Singapore REITS, S-REITS
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 Sep 22 2018, 10:52 AM
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#21
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Senior Member
1,205 posts Joined: Feb 2006 From: Kuala Lumpur  
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With regards to the REITs linked to to Lippo Kawaraci, all I can say is stay away from them no matter how good the prospects are. The REIT structure will fail to protect investors from financial difficulties that Karawaci is facing at the moment. They are looking cheap for very good reasons.
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Sep 22 2018, 03:02 PM
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#22
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Senior Member
1,205 posts Joined: Feb 2006 From: Kuala Lumpur
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QUOTE(Hansel @ Sep 22 2018, 02:34 PM) Well,...for First REIT, at least there are some steps today to improve the rental-payment capability for the Lippo hospitals. With the sale of the REIT manager and 10.63% of the units of the REIT to the OUE Group, Lippo has boosted its cashflow capability. Hopefully, the funds here will be used to payback the rentals in the AR backlogs of First REIT. First REIT has several other issues that the market is currently unaware of. When their first lease expires in the coming years, the renewal rate is likely to be much lower since the initial lease rate was priced in SGD when the SGD-IDR rate was much lower. It's the same issue with Lippo Mall REIT when they renewed their anchor tenants the leases at much lower rates last year causing the DPU to plunge. It's no coincidence that those anchor tenants are owned by Lippo Karawaci as well.I saw the funds received from this divestment is many times the AR backlog amount !  This post has been edited by Havoc Knightmare: Sep 22 2018, 03:03 PM |
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Sep 23 2018, 07:36 AM
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#23
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Senior Member
1,205 posts Joined: Feb 2006 From: Kuala Lumpur
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QUOTE(Hansel @ Sep 22 2018, 09:29 PM) Yes,.. you have a point there,... the first lease expiries is in 2021,... that is still a number of years away. We're almost in 2019 already.. just a couple of years more. I suppose the market with its short term view will start to panic in 2020 only. On the other hand, plenty of bargains for SREITs with non-SG assets. Seems like the locals have really dumped those REITs. Great time for us to build up our income portfolio with 7-9% yields. Would have been unimaginable just a year ago! |
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Oct 6 2018, 09:18 PM
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#24
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Senior Member
1,205 posts Joined: Feb 2006 From: Kuala Lumpur
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QUOTE(elea88 @ Oct 5 2018, 10:33 AM) anyone shopping REITS.. start RED Waiting for the plunge.. excellent opportunity to add solid REITs to my retirement portfolio. First on my wish list is I hope for Parkway to drop below 2.40. |
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Oct 14 2018, 11:37 AM
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#25
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Senior Member
1,205 posts Joined: Feb 2006 From: Kuala Lumpur
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If there is any capital gains tax on Bursa stocks, I'm saying goodbye to Bursa. Malaysia's loss is Singapore's gain, I would wager. I think we'll see more activity here in this thread!
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Oct 14 2018, 08:15 PM
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#26
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Senior Member
1,205 posts Joined: Feb 2006 From: Kuala Lumpur
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QUOTE(Hansel @ Oct 14 2018, 06:06 PM) You will need to :- I've already been trading on the SGX for almost a decade, just that I'll be moving my capital over to SG if there's a capital gain tax. 1) get hold of SGD. 2) open accounts in SG (platform access). 3) learn and experience SG equities and REITs (knowledge, exposure, experience). Asap !!!! Prepare for mkt crash to enter !!! :thumbsup: Btw, am interested to know which other brokerage that gives you no minimum fees. Am currently using StanChart Priority Banking but if there's a broker with cheaper fees and no minimum fees and no catch (not like MKEs minimum deposit), I'll be interested..  |
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Oct 20 2018, 09:46 AM
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#27
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Senior Member
1,205 posts Joined: Feb 2006 From: Kuala Lumpur
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QUOTE(Hansel @ Oct 17 2018, 10:30 PM) Bros,... Keppel-KBS US REIT reported results this evening,.... I set an entry price of 75 cents because the yield is approximately 8% there, but after news of the potential rights issue.. I'm still sitting on my hands here. Sigh. But yes, I do like the fundamentals of the REIT. One of the few REITs with growth left." A STABLE performance in line with its initial public offering (IPO) forecast, supported by strong leasing momentum, positive rental reversion and lower property expenses, boosted results for US office landlord Keppel-KBS US Reit in its third quarter. Source: The Business Times - Companies & Markets " I have part of my USD holdings in this REIT,... God is with me during this economic turmoil,....  QUOTE(markedestiny @ Oct 19 2018, 12:04 PM) Any thoughts on EC World REIT? I have a small exposure to it. Picked it up at 69 cents. The rental growth is decent, though you have to factor in the long term appreciation pathway of the SGD vs the CNY. Concerns about non-renewal of major leases in 2020 seem overblown to me, since the tenants are subsidiaries of the Sponsor, and the Sponsor still has a sizeable stake in the REIT so it is unlikely that they will do anything dumb. And the yield of 9% is fantastic considering that it's not facing shrinking DPU unlike some other high yielding REITs.This post has been edited by Havoc Knightmare: Oct 20 2018, 09:49 AM |
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Oct 23 2018, 02:58 PM
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#28
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Senior Member
1,205 posts Joined: Feb 2006 From: Kuala Lumpur
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QUOTE(elea88 @ Oct 23 2018, 01:06 PM) eh.. why STD CHART cannot key in buy for KEPPEL USD? StanChart has blacklisted the purchase of certain securities including this and Manulife REIT. No idea why but it's a long standing policy.whereas MKE or DBS hv no problem... any idea? If I want to buy these two, I will use POEMS. This post has been edited by Havoc Knightmare: Oct 23 2018, 02:59 PM |
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Oct 23 2018, 03:52 PM
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#29
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Senior Member
1,205 posts Joined: Feb 2006 From: Kuala Lumpur
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QUOTE(elea88 @ Oct 23 2018, 03:25 PM) but i have KEPPEL KBS REIT reit in their ac. No logic to be buying using another brokerage. You bought using your StanChart account? Or transferred them in from another acxount? I've no idea why these 2 stocks are not permitted but I suspect it could be due to their complicated structures for tax avoidance in the US that makes StanChart's risk management blacklist the stock. I'm just speculating here though.why they black listed.? |
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Oct 23 2018, 11:53 PM
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#30
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Senior Member
1,205 posts Joined: Feb 2006 From: Kuala Lumpur
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QUOTE(elea88 @ Oct 23 2018, 04:05 PM) bought using Std chart..!!!! When did you buy yours? I attempted to buy in August when it was blocked.wonder when they start blacklist this. QUOTE(Hansel @ Oct 23 2018, 08:28 PM) Bro,.. I'm only starting to appreciate the importance of the incentive structure for a REIT manager. Structures that reward managers for growing NPI instead of DPU may result in such an outcome if the manager is unscrupulous. However this is just a guideline rather than a hard rule as there are REITs that incentivizes NPI growth only such as Ascendas India Trust but the manager has a solid track record in DPU accretive deals. Generally if the REIT manager starts doing non accretive deals, it's sayonara for me. It's a definite plus point if the REIT structure rewards the manager for pursuing DPU accretive deals only.Dpu drops after the acquisition and the Rights Issue exercise,... still want to subscribe.. ah ?? Like Manulife US REIT,.. besides the first acquisition after IPO, every single acquisition after that caused the absolute amt of the dpu to drop.... Unitholders are normally happy if there is going to be an acquisition,... but for Manulife US REIT, the opposite is true,.. Looks like Keppel-KBS US REIT is heading that way too !!!!!!!!!!  What are your opinions ?? |
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Oct 24 2018, 11:14 PM
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#31
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Senior Member
1,205 posts Joined: Feb 2006 From: Kuala Lumpur
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Another factor to take note of whether a REIT can pursue DPU accretive acquisitions is the Price/NAV of the REIT. If a REIT is trading far below its P/NAV and at a relatively high Dividend Yield, it becomes harder for the REIT to raise equity and acquire assets to boost the DPU for existing unitholders.. Like Keppel KBS is trading at >8% Yield now; the REIT has to raise equity and buy an asset that yields more than 8% in order to boost the DPU. If the REIT were expensive like Keppel DC or Parkway Life (P/NAV > 1), its much easier to get fresh equity and buy DPU-accretive assets.
This post has been edited by Havoc Knightmare: Oct 24 2018, 11:21 PM |
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Oct 24 2018, 11:55 PM
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#32
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Senior Member
1,205 posts Joined: Feb 2006 From: Kuala Lumpur
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QUOTE(Ramjade @ Oct 24 2018, 11:29 PM) Come I ajar you. I love REITs but I HATE rights/pref offerings and etc. I treat my dividend portfolio as a passive income machine and I project how much income it generates for me on a monthly basis. My investments should give me cash and not then other way around. So far I've been fortunate/vigilant enough for the past 8 years to avoid being caught in one of these rights/pref offerings. In that sense M-REITs are better as rights issues are far less common as compared to S-REITs.Excess means excess. In a rights/pref offering, one can apply for excess. Eg. you are entitle to 100 units at SGD1 (provided you have cash), you decided, hell, I want to grab 200 units instead of 100 units so you cough up moo to buy 200 units instead of 100 units. Accretive means it increases your DPU (dividend per unit). No point if the reits issue rights (asking for cash for some purpose) and dividend don't go up right? Good eg here is Manulife US, Keppel reit, OUE reit, ascott reit. Rights after rights but DPU keep dropping. No good right? Preferential offering is rights. Difference between them is you can sell your rights if you don't want to exercise them and get cash back. Preferential offering is well if you don't cough up money, your DPU will drop.  There are different schools of thoughts here. Some investors hate rights so they avoid reits altogether. That means they invest in companies which hardly ask for rights. One such person who hates reits is Createwealth8888 There are some who like rights as long as rights is done for the right stuff as it allow you to buy more at cheaper price. Investing in reits means ready for rights call. Cannot run away. Just have to make sure 1) rights < money earned 2) rights is used for good stuff |
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Oct 25 2018, 12:06 AM
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#33
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Senior Member
1,205 posts Joined: Feb 2006 From: Kuala Lumpur
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QUOTE(Ramjade @ Oct 24 2018, 11:59 PM) That's why sometimes I avoid reits and go for less rights asking counters. Lol. Those 4-5% counters. Need to have balance. Yes.. Generally avoid those with a track record of acquiring frequently and maintaining a high gearing and you won't have to deal with rights issues. Also, I like those that do private placements (to fund accretive acquisitions), leaving the ordinary retail shareholders to enjoy periodic free bump ups in DPU without any messy rights issue. In its heyday, Axis REIT was like that. I can't think of any at present. |
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Oct 25 2018, 12:46 PM
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#34
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Senior Member
1,205 posts Joined: Feb 2006 From: Kuala Lumpur
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QUOTE(Hansel @ Oct 25 2018, 09:58 AM) Bro,... I shall answer your statements above first. Then you should buy : Parkway LIFE REIT. This REIT does not ask for our mandates to issue new shares. And,... the dpu has risen again as reported this morning,.... Yes precisely. I missed the sub 2.60 boat last week! Was waiting for some funds to come in and was too late by a couple of days. Looks like the sell off today is not making it any cheaper. |
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Oct 26 2018, 07:52 AM
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#35
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Senior Member
1,205 posts Joined: Feb 2006 From: Kuala Lumpur
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Been adding one lot a day of Keppel DC REIT... safety in times of trouble.
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Oct 26 2018, 07:46 PM
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#36
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Senior Member
1,205 posts Joined: Feb 2006 From: Kuala Lumpur
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QUOTE(prince_mk @ Oct 26 2018, 12:46 PM) I also have these 2 counters using Stanchart. Omg. Have you had issues if you try to sell them? |
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Oct 26 2018, 11:45 PM
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#37
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Senior Member
1,205 posts Joined: Feb 2006 From: Kuala Lumpur
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QUOTE(Ramjade @ Oct 26 2018, 08:33 PM) First, retail investor never have any voice. Don't belive me, just look at at keppel reit or ascott reit. They don't need to listen to voices on the Internet. So true. Institution investors and corporates regard retail investors as ants at best.They will do when market is better. Keppel chose wrong time. But let's see how it will play out |
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Oct 30 2018, 08:46 PM
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#38
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Senior Member
1,205 posts Joined: Feb 2006 From: Kuala Lumpur
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QUOTE(Hansel @ Oct 30 2018, 02:07 PM) Kep-KBS DROPPED to 0.555 now. Rights conversion price is 0.500,.... Hope this serves as warning in future to other REIT managers and sponsors to not pursue non-accretive deals. So much value destroyed. |
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Oct 31 2018, 11:40 AM
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#39
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Senior Member
1,205 posts Joined: Feb 2006 From: Kuala Lumpur
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QUOTE(wjchay @ Oct 31 2018, 11:12 AM) What happened to Manulife reit today? Such a big drop? Yesterday you mean? My guess is markets noticed the yield gap between Keppel KBS and Manulife. In general, SG investors have been dumping non-SGD REITs for the last few months. |
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Oct 31 2018, 07:06 PM
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#40
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Senior Member
1,205 posts Joined: Feb 2006 From: Kuala Lumpur
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QUOTE(Hansel @ Oct 31 2018, 05:35 PM) Bros,... I sold all my CEREIT this afternoon,... I'm not comfortable with the coming acquisition of so many properties,.... I would consider buying this after it goes ex rights. Euro is cheap now as well. Look at the comments in SJ,... Btw what is SJ? |
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