Frasers Commercial Trust (A48U.SG) is down 2.9% at S$0.170, in hefty volume of 23.6 million shares, after reporting 1Q FY11 gross revenue of $29.0 million, down 2.3% on year and off 1.1% on quarter, which was mainly on lower contribution from Cosmo Plaza due to the expiry of a significant tenancy in August 2010.
Posts Tagged ‘U.SG’
Frasers Commercial Trust off 2.9%; cosmo divestment positive – OCBC
January 27th, 2011 |
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Starhill Global flat; 4Q above view – Daiwa
January 27th, 2011 |
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Starhill Global REIT (P40U.SG) is flat at $0.650, with moderate volume of 1.3 million shares traded after announcing 4Q10 net property income of $36.7 million, +37.0% on-year and DPU of 1.04 Singapore cents, +7.2% on-year.
Daiwa says NPI was 5% higher than forecast, while DPU was 3% higher. “The stronger-than-expected NPI came almost solely from the Renhe Spring Zongbei Property in Chengdu, China, which reported NPI of S$3.38 million (+72% on quarter).”
Do not chase dual-listing themes blindly – CIMB
January 25th, 2011 |
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With China Gaoxian (I4U.SG) down 20.5% at $0.350 after its KDR (950070.SE) opened lower on its debut in Korea this morning, falling to a low of KRW5,360 (equivalent to $0.307 per share), CIMB warns investors “make your investments based on company’s fundamentals; do not chase dual-listing themes blindly.”
Suntec REIT off 0.6%; 4Q revenue declines
January 24th, 2011 |
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Suntec REIT (T28U.SG) is off 0.6% at $1.57 after posting 4Q10 gross revenue of $61.41 million, down 0.6% on-year and off 2.9% on-quarter; its net property income was flat on-year and down 6.7% on-quarter at $47.2 million, while DPU fell 19.8% on-year and 7.4% on-quarter to 2.316 cents.
Mapletree Logistics had solid 2010; Buy – RBS
January 21st, 2011 |
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RBS says Mapletree Logistics Trust (M44U.SG) had “a solid 2010” with FY10 distributable income growth of 10.3% on-year in line with expectations.
“The growth is driven by contributions from new acquisitions made during the year (MLT expanded its portfolio by acquiring 14 assets worth about $500 million, increasing its portfolio size to $3.46 billion). We expect MLT to utilise its ample debt headroom ($470 million based on a gearing of 45%) to acquire accretively in 2011.”
Kim Eng reiterates CapitaMall Trust at Buy
January 21st, 2011 |
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Kim Eng reiterates CapitaMall Trust (C38U.SG) at a Buy with a DDMâ€derived target of US$2.32 ($3.00) after the REIT Thursday declared a FY10 DPU of 9.24 Singapore cents on the back of 5.9% on-year growth in net property income.
“With forward yields of at least 5.2% and rising, CMT could be an alternative inflation hedge,” the house says. It adds, like CapitaCommercial Trust (C61U.SG), CMT has a high cash position of US$712 million ($916.8 million).
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.
Near-term headwinds for CapitaMall units – JPMorgan
January 20th, 2011 |
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CapitaMall Trust (C38U.SG) is down 1.1% at $1.88, in line with the broad market after earlier posting 4Q DPU of 2.36 cents, down 1.4% on year and flat on quarter with net property income at $101.5 million, +5.7% on year, also flat on quarter.
Credit Suisse downgrades Ascendas REIT to Neutral
January 18th, 2011 |
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Credit Suisse downgrades Ascendas REIT (A17U.SG) to Neutral from Outperform with 7.0% upside to its $2.33 target. It says the REIT’s 3Q11 DPU of 3.29 cents (+0.6% on-year, flat on-quarter), brings 9M11 DPU to 9.96 cents (down 4.0% on-year), 73% of its FY11 estimate.
Daiwa tips mixed bag from S-REIT earnings
January 17th, 2011 |
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Ahead of the earnings release for Singapore REITs starting with Ascendas REIT (A17U.SG) later today, Daiwa says it expects “a mixed bag for net-property income and distribution-per-unit growth because several S-REITs completed major acquisitions and refinancing during the quarter.”
Suntec REIT may revisit $1.56 high soon
December 14th, 2010 |
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Suntec REIT (T82U.SG) is up 0.7% at $1.51, extending its 5.6% gain since the start of December after bottoming out at a 3-month low of $1.42 late last month.
The pre-rebound pullback came partly on dilution concerns given Suntec’s $428.8 million placement of new units to partly fund the purchase of a one-third stake in Singapore’s Marina Bay Financial Centre and an accompanying mall.
Ascott Residence Trust started at Neutral by Credit Suisse
December 13th, 2010 |
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Credit Suisse starts Ascott Residence Trust (A68U.SG) at Neutral with a $1.30 target price. Says the hospitality REIT’s earnings have become more stable after its recent acquisition of 26 serviced apartments in Europe, with 47% of its EBITDA now derived from stable income vs 4% previously.
CapitaMall started at Overweight by HSBC, target $2.22
December 10th, 2010 |
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HSBC initiates CapitaMall Trust (C38U.SG) at Overweight with $2.22 target price; says the REIT’s stable income profile ensures steady payouts while its asset enhancement initiatives will result in continued rental uplift.
Says the “recent correction (is) an opportunity to go long on Singapore’s oldest REIT.”
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.
Keppel Land +1%; DBS Vickers tweaks FY10 view on MBFC gain
December 6th, 2010 |
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Keppel Land (K17.SG) +1.0% at $4.85, roughly in-line with broad market gain (STI +0.9%) with relatively thin volume of 1.2 million shares; suggests upwardly revised net gain from sale of stake in MBFC 1 to K-REIT (K71U.SG) — due to favorable advance tax ruling — not doing much to generate excitement.
DBS Vickers, which has Buy rating, $4.96 target, notes firm expected to realise net gain of $394 million compared to $321 million reported earlier.
CapitaMall Trust flat; Buy on recent fall: CLSA
December 3rd, 2010 |
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CapitaMall Trust (C38U.SG) pares gains, flat at $1.96 vs $1.98 intraday high, with investors digesting 6.5% rise over last 2 days.
Recent gains follow sustained decline from around mid-November on broad market weakness.
CLSA ups Suntec REIT to Buy; favours office exposure
November 30th, 2010 |
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CLSA upgrades Suntec REIT (T82U.SG) to Buy vs Outperform, raises target price to $1.60. Says, private placement (at 4.0% discount to VWAP) in-line with other recent equity raising discounts of around 5.0%.
“The deal is marginally yield accretive…raising DPU marginally by 1.0%-2.0%. In the long run…the deal is a huge positive as it enables Suntec REIT to acquire one of the key office prime jewels in Singapore.”
Suntec REIT off 1.4%; Limited DPU impact: CIMB
November 30th, 2010 |
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Suntec REIT (T82U.SG) down 1.4% at $1.41 after it places 313 million units at $1.37 each to part fund MBFC stake buy; CIMB notes placement price at top end of indicative $1.34-$1.38 range flagged Monday, though below house’s $1.42 assumption, but says limited DPU impact from lower placement price.
Mapletree Logistics flat; $55m buy discounted
November 29th, 2010 |
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Mapletree Logistics Trust’s (M44U.SG) $55 million yield-accretive purchase of Singapore property Liang Huat Building doing little to spur investor interest.
REIT flat at $0.915 in thin trade, drifting in tight $0.905-$0.92 band so far today.