TA gives higher FV. then most likely i will not subscribe because TA is usually VERY Accurate in giving the OPPOSITE recommendation with regard to IPO debut

applied 200k units

Cos I have no house no car to pay instalment, no child to feed.

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 )  $$$$$$$$
         

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          

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     

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

ask him to  KOOL  DOWN  !!  -- NOT  TO  BANGG his  head to the COCONUT  TREE  !!

( Please  drink  2 bottles of  ROOT BEER ) 

after reading some write up on this  AS SALAM REIT  >> NOW me want  TO  HANTAM @ Wallappp

this AS SALAM ON LISTING  29 SEPTEMBER  , sure HOT  one ....   

the other REIT  under J CORP  AL AQAR - now  SOLID  around  RM 1.50 

( after dividen  around  10 %  >>  RM 1.40  ) ,

after all mostly all REIT  is  around  RM 1.50     
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PETALING JAYA: Inter-Pacific Research Sdn Bhd has assigned a target price of RM 1.14  on Johor Corp’s new Islamic real estate investment trust (REIT) Al-Salam [/B]based on a discount rate of 7.6% and a dividend growth of 2%.

" We used the dividend discount model (DDM) with a discount rate of 7.6% and we forecast a dividend growth of 2% which place Al-Salam shares’ at a fair value of RM1.14,” it said in a research report yesterday.

         

do you have the pdf file ?

i mean the ballot table

Pchem is not undersubscribe, i applied and failed