Yeah

That's what i thought as well.

Now if they don't raise rates, Maybe the Reits yield will be rather attractive.

Blackrock has become substantial holder in Croesus. Maybe that's an indicator?

Feds are Over rated.

They don't even know what to do and yet the world revolves around them as if they are gods

ALL the Negativity(pun intended) will drive investors to seek some returns from dividends.
reits may see some more action due to Feds' expected dovish stance(What's new?)

Blackrock seems to be buying up SREITs

Maybe MAS may ease rates?

http://www.channelnewsasia.com/news/busine...-2/2955888.html

Sama sama

Only in SGX for DIVs, especially SREITS. No TAX

one!

Just like my Accordia........

This post has been edited by prophetjul: Jul 22 2016, 10:48 AM

Question is whether they can even maintain this?

Looking at their earnings, NPI, DPU, it's down trending since 2Q 2013!

Not done a good job, have they?


http://sabana.listedcompany.com/newsroom/2...UQ8DWXAY2.1.pdf

Yeah. Book value is based on the valuations of it's properties, which could go up or down.
The same can be said for the other REITS.

My issue with Sabana is the management is poor at addressing the anchor tenant issue few years back. It has come back to bite them. Real amateurs it seems

Book value matters because REITS typically depends on debt leveraging on the valuation of their properties to grow their business as they distribute out 90% of earnings

Whe you tell a lie many times, people start to think it's Truth.

Even the Feds don't know what.........

We WANT a lot of things in life, does not mean we will get them.

As with the FEDS, they WANT to raise rates because it means their economic pump worked in the last 7 years.
Unfortunately for them , the figures show otherwise.
SO,meanwhile they will just be HAWKISH(whatever that means nowadays! Maybe it means just blow their proverbial trumpet of positivity!). ONE day, they may get it right as the clock with the broken hands.

Why Singapore investors continue to hide under REITs

By:Michelle Zhu

SINGAPORE (Sept 7): CIMB Research is keeping its “overweight” rating on Singapore’s property segment given that investors are still seeking shelter in yield.

In a Tuesday report, analysts Lock Mun Yee and Yeo Zhi Bin observe how retail REITs seem to be a “favoured canopy”, largely because investors are largely hiding in yield – especially in liquid, large-cap REITs.

In terms of REIT sub-sectors, CIMB ranks industrials ahead, followed by retail, office, and hospitality.

“We believe that the big-cap industrials are more resilient and diversified to cope with potential frictional vacancies. Also, we think that industrial landlords are best positioned as Singapore diversifies towards value-added businesses,” say the analysts.

“The question for REITs is whether we should continue to chase stocks that have done well, or rotate into laggards. Our view is somewhat anti-consensus as we recommend chasing growth over value,” they add.

To illustrate their point, the analysts mention how Keppel DC REIT (KDCREIT), Mapletree Commercial Trust (MCT) and Mapletree Industrial Trust (MINT) are trading at an estimated 25-30% premium over book.

Investors’ pushback comes mainly from valuations. However, in a “lower-for-longer” environment where growth is a scarcity and one where there are few compelling stories, Lock and Yeo believe that the valuation premium would continue. They explain that on a forward RNAV-basis, the valuation premiums for KDCREIT and MINT could gap down to about 20% when the assets are re-valued.

“Investors concurred that REITs are overly-crowded,” comment Lock and Yeo on their marketing efforts for Singapore property and REITs to a host of investors, which took place over the last two weeks. Although the analysts say investors are looking for a reason to switch to developers, they think a lack of near-term catalysts is holding them back.

They have also highlighted UOL Group as their top developer pick, as they expect the Singapore-listed property developer to outperform in the next six months.

“We view UOL as a laggard, with attractive discounts to RNAV. It has high recurring income from rentals and hotel operations. Residential projects such as Principal Garden enjoy continued sales thus extending development income visibility,” they explain.

CIMB’s top picks for REITs are KDCREIT, MCT and MINT.

Shares of UOL closed at $5.80 while units of KDCREIT, MINT and MCT closed at $1.21, $1.77 and $1.60 respectively.

Singapore's office REITs could shrug off falling rents


By Jude Chan / theedgemarkets.com.sg | September 9, 2016 : 2:50 PM MYT

SINGAPORE (Sept 9): Maybank Kim Eng has upgraded two Singapore office REITs, CapitaLand Commercial Trust (CCT) and Keppel REIT, to “buy” from “hold”, even as office rents are expected to continue to slide in the near term.

“We believe the issue is well-flagged and the market could instead focus on a bottom,” says Maybank analyst Derrick Heng in a Thursday report. “We expect rents to bottom over the next 5-6 quarters and REIT prices could react ahead.”

Grade A office rents have fallen for five consecutive quarters to S$9.50 psf per month, a cumulative decline of 17%, according to 2Q16 data from CBRE.


Maybank says this puts us halfway through the office rental downcycle, going by history. “If the previous downcycle is repeated, rents could bottom over 12-13 quarters, after retreating by 30-33% from their last peak,” says Heng.

To reflect lower property income from expected declines in market rents over the next two years, Maybank is lowering its DPU forecasts for office REITs by 1.8% lower for FY2017 and 4.6% lower for FY2018.

For Keppel REIT and CCT, however, Maybank says “negative impact on DPUs should be attenuated by relatively low lease expiry near term”.

Meanwhile, Heng believes “fierce competition” for the tender of a white site at Central Boulevard in the Marina Bay precinct could “send a positive signal for office assets”.

(See also: Tender of Central Boulevard 'white site' could reinforce office REIT turnaround)

“Good prices in recent transactions of nearby properties could encourage strong bids. As the minimum committed price is already in line with recent land deals, we think the final price could be higher,” Heng says.

Maybank is keeping CapitaLand Commercial Trust as its top pick for the sector. CCT was raised to “buy” from “hold”, with a higher target price of S$1.81, from S$1.52 previously.

Keppel REIT was also raised to “buy” from “hold”, with a higher target price of S$1.21, from S$1.05 previously.

As at 1.33pm, units of CapitaLand Commercial Trust is trading flat at S$1.64 and units of Keppel REIT is trading 0.4% lower at S$1.12.

Should investors tee off with Accordia Golf Trust?


By Michelle Zhu / theedgemarkets.com.sg | September 9, 2016 : 12:01 PM MYT

SINGAPORE (Sept 9): Whether Accordia Golf Trust (AGT) could earn a re-rating may depend on whether its accretive acquisitions materialise as planned, says CIMB Research in a Thursday report.

The business trust, comprising Japanese golf courses as assets, is currently targeting JPY 50 billion ($662 billion) worth of golf course acquisitions from its sponsor by end-March next year. The sponsor, Accordia Golf Co, is a Japanese golf course management company with a portfolio of some 26 courses available for acquisition.

Analyst William Tng notes that the trust’s loan-to-valuation (LTV) ratio currently stands at 28.8% as compared to its maximum ratio of 60%.

“AGT is still in negotiations with its sponsor and the company believes that its ability to conclude some accretive acquisitions could re-rate its share price,” says Tng, who shares that CIMB recently visited four of AGT’s golf courses.

Out of the four, he has identified Otsu Country Club and Izumisano Country club as the second and fourth most valuable course in AGT’s portfolio respectively.

Tng also notes the same caddy-less play and automated check-in/checkout systems – which were implemented to reduce operating costs – that he first observed on a Sept 15 visit to the trust’s Tokyo courses.

(See 3 reasons why Accordia Golf Trust is above par)

The analyst cites exchange rate translation risk from yen into Singapore dollars (SGD) for dividend distributions as a key risk, as AGT derives all its revenue and expenses in Japan in yen. Dividend payouts are in yen and converted into SGD at the exchange rate on the payment date.

“After due consideration, AGT believes that it is better not to hedge the exchange rate exposure at this point in time. Naturally, the strengthening yen provides some translation upside,” he adds.

Other risks include poor weather that would affect revenue, a lack of organic opportunities, as well as ownership, registration and land-related issues.

As at 11.51am, units of AGT are trading flat at 68 cents.

IMO that the FEDS knows squat when to raise rates.

Reason the rest of the world is in negative rates territory.
Imagine the flushing of money into USD! That will throw the currency baskets into tipping points!

Yeah..still holding.

Big correction coming it seems.......collection time!

i have too much....

But if the yields are rising, why not?

i like Croesus. My biggest holding. Japan's 3Q GDP outperformed. Hoepfully it's good sign for their local consumers.

i have Aimscap, First, Suntec, Viva, etc