It won't under subscribe coz yield is attractive

Another 8 mins to go b4 closing...

last call last call..

faster apply before too late

This post has been edited by nexona88: Sep 15 2015, 04:58 PM

Retail Application closed.

now wait for ballot table on 18 Sep Friday

Finally i joined the boat. Hope for the best.

cehhhh...!! NOW REALIZED that AS-SALAM REIT is VERY SOLID ISLAMIC REIT

PRGGGHHHHHHHHHHHHHH.....SURE HOT liao $$$$$$$

A VERY SOLID COMPANY >> SUPER WOWWWWWW.....WOWWWWW $$$$$$


ALSREIT Background

Al-Salam REIT is a diversified Islamic REIT, which invests in various Shariah compliant assets including commercial, retail, office and industrial assets. It has an initial portfolio of 31 assets with total asset value worth RM903.1mn. These assets are Menara KOMTAR, @Mart hypermarket, KFCH International College and KOMTAR JBCC, which is a new retail mall in Johor Bahru city centre, and a chain of KFC and Pizza Hut restaurants and other selected industrial assets.

Refer to Appendix A for details of the assets.

Valuation

We derive our fair value of RM1.12, based on DDM valuation (cost of equity: 8.2%, terminal growth: 2.5%). At RM1.12, the implied FY16 dividend yield would work out to 5.7%, which is slightly higher than sector’s target yield of 5.4%. We think this is justifiable given its small asset base and market capitalization.


Source: by TA Securities

================

A diversified portfolio, predominantly retail (est. 51.4% of GRI). Al-Salam REIT (ALSREIT) holds a well-diversified portfolio consisting of retail, followed by QSR properties (restaurants and industrial premises) which are on TNL (Triple Net Lease) (24.9% of GRI), offices (11.7%), a hypermart (8.8%) and a college (3.2%) which segmentally diversifies various asset risks. We like the fact that the main revenue driver is the retail segment (51% of FY16E GRI) which delivers strong earnings growth (compared to office and industrial REITs) due to its competitive nature and shorter term leases, while stable earnings is derived from QSR properties (25% of FY16E projected GRI) and KFCHC (3.2% of FY16E GRI) from long-term leases of 9 to 15 years and a rental formula which does not allow for negative reversions.

Fair Value of RM1.05 based on a target yield of 6.2%. Our target yield is based on a +2.20ppt spread to our 10-yr MGS target of 3.90%. The spread is based on a 58bps premium to our large cap MREITs average spread of 1.62ppt under our coverage (save for CMMT), to account for ALSRIET’s smaller market cap of RM580m, and higher gearing of 0.38x vs. 0.15x-0.35x. However, we believe ALSREIT deserves a thinner spread vs. small cap MREITs (between +3.2ppt to +6.0ppt) due to its asset stability and catalysts arising from strong acquisition potentials from its parent. While our TP offers 10.9% total returns, investors may find better entry points when the bond yields stabilize post the US rate hikes. NOT RATED. ALSREIT is targeted for IPO listing on 29th September 2015, while book closing period is from 4th September – 15th September 2015, before 5.00 p.m.


Source: Kenanga Research

### SURE OVERSHOOTINGGG the TP gien by IB as what happpened today....TOO MUCH OVERSHOOTINGGG from the TP given by IBs ( SHAME ! )

## AS SALAM >> CHAMPION REIT

( may even ValueCap to GRABBB this unique As Salam Reit ) $$$$$$$$

You apply 1M shares ?

suddenly say Hot

ME ? become GREEEEDY >>TO ATTACCKKKKKKKKKKKKKKK this REIT ON LISTINGGGG for SURE

LATELY ALL EARLY BIRDS strike jackpot grabb IPO at OPENING PRICE ( see aemulus ipo ) !!

my fren in VALUECAP ,a government GLC with RM 20 Billions Fund >>
say to include as salam REIT in their PORTFOLIO ...


## MOST REIT NOW prices >> RM 1.50 to RM 2.00

tis IPO price undervalue?

This post has been edited by nexona88: Sep 15 2015, 05:57 PM

Sure Angpow said so. He is so excited.

Fair Value:
1.07 by RHB Research
1.03 by Public Invest.

MY FAIR VALUE will be OUT SOON.....got fed up with the LOWER & misleading TP given by IBs

see all IB TP @ FAIR VALUE is always FAR BELOW the TRADING PRICE of the IPO.....shame !

see today AEMULUS , ALL IB gave TP around 30 SEN , see the PRICE TODAY - AEMULUS almost hit 45 SEN >> 50 % higher than IB'S TP

I will spending time >> BURNING MID NITE OIL to FIGURE OUT the really FAIR VALUE ( TP ) to this AS SALAM REIT....cehhhhhh !

for the mean times , EARLY BIRDS ( those wallappp AEMULUS at opening price ) have a JOLLY PARTY TONITE

: ....

AS SALAM to be the CHAMPION REIT

Bravo coz a lot of Ppl skip tis IPO

Do u have the research papers?

Previously, JCorp listed Al-`Aqar Healthcare REIT on the Main Board of Bursa Malaysia, through KPJ Healthcare Bhd.

Al-`Aqar which focuses on the healthcare related assets is also being managed by DRMSB.

"The establishment of Al-Salām REIT is another commitment by JCorp in playing its part in the world of Islamic REIT and Islamic capital market," its president and CEO Datuk Kamaruzzaman Abu Kassim said, noting that the group believes Islamic REITs have the potential to be the preferred investment instrument among investors in the capital market.

Al AQAR REIT NOW RM 1.40 + ( under JCORP ).....

## still figuring out the TP for AS SALAM REIT IPO

IPO application is close right? Should have apply just now. Me sadding.

This post has been edited by ILoveLalat.net: Sep 15 2015, 09:13 PM

no use turning back now.. move forward

Eh this is what ? I tot 29 Sept this ipo launch ?

Sorry newbie question