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 REIT, real estate investment...

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cherroy
post Dec 16 2009, 12:48 PM

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QUOTE(darkknight81 @ Dec 16 2009, 10:50 AM)
80 cents??!!! ohmy.gif
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I mean below 80 cents is bargain, don't mean it will drop to that. Currently, I am buying some at 0.86 as DPU will be coming out or Dec ended one, which should be around 3.3 or 3.4 cents, so my cost will be around 0.83.

QUOTE(monya19 @ Dec 16 2009, 11:52 AM)
Hello folks, may i know how much dividen did AXREIT actually pay for the 3rd quater? is it 2.82 cents or 4.06 cents?
i heard that 2.82 cents is only paid up to 28 AUG 09 while another 1.24 cents for the remaining days in Q3 to make it a total of 4.06 cents?
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1.24 cents not yet being distributed and will distributed (add) with 4Q one.
cherroy
post Dec 17 2009, 09:57 AM

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QUOTE(jasonkwk @ Dec 17 2009, 09:28 AM)
AXREIT open at 1.9 is it overvalued? Is it useful to use Technical Analysis  on REIT? Waiting for it to go down
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TA is not applicable for low volume traded stock generally.

Based on NAV, it is a bit overvalued, based on yield, it is about fairly valued. So it depends how one looks and judges on it.
cherroy
post Dec 22 2009, 11:11 PM

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QUOTE(Zack Styler @ Dec 22 2009, 10:39 PM)
Is STAREIT a good buy at 0.8x cents?
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hmmm.. this is a tough question.

Since they will under rationalisation proposal, until new properties being injected, it is hard to predict anything.

But personally, expect no less than 6.x cents DPU which is equivalent to around 8% yield (on 0.8x price), so my view is that if I am satisfy with yield 7.x%, then I would buy. (which I am doing now)
While don't expect too much price appreciation on the share. <-- which should be the main mindset in investing in local reit.

Don't treat it is a recommendation, judge your own, I might be wrong.
cherroy
post Dec 23 2009, 09:38 AM

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QUOTE(RJdio @ Dec 23 2009, 08:32 AM)
Probably not directly related - but whats the outlook on KLCCP ? Not a REIT per se but a property management company. Its been rather flatish for some time now.
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Cannot compare directly with properties stock and reit although they are related. As reit is more towards having a property, rent it out, that's all and 90% of the income being disributed.
While properties stock can range from development of properties, rental (like reit) etc while there is no obgligation for them to give dividend, which depended on willingness of the company.
cherroy
post Dec 23 2009, 09:59 AM

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QUOTE(cantdecide @ Dec 23 2009, 09:52 AM)
What happened to STAREIT P&L?  It said something like decreased 90+%!  Is that right?
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No, previously year Q profit surge is because of properties revaluation (properties value/worth increase), operation income wise is somehow steady or stagnant.
cherroy
post Dec 23 2009, 10:17 AM

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QUOTE(cantdecide @ Dec 23 2009, 10:03 AM)
Oh, rupa-rupa macam tu.  Thanks for the information.    smile.gif

It shocked me as it coincides with the current disposal and I thought STAREIT price and evaluation will be affected big time.  *phew* *phew*
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Current disposal of properties will lead to less income (as Starhill and Lot 10 contributred more than half of the income), so if they don't inject properties after the disposal, then expect to see its income dropping quite significantly.

Having said that, the disposal of properties will realise the properties valuation gain, which lead to the reit having high cash position (the disposal is expected to be around 1 billion, while only got 180 million of borrowing) which enable they to acquire new properties.
cherroy
post Dec 23 2009, 01:54 PM

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QUOTE(whizzer @ Dec 23 2009, 11:50 AM)
"The Heads of Agreement between vendor & purchaser provides for a proposed sale price of RM629 million and RM401 million for Starhill Gallery and Lot 10 respectively to be satisfied by cash and/or Convertible Preference Shares in Starhill Global REIT. The selling prices are pretty near current book value. This is what the Manager says:
The adjusted net book value of the Properties based on the audited financial statements as at 30 June 2009 and after adjusting for the value of 42% or 490 of the existing car park bays in Starhill Gallery to be retained by J.W. Marriott Hotel Kuala Lumpur is RM1,055.5 million. Accordingly, on completion of the Proposed Disposal, Starhill REIT is expected to realise a net loss on disposal of RM25.5 million for the financial year ending 30 June 2010. The original cost of investment of Starhill Gallery and the Lot 10 Property by Starhill REIT was RM480.0 million and RM341.0 million, respectively. Starhill REIT completed the acquisition of the Properties on 16 December 2005 on the listing of Starhill REIT on the Main Board of Bursa Malaysia Securities Berhad. The Proposed Disposal will unlock the value of the Properties as it is expected to realise an estimated distributable income of RM228.9 million for the financial year ending 30 June 2010."

So is it a loss or gain for STAREIT ? 
Also, what properties can be potentially be injected ? I presume its other YTL Hotels. hmm.gif
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The issue of loss and gain come from which I guess is (if I am not mistaken, as not read through the whole proposal nor the deal is finalised yet)

Previously your own a property that worth RM500 million, after 3 years, revalue then become RM600 million, so now your NAV in book is RM600 million, but now you dispose at the price of RM580 million, so in this deal, you suffer RM20 million loss, but realise the 80 million gain.
cherroy
post Dec 23 2009, 03:27 PM

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QUOTE(mopster @ Dec 23 2009, 02:56 PM)
i hope they will keep some money from the sales to distribute in order to maintain DPU... possible ka ? biggrin.gif
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Possible, even can pay you one off special dividend through realised gain on the properties disposal. But this is not good for long term, as you want quality properties with good rental yield to sustain the DPU.
cherroy
post Dec 23 2009, 03:41 PM

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QUOTE(whizzer @ Dec 23 2009, 03:40 PM)
Hmm. Seems like nobody selling. Only got 1 lot joker @ 1.25  tongue.gif
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Both buyer and seller need to suffer the min commission if like that.
cherroy
post Dec 30 2009, 03:48 PM

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QUOTE(epalbee3 @ Dec 30 2009, 10:13 AM)
Added on December 30, 2009, 10:21 amOne more question, why REIT stock volume is this low?

Added on December 30, 2009, 10:21 amIf anything happens, hard to sell it..
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Reit is extremely not popular here, nor people aware of it. It is a boring stock to watch as compared to ordinary stock, so with little popularity, liquidity is low. When liquidity is low, you won't see much buying and selling activities.
Somemore most invested in reit is looking for like fixed income and long term yield which they won't bother to buy and sell in the market.

In actual fact, selling is much easier than buying, if you sell at discount a few cents, you will see lot buyers coming out. No trade, doesn't mean no buyer. In fact the low volume trade is more down to no seller.

Whenever you see spike in volume in reit, a lot of time, it is because sellers coming out.
cherroy
post Dec 30 2009, 11:17 PM

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QUOTE(epalbee3 @ Dec 30 2009, 08:11 PM)
Thanks. In fact I see the chance of getting high returns compared to FD. At about 6% -12%.

I wonder if mutual fund can give this kind of return.

I want to know how safe it is?

And will property crisis occurs like US last time.
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Primary risk of reit
1. Properties has no tenants, no income and still need need to pay expenses
2. Cannot get refinancing on their borrowing. Almost all reit has some portion of leverage aka debt to acquire new properties while those borrowing generally are short term in nature (around 2-3 years only)
3. Properties price tumble lead to loss in net asset value and also rental issue. (rental generally track properties price)
cherroy
post Dec 30 2009, 11:22 PM

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QUOTE(epalbee3 @ Dec 30 2009, 11:18 PM)
Thinking of putting 10% in REIT to collect rent.. what do you think?

Which investment tool should I focus?
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It is down to individual risk appetite and individual investment management, others can't possibly advise on it.

Others merely can list out the risk of it, while individual needs to assess the risk and situation on his/her own.

As investment strategy also depended on individual income ability, cashflow, affordablily etc issue. There is no right and wrong in investment.
cherroy
post Jan 2 2010, 05:17 PM

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QUOTE(jasonkwk @ Jan 2 2010, 10:48 AM)
QCAPITA price is pushed up to 1.08 at the last 10 minutes of 2009 trading session. Is it a window dressing? REIT also have window dressing?
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Lot of fund managers, especially UT fund, insurance funds do invest in reit which is stated clearly in the largest 30 shareholders list.
cherroy
post Jan 11 2010, 11:11 PM

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Qcaptial's result will be out on 21 Jan as well.
cherroy
post Jan 15 2010, 11:39 PM

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QUOTE(ante5k @ Jan 15 2010, 04:40 PM)
addition of new shares , dilution for eps for this quarter.

nestle house empty pending renovation works.
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Axreit has used the money raised from private placement to acquire new properties to boost its earning, so dilution effect probably won't be so drastic. After all Nestle house already empty on previous Q result which didn't contribute rental income on the lastest Q, if not mistaken.

I kinda tilt to what Jordy has said, with inflation looming, properties price or valuation only has one place to go, that's up only as long as the particular properties is situated at strategic and high demand area.


QUOTE(kmarc @ Jan 15 2010, 08:36 PM)
Cherroy, any opinion on whether Qcapita is doing well? Still good to enter at RM1.02?  hmm.gif
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I would guess EPS near 8 cents for the whole year. So not too expensive, but not cheap as well.
cherroy
post Jan 18 2010, 04:51 PM

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QUOTE(jasonkwk @ Jan 18 2010, 02:03 PM)
someone bought lots of STAREIT this morning, something big going to happen?
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Not actually big, a couple of hundred to thousand lot transaction is not considered big. As ordinary fund manager when shifting their portfolio time, this kind of transaction is norm or sometimes classified as minor only.

Qcapital is having much more volume than Stareit today.
cherroy
post Jan 19 2010, 04:45 PM

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QUOTE(jasonkwk @ Jan 19 2010, 03:13 PM)
Is it a serious drop for REIT?
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It has stated occupancy rate has dropped a bit, a concern, but to consider serious at the moment is a bit overstated.

After all, it is still generating yield more than 7%, which is more than 2x and near 3x FD rate.
cherroy
post Jan 21 2010, 12:28 AM

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QUOTE(ante5k @ Jan 21 2010, 12:02 AM)
true also , the way i see it is, if share issue extra 20%, income also need to be increased  at least 20%.

kinda disappointed the dividend didnt reach 5 cents per share  sad.gif
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If there is rental income from previous Nestle house, then result could be better.

Cannot achieve ideal situation, if the share issue extra 20%, and if the income increase 15%, then it is considered still ok, as once the size of portfolio become big, existing shareholders benefitted from more diversified properties portfolion within the reit. While if the new acquisition of properties has better valuation appreciation afterwards, it benefitted all only.
cherroy
post Jan 22 2010, 12:43 AM

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QUOTE(BrendaChee @ Jan 21 2010, 10:52 PM)
i do really like REIT rather than those goreng stocks. Planning to apply for Sunway REIT and also the capital land REIT.

What do you think for this two coming ipo? Any opinion?
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Capital land reit is postponed indeifnitely if not mistaken, or no?
cherroy
post Jan 22 2010, 12:48 AM

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QUOTE(mopster @ Jan 21 2010, 11:52 PM)
yup i concur with mok...
Lot10 and Starhill generate most of the profit and already consist of 69% of stareit properties portfolio..
and now we are in the dark which resort/hotel they are planning to buy...

i will also exit latest by this divvy... can always buy back again when in the future wink.gif
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Yup, the company didn't do a good job to clarify what and which properties they are going to inject which leave a lot of shareholders in dark currently.

When the rational plan coming out or announced time, should already list out and put out details of rationalisation plan, instead just inform they are going to be a hospitality reit without any other informatin.

I forsee and wish the company quick in dealing in this issue, if not, shareholders have no foresight or expectation how future of the reit yield will be and what properties are actually in the reit portfolio.
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