Y

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 )  $$$$$$$$
         

tis IPO price undervalue? 

no use turning back now.. move forward 

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         
[SIZE=7]

Not IBs
Instead, those promoters of IPO

NO,... he will accumulate good karma helping us.

thanks for the  moral support , my fren       

good  KARMA  trigger LUI  $$$$$$$$

KOOL  IT  , BEBI....NO  ENVI@ Dun be jeles  !!         please  !

alamak, i applied 200k units. now i worry

still remember  one  case  CHINA  COMPANY  couple  years  ago  was undersubscribed  , and the write up is good  about the company  - fundermentally  strong , the company debut  with  SOLID  GAINS  $$$$$$

            $$$$$$$$

this  SOLID  REIT @  AS SALAM    >>  SURE  HOT  ONE  $$$$$$$$$$$$$$

why the need of ballot table when u confirm getting the shares 

anyhow it's 6pm onwards 

The IPO market so  fantastic  lately ...see the previous 10  IPOs  with  FLYING  COLORS....$$$$$
latest  champion AEMULUS  >> almost 100 %  premium....  

Sure  huartt arrrrr  $$$$$$

AFTER ALL  >>         

Al-Salam REIT  is  backed by SOLID  assets  ,  STEADY  income...$$$$$$$$