27, 2011

AIMS AMP Capital Industrial REIT will see a lower gearing of 32% very soon. This is because their Japanese property has been successfully divested for a sum of JPY1.483 billion or about S$23m. Read announcement here.

Just two days ago, I suggested that at 20c/unit, this is a value proposition. Although, technically, the malaise is quite obvious, I went ahead and bought more at 20c and 19.5c as its price declined in the last two weeks. Fundamentally, as a cash flow generator for the next two years, it is almost bullet proof.

I am very much tempted to add to my position but my investment in this REIT has already surpassed Saizen REIT to become the largest investment in my portfolio by market value now. So, unless its price weakens further to a more compelling level, the prudent thing would be to refrain from adding exposure to it.

For others who are thinking of initiating a position in this REIT, well, evaluate the facts and see for yourself. See if you agree with me.

Related post:
AIMS AMP Capital Industrial REIT: Still bottoming?

Capitaland: To sell or to buy?

I read an article in The EDGE with interest as JP Morgan "upgraded the Singapore property sector from underweight to overweight largely because it believes the market is discounting physical market price declines of 12-40% which are too bearish." At the top of its buy list are Capitaland and CDL.

When I first commented on Capitaland on 10 Feb this year, I said that "A reader asked me if it was time for her to buy more Capitaland shares last evening. I told her I expect more downside today. In confirmation, the low of May 10 at $3.46 was taken out today without any hesitation by Mr. Market. The formation of three black crows now suggests that price could go lower. Some would say that it is more accurately described as two and a half black crows but I am sure the distinction is just academic.

"The next low to look at is $3.28 of July 09 and another reader today asked if it is time now to buy some especially if that low were tested. It would take someone very brave to buy in the current conditions, I feel. Could we see $3.28 taken out without hesitation by Mr. Market just like $3.46 was taken out today? Why not?" Read blog post here.


Price went on to touch a low of $3.08 on 17 March. However, anyone who bought some at the low of 17 March or thereabouts would be in the money now. The positive divergence on the MACD and share price is quite obvious: higher lows on the MACD and lower lows in share price. The ADX is also declining as the +DI crossed over the -DI on the upside: the downtrend is weakening.

For anyone still holding and for those who are thinking of entering, the question might be: "Would the price go higher?" I don't have the answer. I will say that the upward momentum seems to be weakening as long legged dojis were formed in the last two sessions. So, the downside risk is higher. The MACD, although rising, is still in negative territory and, so, we could just be seeing a rebound. Momentum is still negative.

If price should go higher, I see resistance at $3.40, a neckline. If that should break, I see a resistance band between $3.46 to $3.48. Beyond that? $3.56. If price should weaken? I see immediate support at $3.27, followed by $3.24.

I have only an academic interest in this counter (for now) but if I were to go long on this counter, I would do so on weakness as it retests supports. If I owned some shares bought at $3.08 thereabouts recently, I would sell some as it tests resistance at $3.40, if it should happen. If price goes higher, I would have more to sell. If price goes lower, I have the funds to buy more.

Cambridge Industrial Trust: Going for excess rights.


My entry into Cambridge Industrial Trust could not have been better timed. I became a unitholder again in the morning of 11 March at the price of 51c/unit. Of course, we know what happened in Japan on that day.

In my blog post that day, I said that "If the nil-paid rights should trade at 4c to 5c, it would be quite attractive ... Any price less than 4c would be a steal!" Well, the nil-paid rights are not trading below 4c and I didn't manage to "steal" any. Read blog post here.

I also missed the opportunity to accumulate at 47c/unit when the REIT was still trading CR. You might remember me saying this "What are my plans now? Buy more if its price weakens further? Looking at the daily chart, CIT is trading below the 200dMA. So, I look at the weekly chart for hints of the next support. The rising 100wMA is at 46.5c now and should provide relatively strong support. 46.5c? That is some way to fall from here! Yes, it is but remember that TA shows us where the supports are and not necessarily that they would be tested. If it should be tested while the counter is still CR, I would buy more.

"Buying 16 lots more at 46.5c would mean an average price of 46.11c... Of course, owning more units could possibly entitle me to more excess rights as well." Read blog post here. It never hit 46.5c where I was waiting and the lowest it went to was 47c. Tough luck.


So, since I got 17 lots at 51c, I would get 2,125 rights. I would, of course, round it up to 3,000 rights by applying for excess 875 rights. I will also apply for more excess rights in the hope of lowering my average price. With its unit price closing at 48.5c and hitting a high of 49c in the last session. This rights issue would be the first one I might not be making any money from in quite a while.

Would I stay invested? Well, the REIT's numbers have improved and should be a reliable passive income generator although I discovered something in small print and I replied to a reader on 19 March saying: "I looked at the announcement by CIT's manager again. We have to read the fine print. Tricky. 5.07c DPU would only kick in end of 2012 once the Extension Development Works are completed. Otherwise the DPU is 4.84c, post rights. So, to secure a 10% yield, buying at 48.5c per unit or lower would do it." See comments here. Yes, this was in fine print. Nothing wrong but it would have been better if the numbers were included in the table proper. I almost said something scathing when I read the announcement again.

So, although I am disappointed in more ways than one, I would probably stay vested unless I have a good reason to divest. Worst case scenario? A distribution yield of 9.7% for my investment.


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