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Dividend also comming soon.. $$$
Big and consistent accumulations still on.
This one likely to test 52wks high soon, undervalue stock, with the loan refinancing announcement....it will fly.
Farmer ( Date: 15-Apr-2010 17:05) Posted:
| It should test the 52 wks high of 63cts soon....with the announce M&A and loan refinancing.
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Hoho! Buy up 1x1200 lots at 60cts? BB accumulation in progress.....kiv.
Okay, with this latest announcement for new CEO appt, the last hurdle for it to fly is the refinancing of its debt due this year liao. Oh, 1Q10 result next wk dun 'surprise' hor!
| 20-04-2010 |
| Name of Person* |
Ho Sing |
| Age * |
43 |
| Country of principal residence * |
Singapore |
| The Board's comments on this appointment (including rationale, selection criteria, and the search and nomination process) * |
The Board have confidence that Mr Ho will be able to execute his duties as the CEO of the Company due to his experience and expertise. Mr Ho was the General Manager, International Investment, at Guocoland Limited. |
| Whether appointment is executive, and if so, the area of responsibility * |
| The appointment of Mr Ho is executive and he is to assist the Executive Chairman and the Board in the formulation of business, investment and operational strategies for Starhill Global REIT and the implementation of these strategies, including overseeing investment and asset management strategies. |
|
Oops! Forgot to mention that this is from courtesy of DBSV.
Farmer ( Date: 19-Apr-2010 16:43) Posted:
That's right! Serious.
Here's what the expert got to say.....Starhill Global REIT: BUY; S$0.595; Bloomberg Code: SGREIT SP
A landmark transaction
Price Target : 12-Month S$ 0.73 (Prev S$ 0.66)
Asset portfolio to grow to S$2.6bn post acquisition of 2 Malaysian
malls
Partially funded through new issuance of convertible preference
units (“CPUs”)
Accretion to earnings estimated at 6-13% in FY10-11F
Maintain BUY, TP revised to S$0.73.
Adding Malaysia exposure in its portfolio. Starhill Global REIT (SGREIT)
has signed an agreement to purchase Lot 10 and Starhill Gallery (located in
central Kuala Lumpur, Malaysia) from Bursa-listed Starhill REIT at a cost
of RM 1.03 b (S$450.1m). Upon completion of the transaction, SGREIT’s
portfolio of assets will increase by 20% to S$2.6bn.
Issuing new convertible units. The transaction will be funded through an
asset-backed securitisation structure, involving cash (31% of purchase
price), debt (32%) and the issuance of new convertible preference units
(“CPUs”) (39%) . The CPUs, amounting to RM405 m (est. S$177m) will be paid
an annual coupon of 5.65%, and convertible into new SGREIT units at a 30%
premium to the last vwap upon listing of the CPUs. There is a moratorium of
3 years before the conversion, which will turn mandatory after 7 years.
6-13% accretion to FY10-11F distributions. Upon completion, we estimate
distribution income accretion of c6-13% in FY10-11F. We have also accounted
for the conversion of all of the CPUs in year 3 into new SGREIT units.
BUY, TP adjusted S$0.73. Maintain our BUY call, with adjusted target price
of S$0.73 assuming the full conversion of the CPUs from FY13 after
moratorium period. Further price catalyst in our view may come from: (i)
stronger than expected 1Q10 results, and (ii) clarity of its refinancing
plans for majority of its loans due in Sept 2010.
|
|
That's right! Serious.
Here's what the expert got to say.....
Starhill Global REIT: BUY; S$0.595; Bloomberg Code: SGREIT SP
A landmark transaction
Price Target : 12-Month S$ 0.73 (Prev S$ 0.66)
Asset portfolio to grow to S$2.6bn post acquisition of 2 Malaysian
malls
Partially funded through new issuance of convertible preference
units (“CPUs”)
Accretion to earnings estimated at 6-13% in FY10-11F
Maintain BUY, TP revised to S$0.73.
Adding Malaysia exposure in its portfolio. Starhill Global REIT (SGREIT)
has signed an agreement to purchase Lot 10 and Starhill Gallery (located in
central Kuala Lumpur, Malaysia) from Bursa-listed Starhill REIT at a cost
of RM 1.03 b (S$450.1m). Upon completion of the transaction, SGREIT’s
portfolio of assets will increase by 20% to S$2.6bn.
Issuing new convertible units. The transaction will be funded through an
asset-backed securitisation structure, involving cash (31% of purchase
price), debt (32%) and the issuance of new convertible preference units
(“CPUs”) (39%) . The CPUs, amounting to RM405 m (est. S$177m) will be paid
an annual coupon of 5.65%, and convertible into new SGREIT units at a 30%
premium to the last vwap upon listing of the CPUs. There is a moratorium of
3 years before the conversion, which will turn mandatory after 7 years.
6-13% accretion to FY10-11F distributions. Upon completion, we estimate
distribution income accretion of c6-13% in FY10-11F. We have also accounted
for the conversion of all of the CPUs in year 3 into new SGREIT units.
BUY, TP adjusted S$0.73. Maintain our BUY call, with adjusted target price
of S$0.73 assuming the full conversion of the CPUs from FY13 after
moratorium period. Further price catalyst in our view may come from: (i)
stronger than expected 1Q10 results, and (ii) clarity of its refinancing
plans for majority of its loans due in Sept 2010.
Price weakness due to weak market sentiment. Should view it as a buying opportunity.
Haha! This announce is also overdue, but nevertheless, it came finally.
As expected, it avoided another RI and high gearing by using sophiscated instruments which are hardly understandable by a layman. However, I will give it a thumbs up since it will be quite DPU accretive and maintain current NAV. Hmm....looks like it will gain more strength in times to come. Lets wait see what the expert got to say.... but in the meantime, here's what its Chairman said:Tan Sri Dato’ (Dr) Francis Yeoh, Executive Chairman of YTL Pacific Star said, “This is a unique
opportunity for Starhill Global REIT to secure a strong foothold in the Malaysian retail sector. Starhill
Gallery and Lot 10 are landmark assets located in Bukit Bintang, the vibrant epicentre of retail tourism
and entertainment, in Kuala Lumpur’s Golden Triangle. These Properties are strategically located in
established shopping belts with a high level of shopper traffic, attracted by high quality tenants whose
brands have a strong following in the marketplace. Further, these Properties will be leased to a master
tenant in order to provide Starhill Global REIT with strong and stable cash flow over the next six to nine years.
Our long-term vision is to establish Starhill Global REIT as the main YTL-linked vehicle for ownership of prime retail and commercial properties in the Asia-Pacific region, and unitholders can look forward to acquisitions of the same calibre as Starhill Gallery and Lot 10 as we grow our portfolio and expand our global footprint. With these invaluable acquisitions, Starhill Global REIT’s portfolio will grow to S$2.6 billion comprising 13 properties across five major cities in Singapore, Australia, China, Japan and Malaysia.”
Base on 4Q 09 DPU of 0.0097 X 4 =0.0388/unit
DPU==0.0388+0.0022 ( DJ contribution )+0.005=0.046
Base on share price of 0.595 , the yield is 7.73 %
With the appt of new coy sectry already in place, new CEO announcement will be overdue. Latest by the coming 1Q10 result reporting date - 26/04. Lets see.................!
No announcement from SGX yet ?
Wah, Ho Sing, PM Lee's brother-n-law, is new CEO of Starhill. Must be positive news!
It should test the 52 wks high of 63cts soon....with the announce M&A and loan refinancing.
Uptrend still intact. Accumulation still ongoing.
Gaining momentum with the breakout from 58cts. Looks like more to come before the AGM?
slow and steady win the race . Now 0.58.
