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Babcock & Brown SFF
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hlayar
Senior |
04-Dec-2007 11:34
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What is the probable reasons for declaring a dividend only to be credited to shareholders 3 months later? | ||||||||||||||||||
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Pinnacle
Master |
04-Dec-2007 10:50
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Still have time. So let's see how the price move during these 2 weeks. Final Dividend of S$0.06 per share
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lap1981
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03-Dec-2007 20:20
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haha yeah! it's a long wait. But will it be something like allied tech which drop before XD?? We shall see.. |
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Pinnacle
Master |
03-Dec-2007 10:03
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BBSFF had confirmed final dividend of 6 singapore cent. XD date is 3 Jan and will receive payment on 14 March. A long wait though. 
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Pinnacle
Master |
25-Nov-2007 21:37
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OCBC Investment Research - Babcock & Brown Structure Finance Fund: Yield Projecting 2H07 DPS of 6 cents, second upward revision. Recently, Babcock & Brown Structure Finance Fund (BBSFF) released its 3Q results. We met with management soon after for an update. Together with the results, BBSFF raised its 2H07 payout, the second time since listing, from 5.5 cents to 6 cents, up 9.1%. This came from better performance of its investments acquired since listing and does not include the capital gains from the monetisation of its investment in JET-I Holdings LLC. The latter was sold in Sep 2007 for a profit of US$15.8m, a gain of 102% over the price of US$15.4m at IPO. Yield is attractive at current price level. With 2H07 projected payout of 6 cents, this means total 2007 payout of 10.7 cents. At current price, this works out to an attractive yield of 11.5%. The final payment is expected in Mar 2008, but for future payouts, management is looking at shortening the time between the year-end and the payout period. In addition, management had earlier guided for 10.2 cents for 2008 or yield of 11%. No exposure to US subprime. Once again, management reiterated that it has no exposure to the US subprime market. Overall, for 3Q07, it posted revenue of S$19.4m and profit of S$12.5m, giving 9-month performance of S$34.2m - way ahead of the prospectus forecast of S$27.2m. As a result of the global credit market situation, the marked-to-market change in value of its assets was a negative S$8.5m on total assets of S$640m (or 1.4%), however, BBSFF highlighted that there was no impairment and expects to receive its original anticipated returns. Based on 8.5% yield, unit should be worth S$1.20. Price has come off as a result of recent selling pressure, falling from a high of $1.26 in Jun 2007 to about 93 cents currently. At this price, yields are looking attractive and assured till end 2008. With present uncertain market conditions, BBSFF offers another alternative instrument to enjoy good yield with the potential to participate in possible future capital gains once the credit woes situation blows over. At distribution per unit of 10.2 cents for 2008, and based on a more realistic 8.5% yield, price works out to be S$1.20. In addition, despite the recent selldown, BBSFF has managed to stay around the 93 cents level, supported by its yield of more than 11%. We do not have rating on BBSFF. |
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Pinnacle
Master |
16-Nov-2007 09:33
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Phillip Securities Research - BUY BBSFF reported 3QFY07 results with a net profit of $12.5 million on a revenue of $19.4 million. Investment assets continue to perform according to expectations. BBSFF raises the 2H 2007 dividend guidance for the second time this year to 6 cents from the original IPO projection of 4.84 cents. Asset performance. All of the investment assets have performed in-line or better than projections and substantial gains were realised in some cases. BBSFF has marked down to market its assets by $8.5 million. However Management has indicated that this is an unrealised write down and in no way affect the original income projections as all investments are modelled to maturity. Developments. Since the last quarter, BBSFF undertook the following transactions: �� Divestment of biofuels loan facility. The North American Biofuels Loan facility was fully divested at par in August with receipt of US$340K representating capitalised deferred interest. �� Sale of JET-I stake. BBSFF sold its interest in JET-I Holdings LLC to B&B Air Limited and booked a capital gain of US$15.8 million over the original investment of US$15.4 million. Part of the proceeds were re-invested in the IPO shares of B&B Air listed on NYSE. The transaction essentially converted an illiquid investment to a liquid position while realising substantial capital gain. �� Increase in investment of Ancora-Seiza Warehouse notes. In the latest transaction annouced recently, BBSFF has increased its total investment in Ancora-Seiza Warehouse Note to A$41.9 million, demonstrating its confidence in the Australian mortgages market. Management believes that economic conditions in Australia are fundamentally sound. Dividend guidance. Due to the contributions from the post-IPO investment, BBSFF raises the 2H 2007 dividend guidance a second time this year, bringing the total dividend for the year to 10.7 cents. At the closing price of $0.935, this represents a yield of 11.4%.The first increase was from the IPO projection of 4.84 to 5.5 cents. Management has a stated dividend payout of 10.2 cents for FY2008. Management has further stressed that dividends are paid out of the income received from assets and the upgrade of dividend payout is due to better than expected performance and not from the equity of shareholders. Recommendation. Recent transactions have shown the ability of the management team capitalising on value adding to shareholders? return whenever the opportunity arises. We remain convinced of management?s prudence in managing the investment portfolio. To-date, all assets have performed to expectations and we do not foresee any significant risk in the near future. Bearing a global economic slowdown that may have a drag on the assets? performance, we maintain our stance that BBSFF is a good addition to any portfolio both for its diversification benefit and high dividend payout. Our estimates are revised to reflect the addition of B&B Air stake and fair value remains at $1.23, derived from our DCF model. |
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Pinnacle
Master |
15-Nov-2007 09:18
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BBSFF ANNOUNCES STRONG Q3 RESULTS AND SECOND DIVIDEND UPGRADE Highlights: ? Second increase in 2H 2007 dividend guidance to 6.00 cents per share (12% annual growth from BBSFF?s Prospectus Projections) ? not dependant upon JET-i monetisation ? Substantial capital gain recognised from JET-i monetisation ? Continued strong performance of all assets within the portfolio ? Third quarter 2007 (?3Q 2007?) profit after tax of S$12.5 million Babcock & Brown Structured Finance Fund Limited (?BBSFF? or ?the Company?) today reported a 3Q 2007 profit after tax of S$12.5 million. The Company has also raised its 2H 2007 dividend guidance to 6.00 Singapore cents per share, its second dividend upgrade this year. Mr Richard Umbrecht, Executive Chairman of BBSFF said: ?BBSFF has again recorded a very strong result for the period. The Company?s investments have continued to perform in-line or above internal forecasts resulting in the Company today announcing a second increase in its 2H 2007 dividend guidance to 6.00 cents per share. This increase represents more than 12% annual growth from BBSFF?s Prospectus Projections.? ?During the quarter, the Company recorded a substantial gain of approximately US$15.8 million from monetising its investment in JET-i Holdings LLC. This was a tremendous result for the Company and its Shareholders,? added Mr Umbrecht. ?Pleasingly, in times of significant global credit pressures, BBSFF continues to deliver strong returns from a well diversified portfolio of investments, a portfolio that has no impairments either collectively or individually,? said Mr Umbrecht. Summary of results for 3Q 2007 Actual (S$) Total Revenue 19.4 million Profit After Tax 12.5 million Total Net Assets 346.6 million Net Assets per Share 0.90 Increase in 2007 full-year dividend guidance ?The continued strong performance of the portfolio, and the accretive impact from the new investments acquired during the early part of the year have allowed the Company to again upgrade its 2007 dividend guidance. Upgrading to 6.00 Singapore cents per share represents a 24% increase on the 4.84 cents per share projected in the Company?s Prospectus. It also represents a 12% annual growth when compared to the 2007 fullyear dividend projection in the Prospectus..? said Ms Sylvia Wiggins, Managing Director of the Manager of BBSFF. Ms Wiggins pointed out that the dividend guidance upgrade was not a return of the capital profit from the JET-i monetisation, but was cash economic income received from the portfolio of assets owned by BBSFF. Outlook ?The Company is reviewing further investments in each of its three asset classes before the end of 2007 and will continue to tap into its strategic investment relationships with asset originators, from both within and outside the Babcock & Brown Group throughout 2008,? said Ms Wiggins. |
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Pinnacle
Master |
05-Nov-2007 13:05
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BASE MANAGEMENT FEE FOR THE QUARTER ENDED 30 SEPTEMBER 2007 Babcock & Brown Structured Finance Fund Limited (the "Company") wishes to announce that 1,438,441 new ordinary shares of par value S$0.01 per share in the capital of the Company ("Shares") will be issued to AGSO Property Pty Ltd ATF Babcock & Brown Prime Broking Trust ("AGSO"), the nominee of Babcock & Brown Structured Finance Management Pty Ltd (the "Manager") as payment of the base fee for the quarter ended 30 September 2007. Under the terms of the two management agreements dated 12 December 2006 entered into between the Manager and the Company (the "Management Agreements"), and as disclosed in the prospectus dated 12 December 2006, the Manager will receive a base fee, calculated and payable quarterly in arrears and the Manager may request the Company to pay all or part of the base fee by issuing Shares to the Manager or its nominee. The Company has agreed to the Manager?s request that payment of its base fee in respect of the projection year ending 31 December 2007 be satisfied by the issue of new Shares. As previously disclosed in SGX-ST Release on 19 October 2007, AGSO was incorporated on 27 January 2000 and is a wholly-owned subsidiary of Babcock & Brown International Pty Ltd. As with the Manager, AGSO?s ultimate parent company is Babcock & Brown Limited, listed on the Australian Stock Exchange. AGSO has executed a lock-up undertaking in favour of UBS AG, acting through its business group, UBS Investment Bank and DBS Bank Ltd. The lock-up undertaking executed by AGSO is on the same terms as the ones previously executed by the Manager. The base fee payable to the Manager for the quarter ended 30 September 2007 is S$1,431,143. In accordance with the method of calculating the number of new Shares to be issued pursuant to the Management Agreements, 1,438,441 new Shares will be issued to AGSO as the Manager?s nominee for payment of such base fee as disclosed in the Company?s prospectus. An application will be made to the SGX-ST for the listing of the 1,438,441 new Shares which will rank pari passu with all other Shares of the Company. |
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TonyOng76
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04-Nov-2007 09:48
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This stock really does seem quite unloved compared to AllcoReit. At least the thread on AllcoReit attracts comments. Anyway ... for BBSF, things are looking rather bleak from the TA view point. We could see the stock continue to head south below 90 cents where yields would be in excess of around 11%. NAV is 86 cents and some support could be found there. |
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TonyOng76
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01-Nov-2007 21:00
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This is a good conuter to hold for long-term growth. Today's closing is a slight concern for me though ... prices rarely move this much. Shaven black candle with sell blocks of 100+ lots observed in today's trade. Indicators on weekly charts don't look very good at this point either. Looking to buy some more but pity can't use CPF. Can any shortists here help bring down the price to abt 90 cents? |
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Fairygal
Veteran |
01-Nov-2007 20:42
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This counter will be sought after towards December. Vol is low although price has decline as well. Not much sellers. More for long term play because of the attractive yield and divvy this December will be at least 5.5 cents according to their dividend guidance. |
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Fairygal
Veteran |
01-Nov-2007 20:34
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787180, $1046 is correct based on 5.23 cents, not 5.25 cents. |
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yingying
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19-Oct-2007 12:10
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Hi to all old timers from newbie Yingying. Collected this counter at 0.98 yesterday. |
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Fairygal
Veteran |
25-Sep-2007 10:37
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Yes, agree that for pure divvy play, this is one great counter in terms of yield and stability. Don't think Alinta deal has any impact on BBRF. More on SPAusnet though. Any idea if this stock price go beyond a certain level, there will be performance fee due to the manager of the fund, like in the case of MIIF. |
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787180
Master |
25-Sep-2007 10:04
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Not much upside the most is $1.20 and at current price is still beelow IPO price of $1.06...pple buy mainly for its dividend...I think its parent is involved with SP Austnet to buy Alinta....may be buying at the high price not favourably viewed | ||||||||||||||||||
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Fairygal
Veteran |
25-Sep-2007 09:56
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Wants to accumulate on this counter. waiting for it to go lower, but always see it at lowest .985 in recent days. Pinnacle: Any chance it will go low anymore? |
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Fairygal
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21-Sep-2007 14:09
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Is this BBRF involved in the deal, or its parent in Australia? | ||||||||||||||||||
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787180
Master |
21-Sep-2007 09:28
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Babcock and SP Austnet team up to buy over Alinta...if recommended to sell SP Austnet..Babcock also affected. DJ MARKET TALK: Merrill Lynch Maintains Sell On SP AusNet 2256 GMT [Dow Jones]Merrill Lynch says it's maintaining its Sell on SP AusNet (SPN.AU) until the deal surrounding the Alinta assets plays out. "SPN is not only looking at a A$3 billion equity raising, but also needs to negotiate A$5 billion in debt in tight credit markets," analyst says. "The Alinta deal looks value decretive by 4-8 cents per share (depending on your view of synergies), and the Alinta assets will dilute SPN's yield quality. Add to this upcoming regulatory resets for 60% of assets, and it's enough to stay away for now." (SVM) (END) Dow Jones Newswires September 20, 2007 18:56 ET (22:56 GMT) Copyright (c) 2007 Dow Jones & Company, Inc. |
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787180
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16-Sep-2007 21:36
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Sori ..Pension I think I hve miscommunicated my questions..shd be the dividend I received of $1046 net for my 20lots of shares ..is this dividend tax exempt or has the tax be deducted at source...check Biz Times,,counter pay 5.25% for each lot..ie I ahd receive $1050 but why $1046 although the $4 difference is immaterial...just curious????? | ||||||||||||||||||
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Pension
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15-Sep-2007 23:19
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most of the dividend do not need to pay tax but this one you must if you are singaporean, if you are foreigner, do not need to pay tax, it was mentioned in their financial reprot dated 30 june 2007. | ||||||||||||||||||
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