| Latest Forum Topics / User Research/Opinions |
 Post Reply
|
|
S-REITS RISK PROFILE CHANGES
|
|||||||||
|
Farmer
Master |
04-Oct-2011 17:51
|
||||||||
|
x 0
x 0 Alert Admin |
At current market conditions, if u die die wanna do a RI, it has to be at such a discount to meet the market demand. Moreover, overseas ppty command higher factor of safety lor..... just my view. |
||||||||
| Useful To Me Not Useful To Me | |||||||||
|
pharoah88
Supreme |
04-Oct-2011 17:46
|
||||||||
|
x 0
x 0 Alert Admin |
rIghts are nOt rIght
|
||||||||
| Useful To Me Not Useful To Me | |||||||||
|
|
|||||||||
|
pharoah88
Supreme |
04-Oct-2011 17:44
|
||||||||
|
x 0
x 0 Alert Admin |
1 6 4 4 |
||||||||
| Useful To Me Not Useful To Me | |||||||||
|
pharoah88
Supreme |
04-Oct-2011 15:27
|
||||||||
|
x 0
x 0 Alert Admin |
42.6% discount OUTsIder bUyers are eqUAlly nOt sUpId
|
||||||||
| Useful To Me Not Useful To Me | |||||||||
|
Blastoff
Elite |
03-Oct-2011 18:49
|
||||||||
|
x 0
x 0 Alert Admin |
Why did it drop so much today?
|
||||||||
| Useful To Me Not Useful To Me | |||||||||
|
|
|||||||||
|
pharoah88
Supreme |
03-Oct-2011 16:44
|
||||||||
|
x 0
x 0 Alert Admin |
Lippo Malls Indonesia Retail Trust has just got back from a shopping trip, picking up a conditional sale and purchase agreement to acquire two retail malls in Indonesia for S$388m. The malls of interest are Pluit Village, a five-level retail mall in Jakarta and Plaza Medan Fair, a four-level retail mall located in Medan. A 1-for-1 renounceable rights issue at the issue price of S$0.31, a 42.6% discount to the closing price of S$0.54 last Friday has been proposed. |
||||||||
| Useful To Me Not Useful To Me | |||||||||
|
pharoah88
Supreme |
07-Sep-2011 11:58
|
||||||||
|
x 0
x 0 Alert Admin |
CapitaLand announced after market close yesterday that it bought back 1.5mn shares (0.035% of issued shares capital), its first ever share buy-back exercise. The shares were bought at an average price of $2.435 for a total consideration of $3.66mn. Small but important Business Times quoted Macquarie analyst Tuck Yin Soong saying that the buy back is a ‘small, but important move’ to signal the attractiveness of CapitaLand’s current share price. Tuck added that “We think further share buybacks will provide support to its share price. Longer term, we do not rule out other capital management initiatives, such as lifting the dividend per share when CapitaLand reports its full-year FY2011 results next February.“ Discounted value CapitaLand shares are currently trading around 25% discount to its $3.29 book value as at 30 June 2011 and 55% discount to Macquarie Equities Research’s (MER) RNAV of $5.43. MER has an Outperform* rating on CapitaLand with a target price of $4.34. * MER report dated 4 Aug 2011 |
||||||||
| Useful To Me Not Useful To Me | |||||||||
|
Blastoff
Elite |
06-Sep-2011 08:24
|
||||||||
|
x 0
x 0 Alert Admin |
Thanks for the info!
|
||||||||
| Useful To Me Not Useful To Me | |||||||||
|
|
|||||||||
|
pharoah88
Supreme |
06-Sep-2011 08:17
|
||||||||
|
x 0
x 0 Alert Admin |
Monday, 05 September 2011 17:15
|
||||||||
| Useful To Me Not Useful To Me | |||||||||
|
pharoah88
Supreme |
06-Sep-2011 08:13
|
||||||||
|
x 0
x 0 Alert Admin |
Written by The NextInsight Team
Monday, 05 September 2011 17:21
|
||||||||
| Useful To Me Not Useful To Me | |||||||||
|
pharoah88
Supreme |
05-Sep-2011 12:01
|
||||||||
|
x 0
x 0 Alert Admin |
Go yield go. The BT reported that HK companies looking to sell bonds have found a sweet spot in Singapore as yield-hungry investors here have been snapping up their offerings. To date, four non-bank HK companies have raised $1.77b. The latest to tap the local bond market is Cheung Kong Holdings' $500m 5.125% senior perpetual bond issue. If you can't get the bonds, why not consider S-REITS? Three facts favour REIT investors: 1) tax transparency. REITs pay 90-100% as dividends or they will have to march to the Income Tax Department to face the music 2) having been scalded by the recent (yes, recent) Global Financial Crisis, REITs have been very careful in managing their gearing and 3) Uncle Bernanke has pledged to keep rates low for next few years and that's music to REITs' ears as Singapore interest rates are likely to remain low too. So, what do we like in the S-REITs space? We prefer the resilient Industrial and Retail segments and favour REITs with low gearing. Top picks are: AREIT (TP S$2.15, 6.4% yield), FCOT (TP S$0.91, 7.2% yield), Starhill (TP S$0.68, 6.8% yield) and Cache (TP S$1.15, 8.3% yield). We also like CMT (TP S$1.99, 5.5% yield) and CDLHT (TP S$2.06, 6.3% yield) at current valuations. |
||||||||
| Useful To Me Not Useful To Me | |||||||||
|
pharoah88
Supreme |
04-Sep-2011 16:00
|
||||||||
|
x 0
x 0 Alert Admin |
Development charges go up
Hike is highest in the industrial sector 04:46 AM Sep 01, 2011
SINGAPORE - The generally healthy property market over the past six months and external developments have led to higher than expected revisions to the rate for development charges (DC).
Yesterday, the Ministry of National Development (MND) - as part of its half-yearly review - released the latest DC rates, with charges for non-landed residential property increased by an average of 12.1 per cent while commercial property charges increased 21.7 per cent on average. The industrial sector saw the highest revision with rates going up by an average of 30.9 per cent. The increases in the rate of DC - the tax payable by the developer when a property site is developed into a more valuable project - will take effect from today. Jones Lang LaSalle head of research (South East Asia) Chua Yang Liang said: " This latest round of DC revision has been higher than market expectations. Although there is sufficient empirical evidence to support the increase, the inflationary pressure that is building up in certain sectors of the property market could be another reason." He added: " The outflow of funds from the United States into Asia and localised policy shifts that drove investors into other non-residential sectors, are probably enough reasons to warrant the Chief Valuer to pursue a more aggressive or tighter policy stance on DC revision, as a tool to contain the pressure." Colliers International director (research & advisory) Chia Siew Chuin noted that it was unsurprising that sectors with the higher increase in DC rates were in the fringe and outlying locations. She added that this was " likely to have been the result of the recent sale" of a non-landed site at Bendemeer Road/Whampoa East under the Government Land Sales (GLS) programme. The site was sold at S$774 per sq ft per plot ratio - " a 141.1-per-cent premium above the imputed land cost for the sector" , Ms Chia pointed out. For the commercial use group, the average increase is 21.7 per cent, almost 10 percentage points above the average recorded in the previous revision in March. The largest spike is in the Paya Lebar Way/Eunos/Sims Ave area at 31.7 per cent. The largest increase in the non-landed category was 39 per cent for the Serangoon Road, Whampoa, Bendemeer Road areas. Analysts noted that higher development charges may put a damper on enbloc transactions as it will raise costs for developers. International Property Advisor chief executive officer Ku Swee Yong said that the segment of people " most affected right now" would be the owners of apartments and condos that are poised for collective sale " as developers bidding for those sites will have to consider the increase in DC" . Industrial property DC rates in the Tuas/Pioneer Road/Jurong/Sungei Kadut/Mandai Estate/Woodlands area saw an increase of 55 per cent. Cushman & Wakefield Singapore vice-chairman Donald Han noted that the industrial market saw rampant land sales activity in the last six months. Said Mr Han: " At the back of vibrant developers' strata title industrial sales - which saw capital values increasing by 22 per cent for the whole of last year and 16 per cent for first seven months of this year - developers have been busy chasing for development sites, which attributed to the rise in DC rates." Still, Mr Han said the increase in DC rates has little or no impact on industrial developments on GLS sites. " GLS will continue to be of interest to developers as industrial projects are immune to shorter leasehold tenure of 30 to 60 years," he added. |
||||||||
| Useful To Me Not Useful To Me | |||||||||
|
|
|||||||||
|
pharoah88
Supreme |
23-Aug-2011 13:32
|
||||||||
|
x 0
x 0 Alert Admin |
Risk profile changes as S-Reits eye greenfield projects
SINGAPORE
Moody’s said credit risks for S-Reits would include potential cost overruns, construction delays, counterparty risks and mistiming market sentiment.
It added that, during the development phase, the S-Reits could also come under pressure from additional debt to fund the projects, coupled with the absence of income from the unfinished property.
So far, Moody’s believes that S-Reits have taken certain steps to minimise credit risks.
This includes minimising exposure to property development risk by tapping funds and expertise from their sponsors, which have strong track records in development.
S-Reits have also adopted strategies to transfer development risks to third-party contractors, although counterparty risks remain.
In addition, rental guarantees and pre-committed leases obtained by some S-Reits can ensure stable incomes upon completion and minimise the risk of mistiming the market.
Moody’s said it had not taken any rating actions on the S-Reits’ recently announced plans to develop properties because their existing ratings already factor in a cushion for the increased debt.
High occupancies and rental growth have also enabled the trusts to service any interest from additional debt incurred.
Also, with a cap on development projects at 10 per cent of the total value of property owned, Moody’s said the rating among S-Reits should stay in investment grade, with at least a Baa rating. |
||||||||
| Useful To Me Not Useful To Me | |||||||||
|
pharoah88
Supreme |
23-Aug-2011 13:14
|
||||||||
|
x 0
x 0 Alert Admin |
S-REITS R I S K |
||||||||
| Useful To Me Not Useful To Me | |||||||||
