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anyone know when can we sell or buy the rights for this counter?? tk
Buyer 118k lots @ 20c vs Seller 1.5m lots @ 20.5c. >90% chance it will fall below 20c in the next few days, if not by day end. Wait for rights to drop to 2.5c then buy rights + 15.9c = 18.4c
20 cents is a very good price to enter for more than 10% yield as i expected the dividend to be more than 2 cents per year....NAV is around 31 cents (50% discount if you buy at 20 cents)....the leverage will be low than 30% and one unrealised gain is that the properties have not been really been revalued at a higher price (still roughly remain at March 2009 price) since the economy recovers...potential upside is good if the properties are revalued again and also good dividend yield...good luck :)
just saw the rights came out today so was wondering....
previously it had 200mil+ shares, given another 200mil+ new shares placement, and now 2x rights issue to all 400mil+ shares?...
that would mean the no. of shares has just multiplied by 5x ?
what will be the NAV of this stock with all rights subscribed ? $0.17 ?
just saw the rights came out today so was wondering....
previously it had 200mil+ shares, given another 200mil+ new shares placement, and now 2x rights issue to all 400mil+ shares?...
that would mean the no. of shares has just multiplied by 5x ?
what will be the NAV of this stock with all rights subscribed ? $0.17 ?
| Date & Time of Broadcast | 01-Dec-2009 09:45:51 |
| Announcement No. | 00014 |
| >> PART II |
| 1. | Date of change of Interest | 24-12-2009 |
| 2. | Name of Registered Holder | Stichting Pensioenfonds ABP |
| 3. | Circumstance(s) giving rise to the interest or change in interest | # Others | |
| # Please specify details |
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| 4. | Information relating to shares held in the name of the Registered Holder | ||||||||||||||
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price seems to be recovering......
All these shares will trend lower over time ..................
Fraser comm is a good example .............
well....come this 3 Dec...this burger may drop like seow...this reminds me of Fraser Commercial Trust ! :P tread water like seow today ! :P
CIT has sold most of their holdings.... hopefully price recovers from this..... as less selling pressure. also i am sure the underwriter wants to make this rights issue a successful one
We do not know the DPU that will be given after the rights exercise factoring the dilution effect. There are simply too many factors that can affect the DPU going forward. No analysts nor investment companies can predict 100% accurately the future DPU. However, since this REIT has managed to clear it's short-term refinancing, this is an immediate plus point for it. Do consider the future prospects of the REIT going forward and not just focus on the DPU alone. If all the circumstances facing this REIT going forward are favourable, one can expect to see good future developments and naturally the DPU will increase. I estimated the annualised DPU for next year should be somewhere between 1cents to 2 cents per unit. So, considering the refinancing problem has been lifted, one needs to consider the mid-term and long-term prospects of this REIT before investing in it, and should this investment be assessed as attractive, one should still pay as low a price as possible for it's units to ensure a high annualised distribution yield at such annualised DPU of between 1 cents to 2 cents per unit post-rights issue.
kingster ( Date: 25-Nov-2009 17:34) Posted:
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jmv.
Initial support at around $0.205(16.03.09 and 18.03.09), failing which, the subsequent support is likely at $0.150~$0.170
(rights price of $0.159). Indicators are bearish; MACD: -0.031, MA Crossover: sma7 days breakdown
sma14days, Bollinger Bands: price was stay below the bottom band.
MACARTHURCOOK INDUSTRIAL REIT
| RIGHTS Announced on 2009-11-20 |
| Particulars : | OFFER OF 2 FOR 1 @ $0.159 |
| Ex-date : | 25 Nov 2009 |
| Buy-In Last Cum Date : | 1 Dec 2009 |
| Record Date : | 30 Nov 2009 |
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| Last updated on 11/21/2009 03:00:04 AM | |
MacarthurCook Industrial REIT: Sell
For investors who are not keen, we maintain our Sell recommendation. Fair valued at 22 cents.
MIREIT has reported a gross revenue for 2QFY10 of $11.8 million (-4.5% year-on-year, +7.8% qtr-on-qtr)),
net property income was $9.1 million (-2.7% y-o-y, -2.8% q-o-q). distributable income was $5.2 million (-26.2%
y-o-y, +28.4% q-o-q). DPU for the quarter was 1.93 cents (-17.5% yoy, +28.4 qoq). MIREIT also announced
a series of recapitalization measures. Gross revenue for 2QFY10 was lower year-on-year due to lower recovery
of property tax and land rent. However it was higher than 1QFY10F as there was a refund of service charges to
tenants in 1QFY10. Underlying rental income from the properties remains stable as can be seen from the net
property income.
Portfolio occupancy rate for 2QFY10 was 98.8%. Distributable income was higher in 2QFY10 compared to the
previous quarter, as the Trust did not make a claim for the industrial building allowance. Correspondingly, DPU
and the distributable margin were better this quarter. The REIT recorded a write-down of $37.1 million on its portfolio.
Current gearing is 44.7%. Although the REIT will be in a much-improved financial state after the recap exercise, it
comes at a substantial dilution to existing unitholders.
We adjusted our projections to factor in the recapitalization measures and arrive at a postrecapitalization
fair value of $0.22 based on a WACC of 9.8%. Our 3-year DPU forecasts for FY10F – FY12F are
reduced 15% – 60%. We would advise long term investors to take up the rights units as we estimate MIREIT
offers a potential FY11F DPU of 1.89 cents, which translate to a dividend yield of 11% based on the rights price
of $0.159. For investors who are not keen, we maintain our Sell recommendation. Fair valued at 22 cents.
Phillip Securities, 11.11.09
haha think ur yield is pre-rights lah... post rights, cant imagine how much the yield has dropped!
stevento ( Date: 25-Nov-2009 14:09) Posted:
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dun short.... this counter is bad for shorting....
DPU is about 4 cents per year or 1 cents per quarter.
This works out to be 4/21X100 = 18.5% yield every year.
Quite a good return for REIT.
just SHORT it when it is open for trading again lah!!! :P
sorry..u r right..i misinterpreted yr meaning :D
soularis ( Date: 25-Nov-2009 12:25) Posted:
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