AXREIT, the most profesionally managed REIT in KLSE, 2009 performance highlights

(1) Increase in annual DPU to 15.8 sen, 15.27 senin 2008; despite an increase of 51,180,200 additional units being listed in September 2009

(2) Revenue increased to RM 71,597,796 in 2009 from RM 63,331,379 in 2008 an increase of 13%

(3) Unit price recovers from RM 1.12 in January 1 2009 to RM 1.93 in December 31 2009 and increase of 72%

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Added on January 21, 2010, 11:27 pmNOT BAD ??? very bad lar

Starhill Real Estate Investment Trust recorded a 9.13 % decrease in pre-tax profit to RM18.27 million for the second quarter ended December 31, 2009 from RM20.1 million in the previous corresponding period.

Revenue declined from RM27.2 million to RM25.96 million, it said in a statement today.

now francis wanna shift LOT 10 and STARHILL GALLERY to his S-REIT (STARHILL GLOBAL) and put all all hotel yg cantik cantik into M-REIT and rename to GLOBAL HOSPITALITY REIT

These hotel really cantik and mahal one, but make money or not compared to LOT10 and Starhill gallery ????

gonna sell all my starhill reit after the ex date and but AXREIT or YTLPOWR.......

This post has been edited by mok thye yee: Jan 21 2010, 11:27 PM

Ya, Francis never mentioned which hotel he will put in .....

but if we look at hotel under YTL group stable except the two which are oledi in STARHILL :

(1) Pangkor Laut -- luxury hotel
(2) Tanjong Jara -- luxury hotel
(3) Majestic Melacca -- luxury hotel
(4) Vistana Penang -- mass market
(5) Vistana Telok Chempedak kuantan -- mass market
(6) may be some more in oversea that i cannot remember

But the point is how can these hotel be more profitable than L10 and StarHill .......

Yes i oso think so , coz some of the malls oledi inject into capital asia mall trust, IPO last year, listed in SGX

Agree on what u say

but

First but, if the hotel is not making money how can the hotel pay u good rental

Second but, yes rental yield is depend on valuation, BUT , u can give discount when u inject the asset into the reit esp in this case YTL to REIT by YTL

This is AND not BUT

and rental yield and asset value is just like chicken and egg, if the rental is good some how the asset value will go up, and the egg and chicken, oso same lar

does matter about the value and yield, over oledi, now the pressing issue is

What value the Starhill Global wanna buy Lot 10 and StarHill Gallery, at NAV, NAV discount or NAV premium ????

This may not be important for francis as this is his left pocket to right pocket BUT for me very important

%$%$##@$$#%$^$#^$$##@$#@$

How can francis do corporate deal like Sy Mota ? so many grey area

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Added on January 22, 2010, 1:10 amerrata , does not matter



This post has been edited by mok thye yee: Jan 22 2010, 01:10 AM

YES YES YES

now all YES no but

agreed. Francis sud present the complete plan and let the unit holder to decide, not make us puzzle.

He sud state clearly

(1) STARHILL & LOT how much sold
(2) HOTEL A,B,C,D how mcuh buy

if he is not ready, he should NOT disclose any information. This is basic corporate governance. cannot always buli the minority one coz all thses info is price sensitive.

GENTING RPT.... aiyo sick of them, everytime i see they do these lousy RPT, i just feel like write an open letter to Najib to windfall tax all their RM 5 billion.

"ONE HIT TWO SEPERATE"

O somehow i miss the (1). must be during my outstation asignment.

preferred is Preference Share rite ? those end with PA, PB rite ?

So all these STARHILL GLOBAL PA will be distribute to the unit holder of StarHill REIT (to be renamed to GLOBAL HOSPITALITY REIT), coz i dun think M-REIT can hold any thses PA , PB stuff ..... rite ?

Just a quick and rough gauge on BSDREIT div.

From Bursa post on the deviation on earning, we get the following :-

For the year ended 31 December 2009, the forecast in the Prospectus dated 15 January 2007 was for a profit after taxation of RM34.8 million compared with the actual of RM83.2 million.

The positive deviation of 139.1% was mainly due to :-

(1) additional income from the fixed rental of RM11.9 million and performance-based profit sharing of RM17.8 million,

(2) reclassification of replanting expenditure of RM9.7 million as capital item,

(3) gain on disposal of investment properties of RM6.5 million,

(4) unrealised gain on valuation of investment in quoted shares of RM1.6 million

(5) recognition of unrealised fair value gain on revaluation of investment properties of RM12.5 million.

(6) the finance costs of RM4.6 million incurred during the year resulting from utilisation of Revolving Credit facility of RM95.0 million for acquisition of Bebar and Malakoff Estates

Based on the profit forecast during the ipo the fixed income distribution of 7.38 cents (3.69 x 2 times) can be attributed to 34.8 million.

The deviation for profit improvement is 83.2 - 34.8 = 48.4 million.

From the 48.4 million we take away all the unrealised gain and fixed income, i.e.

48.4 - 11.9 - 9.7 - 1.6 - 12.5 - 4.6 = RM 8.1 million

So the amount available for additional income distribution is 8.1 million.

If 34.8 million give 7.38 cents, than 8.1 million will give 1.72 cents.

From the bursa posting on income distribution :

Final distribution of 5.61 sen per unit, comprising of Fixed Dividend of 3.69 sen per unit and Variable Dividend of 1.92 sen per unit for the year ended 31 December 2009

HAHA, 1.72 cents compare to 1.92 cents. error of 10%
(1) i dun normalise the taxation effect properly since i am not an accountant
(2) some normalisation is not correct since BSDREIT increase the plantation asset compare to the time during listing.
(3) i think compare to listing and now, the share capital oso different.

May be some accountant can help ......

Anyway to answer to Sopol, 1.92 censt of additional income distribution is justified, and BSDREIT dun keep much cash.

Btw, M-REIT dun retain much profit coz if they distribute less than certain threshold (90% i think) than the REIT is subject to tax at REIT level (not the witholding tax at unit holder level).

U may refer the REIT listing guideline from SC or Bursa.

Ok back to BSDREIT, it is one of my portfolio, and it is a good proxy to palm oil stock and commodity play as well, u get decent div yield in normal year and when Palm Oil boom u get some extra income.

at first it will reduced the NAV, but the impact will be very small coz the land is just a small tract

but for long run, it is good for subang parade, as the LRT station will be a boost to the property value......

LRT, more people come, rental yield improve, property price improved.

they are all just like the chicken and egg .....

i remember reading from newspaper that subang parade is one of the stop. i may be wrong, anybody can confirm on this ?

i am not sure how u do ur comparative analysis between KTM komuter and LRT.

definately LRT (the putra line) will be far better than KTM in term of ridership, frequency, ease of commuting.

KTM komuter may reach a longer distance but in term of station stop, LRT is more strategic and it is far more easier for the mass.

If the station is build with direct assess to subang parade, than it can lure the people along the putra line in the vicinity to visit subang parade. bear in mind this line will be extended to puchong and further south.

So subang parade will hv another big group of people visiting on top of the current middle upper class from the subang area.

I dun think the Commuter line has much overlap to PUTRA.

We are talking about PUTRA line extend to subang parade, definately onli people commuting around PUTRA will benefit from this, how can people comute in STAR oso benefit ?? unless they change the train at masjid jamek.

But who want to travel from say maluri to masjid jamek and change the train to subang parade ???

All those current transport mode to subang parade is a given, so now u hv a new LRT, how can it be no addition to visitor to subang parade ? unless both line is 100% overlap, but this is not the case.

OK, back to subang parade.

Subang parade was once the largest or longest mall in SEA during 80s (86) i think, after so many year the mall is still relevant and vibrant and it is now position as sub urban mall target for people around subang area and tag as a middle to middle upper class mall. So now u add a new mode of transport which is the LRT that cut through some densely populated area from the other side of federal highway as well as further down.

Yes may be some current visitor (who drive or take taxi or take bus or take KTM) may switch to LRT but there will be people who dun go to subang parade currently will consider going to subang parade using the putra line ......

so this will improve the visitation of subang parade, which will translate to higher rental yield and higher asset value....

This post has been edited by mok thye yee: Mar 14 2010, 09:16 PM