NPI $37.8m
Income Available For Dist $29.8m
DPU 3.01 cents
Occupancy 86.5%
ARR $199
RevPAR $172
Debt $926m
Gearing 36.4%
Interest Cover 6.6X
Avg Weighted Cost Of Debt 2.5%
NAV $1.5906
Wednesday, January 27, 2016
Tuesday, January 26, 2016
OUE Comm Reit 4QFY2015
Revenue $40.3m
NPI $29.7m
Amount Avail For Dist $17.6m
DPU 1.36 cents
NAV 96 cents
Gearing 40.1%
Avg Cost Of Debt 3.45%
Avg Term Of Debt 2.31 years
Interest Cover 3.7 years
NPI $29.7m
Amount Avail For Dist $17.6m
DPU 1.36 cents
NAV 96 cents
Gearing 40.1%
Avg Cost Of Debt 3.45%
Avg Term Of Debt 2.31 years
Interest Cover 3.7 years
StarHillGlobalReit 2QFY15/16
Revenue $55.6m
NPI $43.7m
Income Available For Dist $30.1m
DPU 1.32 cents
Total Debt $1,136m
Gearing 35.7%
Interest Cover 4.5X
Average Interest Rate 3.15%
Unencumbered Asset Ratio 74%
NAV 89 cents
NPI $43.7m
Income Available For Dist $30.1m
DPU 1.32 cents
Total Debt $1,136m
Gearing 35.7%
Interest Cover 4.5X
Average Interest Rate 3.15%
Unencumbered Asset Ratio 74%
NAV 89 cents
SuntecReit 4QFY15
Gross Revenue = $87.5m
NPI = $62.5m
Distributable Income = $69.5m
DPU = 2.75 cents
Total Liabilities = $3402m
Gearing = 35.8%
All-In-Financing-Cost = 2.86%
Interest Coverage Ratio = 4.1X
Adjusted NAV = $2.127
NPI = $62.5m
Distributable Income = $69.5m
DPU = 2.75 cents
Total Liabilities = $3402m
Gearing = 35.8%
All-In-Financing-Cost = 2.86%
Interest Coverage Ratio = 4.1X
Adjusted NAV = $2.127
Monday, January 25, 2016
MapleTree Logistics Trust 3QFY14/15
Revenue = $88,934,000
NPI = $74,145,000
Amount Distributable to Shrs = $46,481,000
DPU = 1.87 cents (1.81 cents excluding divestment gains)
Total Debt - $2,009m
NAV = $1.02
Avg leverage ratio = 39%
Avg debt duration = 3.3 years
Interest Cover = 6.2X
NPI = $74,145,000
Amount Distributable to Shrs = $46,481,000
DPU = 1.87 cents (1.81 cents excluding divestment gains)
Total Debt - $2,009m
NAV = $1.02
Avg leverage ratio = 39%
Avg debt duration = 3.3 years
Interest Cover = 6.2X
Thursday, January 21, 2016
SoilBuild Reit 4QFY15
Gross Revenue = $20,701K
NPI = $17,490K
Distributable Income = $15,091K
DPU = 1.614 cents
NAV = 80 cents
Leverage = 36.0%
Average All-In Interest Ratio = 3.2%
Interest Cover = 4.8X
WALE = 4.3 years
No debt refinancing till 2018.
NPI = $17,490K
Distributable Income = $15,091K
DPU = 1.614 cents
NAV = 80 cents
Leverage = 36.0%
Average All-In Interest Ratio = 3.2%
Interest Cover = 4.8X
WALE = 4.3 years
No debt refinancing till 2018.
AscendasIndia Trust 3QFY15/16
Total Property Income = Rupee 1,751m
NPI = Rupee 1,160m
Income Available For Dist = $14m
DPU = 1.36 cents (3HFY2014/2015 1.16 cents)
NAV = 64 cents
Interest Cover = 4.2
Gearing = 28%
Percentage Fixed Rate Debt = 100%
Average Cost Of Debt = 6.9%
Effective Borrowings = $351m (INR:73%,SGD:27%)
INR:SGD (46.7:1)
NPI = Rupee 1,160m
Income Available For Dist = $14m
DPU = 1.36 cents (3HFY2014/2015 1.16 cents)
NAV = 64 cents
Interest Cover = 4.2
Gearing = 28%
Percentage Fixed Rate Debt = 100%
Average Cost Of Debt = 6.9%
Effective Borrowings = $351m (INR:73%,SGD:27%)
INR:SGD (46.7:1)
Wednesday, January 20, 2016
The Current Crisis (My Thoughts)
The past year has been an eventful for the markets.The problems are all well known and discussed. The drastic drop in oil prices (supply demand issue, OPEC vs US Shale battle etc).The China slowdown (whether soft or hard landing etc),the fossil energy sector crisis as a direct effect of the lowoil prices, US rate hike and maybe slowdown etc.
The STI was at 2559 yesterday comparable to the depth of the Euro crisis in 2011.Still a long way from 1600 achieved at the depth of the GFC in March 2009.The Euro crisis was a retrace of about 20% from max and the GFC was a retrace of about 60% from max.Other crisis like Sars and 2000/2001 dotcom burst led to a retrace of about 35% from max.
So it will be reasonable to place a bottom for the current crisis at 2300 (for 35% decline from max of 3550) or 1800 (for a 50% decline from max.) I do not expect the current crisis to be worse than the GFC.It is estimated that the total O&G loans in the US is about $500b whereas the total residential mortgages is about $11 trillion.
As for oil prices, it can still go lower than $28 but we are witnessing the transfer of wealth from oil producers to net oil consumers like China, Japan, India, Europe, etc. Even the US benefit from low oil prices though the shale sector will be affected.In Singapore unless you are in the O&Gsector, low oil prices should be good for the economy ie SIA, SATs etc.But I do not forsee $28 oil prices for an extended of time like more than 1 year or at most 2 year simply because the OPEC countries will deplete their reserves , the high cost shale produers will go belly up once their hedges expired, wells dried up as yields of Shale wells drop drastically after first year.
As for China, it will be a clumsy rebalancing but eventually it will be good for china and the rest because high capital investment is simply not sustainable in the long term.The Chinese stock market is pretty isolated and is not too far away from the bottom ( I reckon SSE bottom to be around 2500).
I know a lot of people is waiting for DBS to go to $6 or UOB to $9 like in the GFC. But it must be know that over the last seven years, these two banks have made tons of money and their NAV would have increased by at around $6 since GFC. Ditto OCBC. So for them to go down to GFC prices things has to be much worse than GFC or we see a severe deterioration in the loan books. Even during the GFC, these banks still made money every quarter. Only a throwback to the Asian financial crisis do we
see the banks making losses.
Good luck!
The STI was at 2559 yesterday comparable to the depth of the Euro crisis in 2011.Still a long way from 1600 achieved at the depth of the GFC in March 2009.The Euro crisis was a retrace of about 20% from max and the GFC was a retrace of about 60% from max.Other crisis like Sars and 2000/2001 dotcom burst led to a retrace of about 35% from max.
So it will be reasonable to place a bottom for the current crisis at 2300 (for 35% decline from max of 3550) or 1800 (for a 50% decline from max.) I do not expect the current crisis to be worse than the GFC.It is estimated that the total O&G loans in the US is about $500b whereas the total residential mortgages is about $11 trillion.
As for oil prices, it can still go lower than $28 but we are witnessing the transfer of wealth from oil producers to net oil consumers like China, Japan, India, Europe, etc. Even the US benefit from low oil prices though the shale sector will be affected.In Singapore unless you are in the O&Gsector, low oil prices should be good for the economy ie SIA, SATs etc.But I do not forsee $28 oil prices for an extended of time like more than 1 year or at most 2 year simply because the OPEC countries will deplete their reserves , the high cost shale produers will go belly up once their hedges expired, wells dried up as yields of Shale wells drop drastically after first year.
As for China, it will be a clumsy rebalancing but eventually it will be good for china and the rest because high capital investment is simply not sustainable in the long term.The Chinese stock market is pretty isolated and is not too far away from the bottom ( I reckon SSE bottom to be around 2500).
I know a lot of people is waiting for DBS to go to $6 or UOB to $9 like in the GFC. But it must be know that over the last seven years, these two banks have made tons of money and their NAV would have increased by at around $6 since GFC. Ditto OCBC. So for them to go down to GFC prices things has to be much worse than GFC or we see a severe deterioration in the loan books. Even during the GFC, these banks still made money every quarter. Only a throwback to the Asian financial crisis do we
see the banks making losses.
Good luck!
Tuesday, January 19, 2016
FirstReit 4QFY15
Revenue = $25.7m
NPI = $25.4m
Distributable Income = $15.7m
DPU = 2.09 cents (4QFY2014 2.04 cents)
Total Debt = $447.6m
Gearing = 34%
NAV = 103.88 cents
NPI = $25.4m
Distributable Income = $15.7m
DPU = 2.09 cents (4QFY2014 2.04 cents)
Total Debt = $447.6m
Gearing = 34%
NAV = 103.88 cents
Monday, January 18, 2016
KReit 4QFY15
Property Income $42,795K
NPI $34,771K
Shr of Associates $16,862K
Shr of JV $5,157K
Income Available for Dist $54,031K
DPU 1.68 cents
NAV $1.42
Gearing 39.3%
Interest Coverage Ratio 4.4
All-in Interest rate 2.5%
NPI $34,771K
Shr of Associates $16,862K
Shr of JV $5,157K
Income Available for Dist $54,031K
DPU 1.68 cents
NAV $1.42
Gearing 39.3%
Interest Coverage Ratio 4.4
All-in Interest rate 2.5%
Tuesday, January 12, 2016
SPH 1QFY2016
Operating Revenue $296,206K
Operating Profit $98,984K
Investment Income $10,333K
Profit After Taxation $91,033K
Net Profit Attr To Shrs $81,324K
EPS 5 cents
NAV $2.28
Cash & Cash Equiv $414,575K
Comments: Advertisement revenue fell $20m and circulation fell $2.2m from 1QFy2015.
Property and others revenue increased by 16% (due to Seletar Mall) and 20.2% (increased online and exhibition) respectively.
Operating Profit $98,984K
Investment Income $10,333K
Profit After Taxation $91,033K
Net Profit Attr To Shrs $81,324K
EPS 5 cents
NAV $2.28
Cash & Cash Equiv $414,575K
Comments: Advertisement revenue fell $20m and circulation fell $2.2m from 1QFy2015.
Property and others revenue increased by 16% (due to Seletar Mall) and 20.2% (increased online and exhibition) respectively.
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