Rickmers Maritime Trust

(06-01-2011, 05:27 PM)Zelphon Wrote: I divested all my holdings in RMT today at $0.40.

Reason is to accumulate some cash into opportunity fund.

I believe a correction is due soon.

Congrats on taking profit on RMT ! Out of curiosity, at what price will you re-enter it ?

(Not Vested)

(06-01-2011, 06:19 PM)Nick Wrote:

(06-01-2011, 05:27 PM)Zelphon Wrote: I divested all my holdings in RMT today at $0.40.

Reason is to accumulate some cash into opportunity fund.

I believe a correction is due soon.

Congrats on taking profit on RMT ! Out of curiosity, at what price will you re-enter it ?

(Not Vested)

Probably below $0.360..

Now i am aiming Uni-Asia Finance

(06-01-2011, 11:43 PM)Zelphon Wrote:

(06-01-2011, 06:19 PM)Nick Wrote:

(06-01-2011, 05:27 PM)Zelphon Wrote: I divested all my holdings in RMT today at $0.40.

Reason is to accumulate some cash into opportunity fund.

I believe a correction is due soon.

Congrats on taking profit on RMT ! Out of curiosity, at what price will you re-enter it ?

(Not Vested)

Probably below $0.360..

Now i am aiming Uni-Asia Finance

Hmm but isn't RMT more attractively priced than Uni-Asia Finance in terms of PER, yield, discount to book value, operating track record etc ?

(07-01-2011, 12:05 AM)Nick Wrote:

(06-01-2011, 11:43 PM)Zelphon Wrote:

(06-01-2011, 06:19 PM)Nick Wrote:

(06-01-2011, 05:27 PM)Zelphon Wrote: I divested all my holdings in RMT today at $0.40.

Reason is to accumulate some cash into opportunity fund.

I believe a correction is due soon.

Congrats on taking profit on RMT ! Out of curiosity, at what price will you re-enter it ?

(Not Vested)

Probably below $0.360..

Now i am aiming Uni-Asia Finance

Hmm but isn't RMT more attractively priced than Uni-Asia Finance in terms of PER, yield, discount to book value, operating track record etc ?

RMT is not going to have much catalyst going forward...
Uni-Asia is considered a growth stock while RMT is a Trust...
Both trading at discount to NAV...
Both shipping related but Uni-Asia is broader based...

Past 3 quarter of Uni-Asia is improving..
Looking at this as a turn-around play..

One thing I am not very comfortable is that if I do invest in Uni-Asia, my entire portfolio is heavily overweight on Japan economy cos I have a big stake in Saizen as well...

Seriously, it is difficult to find undervalued gems now...

Nick, what counters are you looking at?

I am also looking at BioTreat, CapMall Asia, AIMS AIMP REIT, and Citibank..

(07-01-2011, 12:37 AM)Zelphon Wrote:

(07-01-2011, 12:05 AM)Nick Wrote:

(06-01-2011, 11:43 PM)Zelphon Wrote:

(06-01-2011, 06:19 PM)Nick Wrote:

(06-01-2011, 05:27 PM)Zelphon Wrote: I divested all my holdings in RMT today at $0.40.

Reason is to accumulate some cash into opportunity fund.

I believe a correction is due soon.

Congrats on taking profit on RMT ! Out of curiosity, at what price will you re-enter it ?

(Not Vested)

Probably below $0.360..

Now i am aiming Uni-Asia Finance

Hmm but isn't RMT more attractively priced than Uni-Asia Finance in terms of PER, yield, discount to book value, operating track record etc ?

RMT is not going to have much catalyst going forward...
Uni-Asia is considered a growth stock while RMT is a Trust...
Both trading at discount to NAV...
Both shipping related but Uni-Asia is broader based...

Past 3 quarter of Uni-Asia is improving..
Looking at this as a turn-around play..

One thing I am not very comfortable is that if I do invest in Uni-Asia, my entire portfolio is heavily overweight on Japan economy cos I have a big stake in Saizen as well...

Seriously, it is difficult to find undervalued gems now...

Nick, what counters are you looking at?

I am also looking at BioTreat, CapMall Asia, AIMS AIMP REIT, and Citibank..

It is quite hard to find value plays these days. I am tempted to sell 1-2 of my current stocks since they are approaching my estimated TP.

Uni-Asia has 2 quarters of growing profits but it doesn't mean it can continue on this path indefinitely. My worst buys came from buying exotic companies which made a good quarter and I simply extrapolated it forward. When this didn't materialize, the price tanked ! I suggest you look at the margins and returns from both UniAsia shipping business and RMT leasing operations. If there is a sharp difference, find out why ! Jap biz hotels - look at IPC corp as a gauge.

I was a unit-holder of AIMS REIT till a couple of months ago. It was a good run ! But there isn't much upside either since small cap industrial REITs trade at 8-9% yield. Not very impressed with the latest acquisition after some thoughts.

I am also attracted to CMA. TCT is also acquiring malls. I guess there are differences - TCT assets are in 1st tier cities while CMA assets are in 2nd tier cities. CMA has much stronger balance sheet but TCT is trading significantly below book value. I guess it boils down to their operating record in the next few quarters.

My alternative to waste-water company, BioTreat, is United Envirotech. But it isn't very cheap at current prices. UEL has been growing rapidly over the past 2 years. It does seem that its MBR technology is slowly gaining recognition. Its balance sheet is much better than BioTreat which implies better Management ?

No knowledge on Citibank hehe !

(Not currently vested in any of the stocks mentioned here)

Cheers

I still remember in 2008, Uni-Asia was above 2+....what is the reason for it to be so low?

for RMT, all depends on when it can get out of LTV waiver period. As long as it can get out, it is able to raise quarterly dividend to 1 - 1.5 cents or higher.

there is much more visibility in RMT than Uni-Asia. short term in 1 year, Uni-Asia may have better chance than RMT, not in 3 - 5 years, imo

today the price managed to tough 0.42..
any news coming out?

(07-01-2011, 02:04 PM)iff Wrote: today the price managed to tough 0.42..
any news coming out?

Dividend coming..

But up on weak volume above resistance at 0.400..

Dun put too much hope into it

with 0.057 USD/share distribution, there is not much upside, but downside is minimum as well.


will be stuck here for quite long before reinstating the distribution

RMT increased its DPU to 0.6 US cents which represents a 14% payout based on its operating cash-flow. Debts continues to be paid down. 2011 should see an increase in revenue and cash-flow due to the re-chartering of the CSAV vessel at three times the current charter rates. Not too sure what the LTV ratios are at the moment. De-leveraging (and not growth) remains the Trust priority.

http://info.sgx.com/webcoranncatth.nsf/V...700343DA7/$file/Press_Release_Rickmers_Maritime_delivers_strong_4Q10_results_increases_DPU_to_0_6_US_Cents.pdf?openelement [Press Release]

http://info.sgx.com/webcoranncatth.nsf/V...70035E673/$file/4Q2010_Results_Presentation.pdf?openelement [PPT Slides]

RMT cannot raise its DPU beyond 0.6 US cents as long as the LTV waiver remains. Judging by its high debts and how volatile the shipping sector is, I think it is unlikely the waiver will be lifted soon. Moreover, the loan repayment plan prevents a return to pre-crisis payouts. There is substantial room for DPU appreciation but I doubt it will occur this year barring an equity fund raising. Feel free to disagree.

(Not Vested)