CapitaMall Trust (C38U.SG) is off 0.5% at $1.84 and continues to underperform rest of STI stocks, says Dow Jones.
Over the last three weeks, the stock has gained 2.2% vs STI +3.5% over same period.
Posts Tagged ‘U.SG’
Frasers Centrepoint Trust cut to ‘hold’ by Daiwa
March 26th, 2010 |
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Daiwa has downgraded Frasers Centrepoint Trust (J69U.SG) to “hold” from “outperform”, cuts target price to $1.44 from $1.54.
Daiwa notes the REIT already trading at DPU yield of 6.1%, in line with sector average, as well as 12% premium to its NAV.
Wee Hur up 1.9% on $104m mall development job
March 23rd, 2010 |
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Interest in Wee Hur Holdings (E3B.SG), the construction and property development firm, was revived by midday announcement of company landing maiden contract from CapitaMall Trust (C38U.SG) worth $103.6 million to redevelop Jurong Entertainment Centre, reported Dow Jones Newswires.
CapitaCommercial Trust price target raised to $1.15 by JPMorgan
March 19th, 2010 |
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JPMorgan has raised CapitaCommercial Trust’s (C61U.SG) target price to $1.15 from $1.10 on higher earnings estimates but maintaining its “neutral” rating, reported Dow Jones.
The broker has raised FY10-FY12 earnings forecasts by 7–13% to factor in lower borrowing costs as a result of recently announced convertible bond issue as well as recent FY09 results and divestment of Robinson Point property.
CapitaCommercial Trust upgraded to ‘buy’ by OCBC
March 19th, 2010 |
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OCBC Investment Research has upgraded CapitaCommercial Trust (C61U.SG) to “buy” from “hold”, lifting its target price to $1.19 from $1.16 after increasing FY10 DPU estimate by 6% to reflect lower cost of debt, reported Dow Jones Newswires.
CapitaCommercial Trust gains 0.9%; performance hinges on asset buys, says UBS
March 19th, 2010 |
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CapitaCommercial Trust (C61U.SG) +0.9% at $1.1, retracing part of yesterday’s 3.5% loss triggered by dilution stemming from office landlord’s $225 million convertible bond sale to refinance debt, fund growth, reported Dow Jones Newswires.
CapitaCommercial Trust off 2.7%; may seek more cash calls, says DMG
March 18th, 2010 |
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CapitaCommercial Trust (C61U.SG) is off 2.7% at $1.10 as $225 million convertible bond sale raises concerns of smaller DPU, reported Dow Jones Newswires. Exercise comes with option to upsize to $250 million, with conversion price at $1.356. Bonds carry annual interest rate of 2.7%, payable half-yearly.
Mapletree Logistics initiated ‘outperform’ by Credit Suisse
March 17th, 2010 |
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Credit Suisse has initiated Mapletree Logistics Trust (M44U.SG) at “outperform”, setting 98 cents target price, reported Dow Jones Newswires. Broker says logistics REIT offers good growth prospects; “we view it as a proxy to Asian logistics real estate with strong growth potential through acquisitions and developments.”
More S-REITs likely to extend debt tenure, says CIMB
March 16th, 2010 |
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More Singapore-listed REITs expected to follow footsteps of Ascendas REIT (A17U.SG), CapitaMall Trust (C38U.SG) in extending their loan tenures, says CIMB, according to Dow Jones Newswires.
Notes Ascendas’ recent extension of its $300 million term loan due in March 2010 to March 2017, as well as separate issue of exchangeable collateralised securities to raise $300 million for refinancing, acquisitions, property development.
Ascendas REIT off 1%; well-placed for growth, says DMG
March 16th, 2010 |
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Ascendas REIT (A17U.SG) off 1% at almost 2-week low of $1.94 as dilution prospects surface in wake of industrial landlord’s issue of $300 million collateralised securities exchangeable into units at price of $2.45.
If seven-year securities fully exchanged, A-REIT will have to issue 122.4 million new units, or 6.5% of current unit base. “We believe further retracement in the stock price may present A-REIT as an attractive buying opportunity,” says DMG, which has a “neutral” call with $2.11 target.
K-REIT Asia cut to sell by Daiwa with $0.96 target
March 15th, 2010 |
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Daiwa has downgraded K-REIT Asia (K71U.SG) to “sell” from “underperform” saying recent share price performance looks unjustified, reported Dow Jones Newswires.
Says current market value of office REIT is assuming valuations for office assets that look too high, given Singapore office market volatility, large new supply of office space coming on stream.
Singapore hospitality REITs good recovery plays, says OCBC
March 9th, 2010 |
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Singapore hospitality REITs offer a compelling earnings recovery story, says OCBC Investment Research.
OCBC says recent Singapore Tourism Board projections for jump in visitor arrivals this year “bolsters the earnings recovery theme for hospitality REITs CDL Hospitality Trusts (J85.SG) and Ascott Residence Trust (A68U.SG).”
Fortune REIT’s yields stand out vs peers’, says JPMorgan
March 4th, 2010 |
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Fortune REIT (F25U.SG) succumbs to mild profit-taking after rising to six-month high of HK$3.45 (62.2 cents) in early trade.
The stock is off 0.3% at HK$3.41 but still up 13.3% since last week’s announcement of proposed dual listing in Hong Kong by way of introduction.
Recent uptrend likely to hold on expectation stock will command higher valuation once listed in HK, its main market for business. Fortune will hold EGM March 26 to seek investors’ approval.
Ascendas REIT upgraded to ‘outperform’ by CLSA
February 18th, 2010 |
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CLSA has upgraded Ascendas REIT (A17U.SG) to “outperform” from “underperform” on the back of the industrial and business space REIT’s recent underperformance and earnings upgrades.
CapitaMall Trust’s target price raised to $1.43 by Nomura
February 17th, 2010 |
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Nomura has raised CapitaMall Trust (C38U.SG) target price to $1.43 from $1.28 to reflect more bullish valuations for retail assets; but maintains “Reduce” call.
The broker notes retail REIT’s valuers appeared more upbeat on asset values and capitalisation rates when valuing the trust’s retail portfolio following its recent 4Q09 results.
CapitaMall Trust dips 0.6% as planned Clarke Quay acquisition boosts DPU marginally
February 10th, 2010 |
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CapitaMall Trust (C38U.SG) surrendered early gains, falling 0.6% to $1.76 vs the high of $1.78 (+0.6%), as proposed $268 million purchase of Clarke Quay fails to whet investment appetite given marginal boost to DPU.
“While this is an accretive acquisition, the impact on DPU should be immaterial, in our estimation,” says CIMB, which has “neutral” call with $1.91 target and tips a 2% boost to FY11–12 DPU as full contribution kicks in.
CapitaCommercial may rise with 4Q ahead of expectations, says OCBC
January 20th, 2010 |
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CapitaCommercial Trust (C61U.SG) may rise after posting 21.9% on-year increase in net property income to $80 million driven by higher rental income.
Adjusted for rights issue in mid-2009, 4Q09 DPU was up 38.2% on-year while occupancy was up 94.8% from 94.0% in 3Q09.
Ascendas REIT flat; DPU growth likely muted, says Kim Eng
January 19th, 2010 |
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With a slight improvement in fiscal 3Q10 results and a cautious outlook, industrial landlord Ascendas REIT (A17U.SG) is not giving market confidence to stay invested, says Kim Eng Securities.
“We do not expect strong rental recovery due to the new industrial space coming on line and a still-weak office sector, which may draw tenants away from industrial space,” says the brokerage, which has ‘hold’ call with $2.02 target.
Suntec REIT may slip on dilution from placement, says Dow Jones
December 11th, 2009 |
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Suntec REIT (T82U.SG) may slip when trading resumes due to dilution as property trust seeks to place out 128.5 million new units to raise up to $152.9 million to pare debt, says Dow Jones newswires.
The private placement will increase the unit base by 7.7% and the indicative pricing range at $1.16–$1.19, representing 9.4%–7% discount to last closing price of $1.28. Net proceeds work out to at least $147.3 million, based on low end of pricing range.