Got some more - low D/E ratio, good crowd everyday, well manage, fully tenanted

6% for one of crowded mall reit with OPR almost no chance to upside, it is like no brainer choice already.

hahaha, all was eyeing it ..... i still have chance

4.47 sen half yearly: is this dividend sustainable? EPS latest quarter 1.91 sen: annualised only 7.64 sen, how to pay 8.94 sen?

Dividend is paid out from realised profits.

And Manager's fee is paid by issuing additional units, i.e. non-cash flow.

Ok sure boleh, I will read all I can. Look forward learning from you guys! and gain the most from REIT investment

So, if part of the EPS includes unrealised asset gains, then DPS should be lower that EPS BUT it is now higher than EPS which makes it unsustainable.

p.s. I am not very sure on this. I hope Cherroy kor can clarify also. I read about it when he said something like that in the past.

This post has been edited by aspartame: Jul 29 2015, 08:59 AM

Pink spider, morning. I assuming there will be minor dilution along the way which should not be harmful to unitholder? and any particular reason why REIT manager opt for units as party of their payment instead of full cash? purely for them to share the distribution from the REIT in the future?

One reason, the REIT manager don't need the cash, they also don't wanna deplete the REIT of its cash. Hence, chose to be "paid" in units...

Yeah, dilution there will be...

aspartame u are correct...
And they can increase payout by utilising REALISED profits from prior periods...

As expected, recover back to 1.32 liao. Congratz to those who picked up at 1.29-1.30 yesterday

This post has been edited by Pink Spider: Jul 29 2015, 09:28 AM

Yes, they can increase payout by utilising realised profits from prior periods, provided those profits were not distributed previously. You still come back to: if you take the EPS for the year and the DPS for the year, DPS has to be lower and at most equal to EPS. DPS more than EPS is possible in one or 2 quarters but you always fall back to the rule. So, what I am saying is that your calculation of NET YIELD of 6.2% based on current quarter DPS is an overstatement of the dividend yield.

But u see their earnings...

4 sen a quarter is realistic

Let's say 4 sen x 2 x 90% / 1.32 = 5.45% net yield

Not too bad considering their growth rate

EPS is the sustainable figure, which should be the base in consideration.

The DPS can be higher than EPS is because instead paying the manager in cash, the reit is paying the manager by issuing new unit, hence there is extra cash left for distribution.
It is about cashflow.

Still we should judge it based on operational EPS as the ultimate, any extra treat it as bonus.

Edit:
I should term it as realised operation EPS.
This is where business generate the real profit.



This post has been edited by cherroy: Jul 29 2015, 01:24 PM

Now, let's see if PAVREIT can match IGBREIT's rate of growth

waiting you signal ? bila beli

In a way, this practice shows the manager is confident in the future of this company and willing to take "shares" instead of cash

While for the minority shareholders like us, we have more cash received for the current year. While our future EPS will be diluted (if no growth to match the increased shareholdings)

Either way, you got to pay them. I prefer cash in my hand now (ie current yield of 6.2% pinky calculated), instead of banging on future growth (ie higher yield)

Yield too low compare to IGB. Unless the announcement has surprises

you got patient to wait Pavillion BJ or Pavillion Damansara complete

True, it is also good to conserve cash. Thanks for enlightening me. And little bit of dilution should be fine as the dilution would be offset by distributable income growth if NPI growth is positive which I think it will be for MV & Gardens.

I noted IGB has done AEI last year at the 3rd floor ( the cinema floor), you guys heard anything on upcoming AEI for 2H 2015? I used to hear MV want to take back some space from Jusco, but not sure what's the outcome now.

One bird on hand is better than 2 in the bush ya..

Still holding to my initial IGBREIT IPO allocation, plus managed to pick up some at 1.17 n years ago. Kaya beb