Watson Farley & Williams Asia Practice (WFWAP) has advised a syndicate of banks led by the Bank of Tokyo-Mitsubishi UFJ as agent, and the Singapore branch of UniCredit Bank as security trustee, in relation to a US$479,557,744 refinancing loan to a ship lease financing trust, a significant amount at a time when the global shipping industry is facing choppy waters.
The term facility was provided to FSL Trust Management, as trustee-manager for First Ship Lease Trust, to refinance the latter's existing credit facility. The bank syndicate also included the Singapore branch of ABN AMRO, OCBC, the Singapore branch of Sumitomo Mitsui Banking Corp, the Singapore branch of UniCredit Bank, Korea Development Bank, ITF Suisse and KfW IPEX-Bank.
The 25-ship fleet of First Ship Lease Trust, a SGX-listed trust that specialises in non-tax driven leasing services to the global shipping industry, was used to secure the term facility. The ships are on charter to a variety of international owners and operators, and thus the transaction involved coordination with local counsel and/or registries in Singapore, England, the Marshall Islands, Malta, Taiwan, Indonesia, Cyprus, Liberia, Panama, Italy and the Bahamas.
Partner Goh Mei Lin led the WFWAP team, and was assisted by Shawn Er and Hayley Arrow. Allen & Gledhill acted as lead counsel for the borrower, while the main local counsels for the lenders included Arias B. & Associates in Panama, Higgs & Johnson in the Bahamas, and Asia Practice in Singapore.
Goh admitted that the number of ships, charterers and jurisdictions involved in the deal, along with existing market conditions, had made it a complicated transaction to pull off. "Some factors which were helpful in securing a financing of this size in this market include the fact that many of the lenders involved are lenders in the existing facility to FSL which the new facility is to refinance (and are, therefore, very familiar with FSL, its assets and its business operations)," she said. "Documentation was undertaken on an intensive basis as there were concerns about the possibility of further increases in funding costs." ALB
Finally FSL Trust eased from its high debt ratio. It eased investor's tension toward this high dividend stocks. Will this loan secured boosting the shares price? As current price is low and attractive to many investors and their main worry / concern is solved. Anyway i in this counter yet and observing their movement as their high dividend looks too delicious to me. No doubt, i am taking risk, but it is a calculated risk.
However the re-financing only pro-long the debt maturity rather then solve the debt. For long term wise, FSL Trust has to reduce their cost or increase its profit or sales to repay its debts.
Wednesday, December 28, 2011
Tuesday, December 27, 2011
Market talk by others
STI is not breaking the 2680 level by today. Hence the conclusion will be it is at the downtrend yet? or simply the volume is too low and unable to push it up? Anyway this is a nice video to share. Maybe you can follow up the market talk conducted by Jonathan Tan weekly. Thanks to him for sharing.
Thursday, December 22, 2011
Mapletree Logistics secures long-term yen funding
Mapletree Logistics Trust Management (MLTM), the manager of Mapletree Logistics Trust (MLT), on December 20 issued nine billion yen (USD115.68 million) 10-year fixed rate notes to a long-term financial investor, a leading life insurance company.
The notes, issued through MLT’s wholly-owned subsidiary Mapletree Treasury Company, are priced at a fixed interest rate of 2.71 percent per annum, or at a spread of 1.7 percent over the current 10-year yen swap rate. Issued under the existing SGD1 billion (USD769.23 billion) multi-currency medium-term note programme, the proceeds will be applied towards the refinancing of MLT’s yen loans.
Post-refinancing, the proportion of MLT’s debt due in 2012 is reduced to about seven percent of the total debt. The note issuance has also improved the maturity profile and diversified MLT’s funding sources.
MLT has recently entered into a five-year bank loan agreement to refinance about 1.4 billion yen of loans, or about two percent of its overall debt, due in 2012. Taken together with this note issuance, MLT’s average debt duration has improved from 3.7 years to 4.5 years, with a more balanced debt maturity profile.
In particular, the proportion of debt due in 2012 has been reduced from 13 percent to seven percent. Given that MLT has sufficient liquidity from its available credit facilities to meet the remaining debt due next year, MLTM believes that MLT’s near refinancing risks has been effectively managed.
“We are pleased to have secured long-term funding at such a competitive rate, especially given the current volatile global capital market environment,” says MLTM CEO Richard Lai in a statement. “As part of proactive capital management strategy, we are constantly evaluating various financing sources to achieve a well-balanced debt maturity profile and the most optimal capital structure.”
Moody’s Investors Service assigned a Baa1 rating to the issue, reflecting MLT’s stable and recurring earnings and cash flow streams derived from its good mix of portfolio, with quality and strategically located logistics properties. The company’s rating outlook is stable as Moody’s expect that MLT will exercise prudence in its expansionary strategy while keeping its credit profile within the targeted parameters and maintaining a well-laddered debt maturity profile.
MLT is the first Asia-focussed logistics Reit (real estate investment trust) in Singapore. As at September 30 2011, it has a diversified portfolio of 98 logistics assets in Singapore, Hong Kong, Japan, China, Malaysia, South Korea and Vietnam with a total book value of more than SDG3.7 billion.
Source from http://www.theasset.com/article/20955.html
Mapletree Logistric always has a good debt maturity control but why its NAV is so low? Any hidden reason to bring down its NAV? To be discussed....
Saturday, December 17, 2011
Otto Marine penetrates into India Market
Otto Marine always trying hard to survive in the shipping market. Just too bad current macroeconomic is agaist them especially the shipping line condition. Otto Marine chose its base at Indonesia and expanding it business to Australia and others Asian Country except Singapore and China. It trys to avoid a messy fight at this two countries as they already dominated by big players like NOL, Keppel Group, Yanzijiang and Cosco.
It is nothing wrong to avoid a competitive fight with big players but you have to really careful when you try to explore foreign unknown market. Effective cost control plays a major part for this exploration games. Otto Marine was losing money on previous quarter due to poor currency management control. Hope they will learn the mistake and improve it. Hope Ottto Marine can survive and fly soon. A long rally for this counter will definately please us.
Recently it has a media release to annouce that it has business in India. It is a startup, hope Otto Marine can have better result in near future. For the news please click here ==>Media Release
It is nothing wrong to avoid a competitive fight with big players but you have to really careful when you try to explore foreign unknown market. Effective cost control plays a major part for this exploration games. Otto Marine was losing money on previous quarter due to poor currency management control. Hope they will learn the mistake and improve it. Hope Ottto Marine can survive and fly soon. A long rally for this counter will definately please us.
Recently it has a media release to annouce that it has business in India. It is a startup, hope Otto Marine can have better result in near future. For the news please click here ==>Media Release
Sunday, December 4, 2011
My stocks portfolio until End of November
If we review current macroeconomic, the conclusion will be market is volatite, instability and uncertainty. Many investors will keep asking how should we react and restructure our portfolio? I did my adjustment since began of this year. I switched my funds from shipping line, entertainment sector and agri cultural stocks to relatively stable stocks - REIT. I am satify what i did.
However i did mistakes too. My above mentioned action is relatively late and slow, partial of my funds traps in the shipping line related stocks and unable to withdraw at the moment as i do not want to suffer big lost; one of them is YangZiJiang. I am regratted to buy during its downturn as i think it will rebound soon. Time and fact proves me wrong! It does not rebound but further down. I believe it is a fundementally good stock but my entry price is wrong. I learned this lesson and will avoid downtrend stock in future unless have solid reasons to prove the downtrend is over.
However i did mistakes too. My above mentioned action is relatively late and slow, partial of my funds traps in the shipping line related stocks and unable to withdraw at the moment as i do not want to suffer big lost; one of them is YangZiJiang. I am regratted to buy during its downturn as i think it will rebound soon. Time and fact proves me wrong! It does not rebound but further down. I believe it is a fundementally good stock but my entry price is wrong. I learned this lesson and will avoid downtrend stock in future unless have solid reasons to prove the downtrend is over.
Saturday, December 3, 2011
Is this trader telling the truth?
Is this trader telling the truth? He mentioned the collapse is coming...and Goldman Sachs Rules the world! If yes, all retail investor like us in great danger. Be prepared!
Lets see what expert said
DBS Research Group gives buy rating to CMA! I personally agree that CMA is a fundamentally good stock to accumulate when market crash. For the full report please click here.
DMG & Partners Research comments about S-chips. Singapore listed China stock is doing not well recently compare to previous few quarter. Let see what expert said about them.
DMG & Partners Research comments about S-chips. Singapore listed China stock is doing not well recently compare to previous few quarter. Let see what expert said about them.
Saturday, November 12, 2011
Earn It Easy
A website found from internet, dunno this is true?
點擊付費(Paid To Click/PTC),是通過廣告商與消費者之間建立的雙贏制商機網站.現在您只需要擁有有電腦以及網絡就能賺取額外的收入.您不需要投資任何錢,只需要付出您的空閑時間瀏覽有關PTC網站.網賺方案非常簡單,再您成功註冊有關網站為會員後,您將會擁有各自的推薦連結(refferral link),那是用於推薦在部落格上,社交網站或通過電郵推薦給好友.一旦朋友接受您的推薦,他將會成為您的下線.而下線將會幫助到您賺取更多的收入.(傭金並非從下線抽取,而是有關網站付的獎賞).
賺錢方程例子:
$ = 美金
一天點擊10次 = $0.10
10個下線同步點擊10次= $1.00
一天賺$1.10
一星期賺$7.70
一個月賺$33.00
團結就是力量,試想如果您的再加努力會得到怎樣的收入?
簡短指示:
加入PTC網站,保持活躍,及重要的是利用網絡推薦,增進您的收入.就這麽簡單.
在此推薦些可靠的PTC網站:
直接點擊瀏覽吧!!
建議加入至少一個,越多越賺!!
Monday, November 7, 2011
FSL Trust Q3 Results
FSL Trust's management secures a firm commitment to refinance 90% of outstanding debt. This is a good news to investor, at least it eases our tension toward its high debt. Can this main concern boosts its share price? Will investor gain the confident toward FSL Trust? At the moment, no clues on that yet. It is no doubt that the shipping line is fragile and market is weak now. Can FSL Trust rebounds to 0.4+ level? How long we have to wait for its rebound and create another high price?
Judge from current situation, it is hardly to believe that it can rebound strongly at short term as its not enjoying an high profit now cum they do not deliver an impressive sales figure. Can their sales figure being boosted? I think it is quite tough especially within this two years as overall economic condition not allowing such situation happen.
I am looking for strong rebound to lets go my portion and park my money to REITS. Although it is relatively lower dividend yield but higher price value appreaciation.
Judge from current situation, it is hardly to believe that it can rebound strongly at short term as its not enjoying an high profit now cum they do not deliver an impressive sales figure. Can their sales figure being boosted? I think it is quite tough especially within this two years as overall economic condition not allowing such situation happen.
I am looking for strong rebound to lets go my portion and park my money to REITS. Although it is relatively lower dividend yield but higher price value appreaciation.
Monday, October 31, 2011
Industrial Reits: not that defensive says Credit Suisse
Trasferring a Good article about Industrial REIT to share here.
Last week, Credit Suisse issued a report on industrial Reits. Excerpts from report’s Executive Summary.
Not as defensive as perceived: We assume coverage of the Singapore industrial Reits sector with a slightly negative stance as we believe that the perception of its defensiveness (due to longer lease tenures) is misplaced.
… we have done thorough analyses on the factory, business parks and warehouses sub-segments, and conclude that we are most positive on the warehouse sector fundamentals.
… flat to low single-digit growth for factory rents driven by high occupancy, and business park rents to moderate due to the oncoming supply pressure (including new supply of decentralised office space).
Potential weak demand may slow rental growth: Singapore industrial rents have surpassed pre-sub-prime crisis peaks and are at 10-year highs.
… upside is limited from here on, given the moderating economic growth outlook, Singapore’s high exposure to the US and European economies and the appreciating currency which will reduce Singapore’s competitiveness as an industrial location of choice.
However … the few less labour-intensive, higher value-add fields, and sectors/ players with better pricing power, like biotechnology, water technology, environmental/energy sciences will likely be less impacted by cost inflation.
This should underpin rental growth for the class of industrial assets exposed to these sectors.
… expect rents in (logistics) warehouse – our preferred industrial sub-segment – to continue to remain strong on the back of fairly strong 90-91 per cent occupancies based on limited supply completion over the next three years. While supply for all factories over the next five years looks manageable, at 9-10 per cent of existing supply of 332 million sq ft NLA for factories and business parks … rents for older-specs factories could come under pressure especially given current economic uncertainties, which will likely impact SMEs and less cost-efficient companies (those at the lower end of the value chain).
… hi-tech and business park rents to moderate, due to the oncoming supply of business parks over the next four years amounting to 29 per cent of existing supply, coupled with existing high vacancies.
M&A increasingly challenging: Despite the supportive capital-raising environment, in our view, with cap rates continuing to compress on the back of rising competition for land (as industrial assets have the highest yields), … becoming increasingly challenging for a Reit to make an accretive acquisition, particularly in Singapore, where capital values today are at 10-year highs.
Based on our analyses of Ascendas Reit (A-Reit), Mapletree Logistics Trust (MLT) and Mapletree Industrial Trust (MINT), we conclude that (1) A-Reit has the most debt headroom with $1 billion available for future acquisitions; (2) A-Reit and MLT both have the strongest acquisition pipeline, with $1 billion each of injection pipeline from their sponsors; and (3) MINT and MLT have the highest risk of placement, depending on the size of transaction given their gearing levels of 39.3 per cent and 40.6 per cent, respectively.
Three investable names, at this stage: After screening for market cap of over $1 billion and liquidity of US$1.5 million/day, only three of the seven industrial S-Reits are deemed investable: A-Reit, MLT, MINT.
Last week, Credit Suisse issued a report on industrial Reits. Excerpts from report’s Executive Summary.
Not as defensive as perceived: We assume coverage of the Singapore industrial Reits sector with a slightly negative stance as we believe that the perception of its defensiveness (due to longer lease tenures) is misplaced.
… we have done thorough analyses on the factory, business parks and warehouses sub-segments, and conclude that we are most positive on the warehouse sector fundamentals.
… flat to low single-digit growth for factory rents driven by high occupancy, and business park rents to moderate due to the oncoming supply pressure (including new supply of decentralised office space).
Potential weak demand may slow rental growth: Singapore industrial rents have surpassed pre-sub-prime crisis peaks and are at 10-year highs.
… upside is limited from here on, given the moderating economic growth outlook, Singapore’s high exposure to the US and European economies and the appreciating currency which will reduce Singapore’s competitiveness as an industrial location of choice.
However … the few less labour-intensive, higher value-add fields, and sectors/ players with better pricing power, like biotechnology, water technology, environmental/energy sciences will likely be less impacted by cost inflation.
This should underpin rental growth for the class of industrial assets exposed to these sectors.
… expect rents in (logistics) warehouse – our preferred industrial sub-segment – to continue to remain strong on the back of fairly strong 90-91 per cent occupancies based on limited supply completion over the next three years. While supply for all factories over the next five years looks manageable, at 9-10 per cent of existing supply of 332 million sq ft NLA for factories and business parks … rents for older-specs factories could come under pressure especially given current economic uncertainties, which will likely impact SMEs and less cost-efficient companies (those at the lower end of the value chain).
… hi-tech and business park rents to moderate, due to the oncoming supply of business parks over the next four years amounting to 29 per cent of existing supply, coupled with existing high vacancies.
M&A increasingly challenging: Despite the supportive capital-raising environment, in our view, with cap rates continuing to compress on the back of rising competition for land (as industrial assets have the highest yields), … becoming increasingly challenging for a Reit to make an accretive acquisition, particularly in Singapore, where capital values today are at 10-year highs.
Based on our analyses of Ascendas Reit (A-Reit), Mapletree Logistics Trust (MLT) and Mapletree Industrial Trust (MINT), we conclude that (1) A-Reit has the most debt headroom with $1 billion available for future acquisitions; (2) A-Reit and MLT both have the strongest acquisition pipeline, with $1 billion each of injection pipeline from their sponsors; and (3) MINT and MLT have the highest risk of placement, depending on the size of transaction given their gearing levels of 39.3 per cent and 40.6 per cent, respectively.
Three investable names, at this stage: After screening for market cap of over $1 billion and liquidity of US$1.5 million/day, only three of the seven industrial S-Reits are deemed investable: A-Reit, MLT, MINT.
Mapletree reports 24% YoY increase in Q3 FY11 Net Property Income
Mapletree Logistics Trust’s management says it's looking out for weakness in demand for its properties, in the face of global economic weakness.
It reported an increase of 23.7% YoY in Q3 FY11 Net Property Income to S$ 58.9 mln and the Distribution per Unit increased by 10% YoY to 1.69 cents.
The Trust registered organic growth of 6% YoY backed by higher rentals and occupancy.
Year to date, the Trust has sealed 88% of lease agreements expiring in 2011.
The lease agreements revised during Q3 were done at 22% higher rentals.
Occupancy at various investment properties of the Trust continues to remain at 99%, compared to 98% in Q3 FY10.
The weighted average lease term to expiry of the underlying land of the properties is 46 years and the average term to expiry of lease agreements is 6 years.
The debt to total assets ratio at Mapletree Logistics Trust stood at 41% at the end of Q3 FY11 and it continues to enjoy Baa1 rating with a stable outlook from Moody’s.
Management says it's happy with the prevailing debt gearing at 41% of total assets, as it lies within their medium term target range of 40%-50%.
But earlier this year, management announced its ambition to bring down debt gearing to 25% over medium to long term which would also qualify for rating upgrade by Moody’s.
The Trust has reduced the total debt maturing in 2012 to 14% from 31% earlier by arranging re-finance for its JPY 17.3 bln loan.
Hence, the average debt duration has significantly improved to 3.7 years from 2.7 earlier.
The Trust, which is 40.8% owned by Temasek Holdings, has identified 21/23 Benoi Sector in Singapore for re-development, which would add 70,000 sqm to its Singapore portfolio.
Few further details of this development were provided.
Analyst Kevin Tan at OCBC is positive on this development as it reflects Mapletree Logistics Trust’s proactive approach to enhance value.
OCBC maintains its BUY rating on the stock with a slightly increased target price of S$ 1.07 (from S$ 1.06 earlier).
The questions that need to be asked about this story:
1. Management wants to bring debt down to 25% in the medium to long term, but says it's happy with 41% at the moment. What is the time frame for this?
2. How happy are tenants to pay 22% higher rents at a time that the global economy is weakening?
3. What are further details on the redevelopment of the Benoi Sector property?
It reported an increase of 23.7% YoY in Q3 FY11 Net Property Income to S$ 58.9 mln and the Distribution per Unit increased by 10% YoY to 1.69 cents.
The Trust registered organic growth of 6% YoY backed by higher rentals and occupancy.
Year to date, the Trust has sealed 88% of lease agreements expiring in 2011.
The lease agreements revised during Q3 were done at 22% higher rentals.
Occupancy at various investment properties of the Trust continues to remain at 99%, compared to 98% in Q3 FY10.
The weighted average lease term to expiry of the underlying land of the properties is 46 years and the average term to expiry of lease agreements is 6 years.
The debt to total assets ratio at Mapletree Logistics Trust stood at 41% at the end of Q3 FY11 and it continues to enjoy Baa1 rating with a stable outlook from Moody’s.
Management says it's happy with the prevailing debt gearing at 41% of total assets, as it lies within their medium term target range of 40%-50%.
But earlier this year, management announced its ambition to bring down debt gearing to 25% over medium to long term which would also qualify for rating upgrade by Moody’s.
The Trust has reduced the total debt maturing in 2012 to 14% from 31% earlier by arranging re-finance for its JPY 17.3 bln loan.
Hence, the average debt duration has significantly improved to 3.7 years from 2.7 earlier.
The Trust, which is 40.8% owned by Temasek Holdings, has identified 21/23 Benoi Sector in Singapore for re-development, which would add 70,000 sqm to its Singapore portfolio.
Few further details of this development were provided.
Analyst Kevin Tan at OCBC is positive on this development as it reflects Mapletree Logistics Trust’s proactive approach to enhance value.
OCBC maintains its BUY rating on the stock with a slightly increased target price of S$ 1.07 (from S$ 1.06 earlier).
The questions that need to be asked about this story:
1. Management wants to bring debt down to 25% in the medium to long term, but says it's happy with 41% at the moment. What is the time frame for this?
2. How happy are tenants to pay 22% higher rents at a time that the global economy is weakening?
3. What are further details on the redevelopment of the Benoi Sector property?
Saturday, May 28, 2011
Mapletree Logistrics achieves significant milestone in South Korea!
I like Mapletree Logistrics Trust, it has a stable and mature performance.It is one of the REIT eyes oversea property instead of Singapore marekt only. Recently they announced that it achieve significant milestone in South Korea. For the announcement you can click here. Its core company - Mapletree investment delivers strong performance for 1Q2011! This encouraging news boosting its related company shares price higher. MLT & MIT is one of the beneficials. Will their newly born brother Mapletree Commercial Trust performs well too? Who trades below its IPO price now! The answer has to wait until 2Q2011 result release. I personally quite confident and optimistic for all Mapletree companys' performance.
Below are highlight for Mapletree's FY10 Financial Performance:
• Revenue of S$590 million, up 30%
• PATMI of S$747 million, up 90%
• Shareholder’s Funds of S$5.8 billion, up 14%
• Total Assets at S$9.7 billion, up 11%
• Owned and Managed Assets S$15.4 billion, up 19%
• ROE up from 8% to 14%
• ROIE up from 8% to 12%
Below are highlight for Mapletree's FY10 Financial Performance:
• Revenue of S$590 million, up 30%
• PATMI of S$747 million, up 90%
• Shareholder’s Funds of S$5.8 billion, up 14%
• Total Assets at S$9.7 billion, up 11%
• Owned and Managed Assets S$15.4 billion, up 19%
• ROE up from 8% to 14%
• ROIE up from 8% to 12%
Monday, May 23, 2011
STI Talks
Someone asked me how to invest on current condition? I said if you aim for stable, low risk, moderate returns then go for REIT stocks. If you look for 5 to 10 years profitable investment, go for oil & gas sector. Oil & gas sector generally doing bad now. In others words, most of them are below fair value now. The upside room bigger. Furthermore, they have slower recovery rate compare to others sectors. You can always use others sector's condition as benchmark to judge oil & gas sector's condition. This will give you an overall pictures.
If you trust professional's report, you can always search through internet to read them. Here i am attached with two reports for your reference. This is profesional recommedation on Trading strategy. This for REIT recommendation.
If you trust professional's report, you can always search through internet to read them. Here i am attached with two reports for your reference. This is profesional recommedation on Trading strategy. This for REIT recommendation.
Saturday, May 21, 2011
CapitalMall Asia in eyes
CapitaMalls Asia a mall developer who go public listed at November 2009 with a IPO Price 2.12. This is an expensive IPO. Is it worths to try? My answer is you can consider it if it can be around S$1.7!
Good news is.. its shares price dropped to 1.64 now! This is an attractive entry price if you intend go for long term! It invests in Singapore, Malaysia, Japan, China and India's real estate sector. It is well - positioned and to benefit from opportunities presented by significant growth in Asian especially at economic rising country - China and India! It owns 32 shopping mall at China and 1 at India. After years 2012 it will increase to 50 and 9 respectively. It has the early mover advantage at China and India. This is very important for property players. Besides, the expansion of consumer spending at this two countries is booming. Such expansion catched market attention and competition starts to surround. For those interested on this shares, please stay tube on the competition and China interest rate issues before invest! Keep on my watchlist now.
Good news is.. its shares price dropped to 1.64 now! This is an attractive entry price if you intend go for long term! It invests in Singapore, Malaysia, Japan, China and India's real estate sector. It is well - positioned and to benefit from opportunities presented by significant growth in Asian especially at economic rising country - China and India! It owns 32 shopping mall at China and 1 at India. After years 2012 it will increase to 50 and 9 respectively. It has the early mover advantage at China and India. This is very important for property players. Besides, the expansion of consumer spending at this two countries is booming. Such expansion catched market attention and competition starts to surround. For those interested on this shares, please stay tube on the competition and China interest rate issues before invest! Keep on my watchlist now.
Monday, May 16, 2011
Stable and profitable high dividend stock
Pacific Shipping Trust is the first business trust to be listed on the Singapore Exchange (SGX). It is one of the high dividend, cheap and stable stock. It is fundamentally good and attractive. 3 consecutive years of 7.3 P/E value, ROE of 11%, dividend yield 9%, 52 weeks range 0.26-0.38. For more analysis data you can find it here. For its official website, you can click here.
If you compare PST with others business trusts, you will find that it is doing better then others. Stable debt, growing revenue and profitable margin make its financial report shining!
This stock is in my watchlist, its fair value should around 0.3. This is the reason i do not enter this counter now. Judge from current situation, it is not likely drop to my ideal prices unless global economic condition turn worst. For me this is quite impossible, as mentioned at previous post, midle east crisis, Japan disaster, China & India condition did not turn worst and at the stage of re-built / recovery. USA also on their way of recovery. The worst is over, things are turning good. So current 0.35 prices will be a good entry point for near term unless another disaster crashs shares market. For those adventurous investors, maybe this is a good entry point for you. Good luck!
If you compare PST with others business trusts, you will find that it is doing better then others. Stable debt, growing revenue and profitable margin make its financial report shining!
This stock is in my watchlist, its fair value should around 0.3. This is the reason i do not enter this counter now. Judge from current situation, it is not likely drop to my ideal prices unless global economic condition turn worst. For me this is quite impossible, as mentioned at previous post, midle east crisis, Japan disaster, China & India condition did not turn worst and at the stage of re-built / recovery. USA also on their way of recovery. The worst is over, things are turning good. So current 0.35 prices will be a good entry point for near term unless another disaster crashs shares market. For those adventurous investors, maybe this is a good entry point for you. Good luck!
Sunday, May 15, 2011
Profit Warning from Courage Marine
For Courage Marine, its shares price was affected by overall unclear economic condition cum unfavourable operating result. I am quite optimistic and positive for the coming half year. At least the midle east crisis, Japan disaster, China & India condition did not turn worst and at the stage of re-built / recovery. Another encouraging news is USA is on their way of recovery too. The worst is over, things are turning good. Please move carefully as the overall condition is brittle and weak, invest with close monitoring now.
Sunday, May 8, 2011
A follow up on Cambridge
As mentioned on previous post, REIT needs to expand and acquire more properties to increase their revenue, income and distribution. When they achieved this, only shareholders can enjoy higher dividend yield.
Now, Cambridge has action! I learned that Cambridge has the intention to expand and acquire more properties from 1Q financial report under page 13 "Potential Property 2". This interested me, and leads to my buy call. (one of the reasons :P)
Based on latest announcement, ( for those interested on this announcement, you can have the information Here) the acquisition process doing well. The only negative part is the cost increased 2 million as the vendor not agree to the proposed price (S$12.5m). This increase reflects the current favourable market conditions? Or seller just try to mark up higher to earn more profit? Anyway as a sharesholder, my concern is when Cambridge can close the deal? When the newly bought units can contribute to us?
Now, Cambridge has action! I learned that Cambridge has the intention to expand and acquire more properties from 1Q financial report under page 13 "Potential Property 2". This interested me, and leads to my buy call. (one of the reasons :P)
Based on latest announcement, ( for those interested on this announcement, you can have the information Here) the acquisition process doing well. The only negative part is the cost increased 2 million as the vendor not agree to the proposed price (S$12.5m). This increase reflects the current favourable market conditions? Or seller just try to mark up higher to earn more profit? Anyway as a sharesholder, my concern is when Cambridge can close the deal? When the newly bought units can contribute to us?
Monday, May 2, 2011
Cambridge Industrial trust 1Q2011 results summary
Information sharing: CIT quoted from hardwarezone forum:
.Cambridge Industrial Trust (“CIT”) announces its unaudited first quarter financial results ended 31 March 2011.
Key highlights include:
• Fully underwritten and renounceable Rights Issue of approximately 132.1 million units raising gross proceeds of approximately S$56.7 million. Issue price of S$0.429 per Unit. Rights Issue was 2.51 times subscribed.
• Debt refinancing with S$320.0 million new term loan agreed (subject to loan documentation) with a syndicate of financial institutions. All-in debt cost is approx. 4.4% p.a.
• CIT increased its Acquisition Term Loan Facility from S$50.0 million to S$120.0 million. All-in debt cost is approx. 3.0% p.a.
• Distributable income for 1Q2011 was S$11.9 million, representing a 1.0% decrease from 4Q2010 distributable income of S$12.0 million.
Singapore, 28 April 2011 - Cambridge Industrial Trust Management Limited (“CITM”), the Manager (“Manager”) of CIT, announced that CIT registered gross revenue of S$19.3 million and a net property income (“NPI”) of S$16.6 million for its first quarter financial results ended 31 March 2011 (“1Q2011”).
The Trust has delivered a distribution per unit (“DPU”) of 1.001 cents to its Unitholders for 1Q2011, which will be payable to Unitholders on 14 June 2011.
1Q2011 DPU of 1.001 cents is 16.1% less than the DPU for 4Q2010. This is largely attributable to the distribution being diluted as a result of the recent Rights Issue. Unitholders who exercised their Rights, and as a result have been issued additional Units, will receive a distribution payment not affected by this dilution.
If the Rights Units had been excluded from the distribution calculation (as the capital raised did not contribute to the 1Q2011 earnings), the 1Q2011 DPU would have been 1.126 cents, which is 5.6% less than the previous quarter. This decrease is attributable to dilution from the equity raising in November 2010 and the time being taken to deploy the proceeds of this raise into income earning assets.
.Cambridge Industrial Trust (“CIT”) announces its unaudited first quarter financial results ended 31 March 2011.
Key highlights include:
• Fully underwritten and renounceable Rights Issue of approximately 132.1 million units raising gross proceeds of approximately S$56.7 million. Issue price of S$0.429 per Unit. Rights Issue was 2.51 times subscribed.
• Debt refinancing with S$320.0 million new term loan agreed (subject to loan documentation) with a syndicate of financial institutions. All-in debt cost is approx. 4.4% p.a.
• CIT increased its Acquisition Term Loan Facility from S$50.0 million to S$120.0 million. All-in debt cost is approx. 3.0% p.a.
• Distributable income for 1Q2011 was S$11.9 million, representing a 1.0% decrease from 4Q2010 distributable income of S$12.0 million.
Singapore, 28 April 2011 - Cambridge Industrial Trust Management Limited (“CITM”), the Manager (“Manager”) of CIT, announced that CIT registered gross revenue of S$19.3 million and a net property income (“NPI”) of S$16.6 million for its first quarter financial results ended 31 March 2011 (“1Q2011”).
The Trust has delivered a distribution per unit (“DPU”) of 1.001 cents to its Unitholders for 1Q2011, which will be payable to Unitholders on 14 June 2011.
1Q2011 DPU of 1.001 cents is 16.1% less than the DPU for 4Q2010. This is largely attributable to the distribution being diluted as a result of the recent Rights Issue. Unitholders who exercised their Rights, and as a result have been issued additional Units, will receive a distribution payment not affected by this dilution.
If the Rights Units had been excluded from the distribution calculation (as the capital raised did not contribute to the 1Q2011 earnings), the 1Q2011 DPU would have been 1.126 cents, which is 5.6% less than the previous quarter. This decrease is attributable to dilution from the equity raising in November 2010 and the time being taken to deploy the proceeds of this raise into income earning assets.
1Q result was bringing negative impact to Cambridge
To me, Singapore Cambridge
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