Latest Forum Topics /
Suntec Reit
Last:1.15
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Target Raised
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freeman_5js
Senior |
22-Nov-2009 23:23
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might be one of tt reasons. any more info abt tt founder shares? | |||
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Calculation
Senior |
22-Nov-2009 03:08
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Profit taking? Or may be due to the coming issue of founders' shares?
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freeman_5js
Senior |
21-Nov-2009 23:49
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any idea y is there a constant 3 days drop ? | |||
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Calculation
Senior |
17-Nov-2009 02:53
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Is the company going to issue certain millions of founders' shares this December? Wonder what is the impact. | |||
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freeman_5js
Senior |
16-Nov-2009 23:30
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how long do u guys/gals tnk it will take to hit a 1.50. ? | |||
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Jackpot2010
Master |
16-Nov-2009 10:01
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Hit new high $1.32 this morning. Not expensive 'cos the yield is 9% at this price vs peers' yield only 5%. Don't miss the coming upswing to >$1.50.
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Jackpot2010
Master |
13-Nov-2009 15:20
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Today mkt weak But Suntec goes up 5c to 1.29 (15:16 hr). High chance it will cross $1.30 very soon...... |
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freeman_5js
Senior |
10-Nov-2009 15:38
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moving moving ~ | |||
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Jackpot2010
Master |
04-Nov-2009 11:49
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I ve been following this counter - notice even when ex-div on 2 Nov price still same @ $1.18 - very strong support at this level. For those who missed the REITS run up since Mar, still not too late to buy this one - 'cos Suntec yield of approx. 10% is very much higher than peers & upcoming IPO CapitalMall Asia. Yield gap will have to close somehow so Suntec price will go up further! |
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hp3000
Senior |
18-Jul-2009 00:51
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Suntec REIT’s (SUN) 1Q09 DPU of 2.9Scts (+15% y-y, +2% q-q) met 30% of our previous FY09F forecast of 9.9Scts and 31% of the previous consensus forecast for FY09F of 9.5Scts. Core operating performance in 1Q09 was ahead of our expectation — gross rental revenue of S$64.9mn (+16% y-y, +2% q-q) and NPI of S$49.2mn (+15% y-y, +3% q-q) met 28% of our respective full-year forecasts. Net financing expenses in 1Q09 were also lower than our expectation. Interest on borrowings of S$10.7mn met just 17% of our full-year projection of S$64.4mn. The average financing cost of SUN at end-1Q09 was 3.0%, compared with 3.3% at end-FY08 and our previous full-year estimate of 3.4%. While committed occupancy declining sequentially for office and retail properties in 1Q09, we believe management’s ability to contain office vacancy at just 2.6% and retail vacancy at 1.2% is commendable in the current context. We think this is especially so for office properties, where the relatively low vacancy was achieved as some 55% of office leases, excluding One Raffles Quay (ORQ), originally due for renewal this year were negotiated in 1Q09. While our assumption of 8% vacancy through FY09F appears conservative, with the bulk of the office leases expiring this year rolled over, we retain our assumption pending further guidance from SUN’s 2Q09 results update. Together with the 1Q09 results announcement, SUN announced that it has secured from seven banks S$725mn three-year fixed rate and S$100mn seven-year floating rate term loan facilities, with a blended all-in interest margin of less than 375bps to refinance all S$825mn worth of debt maturing this year. The term loan facilities are secured against Suntec City Mall and parts of Suntec City Office. While the cost appears to be above our expectation, this announcement has removed a major stock overhang, on our reading. Based on the current average financing cost of 3.0% and assuming a base rate of 1%, the implied financing cost of SUN immediately post-refinancing would be circa 3.8%, versus our projection of 3.6%. Following the full drawdown of the S$825mn new term loan facilities by the end of this year, SUN will not have any more debt due for refinancing until February 2011, when S$32.5mn of MTN loan matures. We roll over our intrinsic NAV estimate to reflect FY10F valuation and raise our gross asset value estimate from S$3.35bn to S$3.7bn (+10.4%), as well as our core net asset value estimate from S$0.85/unit to S$1.02/unit (+20%). On our numbers, a noncash revaluation deficit of S$1.71bn (our gross asset estimate of S$3.7bn versus the latest portfolio valuation of S$5.4bn) could potentially be booked over the cycle and, consequently, SUN’s gearing could rise from the current 36.9% to 52%. Our valuation methodology assumes new equity of S$447.9mn to be raised at the current share price to ensure gearing stays within 40% in order to quantify the fair discount to core NAV that reflects the potential dilution. Accordingly, we raise our price target from S$0.82 to S$1.00 (+22%). Our price target implies a potential total return of 9.2%, including our projected FY10F dividend yield of 8.2%, at the current share price. |
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flyersummer
Member |
06-Jul-2009 00:08
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will monitor the price as it hovers around 0.9 | |||
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erictkw
Veteran |
02-Jul-2009 12:03
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REITS: 'Overweight them', says DBS Vickers Thursday, 02 July 2009 OVERWEIGHT S-Reits, said DBS Vickers Research in its Q3 Strategy report. S-Reits have underperformed property developers and the broader market in 2Q09, rising 22% vs the sharper improvement of 59% and 31% for property developers and STI, respectively. Visibility for developers was better, judging from robust response to residential launches compared to the lacklustre performance of office and retail rents, and that had helped boost investor sentiment and interest in the former. “We ‘overweight’ the S-Reit sector. Going forward, the sector should experience some stability with most of the recapitalisation and debt refinancing activities completed,” said the research report authored by Janice Chua. “We expect investors to refocus on the operating environment of S-Reits. In this regard, we expect the retail reits, particularly those with suburban malls, to be better supported owing to a more resilient household necessity spending pattern. We remain buyers of CapitaMall Trust, Frasers Centrepoint Trust and Suntec.” A S-Reit - Cambridge Industrial Trust - has been recommended as a ‘buy’ by Phillip Securities analyst Lee Kok Joo in his report yesterday (July 1) with a fair value estimate of 44 cents (compared to the recent traded price of 35 cents). The Reit has no near term refinancing worries, as its single loan maturity of $390 million is due in 2012, he noted. He forecasts a dividend yield of 13.5% based on a distribution of 4.73 cents per unit this year and a recent traded price of 35 cents. On the overall market, DBS Vickers said that notwithstanding a stellar showing in 2Q, previous market cycles suggest that the current recovery trade has more room to run. “All said, Singapore equities should generate decent returns over the next 12 months. The current consolidation provides an opportunity to reposition and refocus on sectors with earnings upgrade potential.” Going forward, economic recovery following signs of bottoming out and earnings upgrades are required to sustain the uptrend. The first sign of upgrades in the last two months – Singapore’s GDP growth raised to –6.6% for 2009 and +4.2% for 2010, while DBSV research has raised corporate earnings by 5% and 6% for 2009 and 2010 respectively, leading to earnings growth of 12% for 2010. DBS Vickers said: “We are overweight sectors where we see potential upside in earnings and valuation, primarily banks and property sectors, as proxies for cyclical recovery.” 
Sources: Cambridge Industrial Trust, Phillip Securities.
Among finance stocks, the research house picked SGX as a proxy to its positive stance on the equities market, and UOB given its cheaper valuation and higher beta. Among industrial stocks, DBSV likes SIA Engineering which will lead the eventual recovery of the aviation sector. Fraser and Neave is its pick among property plays, given its exposure to the mass property market where Average Selling Prciess are resilient and rising. SPH has yet to be rerated as a proxy to economic recovery, which is showing signs of bottoming out in Adex revenues. Straits Asia Resources will benefit from the recovery in coal prices. Near term target 2400, 12-month target 2800 “If we apply a target PER of 16x, which is the historical average PER on FY09 earnings, our near term target for the STI is 2400. Applying a potential earnings growth of 15% for next year, the STI could reach 2,865 without stretching valuations to extreme levels,” said DBSV. Assuming the market’s equity risk premium continues to adjust towards its average mean of 3%, this will translate into a target of 2700 on the STI. Targeting average P/BV will bring the STI to 2,800. |
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des_khor
Supreme |
01-Jul-2009 18:21
Yells: "Tell me who is the God or MFT from this forum??" |
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10 out of 1 just a coincidence up up touch the TP... in most case.. haha you know la... lau sai slowly as they sell to you quietly ma ...Where got such a stupid person if they know the future price for what a reason they tell the whole world for free ?? unless they are MFTs working in charity organization. | |||
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erictkw
Veteran |
01-Jul-2009 16:57
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Wahhh.. today this burger cheong away from 2cts up, 3cts down theory.  Possible close at day high 0.90.
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nickyng
Supreme |
01-Jul-2009 12:26
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ya...today up 2cts ..tomor down 3cts ! :P | |||
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TuaPekGong9413
Elite |
01-Jul-2009 12:17
Yells: "deity" |
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i've never trusted all this paid analysts....they only recommend it after their price are already up. By the time we know it, its BB dumping to us.....so far i've not read any that recommends to buy before price are already up. Wont be surprised if these trading houses already buy at low then recommend to public when they then dump it out.. | |||
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des_khor
Supreme |
01-Jul-2009 12:14
Yells: "Tell me who is the God or MFT from this forum??" |
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Haha..ask them to buy more... MFT...
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erictkw
Veteran |
01-Jul-2009 12:10
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