tag:blogger.com,1999:blog-2558835596101121602.post3730011387689024419..comments2024-02-29T13:59:08.383+08:00Comments on Singapore IPOs: SPH Reit previewMr. IPOhttp://www.blogger.com/profile/16449331327581040185noreply@blogger.comBlogger13125tag:blogger.com,1999:blog-2558835596101121602.post-12050728160350368622013-07-13T14:10:11.340+08:002013-07-13T14:10:11.340+08:00It's carrying usually at lower value in the sp...It's carrying usually at lower value in the sponsor books as they may revalue it once in a while. Similar to OUE H Trust. REIT holders are paying "market value" now. Mr. IPOhttps://www.blogger.com/profile/16449331327581040185noreply@blogger.comtag:blogger.com,1999:blog-2558835596101121602.post-75812581543194878912013-07-13T13:38:21.019+08:002013-07-13T13:38:21.019+08:00To clarify my question about overpaying for Parago...To clarify my question about overpaying for Paragon, I'm asking because I'm wondering if that should affect our decision on whether or not to buy the REIT. I'm still quite new to buying stocks and REITs.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2558835596101121602.post-34972686401245262822013-07-13T13:32:58.310+08:002013-07-13T13:32:58.310+08:00The valuation for Paragon is at S$2.5bn for the RE...The valuation for Paragon is at S$2.5bn for the REIT. However, according to the last Annual Report from SPH, which was in 31 August 2012, the valuation for Paragon was only S$1.1bn. Does it mean we will be severely overpaying for the acquisition of Paragon?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2558835596101121602.post-71854402413277545332013-07-12T11:22:05.481+08:002013-07-12T11:22:05.481+08:00I always enjoy "sparring" with readers w...I always enjoy "sparring" with readers who have done their own homework as it "stress tests" my analysis. I looked at the forward yield in a credit Suisse report for REITs and it puts 6% for starhill global. So probably I need to lower it down from the 6.5% used in my analysis. Mr. IPOhttps://www.blogger.com/profile/16449331327581040185noreply@blogger.comtag:blogger.com,1999:blog-2558835596101121602.post-38303910408876220602013-07-12T11:20:17.001+08:002013-07-12T11:20:17.001+08:00Debt / equityDebt / equityMr. IPOhttps://www.blogger.com/profile/16449331327581040185noreply@blogger.comtag:blogger.com,1999:blog-2558835596101121602.post-39549796314383275392013-07-12T11:07:03.115+08:002013-07-12T11:07:03.115+08:00Yes I just (manually) annualized the most recent q...Yes I just (manually) annualized the most recent quarterly dividend. It might be somewhat higher going forward since they announced a renewal of the rent agreement with Toshin Development with a new base rent that is 6.7% higher than the current rent.<br /><br />Thanks again for sharing your analysis. I always look forward to your posts whenever a new IPO comes.CharlieKhttps://www.blogger.com/profile/05313104574555502422noreply@blogger.comtag:blogger.com,1999:blog-2558835596101121602.post-14729260755608927082013-07-12T11:06:36.052+08:002013-07-12T11:06:36.052+08:00How is the gearing calculated?
How is the gearing calculated?<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2558835596101121602.post-14172945480037095982013-07-12T09:32:04.395+08:002013-07-12T09:32:04.395+08:00I have played IPOs in HK before but they were offe...I have played IPOs in HK before but they were offered to me by the brokers. Not sure which market you are interested in ?Mr. IPOhttps://www.blogger.com/profile/16449331327581040185noreply@blogger.comtag:blogger.com,1999:blog-2558835596101121602.post-24092623951469398922013-07-12T09:07:48.007+08:002013-07-12T09:07:48.007+08:00Hi Mr IPO,
My first time posting on this blog so ...Hi Mr IPO,<br /><br />My first time posting on this blog so would like to say thanks for sharing your analysis with us, because it's been quite useful for me.<br /><br />Just wondering though if you've looked at IPOs in other markets and if you have advice on how to get involved in those?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2558835596101121602.post-72101129755504876152013-07-11T22:22:11.515+08:002013-07-11T22:22:11.515+08:00Yep. I think 99 years are relatively better than t...Yep. I think 99 years are relatively better than those you pointed out and those or other types like industrial assets. Which is why industrial REITs require a higher interest to compensate investors. Mr. IPOhttps://www.blogger.com/profile/16449331327581040185noreply@blogger.comtag:blogger.com,1999:blog-2558835596101121602.post-45508562259400940722013-07-11T22:20:54.517+08:002013-07-11T22:20:54.517+08:00I sourced it from capital IQ although I did have s...I sourced it from capital IQ although I did have some questions on its accuracy. Probably will have to check it out again. Your figures are manually computed ?<br /><br />Yep I noticed that as well. The leverage will go up if it is priced at lower end of the spectrum. Mr. IPOhttps://www.blogger.com/profile/16449331327581040185noreply@blogger.comtag:blogger.com,1999:blog-2558835596101121602.post-3825835979504025972013-07-11T19:52:21.572+08:002013-07-11T19:52:21.572+08:00Do you think that the 99 leases for the two proper...Do you think that the 99 leases for the two properties are a strong factor for SPH Reit. <br /><br />Most of the reits have much shorter leases.. for example Starhill Global, Suntec Reit have leases (I may be wrong)around 60 years or so。<br /><br />Even the impending reit of OUE, the Hotel and the commercial units also have 60 plus years of lease left. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2558835596101121602.post-65424673571501515262013-07-11T19:38:19.934+08:002013-07-11T19:38:19.934+08:00Hi Mr IPO,
Where did you find the 6.5% yield for ...Hi Mr IPO,<br /><br />Where did you find the 6.5% yield for Starhill Global? Their most recent quarter DPU was 1.18 cents (1.37 minus one-time payout of 0.19 cents for accumulated rental arrears). If you annualize that and divide by the current share price of 85 cents, then the yield is 5.6%.<br /><br />One thing of interest is that whether the IPO price is 85 cents or 90 cents, they are still CharlieKhttps://www.blogger.com/profile/05313104574555502422noreply@blogger.com