SRS Portfolio - 19 May 2024

Based on the last traded price on 17 May 2024, the SRS portfolio value stands at $382,811. The biggest drop came from UMS Holdings after it reported its latest numbers.

Let's look at the key events that happened in May so far.

AIMS AA REIT - 7 May 2024

• Net property income for FY2024 increased by 6.9% to $131m, underpinned by strong rental revision of 24.3%
• High occupancy rate of 97.8%
• Portfolio WALE increased from 4.4 years to 5.1 years
• DPU fell 5.9% from 9.944 in FY2023 to 9.36 in FY2024 due to placement of units
•  If I annualised it, it will be $3,185 or 6.87%
  

AA Reit announced total DPU of 2.37 cents per unit for Q1 2024, amounting to $796 which will be paid out on 24 June 2024

Daiwa House Logistic Trust - 8 May 2024

• Net property income in JPY terms improved 4.6% year on year
• Leverage went up to 37.3%
• Occupancy rate remained at 100% and WALE remained stable at 5.9 years
• Outlook remained stable
• NAV per share is $0.69 due to weak JPY against SGD 

Frasers L&C Trust - 7 May 2024

• 100% occupancy
• Average rental revision improved by 10%
• Leverage is healthy at 32.7%
• DPU decreased by 1.1% to 3.48 Singapore Cents
• Annualised yield of 6.9% 
• DPU for 1H 2024 is 3.48 cents will be paid on 18 June 2024

SRS portfolio will receive $1,218 in June 2024.

Lendlease REIT - 6 May 2024

• Retail occupancy maintains above 90%
• Positive retail rental revision of 15.3%
• WALE remained long at 7.8 years

UMS Holdings - 10 May 2024

• Reports Q1 profit of $9.8m on revenue of $54m
• Tax exempt dividend of 1.2 cents (up from 1 cent paid in 1Q FY23)
• Brighter outlook as group is well positioned for growth as global semiconductor rebounds

The revenue dropped by 33% and net profit declined by 43%, with EPS falling from 2.59 cents to 1.41 cents for the quarter. Cash flow remained healthy at $10m from operating activities and cash balance increased to $115m due to issuance of shares that generated $51.6m. Considering the more "measured performance", it is funny why management increased the DPU this quarter.

The outlook seemed more positive as the management painted a picture of stability, including the completion of the factory in Penang, as well as recovery of semiconductor industry due to AI demand and robust EV growth in the region. UMS is also well placed to capture the post covid aviation boom as air travel accelerates worldwide. I may add on to this counter this week.

Happy SRSing.