MUST property valuation declines by some 10% ish last year. Leverage ratio hits 61%...

https://links.sgx.com/FileOpen/Manulife%20U...t&FileID=830157

-------------------------------

Dasin director conflict continues: https://links.sgx.com/FileOpen/DASINRT-New%...t&FileID=830137

This post has been edited by TOS2: Jan 10 2025, 09:28 AM

Dasin board issues letter of demand to ZZC:

https://links.sgx.com/FileOpen/2025.01.15%2...t&FileID=830508

Business Times Singapore

LMIRT could fail to meet minimum interest coverage ratio for FY2024, expects no financial consequences
This is mainly due to non-operational accounting adjustments made to Ebitda and interest expenses in Q2 and Q3

https://www.businesstimes.com.sg/companies-...al-consequences

SGX announcement by LMIRT yesterday: https://links.sgx.com/FileOpen/Update%20on%...t&FileID=830428

Sabana REIT's internalization progress stalls and some unitholders are not happy: https://links.sgx.com/FileOpen/Sabana%20REI...t&FileID=830723

I haven't updated any S-REITs results for a while. You guys can check on SGX announcement page.

Something interesting for you to know, even though it happens in the private equity space:

FT Alphaville | Blackstone Group LP

Blackstone’s BREIT hole keeps growing
‘Closing in on max loss’

https://www.ft.com/content/1d654920-734b-4b...d7-f9b4315d9fbb

恭喜发财

Free angpow for you

Hi bro. Long time no see. How are you?

I have quit S-REITs for a long time. All in US/SG T-bills, VOO, QQQM and holdings in TSM and Hermes. Also have a very small stake in Novo Nordisk.

There is nothing good about S-REITs. The business model is: borrow to buy (+ acquisition fee), sell to deleverage (+divestment fee). When cannot borrow to buy, do an EFR. There is absolutely no alignment of interest with unitholders whatsoever. All REITs want to scale, but big is not always the best.

Even big boys like CICT and Ascendas REIT has been underperforming and the best boy Parkway LIFE had to do an EFR, let alone the small-cap ones.

The low ROA nature of real estate investment coupled with the accompanying high leverage to boost ROE will always be hurting shareholders during bad times.

Either you count on ever dropping interest rate to kick the can down the road (which is what the REITs had done in the past decade after 2008 GFC till 2020 Covid), or you quit the rat race of EFR.

Since you are an HNWI/UHNWI, will advise you to put your millions into an index fund + T-bills and enjoy life. Finance should be simple and not demanding. Put your hard-earned money into better use than paying those fee suckers, unless you love to bet with them.

Cheers, and have a great day ahead. Do send my best regards to your family.

TOS

This post has been edited by TOS2: Mar 5 2025, 09:35 AM

Hi aunty!

Yea, already ran away from REITs. A portfolio of index funds, SG banks, TSMC and Hermes should be sufficient on the equity side. Add SG T-bills, SSBs, bank loans, some US Treasuries and my personal loans to friends (in SGD, interest rate 72% p.a. ) you get a very decent "balanced fund" of some sort.

Wishing you and your family peace, health and happiness. Have a great day ahead.

This post has been edited by TOS2: Mar 5 2025, 09:41 AM

Haha, you target students around Subang Jaya, Sunway, Taylor, INTI, surely got people who manage their money poorly but their Bank of FAMA provides almost endless supply of cash... -> safe loans at high rates

Does your 2.24 SGD price factored in the EFR dilution? Did you subscribe to the EFR?