Friday, July 22, 2016

AscendasIndia Trust 1QFY16/17

Total Property Income                          =  Rupee 1,776m
NPI                                                        =  Rupee 1,164m
Income Available For Dist                   =  $14.0m
DPU                                                      =  1.36 cents (1QFY2016/2017 1.37 cents)
NAV                                                      = 65 cents
Interest Cover                                         = 3.6
Gearing                                                   = 29%
Percentage Fixed Rate Debt                   = 100%
Average Cost Of Debt                            = 7.1%
Effective Borrowings                             = $397m (INR:75%,SGD:25%)

INR:SGD (49.3:1)

Thursday, July 21, 2016

SuntecReit 2QFY16

Gross Revenue                                 = $78.9m
NPI                                                   = $52.7m
Distributable Income                        = $63.3m  ($8m from capital)
DPU                                                  = 2.501 cents
Total Debt Outstanding                    = $3041m
Gearing                                             = 34.7%
All-In-Financing-Cost                      = 2.77%
Interest Coverage Ratio                    = 3.6X
Adjusted NAV                                  = $2.101

SATS 1QFY16/17

Revenue                                  $424.2m
(Food Solution                        $240m
 Gateway Services                  $184.9m
 Corporate                               $1.3m)

Operating Profit                      $54.5m
Share Of Associates               $12.2m
Profit Attributable to Shrs       $64.1m
Underlying Profit                    $55.5m
EPS                                         5.8cents
NAV                                        $1.4
Debt/Equity Ratio                    0.08

Wednesday, July 20, 2016

Ascott Reit 2QFY16


Revenue                                    $119.4m
Gross Profit                               $57.9m
Unitholders Distribution            $35m
DPU                                          2.13 cents
RevPAU                                    $142
Gearing                                      41%
Interest Cover                            4.1X
Effective Interest rate                2.5%
Percentage Of Fixed Debts        80%
NAV                                           $1.32
Weighted Avg Debt to Maturity 4.9 years

Ascott Reit is my latest addition. I like it for its diversified portfolio in 38 cities within 14 countries with 90plus properties (11K plus apartments).

Tuesday, July 19, 2016

KReit 2QFY16

Property Income                    $40.6m
NPI                                        $32.5m
Shr of Associates                  $20.1m
Shr of JV                               $8.3m
Income Available for Dist    $52.5m
DPU                                      1.61 cents
NAV                                     $1.41
Gearing                                 39%
Interest Coverage Ratio        4.6
All-in Interest rate                 2.55%

Monday, July 18, 2016

Keppel Infra Trust 2QFY16

DPU                                0.93 cents
Distributable CF             $38m (City Gas - $12.1m, KMC - $11.2m, Concessions - $17.4m, Others - ($2.6m) )
NAV                               32.4 cents
Gearing                           36%    (25% without Basslink)

Total Assets                    $4,061m
Total Liabilities              $2,596m
Total Borrowings           $1,706m ($1007m without Basslink)
Net Debt                         $1,455m ($799m without Basslink)
Cash                                $251m
Net Debt/EBITDA          6.1X (3.8X without Basslink)

Basslink loans are non-recourse and currently Basslink CF are used to pay down debt and not for DPU. As a result of an outage earlier this year, currently the borrower is unable to meet the interest coverage ratio under the agreed Project Financing.Thus, as a condition of the waiver given under this default event, the borrower is  obliged to agree with the Financiers on a Long Tem Financing Plan  to be announced at a later date.