First REIT: 1Q 2011 results.

Feeling somewhat tired and was thinking of not checking my blog today. Then, I remember that First REIT would have announced their results this evening. All as well since I found some comments waiting for my replies. Would not do to make loyal readers wait too long. ;-)

First REIT delivered a set of results that is very much within expectations. I had expected a DPU of about 1.6c. It turned out to be 1.58c. Close enough. Gearing is at 13.8% which leaves the REIT plenty of room to gear up for future acquisitions. After all, the REIT plans to grow its portfolio from the current S$584.6 million to S$1 billion in the next 2 to 3 years.

Some numbers:
NAV/unit: 78.25c.
Interest cover ratio: 11.6x.
See presentation slides from AGM here.

The counter would go XD on 27 April 2011 and distribution would be made on 30 May 2011.

Could we see price moving higher from here? I am inclined to believe that it would although it should hit resistance at 76c to 77c in the immediate future if so.

Related post:
First REIT: Bought more at 73.5c.

AIMS AMP Capital Industrial REIT: 4Q FY2011.

A higher DPU of 0.54c was achieved for fourth quarter ended 31 March 2011 (4Q FY2011). This is partly due to the release of distribution retained in previous quarters which bumps up the distributable income for the quarter by S$708,000.

Since an advance distribution of 0.285c per unit was paid out on 28 March, 0.255c per unit would be paid out on 8 June 2011. XD on 26 April 2011.

Some numbers as of 31 March 2011:
NAV/unit: 27c.
Gearing: 32.0%.
Interest cover ratio: 5.7x
Weighted average debt maturity: 3.5 years.
Weighted average interest rate: 3.36% per annum
Weighted average lease expiry: 3.4 years.
Weighted average land lease expiry: 42.0 years

Substantial shareholders:
AMP Capital: 15.35%
Dragon Pacific Assets Limited: 11.98%
APG Algemene Pensioen Groep N.V.: 9.42%
Universities Superannuation Scheme Limited: 8.19%
George Wang: 7.19%

See presentation slides here.

AIMS AMP Capital Industrial REIT achieves DPU of 0.54 cents for 4Q
Tuesday, 19 April 2011

© 2011 - The Edge Singapore

Related post:
AIMS AMP Capital Industrial REIT: Stronger numbers.

CapitaMalls Asia and NOL: Increased exposure.

The STI retreated 19.01 points today to close at 3,125.37. Volume was rather low with only 1,075,913,210 shares worth a total of S$1,329,106,068 changing hands. Low volume on a down day is good news for bulls as it suggests a lack of conviction on the part of sellers. Today, I increased exposure to CapitaMalls Asia and NOL.

CapitaMalls Asia's trading volume reached its highest in 5 days and my buy queue at $1.80 was filled as price touched a low of $1.79. In my last blog post on this stock, I said I would accumulate on weakness but only on further weakness and not $1.83. $1.80 would be a hedge while I would accumulate further if price were to test $1.76.

Could $1.76 be tested in the next couple of days? Possibly since that would be also be a test of the 61.8% Fibo fan line. Momentum oscillators are all declining and could be testing 50% soon for support. Downside could be pretty limited from here. This counter has a compelling story to tell and the dual listing exercise once underway could provide it with some strong upward momentum. In the meantime, the descending 100dMA provides resistance and I could do a contra if price were to go that high in the next two days.

Earlier on, I had thought of NOL as forming a mild uptrending channel. That picture is now changed as a new low was formed today at $1.88. I bought more at $1.89 or 1 bid lower than the support of the range which I have identified as between $1.90 and $2.01. I like how a white spinning top was formed as price declined on reduced volume compared to the session before.

I also like how the MACD has a higher low even as price formed a lower low. Momentum is still encouraging and coupled with the white spinning top, we could have a rebound as the Stochastics seem to have declined into oversold territory too quickly. A retest of the 20dMA at $1.96? Perhaps so and that would be a nice price for a contra.

Related posts:
CapitaMalls Asia: Accumulate on further weakness.
NOL: Going higher?

CapitaMalls Asia: Accumulate on further weakness.

CapitaMalls Asia has a strong resistance at $1.88. That is quite obvious. This resistance level was breached in many recent sessions although price did not close any higher. If the counter's share price were to move to retest this resistance level again, it could very well give way to higher prices. In the meantime, a pull back is underway.

Today, only 123 lots out of a 3,434 lots changed hands at $1.83. This is the immediate support identified before. The next support level is at $1.80, which was a weak resistance which gave way on 5 April. This weak resistance could be a stronger support as it is where we find the golden cross formed by the rising 20dMA and the flat 50dMA. If this should break, I see support at $1.76 which is suggested by candlesticks and the approximate position of the 61.8% Fibo fan line.

What am I going to do? Well, seeing how the pull back is on rather low volume, I am inclined to accumulate on weakness. However, seeing the momentum oscillators still bordering on overbought, it would not be wrong to wait for further weakness before accumulating. So, a buy queue at $1.80 as a hedge and another buy queue at $1.76? Perhaps.

Related post:
CapitaMalls Asia: Waiting for a correction.