Funny stuff AK shared in Facebook in August 2015.

Dug up in July 2018.

Almost 3 years old!

This is almost 3 years old!

How time flies.

Now, where is that fly swatter?

Remember Mr. Market's pessimism back then?




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With so much panic and tension in the air, I decided to bring forward the publication of a more light hearted blog post. 

Here are some of my intellectually undemanding postings on FB in the month of August:

What was this referring to har?

I remember a reader requesting that I take photos and share here in my blog whenever I go for my long walks. 

I cannot remember the lady's name by now.

BRA OF SHAME. 

The story is quite funny.

Enlarged for those who had difficulty reading the story in the bottom left frame:

I nice, right?

A guest blogger said these looked like gigantic bra cups. 

OMG!

In case you are wondering, this is the stadium at Sports Hub and not something in Madonna's wardrobe.

I have been eating less for dinner which I think is a good thing. 

Still trying to work off weight gained from too much eating on the Super Star Gemini.

Star Wars fans? LOL!

I enjoy savory puff pastry. 

This is good lobang (i.e. value for money) for tuna puffs. 

Just don't use the microwave oven to heat them up.

Oh, don't ask me for lobang in the stock market, OK? 

Later, I share with you a lobang and you fall into a big longkang (i.e. monsoon drain).

(As an aside, if UMNO were to decide to start a script writing class, I would sign up for it immediately. I think if UMNO should start a drama production unit, TVB and Mediacorp should be very worried. UMNO have some really talented people.)





I hope this blog post has brought you some fun and laughter. 

Take deep breaths. 

Relax lah.

Related post:
Missed some stuff AK shared on FB in July?

Religare Health Trust: Initiated long position at 88c.

I avoided investing in Religare Health Trust although I felt quite positive about the healthcare industry in general.

I avoided investing in the Trust because I was concerned about the weakness of the Indian Rupee against the Singapore Dollar. I was also concerned about the financial engineering involved to make its distribution yield more attractive to investors at its IPO when units in the Trust were offered at 90c a piece.

What financial engineering?

In the middle of last year, I shared a conversation I had on FB that the sponsor waiver to income distributions ended on 31 March 2014. The sponsor held some 28% of the units. So, without the waiver, a proportional decline in DPU for other unit holders should be expected. Of course, if Mr. Market had expected the high yield to be maintained, the Trust's unit price could then decline.

Well, we now know that Religare Health Trust's unit price went on to touch a high of $1.14 on 6 February 2015. Astounding!

The main reason is probably because the Trust has demonstrated its ability to improve its revenue organically quite strongly which makes up for the expiration of the sponsor's waiver to their share of the distributable income. This is quite impressive. Additionally, a gearing level of only 15% gives the Trust ample debt headroom for inorganic growth too.

I know from reliable sources that India's public healthcare system is severely underfunded. So, for those who can afford to pay more and there is a growing middle class in India, they are willing to pay for better private healthcare. This probably explains Religare Health Trust's pricing power.

I have initiated a long position today at 88c a unit which is some 23% lower than the high of $1.14 seen in February this year.

Religare Health Trust distributes income half yearly. Its last DPU was 3.71c. Annualising this would give us a distribution yield of 8.43% with an entry price of 88c a unit.

Sentiments are quite negative about Asian currencies now and we could see Mr. Market selling down the Trust if sentiments worsen. If there should be another meaningful decline in its unit price, I would probably be increasing my exposure to the Trust.

Related post:
Religare Health Trust: Opinions?