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This post has been edited by TOS: Jan 18 2020, 11:04 PM

http://www.cmmt.com.my/sungei.html

The annex block of Sungei Wang.



This post has been edited by TOS: Feb 1 2020, 05:15 PM

https://www.businesstimes.com.sg/asean-busi...ndling-interest

No mention about retail REITs though. Premium retail REITs should be fine.

Sunway REIT's 2Q FY20 result coming in!



https://www.thestar.com.my/business/busines...igher-q2-income

https://disclosure.bursamalaysia.com/FileAc..._FR_ATTACHMENTS

This post has been edited by TOS: Feb 13 2020, 10:02 PM

Same observation.

Also, not to forget Lendlease (S-REIT) seems to be doing the same.

https://www.reitsweek.com/2020/02/lendlease...u-forecast.html

CMMT earnings reported today:

https://links.sgx.com/1.0.0/corporate-annou...f7b43ddca3c7139

(Parent company. Capitaland's link from SGX)

ICR only 1.7, terribly low.

Also, not far from the Twin Towers and TRX, PNB 118 tower is adding to more spaces in a few years time.* The oversupply of office spaces in Klang Valley is a known issue for quite some time. Perhaps sooner or later, SMEs can also afford to rent Grade A offices!

*As an ASNB shareholder, I sometimes question the rational behind building such a tall tower full of offices when the market is already in a state of oversupply.

Pavillion REIT's earnings released today:

Press Release: http://www.pavilion-reit.com/230_177_0_102...REIT/index.html

Presentation Slides: http://www.pavilion-reit.com/230_177_0_102...REIT/index.html

Income Distribution: http://www.pavilion-reit.com/230_177_0_102...REIT/index.html

For Malaysia accounting standards, it should be MFRS (Malaysia Financial Reporting Standards), which follows IFRS.

US GAAP is only for US reporting purposes. Some large US MNCs will publish non-GAAP accounting reports for international investors as well.

Not just quality issue, I notice that many are too narrow in geographical locations. They should consider overseas acquisitions, like their S-REITs counterparts.

And not to mention the 10% withholding tax for Malaysia REITs.

Well, I say many, not all. There are M-REITs with overseas properties, but these are the "exceptions rather than the norm". There are good retail and office properties in many countries. Pavillion, Sunway REIT for example can consider those properties. Axis REIT can consider logistics properties outside of Malaysia too.

Factor in the fact that MYR will depreciate in the long run, overseas acquisition will actually bring a lot to the table.

Not qualified to comment much on M-REITs as I don't invest directly in Malaysia, but looking at what their Singapore counterparts have accomplished, I feel that M-REITs can do better.

This post has been edited by TOS: Jul 26 2020, 09:12 PM

M-REITs gearing limit raised to 60%, until Dec 31, 2022.

https://www.thestar.com.my/business/busines...r-m-reits-to-60

Not qualified to comment as I don't directly invest in M-REITs (just reporting news).

But since you asked me, for REITs like CMMT, this may be a lifesaver.

For other more stable ones like Pavillion, Sunway etc., I hope they would take this opportunity to refinance debt at lower interest rates.

Good for long term or not really depends on management, prospects of their respective sectors (retail vs office vs hospitality vs logistics/industrial), and sponsor's pipeline and support, in my opinion, given that the increment is just a tentative measure to alleviate "stress" for the REIT manager.

Analyst's views: https://www.theedgemarkets.com/article/anal...arily-raised-60

From the annual report, Petronas rents the whole of both towers, no? The tenant is solely Petrolium Nasional. Mind sharing where you get the info about 75% from?

As for the "transfer to ASB" thing, in the end, they are using our money to finance themselves... then money flows back to us. Sounds like some sort of circular economy.

https://www.theedgemarkets.com/article/prop...te-transactions

Didn't know MRCB Quill has changed its name to Sentral REIT.

Here's the Q4 earnings result.

Financial Report: http://mqreit.irplc.com/new-announcement.h...001&Symbol=5123

Press Release: http://mqreit.irplc.com/medianews.htm?file...204Q%202020.pdf

Presentation Slides: https://www.insage.com.my/Upload/Docs/MQREI...204Q%202020.pdf

This post has been edited by TOS: Jan 19 2021, 03:03 PM

You need to check the distribution announcement, usually stated in the financial report for the particular quarter or period.

For Sunway's case, the most recent announcement was in November last year.

https://disclosure.bursamalaysia.com/FileAc..._FR_ATTACHMENTS

That distribution was a one-off advanced distribution of 0.9 cents per unit for those who hold Sunway REIT's stocks before the ex-date for the private placement of the new units thereafter.

Notwithstanding that, from page 15 of the PDF file,





So, it is semi-annual distribution. Twice a year and the distribution details such as date and amount should be stipulated during the result announcement.

As for dividend calculation, it should be fairly accurate. Just multiply the dividend rate and the number of units you hold, then you will know how much you receive.

So for your case, 10k investment at a price of 1.40 means 10000/1.40 = 7142.9 units (I don't think you would buy odd lots, so you should check the actual amount you paid for the units, usually a board lot should be 100, for Bursa, so either you hold 7000 or 7100 units, somewhere around that figure, you need to check.)

Then assuming 7000 units and a distribution rate of 0.9 cents a unit, your advanced distribution paid last year should be 7000 units * 0.009 MYR per unit = 63 MYR.

Bear in mind that there is a withholding tax of 10% for M-REITs distributions, so you would only get 90% of the payable amount, or 63 - 6.3 = 56.7 MYR

The same applies to Sentral REIT, with different figures and dates.

This post has been edited by TOS: Jan 19 2021, 08:57 PM

I think your calculations are correct. Just make sure to add up the other 0.0032 cents per unit non-taxable portion and the 0.0083 cents per unit * 90% taxable portion (10% WHT) in your cash dividend part.

As for the failure to go below your holding price, it might be because your holding price is lower than 1.88. You may have bought earlier at a low price, so even after the discount of 10% VWAP, you still end up increasing your holding price.

Buying more may not necessarily reduce your holding price, especially if the REIT is doing well in share price performance, buying more will end up increasing your holding price instead.



Looking at this graph, if you had bought more after early March 2018, it is very likely that your holding price is on an upward trend.

This post has been edited by TOS: Jan 22 2021, 07:57 AM

Ya, I saw the picture, it's attached in your last post.

Basically the same distribution is made for both investor who opt for reinvestment and do not opt for investment, the amount is the same:

Non-taxable: RM 0.0142 per unit
taxable: RM 0.0083 per unit

The only catch is that for those who choose to reinvest, out of the 0.0142 cents per unit non-taxable portion, Axis REIT "extracted" RM 0.0110 per unit for reinvestment, so you have 2 components for non-taxable dividend in the reinvestment case, but they are the same as before because the leftover RM 0.0032 per unit is distributed too.

To answer your 2 questions:

1. Yes but you stated the amounts in the opposite, non-taxable is 0.0142 cents per unit, taxable is 0.083 cents per unit; this is the quoted rate for those who do not wish to reinvest their dividends. For case 1, you receive the distributions,

a. RM 0.0142 per unit non-taxable
b. RM 0.00083 per unit taxable portion,

Both a and b in cash.

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

2. As stated before, 3 components now, 2 non-taxable, 1 taxable, for those who wish to reinvest.

The 2 non-taxable ones are:

a. RM 0.0110 per unit for reinvestment at 1.88 MYR per unit
b. RM 0.0032 per unit for distribution

a+b = RM 0.0142 per unit, exactly the same as the case when you choose not to reinvest dividends.

The taxable one is:

a. RM 0.0083 per unit, no change from the first case (1) above.

The RM 0.0110 per unit is now used to buy the 2 new shares (for your case, assuming originally 503 units) with the leftover distributed as cash similar to case 2a above. And they are all non-taxable.

So, for case 2, you receive:

a. 2 new shares (priced at 1.88 MYR each),
b. RM 0.0032 per unit non-taxable distributions
c. Leftover non-taxable distributions from the truncated shares (2.94-2) shares
d. RM 0.0083 per units taxable distributions.

a are shares, b,c and d are all in cash

This post has been edited by TOS: Jan 22 2021, 09:19 AM