Macquarie Intl   

MIIF

Referring to the latest financial statement, if total asset was base on valuation instead of acquisition price, then base on calculation, there'll be a reduction in NAV of ~3cts.

Macquarie Airports (MAp)
Date of initial acquisition 27 May 2005
Cost of acquisition S$154.5 million
Valuation9 S$181.1 million

Farmer      ( Date: 24-Mar-2008 10:28) Posted: Ok, just go thru' the latest statement again regarding the sales of MAp to cover its short term loan.... NAV should remain almost the same at $1.28 since MAp's acquired - sold value is only differ by ~0.2mil and its mgmt didn't included any loss/gain statement after its disposal. Anything to add on Pinnacle? Pinnacle      ( Date: 14-Mar-2008 11:02) Posted: MIIF had formed a strong support at $0.86. If the issue price of SDS is below that, I may consider taking it. Else, its always the safest bet to put $ in pocket first. Farmer, do you have the new NAV after MIIF sold off Macq Airport? I'm quite busy for past few and coming few weeks to do the math.

 

gee...wondering y this burger has been sloping since that asset sale har???

so bad news meh ?!?! :P

 

 

Ok, just go thru' the latest statement again regarding the sales of MAp to cover its short term loan....

NAV should remain almost the same at $1.28 since MAp's acquired - sold value is only differ by ~0.2mil and its mgmt didn't included any loss/gain statement after its disposal.

Anything to add on Pinnacle?

Pinnacle      ( Date: 14-Mar-2008 11:02) Posted: MIIF had formed a strong support at $0.86. If the issue price of SDS is below that, I may consider taking it. Else, its always the safest bet to put $ in pocket first. Farmer, do you have the new NAV after MIIF sold off Macq Airport? I'm quite busy for past few and coming few weeks to do the math.

 

Just wondering whether it's a good time to pick up more of this counter to provide for retirement income stream?

 

My view is that the price should stay weak till 4 Apr when SDS determine price expire because somebody wants it this way.....else, at current market conditions, who will reject cash offer and opt for shares? My guess is that they'll drive up this counter eventually to make it looks attractive again before u chose for cash / share divs.

 

Price now below 80 cents.

Any idea what's happening to this counter?

 

 Kim Eng Research Team

Top Ideas
1) Macquarie International Infrastructure Fund ? Unrated - Financial Year End Dec 31


Major Shareholders : Abu Dhabi Investment (10.0%), MIMAL (8.3%),

A shift towards non-listed and Asian infrastructure assets

In the past two years, Macquarie International Infrastructure Fund (MIIF) has adjusted its portfolio to achieve a higher weightage on Asian and non-listed infrastructure assets (Figure 1). With the recent announcement (on 14 March 08) of the divestment of its entire interest in Macquarie Airports (MAp), MIIF now has no listed investments.

Investment philosophy intact

MIIF continues to take a long-term view on its investments and favour assets with stable cash flows and potential for capital growth. Its current portfolio comprises of both funds and direct investments across various infrastructure sectors (Figure 2). MIIF seeks to actively manage its direct investments with the objectives of improving their operating cash flows and optimizing their capital structure. MIIF?s dividend policy of distributing the bulk of free operating cash, retaining cash only for prudent reserves, remains unchanged.

Powerful macro-drivers in Asia

Citing estimates from the World Bank, MIIF believes that Asia?s increasing GDP and rural-urban migration would drive utilisation on existing infrastructure assets and create more opportunities for private investment to fund infrastructure provision.

Yield-accretive acquisitions to sustain/improve dividend payout

Against the current backdrop of economic and market turbulence, we like MIIF for the stability of its investment revenue. Other than Changshu Xinghua Port which we think is more exposed to trade volumes, we think other investments of MIFF provide fairly defensive investment revenue.

In FY07, MIIF divested six assets and utilized the cash proceeds of S$655.8m to partially fund new investments worth S$745.5m. Hence there is the risk that new investments may fail to maintain the investment revenue previously contributed by assets divested in FY07. MIFF has, however, guided that new investments are all yield-accretive and anticipates maintaining and growing dividends to shareholders.

After utilizing proceeds from the disposal of MAp to par down its debt, MIIF would be left with a debt position of S$23.9m. Concurrently, it recently established a 3-year loan facility of S$440m. MIIF is thus well-equipped to further add to its investment portfolio over the next 3 years. New investments would further help to support MIIF?s income.

P/B of 0.7x and prospective dividend yield of 10.2%

Downside limited by P/B of 0.7x and div yield of 10.2% (consensus estimates)

MIFF could leverage on Macquarie Bank Group?s presence in Asia to source for investments at good value to achieve long-term capital growth.

With MAp?s divestment, MIIF now has no exposure to the listed equity market. Henceforth, its book value would be more stable and serve as a better gauge of value.

End.

 

err....i got better COUNTER to SHORT leh !! spoilt for choice this WEEK !!

:D

 

23:00    Singapore  Currency: SGD

Price0.850	Change-0.025	% Change-2.857	Bid0.845	Ask0.850	Open0.860
Volume529,000	High0.860	Low0.820	52-Wk High1.230(04/23/07)	52-Wk Low0.820(03/17/08)	1-Yr Return-10.976

Shares (Millions)1,282.452	Market Cap (Millions)1,090.084	Earnings0.290	Price/ Earnings2.927	Relative P/E0.288	ROE24.785
Last Dividend Reported0.042 Final	Dividend Yield (Trailing 12mo.)9.882	Rel. Dividend Yield2.390	90-Day Volatility26.331	Beta vs. FSSTI0.594

 

Support line broken this morning, anyone wanna short it down further for me?

 

Hmm...new NAV after the airport deal,?,?,? This should take time as i'm also busy at work lately, but it should still be well above $1 i guess. Anyone wanna try?

 

support currently at $0.86...should it turn $0.855...probably can short with a better ease at mind...but looking at the intra-day range...like wad Pinnacle mentioned...not much meat to short too...small ones...unless of cos u short with tremendous lots

 

By all means, Nicky...
But, this one is like you mentioned for SGX, not much meat to short too, unless you can break the support line.

 

i thk some unseen hands are artificially suppressing this burger stock price to induce the rest to take up the share rather then opt for dividends? hee....

:D  ...so..this means i can SHORT ?!?!? :D

 

MIIF had formed a strong support at $0.86.
If the issue price of SDS is below that, I may consider taking it.
Else, its always the safest bet to put $ in pocket first.

Farmer, do you have the new NAV after MIIF sold off Macq Airport?
I'm quite busy for past few and coming few weeks to do the math.

 

In current market condition, this should be welcome as good new...Cheers. On top of that :


Macquarie International Infrastructure Fund Limited (MIIF)

MIIF Announces Commencement of Issue Price Determination Period
Singapore ? 14 March 2008: Macquarie International Infrastructure Fund Limited (MIIF) previously announced the application of the MIIF Scrip Dividend Scheme (the SDS) to the final dividend of 4.25 Singapore cents per ordinary share for the financial year ended 31 December 2007.
As previously advised, the issue price of each fully paid new ordinary share in the capital of MIIF to be issued to eligible shareholders who elect to participate in the SDS will be determined by the directors of MIIF in accordance with the terms and conditions of the SDS.
In particular, a 5 per cent discount will be applied to the arithmetic average of the daily volume weighted average price of a MIIF share on the Singapore Exchange Securities Trading Limited during the pricing period of 15 market days from 14 March 2008 to 4 April 2008 inclusive. The actual issue price will be announced on or about 4 April 2008.
Eligible shareholders of MIIF have the option of taking their Final Dividend in cash or new MIIF shares.

 

MIIF had sold its entire stake in Macquarie Airports for S$154.3 million ($112 million) to reduce its existing debt to S$23.9 million.

It also accepted offers from unnamed financial institutions to establish S$440 million in term debt facilities with a three-year maturity. Existing short-term debt facilities would be cancelled as they came up for renewal over 2008.

 

Today is last day cum divs of 4.25cts, should close higher.

 

wow ! yesterday closing price shot up by 5 cents in a single day.

 More than the forthcoming dividend of 4.25 cents.

Wonder  why this sudden large price surge in a single day?

Today closed at 0.94 cents

 

 

aya...when in DOUBT...just SHORT it lower loh...collect divy and capital gain later on....heee