Macquarie Intl   

MIIF

If you refer to the annual report 2012 page 16, it shown that TBC contributed 43.7 mils, HNE  rec'd 17.4 mils and CXP rec'd 7 mils. Excluding TBC, the income will be 24.4 mils if we assume that it remain the same for this year. When you divide by the total number of shares (24.4 / 1165.321), it work out as $0.021 per share.

In the last years, if you exclude the special dividend, it was $0.055. HNE & CXP contribute about 36% which is about  $0.02.    But I don't understand why the interim dividend guidance is much lower at 0.7 cts which including income from TBC, isn't it be more than the final dividend which exclude TBC income?

My guess is the IPO cost must has eaten it.

However, since there was a revision on the toll fee last year for HNE, the final impact to it coming earning is anybody guess.

Anyway, I will wait for the completion of the sell off from those ppl who  wanted to exit first. This counter will offer a good income generation if you get it at  a good price. 

 

 

isnt by end of may 2013, MIIF would not receive any more income from TBC and thus the distributions would only derived from CXP and HNE.

since $0.007 came from TBC while $0.012 came from CXP and HNE. MIIF holder would only get the final $0.007 portion for this FY2013 one final time. After this dividend payput, TBC is not under MIIF portfolio anymore and thus MIIF is left with only 2 income producing asset - CXP, HNE.

 

 

yes, time to accumulate ... upside potential is greater

 

I calculated based on the last annual report that the remaining NAV after deduce the sold TBC work out to be $0.204. Assume that the income and distribution from these asset don't change, the dividend payout could be at $0.021. Therefore, the dividend guidance of $0.019 is acceptable.

Based on present trading price of $0.188, it is already a  discount  from the  NAV $0.204 and dividend yield of more than 10%. I think this is a better deal than the up coming IPO.

 

Cut n paste from IPI-ing.What u must...More info here. pls click...6 May 2013. On Asian Pay Television Trust (APTT).

http://yieldstocks.reitdata.com/category/miif/  (Happi reading...maybe abit more complex...)

 

More be coming an empty shell. The cash cow is APTT value @$0.97c

commando      ( Date: 17-May-2013 17:32) Posted: A bit blur here....why e huge drop? Is It e div???

 

May offer odd for certain period...Who know??.

 

I think it should open above $1. This is the best asset from MIIF, my  concern is the odd lots, need to  round it back to the full lot  on the first few days of the trading if  intended to keep it or sold it all that day. (there may be a lot of selling to cash out if price is high, just look at how MIIF was being sell down today)

Depending the number of shares that you are entitled, you need to work  whether the potential gain is enough to cover the broker commission. If you got only too little then should consider taking the cash. (need to decide and post it by Sunday) I will decide by weekend as I only entitled less than 10 lots.

Good Luck!

 

Not really. Expected.

Last price = 63 cents

cash return = 44.3 cents

Expected price : 18.7 cents (thereabout)

novice_trader      ( Date: 17-May-2013 21:29) Posted: Scary big drop!!!

 

What is your opinion on this....Collect cash or the shares in the new listings..thanks

oldflyingfox      ( Date: 17-May-2013 21:55) Posted: When the dividend guidance is given, it is quite accurate. The board has  explain to SGX if it does not. So far, for the past few years, the guidance is accurate, why u say it had over estimated in the past which I don't remember such. jomini      ( Date: 17-May-2013 19:12) Posted: not really as much as it seems 0.7 cent is not going to be repeated only 1.2 cents expected to be paid out next year is likely to be repeatable. note that its just expected dividend too. knowing macquarie's tendency to overestimate...might want to impair it a little to

 

as Jomini mentioned, the dividend guideline noted on this

" The Interim Dividend guidance of 0.7 cps is based on the income received from TBC in the quarter ended 31 March 2013. If the Proposed Divestment completes as expected on 29 May 2013, MIIF will not receive further income from TBC"

hence thereafter MIIFonly receive income from...

" The Final Dividend guidance of 1.2 cps is based on the income that MIIF anticipates receiving from HNE and CXP in September 2013 "

Miaoli Wind has too insignificant for income distribution

Thus the only income generatingis from HNEand CXP from here on which will generate annual distribution of 1.2cps. Of course this is just a guideline for 2013 distribution. But based on this guide, FY2014 will be have no interim dividend? Or they could split the final into 2 halves too. So its pretty risky for those targeting portfolio income. Looking at this the dividend yield is lower than 7% and not 9%+. FY2013 is 9%+ but can it maintain this yield through FY2014 too?

 

 

 

When the dividend guidance is given, it is quite accurate. The board has  explain to SGX if it does not. So far, for the past few years, the guidance is accurate, why u say it had over estimated in the past which I don't remember such.

jomini      ( Date: 17-May-2013 19:12) Posted: not really as much as it seems 0.7 cent is not going to be repeated only 1.2 cents expected to be paid out next year is likely to be repeatable. note that its just expected dividend too. knowing macquarie's tendency to overestimate...might want to impair it a little too edchai      ( Date: 17-May-2013 17:24) Posted: Dividend guidance is 1.9 cent. With the current price, is about 10% return. Good deal ?

 

Scary big drop!!!

 

not really as much as it seems 0.7 cent is not going to be repeated

only 1.2 cents expected to be paid out next year is likely to be repeatable.

note that its just expected dividend too.

knowing macquarie's tendency to overestimate...might want to impair it a little too

edchai      ( Date: 17-May-2013 17:24) Posted: Dividend guidance is 1.9 cent. With the current price, is about 10% return. Good deal ?

 

A bit blur here....why e huge drop? Is It e div???

 

Dividend guidance is 1.9 cent. With the current price, is about 10% return.

Good deal ?

 

MIIF shareholders owned 47.5% of TBC at the time of the AGM and the SGM.

As of the announcements yesterday pursuant to the divestment advocated by the Board of MIIF, MIIF shareholders will own 36.60% of APTT, whose only asset is TBC. [525.866 million MIIF APTT Units / 1,436.800 million Total APTT Units.]

That is right. MIIF shareholders have received the right to own less of the TBC asset via the APTT IPO. Naturally, this raises many questions.

But first one obvious observation: had MIIF shareholders kept the asset, it would seem the proposed dividend yield to MIIF would have been higher, and thereby the price of MIIF higher.

By the way, check the new propectus on page 53. (There are additional and amended disclosures post MAS review.) Without cash from the IPO (Unitholders' equity!), decreased capex and additional borrowings, the proposed distribution of $114.786 million would be more likely $72.215 million, a figure closer to the $69.019 million proposed dividend in 2013. (Oh yes, this $69.019 million itself includes " excess cash" of US$19.1 million which had not been distributed to MIIF and MKOF shareholders.)

So, how does the math look now? I have a much different yield than what is brazenly on the first page of the prospectus. You may too*.

 

so what is the potential ??

 

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_9F88FDFA53AB0FAD48257B6D002BDEB2/$file/MIIFDivGuidance.pdf?openelement

 

I think the opening should be ard $0.22 (last done - NAV of TBC). Pls note that dividend guidance of MIIF for this year is 1.9 cents, so is more than 8% if share price is trade at $0.22. Therefore, I will still keeping it.