Money arrived! After market close. So, can enter anytime from tomorrow.

Tomorrow will be what traders call "trader remorse". After such huge reaction today, there would be knee-jerk reflex action. So, the rotation might subside a bit or even reverse course. Nothing interesting as such. We will see.

For Parkway LIFE, . There are a lot of countries with power plants very close to them. Hong Kong gets its power from Daya Bay nuclear power plant just 50km to its northeast. (Sell Alibaba? Sell Tencent? Sell H-shares?) Power plants are around the whole US, Europe and China. But their stocks don't do badly. Blue-chips are still blue-chips.

You are fearful of nuclear stuff because most ASEANs (not just Malaysians) in general are not exposed to such technology, but if you live in other places, you will come to accept it. It's not like earthquakes will happen 5 million times a year in Japan. If so, no living organisms would have exist there.

Chill lah. It's not the first time Japan encounters disasters.

I queued at 2.64, 200 units. Let's see.

100 units Parkway LIFE at 3.83. I will wait for trend formation and detect the next entry signal. Closely looking at UST yields.

You forgot one, Keppel DC REIT.

Parkway LIFE under pressure now, cases surge in Japan. I don't see how cases surge can bring about damage to their revenue, since many are locked in with rental-escalations. Their rent relief are also small in amount.

Stand-by mode on again.

Netlink everything ok, except ROA/ROE terrible (issue raised in the questions asked by shareholders prior to AGM/EGM). Very limited room for growth. Everywhere in SG already connected by fibre.

Plus depreciation & amortization rate very high. (Similar to most telco operators in SG/Malaysia.)

So, it's mostly for investors hungry for dividend yield, 5% p.a.. Dividend stable, so share price stable. There is also regulatory risk. The framework is a bit complicated for me to understand but you can check their presentation slides to know more (they put it at the very end of their presentation slides). IMDA sets the WACC and other things.

As for hospital, err. Parkway LIFE does not operate hospitals in Japan. They operate "old folks home" and nursing homes there. Previously some of their properties were affected by Covid. Can't remember it's the elderlies or the nursing home staffs who were infected, you can check the company announcement for the news. They published it.

Anyone here invested in Sabana REIT?

They are in hot waters now, I guess.

https://links.sgx.com/FileOpen/Press%20Rele...t&FileID=639965

So, what is your take on this ESR thing? Happy with what ESR? Or you side with Quartz/Black Crane?

On another news, Ascendas completed its acquisition of the 2 SF properties.

https://links.sgx.com/FileOpen/AREIT_Comple...t&FileID=640004

The opening date and time for the Preferential Offering is this coming Monday, (9 a.m. for electronic applications) Keep your fingers crossed that you are eligible to apply for it, for those who invested in Ascendas.

Errr. I was asking you about Sabana and you say you invested in ESR REIT?

So, you invested in both ESR REIT and Sabana REIT?

Haha. Pretty much what ESR REIT investors would say.

Today supposed to see something regarding Ascendas on the EFR, but nothing appeared tlll now. Looking at the offering documents, it seems like we poor Malaysian retailers are subject to CMSA, so not eligible again...

No, not yet. I haven't have time to look into them. But I won't touch them for now as I don't see much hope for US or Europe in the future. Another thing is since SGD appreciates in the long run, fund managers need to increase earnings at a pace faster than the depreciation of USD/EUR against SGD. Secondly, tax is an issue here. In the past there is barbados agreement, now US congress passed new law to terminate such "tax heaven agreement". Tax laws change here and there often.

Property is just playing with supply and demand. US and Europe land space surely greater than SG in any case. So, more upward pressure on SG properties than US/EU, if all else equals.

But some exposure into these area is ok, especially Europe. where yields are negative. Rent yield is still in positive territory. Can expect yield compression to continue.

I personally prefer a mix of SG and other region's properties, to achieve some diversity. But this is up to personal preference. Too focused into one sector, like say US office (there are plenty of such S-REITs) can contribute to a volatile portfolio during turbulent times.

To be honest, I like ELITE for the UK government exposure too.

Some other things mosset.

Liquidity is another issue here. Small-cap REITs are not as liquid as the large ones. (You can tell when you go to SGX official price website, and select ranking by "Top value").

The bottom ones are less liquid. And they have lower price because:

1. Their IPO price is already sub-1 dollar, mainly to attract retailers who don't have large sum of money to go buy in 1 lot.
2. There might be stock splits post-IPO, need to check stock split history.

You would want a liquid stock ideally.

You will also notice the market price the small REITs at P/BV less than 1, i.e. there is always a discount to the NAV of the units. This is because market perceive the risk of such small caps are higher than the more established ones.

(Banks likely lend to firms with larger scale than smaller ones, so might experience sudden drop in ICR during bad times, when banks demand higher yield spread over risk-free benchmarks.)

This post has been edited by TOS: Nov 23 2020, 02:22 PM

No experience with FSM SG, unfortunately.

I don't know about excess stuff. Not even sure if can get the preferential units via IBKR...

Let me ping Ramjade for help.

You refer to FSM SG or IBKR?

Good news! I received the IBKR corporate action for rights subscription for Ascendas!



Oversubscription is available too.

This post has been edited by TOS: Nov 24 2020, 04:53 PM

I am not award of cross-listing. I do know for most of the small REITs that you mentioned, Their sponsors are either large developers from Australia and Europe (cromwell) or asset management companies/insurance companies (manulife).

The sponsors themselves may be listed but the REITs are only listed in Singapore. There is no cross-listing of the same REIT in different exchanges as far as I know.

The last one to have cross-listing, I think, was Fortune REIT, listed in both SGX and HKEX (it is a HK REIT). It was delisted from SGX over liquidity issues a few years back.

Sure, I plan to add 200 units more on top of the 7 preferential units offered to me.

How come one say FSM SG can oversubscribe another say cannot?

Ramjade abcn1n you guys need to talk.

But now at least there is an option for me to oversubscribe for my rights in IBKR. Just keep my fingers crossed.

Now it seems no issue. I can subscribe to the units as usual (via IBKR).

On the other hand, Sabana again...

https://links.sgx.com/FileOpen/Sabana%20res...t&FileID=640365

This post has been edited by TOS: Nov 25 2020, 12:54 PM