Wednesday, September 21, 2016

Marco Polo Marine - Risk Heightens

I first wrote a post on the above on Nov 17 2015. Recently, MPM has started a process to seek consent from noteholders to rescheduled $50m worth of notes due Oct 2016 for another three years.

It looks like my observation is quite prescient. The risk of MPM entering judicial management or even liquidation has heightens.

Monday, September 5, 2016

CDL - Diversifying from Brick-&-Mortar World


City Developments Limited (CDL) will invest RMB 100 million ($20.4 million) for a 20% stake in mamahome, a fast-growing Chinese online apartment rental platform. After CDL’s investment, mamahome will be owned jointly by the founder Shanghai Chongfu (56%), E-House Capital (24%) and CDL China (20%).

mamahome is a one-stop solution for both apartment owners and rental customers. It provides an online booking website, online management software, and other value-added services including housekeeping, renovation, 24-hour concierge and call centre. In addition, mamahome also provides management for its own brands of serviced apartments — Suisse Place, Locca and Login.

Currently, there are more than 100,000 apartment listings on mamahome across 20 cities in China. Over 75% of the apartments are located in key gateway cities – Shanghai, Beijing and Guangzhou.

Thursday, August 25, 2016

CroesusRetail 4QFY16


Revenue                                                                  JPY 2,675,351K
Income Available For Distribution                        JPY 1,068,454K
NPI                                                                         JPY 1,439,526K
DPU                                                                        1.7 cents
Gearing                                                                   45.3%
Interest Coverage Ratio                                          3.7X
Avg All-in Cost Of Debt                                         1.9%
Debt Maturity                                                          2.5 Years
NAV                                                                        JPY 76.87 ($1.01)



Thursday, August 11, 2016

Singapore Go! Go! Go!


Really hope that Schooling can muster every ounce of his muscles tomorrow to beat the legendary Phelps. If it happens, Singapore will forever be etched onto the  collective memory of everyone who watches the olympics as the tiny nation that stop the great Phelps from getting his clean sweep in Rio 2016.



CityDev Q2FY16


Revenue                          $1,092m
PATMI                            $134m
EPS                                 14 cents
NAV                               $9.75
ROE                                2.7%
Cash & Cash Equiv        $3,357m
Net Borrowings              $3,016m
Gearing                           27% (20% with fair value revaluation)
Interest Cover                 10.1x


Friday, August 5, 2016

SuntecReit - Another Acquisition in Australia

Singapore, 5 August 2016 – ARA Trust Management (Suntec) Limited, the manager of Suntec Real Estate Investment Trust (“Suntec REIT”, and the “Manager”), is pleased to announce that Suntec REIT, through Southgate Trust, in which it holds a 50% indirect interest, has entered into an agreement to acquire 50% interest in the iconic Southgate Complex (the “Property”) from Dexus Southgate Trust (“Dexus”) for a consideration of A$289 million. 
In addition, separate put and call option agreements have been entered into with Dexus where the remaining 50% interest in Southgate Complex will be acquired for the same purchase consideration of A$289 million.  
Located alongside the Yarra River in the Southbank arts and leisure precinct of Melbourne, Australia, Southgate Complex is a freehold, landmark waterfront integrated development comprising two AGrade office towers, a 3-storey retail podium and a car park with 1,026 lots. The office and retail components constitute approximately 87% and 13% of the total net lettable area (“NLA”) respectively. Surrounded by business, residential, recreational and retail amenities, the Property is directly opposite Flinders Street train station and within close proximity to Melbourne’s city rail loop.  
Commenting on Suntec REIT’s second acquisition in Australia, Mr. Yeo See Kiat, Chief Executive Officer of the Manager, said, “We are pleased to acquire the iconic Southgate Complex which is a strategic fit with Suntec REIT’s portfolio of quality assets and in line with our strategy to expand our footprint in Asia Pacific. The acquisition augments Suntec REIT’s presence in Australia.”  
The Property has a total NLA of 820,324 sq ft and is leased to well-established tenants such as IBM, The Herald and Weekly Times, Commonwealth of Australia, APT, Dairy Australia, City Road Melbourne and LinkedIn. The committed occupancy was 88% as at 5 August 2016 with a weighted lease expiry of approximately 4.6 years. The annual rental escalations for the office leases are predominantly between 3% to 4%. 
5 August 2016 
 
Mr. Yeo said, “The acquisition will further enhance Suntec REIT’s income and geographical diversification. It also offers organic growth potential from the repositioning of the retail component and the strengthening office market in the CBD of Melbourne.”    

SuntecReit - Great News!

Singapore, 4 August 2016 – ARA Trust Management (Suntec) Limited, the manager of Suntec Real Estate Investment Trust (“Suntec REIT”, and the “Manager”), is pleased to announce that it has received practical completion for 177 Pacific Highway, the iconic, A-grade state-of-the-art commercial tower in North Sydney on 1 August 2016.  
In addition to CIMIC Group Limited (“CIMIC”) (previously Leighton Holdings), it has also secured Vodafone Group Plc, Jacobs Engineering Group Inc, Pepper Group Limited, Cisco Systems, Objective Corporation Limited and CBRE as tenants.  
Mr. Yeo See Kiat, Chief Executive Officer of the Manager, said, “We are pleased that with these new commitments, our property is now 100% leased and the WALE is 9.25 years.” 
Vodafone Group Plc, Jacobs Engineering Group Inc, Cisco Systems and Objective Corporation Limited will join CIMIC to relocate its Australian headquarters to the newest landmark building in North Sydney. In particular, Vodafone would be occupying over 100,000 sq ft at 177 Pacific Highway, representing the biggest leasing transaction in North Sydney this year. 
Mr. Yeo added, “We are also pleased that some of Australia’s leading technology, financial services and property firms will call 177 Pacific Highway home and we look forward to welcoming over 3,000 employees to their new workplace in the coming months.” 
177 Pacific Highway is located in one of the most prominent sites in North Sydney Central Business District at the junction of Pacific Highway and Berry Street. It was recently awarded a 5 Star Green Star – Office Design v3 Certified Rating. The landmark building is designed by award-winning architecture firm Bates Smart and boasts state-of-the-art design and harbour views. 
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