CIMB in a Jan 21 research report says: “K-REIT completed an asset swap of Marina Bay Financial Centre Phase One (MBFC 1) and KTGE Tower and the acquisition of 77 King Street in Australia in December 2010. 4Q10 DPU of 1.7 cents broadly met our expectations and consensus, accounting for 26% of our FY2010 forecast.
Posts Tagged ‘kreit’
K-REIT +0.7% in low volume post 4Q; $1.47 Cap N/T
January 21st, 2011 |
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K-REIT Asia (K71U.SG) is up 0.7% at $1.45 after posting 4Q results with distribution per unit of 1.71 cents, +17.9% on year and +1.2% on quarter.
But trade amounts to just 223,000 units changing hands, with investors’ interest subdued as the units are currently at their highest level since January 2008, while the market’s upbeat view on Singapore’s office sector has seen the units rise fairly steadily since K-REIT’s October announcement of an asset swap with Keppel Land (K17.SG) involving the acquisition of one-third interest in MBFC Phase 1.
Jan 21: Ascott, K-REIT Asia, ST Engineering
January 21st, 2011 |
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The following companies may have unusual price changes in Singapore trading. Stock symbols are in parentheses, and share prices are from the previous close.
Singapore’s Straits Times Index dropped 1.1% to 3,205.48.
Ascott Residence Trust (ART SP): The serviced apartment operator partly owned by CapitaLand (CAPL SP) said fourth- quarter distributable income doubled to $23.9 million from $11.5 million a year ago. The stock lost 0.8% to $1.22.
K-Reit distributes 6.78 cents per unit in 4Q
January 20th, 2011 |
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K-Reit Asia, a Singapore property trust, said its fourth-quarter distribution per unit rose to 6.78 cents from 5.72 cents a year earlier.
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K-Reit Asia rated ‘underperform’ by CIMB
December 8th, 2010 |
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CIMB in a Dec 7 research report says: “With positive news flow on rental movements and strong pre-leasing momentum, we raise our rental assumptions for One Raffles Quay (ORQ) and Marina Bay Financial Centre (MBFC) and update lease review assumptions for ORQ.
K-REIT Asia off 0.7%; positives priced in – CIMB
December 7th, 2010 |
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K-REIT Asia (K71U.SG) off 0.7% at $1.41 on light profit-taking after run-up late last week to more than 2-year high of $1.44. REIT one of best performers in Singapore this year, +29.1% so far in 2010 vs STI +9.8%, FTSE ST REIT Index +9.9% over same period.
Interest in K-REIT driven largely by optimism over Singapore office market’s recovery, with landlord’s recently proposed $1.43 billion acquisition of one-third stake in phase 1 of Marina Bay Financial Centre further boosting sentiment.
K-Reit Asia rated ‘hold’ by DBS
October 21st, 2010 |
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DBS Vickers Securities in an Oct 19 research report says: “Kreit reported a marginal 6.3% q-o-q decline in topline to $21.8 million in 3Q10, mainly due to a correction to the straight-line accounting of rental income reported in 2Q10 from the 50% stake in 275 George Street, while NPI dipped a smaller 4.8% to $17.5 million on lower property expenses.
K-Reit Asia – Corporate moves
October 20th, 2010 |
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Eve Chan Bee Leng has been appointed CFO wef Oct 15
Work experience: Group financial controller, Miclyn Express Offshore Ltd; regional financial controller (VP), Asia Pacific, Kingdom Hotel Investment
CIMB Keeps K-REIT at Underperform, $1.26 target
October 19th, 2010 |
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CIMB keeps K-REIT (K71U.SG) at Underperform with $1.26 target; says 3Q10 DPU of 1.69 cents meets expectations, forming 25% of full-year forecast, 9-month DPU of 4.65 cents, meets 70% forecast, “in line considering backend-loaded contributions expected from Australian assets acquired in the year”, says Dow Jones.
Macquarie raises K-REIT Asia target to $1.68 vs $1.38
October 12th, 2010 |
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Macquarie raises K-REIT Asia (K71U.SG) target price to $1.68 from $1.38, keeps at Outperform, says Dow Jones.
Says asset swap with parent Keppel Land (K17.SG) increases K-REIT’s exposure to prime-grade Singapore office sector, “which we believe will outperform the other property sectors over the next 2-3 years.”
Mixed reaction to Keppel Land, K-REIT asset swap
October 12th, 2010 |
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Investors displaying mixed reaction to asset swap between Keppel Land (K17.SG), K-REIT Asia (K71U.SG), with former +1.5% at $4.17 while REIT down 2.2% at $1.34, says Dow Jones.
Developer will sell its one-third stake in Singapore’s Marina Bay Financial Centre to REIT for $1.43 billion, reaping $321 million net gain; will also buy K-REIT’s office buildings Keppel Towers, GE Tower for $573 million for redevelopment.
Keppel Land sells Marina Bay property stake to K-REIT: Update
October 11th, 2010 |
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Keppel Land, the Singapore- based developer controlled by Keppel Corp., agreed to sell its stake in the first phase of Marina Bay Financial Center to K- REIT Asia for $1.43 billion, as part of a swap agreement.
Keppel Land will book a net gain of about $321 million from the sale of its one-third stake in the two office towers, it said in a statement today. Keppel Land will buy two properties, Keppel Towers and GE Tower, from K-REIT for $573 million for redevelopment into about 620 premium residences.
Keppel Land sells Marina Bay property stake to K-REIT in swap
October 11th, 2010 |
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Keppel Land agreed to sell its one-third stake in the first phase of Marina Bay Financial Center to K-REIT Asia for $1.43 billion, with a net gain of about $321 million. Keppel Land also agreed to buy two properties, Keppel Towers and GE Tower, for $573 million from K-REIT.
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K-REIT Asia upgraded to Outperform by Macquarie
September 30th, 2010 |
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Macquarie upgrades K-REIT Asia (K71U.SG) to Outperform from Neutral, lifts target price to $1.38 from $1.05 after raising FY12-15 DPU estimates by 7%-16% to reflect higher rental assumptions from 2012, says Dow Jones.
"K-REIT is a beneficiary of our upgraded office outlook," says Macquarie.
K-REIT started at Outperform by Credit Suisse, $1.45 target
September 22nd, 2010 |
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Credit Suisse starts K-REIT Asia (K71U.SG) at Outperform with $1.45 target price, says Dow Jones.
Credit Suisse says office landlord’s portfolio of prime assets well positioned to benefit from rising rents in Singapore, with downside protected as earnings cushioned by long-term leases with clauses for rental escalation.
Research house also notes 60% of K-REIT’s assets are grade-A office buildings, which tend to lead during industry upturn. Says K-REIT’s balance sheet among strongest in S-REIT sector, with 15% gearing vs 31.8% sector average.
Adds REIT has backing from sponsor Keppel Land (K17.SG), which can potentially inject $4.5 billion worth of completed, nearly-completed assets into property trust.
Price +0.8% at $1.29.
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K-REIT Asia Management – Corporate moves
September 17th, 2010 |
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Tan Chin Hwee has been appointed independent non-ED wef Sep 14
Work experience: Portfolio manager, Apollo Asia Opportunity Master Fund; MD, Amaranth
K-REIT Asia raised to Outperform by CLSA; Ups target
July 20th, 2010 |
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CLSA has raised K-REIT Asia (K71U.SG) to Outperform from Underperform after trust’s 2Q earnings came in within expectations, announces A$145 million ($173.6 million) acquisition in Australia, says Dow Jones.
July 20: NOL, Parkway, Yangzijiang, K-REIT Asia, China Dairy, Asiamedic, CapitaMalls Asia, …
July 20th, 2010 |
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Singapore shares may be lifted on Tuesday after Wall Street rose on optimism ahead of key earnings from technology companies.
Singapore’s benchmark Straits Times Index fell 0.42% on Monday to 2,945.42 points. Here are some stocks and factors to watch:
Singapore’s Neptune Orient Lines (NOL) (NEPS.SI), the world’s fourth-largest container shipping firm, said on Monday it carried 29% more containers in the four weeks to June 25 compared to a year ago.
Kâ€REIT Asia achieves $22m in distributable income or 2Q
July 19th, 2010 |
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Kâ€REIT Asia says it achieved a distributable income of $21.9 million for the three months ending June 30 (2Q 2010), a 25.5% increase from the same period a year before.
This was due mainly to the higher NPI from the 29% additional interest in Prudential Tower and the 50% interest in 275 George Street, which was newly acquired at the beginning of March. NPI rose 49.3% yearâ€onâ€year to $18.4 million in 2Q 2010.
The DPU for 2Q 2010 was 1.64 cents, 23.3% higher than the 1.33 cents DPU for 1Q 2010.
K-Reit Asia upped to Neutral, targets $0.97: Macq
July 14th, 2010 |
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Macquarie upgrades K-Reit Asia (K71U.SG) to Neutral from Underperform, lifts target price to $0.97 from $0.90 on back of higher DPU estimates, given strong office rent outlook, says Dow Jones.