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hi cashiertan, what have you know abt this Lippo Management?
I'm still rather new in this.
I'm still rather new in this.
i dun trust lippo group for i know their mgmt way of doing things.
First Reit (FIRT SP: S$0.74) BUY (Initiate)
First mover advantage
First Reit offers an attractive value proposition: high base yield of 8.8% (net of tax), backed by rental income from long 15-year leases from 3 hospitals and 1 hotel in Indonesia. Favourable lease structures with inbuilt yearly rental escalation plus percentage of turnover clauses will ensure organic growth of 2-3% annually. Forex volatility is eliminated as rental proceeds are received in Singapore dollars. Being the first listed healthcare reit in Singapore, it has first mover advantage to draw on the growing private healthcare market in Indonesia. Potential for significant earnings enhancement via acquisitions is underscored by a strong unleveraged balance sheet on listing. Furthermore, access to the efficient Singapore capital market would enable it to tap healthcare real estate investment opportunities around the region. Assuming a target 35% gearing, First has headroom to fund an estimated $120-130m of new buys through debt. Acquisition pipeline is healthy, with 3 MOUs in the bag. These are located in Singapore and Indonesia, providing geographic diversification and lowering perceived sole sponsor dependency risk. Our DDM-backed price target of $0.87, based on expanding portfolio size to about $340m over the next 12 months, translates to a total return upside of 26%. Recommend Buy.
First mover advantage
First Reit offers an attractive value proposition: high base yield of 8.8% (net of tax), backed by rental income from long 15-year leases from 3 hospitals and 1 hotel in Indonesia. Favourable lease structures with inbuilt yearly rental escalation plus percentage of turnover clauses will ensure organic growth of 2-3% annually. Forex volatility is eliminated as rental proceeds are received in Singapore dollars. Being the first listed healthcare reit in Singapore, it has first mover advantage to draw on the growing private healthcare market in Indonesia. Potential for significant earnings enhancement via acquisitions is underscored by a strong unleveraged balance sheet on listing. Furthermore, access to the efficient Singapore capital market would enable it to tap healthcare real estate investment opportunities around the region. Assuming a target 35% gearing, First has headroom to fund an estimated $120-130m of new buys through debt. Acquisition pipeline is healthy, with 3 MOUs in the bag. These are located in Singapore and Indonesia, providing geographic diversification and lowering perceived sole sponsor dependency risk. Our DDM-backed price target of $0.87, based on expanding portfolio size to about $340m over the next 12 months, translates to a total return upside of 26%. Recommend Buy.
what a crappy REIT, lost my confidence with Lippo from now on.
going down again, low @72.5 , maybe it will close below IPO
i am not vested in this ipo. but i like to ask if any ipo pro here?
sori to say this but this counter is.. anybody sold?
shit.... lousy REIT...
almost no support
almost no support
well is ok, I haven't got any IPO for quite sometime also...
hope every make money here!
hope every make money here!
nope. did not managed to. :(
by the way, this IPO oversubscribed by 29 times(compared to capital retail china at 39 times) and will commenced trading at 2pm Monday.
thnx =)
so did you got alloted any?
so did you got alloted any?
YongJiu, good luck to you on Monday. Hope the chinese reit effect today would rub on to this indonesian reit... prices should be good.... :)
Hehe.. luckily got 2 lot of this...... =)
UOB-You have been provisionally allocated 2000 shares for FIRST REIT UNIT ISSUE ACCOUNT.
UOB-You have been provisionally allocated 2000 shares for FIRST REIT UNIT ISSUE ACCOUNT.
Hi Kenny
While I agree that we do live in an unscrupulous world, it does not dictate that we should all follow the unscrupulous in our dealings with our fellow human beings. There is a saying that what goes around comes around. Our conscience should dicate how we deal with each other, be it in our personal or business capacity.
Are'nt you worried, if you happen to be an investor of the Robinson Group, that its CEO is leading the search for Independent Directors, rather than the Board itself? One man's vs a group's? Do you think there is sufficient corporate governance in this sense? If I were one of the investors I would be very worried.
I am not against making money as we all needs money, in whatever amount. But, as retail investors, if we dont learn to protect ourselves, who will be bothered about us. Nobody owe us a living.
| Company Name | CDL HOSPITALITY TRUSTS | |
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Market | SGX Mainboard |
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Date of Listing | Jul 19 2006 |
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No. of shares Offered (mln) | 425.000 |
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Subscription Level | 6.58 times |
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Par Value | SGD |
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Offer Price | SGD0.83 |
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Amount Raised (mln) | SGD352.375 |
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1st Day Closing Price | SGD0.855 |
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1st Day Closing Price against Offer Price | Premium/Discount |
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SGD0.025 |
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3.012% |
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Closing Price as at 2006-12-06 | SGD1.430 |
Sharing some info. Just did a research out of curiousity. Found the reit by CDL which i think is the closest to 1st reit and the performance since listing. Still hope i'll get at least one lot from the IPO that i applied... :)
At 71 cents, the dividend rate is at 9%. I think it's a very attractive return as compared to some other reits. Suspect Moody downgraded tis reit in order to force them to lower the IPO price. In the world of business, LIPPO is doing what they think is right. Don't you agree that we are all living in an unscrupulous world. When it comes to making $$, i think they are pretty good at doing so. I applied some anyway, hope to have some luck with this. Heard grey market should be rather good for this reit.
Hi Ig_6273
Many thanks for this report. Its very useful for retail investors before deciding if they wish to subscribe.
Personally I am not keen on Lippo's IPO. The manner in which its management handled the Robinson's AGM issue and the ignominious manner in which its former chairman was ousted doesnt sits well with me either.
Singapore Companies
Published December 5, 2006
Lippo Reit priced at lower end of indicated range
INDONESIA'S Lippo Group is set to raise about $100 million from the sale of units in its Singapore real estate investment trust after pricing it at the lower end of an indicated range.
Jakarta-listed Lippo Karawaci, one of the real estate units of conglomerate Lippo Group, is selling 140.4 million units of First Reit at $0.71 each. The property trust is backed by three hospitals and a hotel resort in Indonesia worth $257 million. Lippo had set an indicative price range of between $0.68 and $0.79 per unit. Merrill Lynch and Oversea-Chinese Banking Corp are joint lead managers for the deal.
The Lippo deal follows a highly successful $218.4 million offering for CapitaRetail China Trust, based on Chinese shopping centres last week. The China Reit was spun off by Singapore's CapitaLand and was priced at the top end of an indicated range.
Lippo, controlled by Indonesia's Riady family, said the trust would eventually own and invest in healthcare assets in Singapore, China, Malaysia, Thailand and Hong Kong.
Moody's Investors Service last month lowered the outlook for Lippo Karawaci's B1 corporate family rating to negative from stable, citing the group's weaker than expected financial results for the first nine months of this year. - Reuters
Published December 5, 2006
Lippo Reit priced at lower end of indicated range
INDONESIA'S Lippo Group is set to raise about $100 million from the sale of units in its Singapore real estate investment trust after pricing it at the lower end of an indicated range.
Jakarta-listed Lippo Karawaci, one of the real estate units of conglomerate Lippo Group, is selling 140.4 million units of First Reit at $0.71 each. The property trust is backed by three hospitals and a hotel resort in Indonesia worth $257 million. Lippo had set an indicative price range of between $0.68 and $0.79 per unit. Merrill Lynch and Oversea-Chinese Banking Corp are joint lead managers for the deal.
The Lippo deal follows a highly successful $218.4 million offering for CapitaRetail China Trust, based on Chinese shopping centres last week. The China Reit was spun off by Singapore's CapitaLand and was priced at the top end of an indicated range.
Lippo, controlled by Indonesia's Riady family, said the trust would eventually own and invest in healthcare assets in Singapore, China, Malaysia, Thailand and Hong Kong.
Moody's Investors Service last month lowered the outlook for Lippo Karawaci's B1 corporate family rating to negative from stable, citing the group's weaker than expected financial results for the first nine months of this year. - Reuters
Hi all, any new if this good for invest long term.
NRA has a fair value of $0.86. It has a fairly attractive total return of 30% based on FY07F yield.