Month: August 2007
CCT – SGX
CapitaCommercial Trust Management Limited, as manager of CapitaCommercial Trust, wishes to announce that Mr David Tan Wei-Son has tendered his resignation as its Chief Executive Officer. His last day of service will be 15 September 2007 on which date he will also resign as Director.
The Board of Directors would like to extend its thanks and appreciation to Mr Tan for his services during his term of office and wishes him well in his future endeavours.
The Board of Directors has identified a candidate to be the next Chief Executive Officer and an appropriate announcement will be made in due course. In the interim, Mr Wen Khai Meng, the Chief Executive Officer of CapitaLand Commercial Limited, will serve as the Acting Chief Executive Officer of the Company.
MapleTree – SGX
COMPLETION OF ACQUISITION OF FIFTH TO NINTH FLOORS OF TAI SANG
SHATIN WAREHOUSE CENTRE AT NO. 6 WONG CHUK YEUNG STREET, SHATIN,
NEW TERRITORIES, HONG KONG FOR HK$66.0 MILLION
1 Mapletree Logistics Trust Management Ltd., as manager of Mapletree Logistics Trust (“MapletreeLog”), is pleased to announce the completion of the acquisition of the fifth to the ninth floors of Tai Sang Shatin Warehouse Centre at No. 6 Wong Chuk Yeung Street, Shatin New Territories, Hong Kong (the “Property”) today for a purchase price of HK$66.0 million.
2 Mapletree Opal Ltd. (“Opal”), a subsidiary of MapletreeLog, has today completed the sale and purchase of the Property, in connection with the conditional sale and purchase agreement entered into between Ever Gain Company Limited and Opal, on 10 July 2007.
3 The purchase price and other acquisition costs of the Property are fully funded by debt.
MI-REIT – SGX
UBS AG has decreased it holding from 19 % To 18.94 %
Date of change of Interest: 10-08-2007
MMP – SGX
Macquarie Bank Ltd has increased it holding from 25.96 % To 26.30 %.
Date of change of Deemed Interest: 10-08-2007
AllCo – Phillip
1H07 Results. 1H07 revenue registered 153% increase from the same period a year ago mainly due to rental contribution from 55 Market Street that was acquired in Nov’06 and higher rental reversion from Central Park (Perth). The increased revenue also resulted from a higher distribution received from AWPF from its gain on sale of 222 Exhibition Street. 1H07 DPU almost doubled from 1.53c to 2.99c. With the current strong property market, property revaluations have resulted in an increase of S$155.4 million over the book value of Allco. NAV per unit has increased from $1.12 to $1.48. Current gearing stands at 24%, with a credit rating of Baa3 which allows maximum gearing to 60% according to the SGX property fund guidelines, Allco has approximately $450 million more in debt facility to fund its acquisitions.
Regional growth. Allco completed the acquisition of the Centrelink property located in Canberra, Australia for a consideration of $136.5 million, which is fully funded by equity through the issue of new units. The Centrelink property with a NLA of 430,556sqf, has a full 100% occupancy with an initial lease term of 18 years leased to the Australian federal government. Further to the Centrelink property, the latest addition to its property portfolio is the Cosmo Plaza located in Osaka, Japan. The acquisition cost of $82.4 million is fully funded by debt, which will bring the geariing level to 24%. Cosmo Plaza is a commercial property with a NLA of 224,482sqf.
Valuation. Using a WACC of 7.67%, our DCF model gives us a fair value of S$1.68 for Allco. This translates to a 3.72% yield and a price to net asset value of 1.16x for FY07F. With an improving outlook in the economies of Singapore, Australia and Japan, Allco is poised to benefit from the rising office rental trend. The current depression in share price presents a good entry opportunity. We recommend a Buy for Allco with an attractive 53% upside.