September sees the continuation of adding more income counters. The portfolio welcome another two new income counters ARA LOGOS Logistics Trust and Boustead. I also increased my stake in Keppel DC.

I missed the change of Cache to ARA earlier in the year and only found out recently. The change appears to provide a positive vibe to the Reit and I decided to take a small stake to continue to learn more about it. Annualising its 1H DPU of 2.57 cents, it provides me a yield of 5.6% based on my purchase price of $0.915. It is a riskier reit as compared to MLT and FLIT as its portfolio is very much smaller but with ARA as the manager and LOGOS as the sponsor, there is a chance that it can become stronger in the next few years.

As for Boustead, I have mixed view about it. I like its GeoSpatial, neutral about its Real Estate and dislike its Energy Engineering. In its latest guidance, it has the following guidance on these 3 segments.

GeoSpatialConsistently growing demand for geospatial solutions.
Real EstateChallenging FY2022; stronger platform to build recurring income
Energy EngineeringCertain of less revenue and net profit for FY2022; long term complex, uncertain.

Looking at the adjusted net profit gain of 23% of FY2021 over FY2020 and its above guidance, I think its FY2022 adjusted net profit would be similar to to that of FY2021. Hence, I am hoping that it can continue to give a dividend of 4 cents. Long term, I am expecting positives from both GeoSpatial and Real Estate, hence I decided to take a small stake.

Finally for Keppel DC, it has underperformed this year after the change in CEO and the announcement of creating a SPV with M1. However, its expansion seems to have resumed in the recent months with its maiden acquisition of data centre in China and its acquisition of 3rd data centre in Netherlands. I am now more hopeful that they will continue on their growth path in the coming years.

As I do not wish to inject more capital to my portfolio, the above purchases are funded by fully divesting Starbucks and trimming Apple position. I have been reducing my stake in Starbucks this year and decided to part with it completely. Not that I think it will not do well in future but I guess I am now more drawn to smaller cap and technology play for the US market, hence this decision. As for Apple, the trim will bring it from the Gold Tier to Silver Tier.