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CapitaMalls Asia: Closed at $1.90 support.

CapitaMalls Asia closed at $1.90 support today on reduced volume. My overnight BUY queue at $1.90 was filled. Lowering volume as share price consolidates at support. Nice.

MFI formed a higher low suggesting firm demand. Higher lows on the RSI suggest positive buying momentum. It is not clear yet if share price would break out of resistance next.  Immediate resistance is now provided by the declining 50dMA at $1.95 while immediate support is at $1.90.

If price should weaken and close below $1.90, I would turn cautious and stop accumulating. If the low at $1.83 were not compromised in such an instance, I would buy more as another uptrend forms. If the low at $1.83 were taken out, we would want to wait for selling pressure to peter out before venturing back in. What would be the new low then?

If price moved higher and took out resistance at $1.95 convincingly, expect resistance at $2.00, $2.04 and $2.09. As we can see, CapitaMalls Asia is not just a long term buy based on FA but one that is based on TA too. The wall of worries is a tall one indeed.

I will be going on a working trip from tomorrow and would be kept busy. I might not be able to access the internet conveniently. Although I will try to log in and update my blog, I cannot guarantee that I would be able to do it. I will be back in Singapore this Saturday. Good luck to everyone in the meantime.

Related post:
CapitaMalls Asia: Borrowing on the cheap.

Saizen REIT: Divestment of K1 Mansion Morioka

It has been some time since Saizen REIT sold any building from its YK Shintoku portfolio. It divested K1 Mansion Morioka to an independent private investor for a cash consideration of JPY 55,631,452 (S$0.9 million). This building, located in Morioka, was built in August 1995 and comprises 6 residential units and 6 parking lots. The sale is at a discount of approximately 6.7% to valuation.

Referring to the annual report, as of 30 June 2010, K1 Mansion Morioka was 100% occupied and brought in a total annual rental income of JPY6,900,000. This means a gross yield of 12.4%. A good deal for the buyer.

Following loan repayment from sale proceeds of this divestment, the remaining balance of the YK Shintoku CMBS is about JPY 5.4 billion (S$84.6 million). Considering the cash reserves of JPY 0.5 billion (S$7.8 million) maintained by YK Shintoku under the loan agreement, the net outstanding loan of YK Shintoku is about JPY 4.9 billion (S$76.8 million).