Author: tfwee
Charities and Cause – 2013
Attention to Readers of Singapore REITs
Thank you for your kind support of our website. Year 2013 is coming to an end and this is the third year of our annual tradition to contribute back to our society. We have decided to donate our proceeds to the Children’s Aid Society.
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Charities and Cause – 2012
Attention to Readers of Singapore REITs
Thank you for your kind support of our website. Year 2012 is coming to an end and this is the second year of our annual tradition to contribute back to our society. We have decided to donate our proceeds to the Children’s Aid Society.
| Charities and Programmes | ||||||
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A-Reit – Maybank Kim Eng
Ascendas REIT (A-REIT) has recently entered into a put and call option
agreement with Chasen Holdings for the sale of 6 Pioneer Walk (Goldin
Logistics Hub) for SGD32m
We raise our FY3/13F DPU by 2.2% in view of the divestment gains (assumed
paid out) but lower our FY3/14F-15F DPU by 0.6% pa. We expect FY3/14F-15F
gross revenue to decline by 0.3% pa due to the loss of rental income.
Based on our forecasts, business/science parks currently constitute 40% of
our FY12F GAV, followed by hi-tech (23%), logistics and distribution (19%),
light industrial (15%) and warehouse retail facilities (3%). Potential
acquisitions overseas could provide further upside for DPU growth.
Importantly, A-REIT is also less vulnerable to asset erosion, with its
defensive properties located primarily in Singapore. The stock currently
trades at 6.7% FY3/13F yield and 1.1x P/BV. Reiterate BUY with a
DDM-derived target price unchanged at SGD2.23.
Singapore Reit – BT
DMG Research said on Thursday that February's property sales numbers 'surprised on the upside', with a total of 2,413 units sold by developers in the month.
Analysts see value diminishing in the sector with revised net asset value discount on developers narrowing.
'We also remain less sanguine as stronger than expected continued price appreciation may in turn raise policy risks, leading to sustained sector re-rating unlikely,' said DMG analysts.
The research house remains neutral on developers but reiterates its sell recommendation on SC Global due to low asset turnover and high leverage.
Additionally, suburban retail Reits such as CapitaMall Trust and Frasers Centrepoint Trust are now looked upon more favourably.
Charities Support – 2012
Attention to Reader of Singapore REITs
Gobi March, a 250km self-supported desert footrace over 7-days will be held in Taklamakan Desert, China.
Kwan is participating the Gobi March in aid of the Student Advisory Centre(SAC). Please visit the fund raising website by clicking this link.
Thank you.