This I have no problem of knowing, what and how many I am holding. Because always round figure one and not big portfolio to start with.

Just the price transacted forgot.
Don't need to remember them clearly, as long as they are giving dividend constantly.

Spreadsheet only use once a year for fun.

They need to announce the Q result by this month end, so probably announce together with the Q report.

It is quite a long wait already.

I waiting a poor result to sink the price down so that can buy more.

Nothing special, just another stock in eye only.

It is one of most undervalued reit based on NTA wise.

With 500 - 600+ mil + 5.65% yield in Starhill global convertible preference unit, this reit is virtually has no debt.
So besides with cash available for new properties injection, it has lot of room of gearing if it wants to.

Even though lot 10 and stahill is disposed, there is little indirect exposure in Starhill Global through the CPU.

It is a reit or UT?

If it is same structure with ASM/ASB/AS1M (most likely), then it is unit trust, not reit.

Just they use the money invest into properties related asset like reit.

From Maybank2U

Where got?

It is more like unit trust buying reit.

Ya may be higher.. like 1.53%

4 x 1.53 = 6.12%

Fyi, most reit out there are having 6-8% across.

Don't mean Sunreit is good or not good.

It is published on every quarterly report.

For sure, there will be properties injection, they cannot sit with 500-600 million cash.

But I don't mind they wish to keep it as cash, and distributed as capital repayment or dividend. Joking only.
But this is not going to happen, as it has stated clearly on the rationalisation proposal, new hospitality properties will be injected.
One rumour is Pangkor Laut.

Stareit next DPU will be lower than normal, that's for sure.

I am expecting around 2.5 cents only.

For sure, new properties injection is in the pipeline, this has been stated clearly under the rationalisation proposal.
They can't sit with 500 million cash doing nothing.

This post has been edited by cherroy: Dec 12 2010, 11:33 PM

UOA reit has low liquidity, if someone hold big lots want to dispose in short time, it could cause a temporarily sold down price.

I am not familiar with hospitality properties, may be rental yield is not high to start with in the sector.
While for current valuation of properties across aka properties price is surging across, rental yield is not at the same pace with property valuation.
Yield is affected when property valuation become higher time.
The purchase valuation is based on valuation on Sep 2010.

Also I noticed that the occupancy is not high for some, so yield may be affected as well.

Office and industrial yield is more higher.

To be fair, those are long term lease, 15 years + 15 years, so stareit get rid of tenant/lessee issue for long term.

But still a bit disappointed about the injection, as projected DPU for first 5 years is 6.49 cents only, as compared that able to achieve 6.8 cents with Lot 10 and Starhill time. No improvement in DPU and a minor step backwards.

But to be fair, it has little gearing to start with.
If they want to have higher DPU, they have a lot of room for leverage.

Still a bit disappoitment with slow injection, resulted current half year has significant lower DPU as well as newer DPU is going to be lower than previous.

This post has been edited by cherroy: Dec 15 2010, 12:53 PM

Oppss, sorry, mis-look, should be 6.89 cents with full year contribution.

This post has been edited by cherroy: Dec 15 2010, 01:12 PM

True also, most lease especially for office space won't be more than 2-3 years.

Yes.
But short term lessee also can go bankrupt, or short term lessee can default the payment also.

There is no universal standard for worth.
It depends on individual.

Compared to FD 3.0%, someone can say 7% is worth, doubling.
Compared to some ordinary stocks out there that can gain 10-15%, then someone can say it is not worth.
If market bull run, others stock achieved 20-30%, then someone can say it is not worth.
If market crash, other stocks plunging resulted losses across, while Stareit is holding up due to 7% yield, then people may say, magnificent.

For sure, it is a projection, no one dare to guarantee anything.
Yes, if could be lower due to various reason.
Yield is about price you paid/bought, so if the DPU is lower than 6.89 cents, while there is other alternatives offer 8% yield, then price of the reit may go lower for adjustment comparatively.

That's why Stareit is not traded at Rm1.00 or near its NAV. Market is self-adjustment on itself.

But to be fair, Stareit achieved this yield without/little borrowing or gearing. While most reit is under some gearing range from 25-40%.
If they want to achieve 8% yield, geared up a bit, then it is achievable. My view only.

Don't get me wrong, I don't recommend whether Stareit is good or not, worth or not worth.


This post has been edited by cherroy: Dec 16 2010, 05:46 PM

Gearing has pro and con, cannot say low gearing is totally not good as well, to be fair.

If interest rate remain low across and stay low for years to come and Stareit situation remain stable, why not? 7% is miles better 3%.
For me, getting a little as diversification and serve as fixed income instrument, 7% seems ok for this category.
After all, Sunreit and CMMT have even lower yield.

The projection of 6.89 cents is based on full year contribution.

The actual DPU of FY2011 is not going to be 6.89cents, as now already Dec, while FY 2011 will be ending June 2011.
So the real effect of contribution of the properties injection will be after the proposal of injection being approved, which by then could be after Feb/March, so contribution of new properties may only contribute income for several months time only for FY2011.

This post has been edited by cherroy: Dec 16 2010, 11:23 PM

already stated in the proposal clearly, 6.89 cents EPS/DPU based on projection for full year contribution of all proposed newer injecton.

Yup, if everything is within the projection expectation.

Arreit under e-dividend already?

Just last month, still receive Amfirst and Atrium dividend through cheque.
So not all across in e-dividend.