reading the article & related...maybe  TA Global will just b a property company..something the like of Glomac Mah Sing etc...

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Added on May 17, 2009, 2:51 pmthe properties that PKNS would like to inject into the Mysterious REIT are

1)Wisma PKNS ( offices )
http://www.streetdirectory.net.my/malaysia.../travel_site_1/

2)Kompleks PKNS (offices + retails)
http://pknsshahalam.com/index.html

3) Shah Alam City Centre mall (mall)
http://www.saccmall.com.my/

4) Shah Alam convention centre (convention center)
accross the Shah Alam city center

Go to www.klse.com.my, under Listed Companies theres a section for Annual Reports on the left. You can find it from there.

It is under KLSE "Annual Reports" and NOT "Announcements". You can find it at http://www.bursamalaysia.com/website/bm/li...ports/index.jsp.

Yup, revaluation on properties needs to be done every 3 years, as properties price are creeping since 3 years ago, so almost every reit that undergone revaluation has some paper gain across.

You have to look at the operation earning. Don't look at pre-tax or net profit figure as it has been distorted by the paper gain.

As reit as giving out at least 90% of the earning, watching the DPU won't get wrong then.

90% is referring to operation earning, not including the revaluation profit.

The tax law stated they must distribute 90% of the operation earning.

All distribution is cash.

If operation earning is 40 then they at least will give 36.

People look for operation earning only in reit assessment, that's why don't look at the surface pre-tax profit.
DPU is the ultimate figure. Generaly Operation EPS x (90~99%) = DPU.

simplesmile,

Easier way to look at it is to look at the two types of earnings they get:-
- Realised income (income received from rental or capital gain)
- Unrealised income (paper gain through revaluation of properties)

Meaning to say that the 90% is based on the realised income. Note that the net income comes from both realised and unrealised incomes.

i bought !@1.48 liow..

if market goes down to 1050 point. time for some high beta stock.. nibble and nibble..

if goes down to 1000 point, time to bite!!!!

In public listed company, if company management doesn't rip off and treat minority shareholders as fair as possible, it is considered good and sincere.

Again as I mentioned many many time already, minority shareholders have little protection in a sdn bhd, or bhd (public listed).

That's why I always like company distribute its certain high % of profit as dividend, because as minority shareholders, one of the way for actual return is through profit ->dividend and it is one of indicator that company treat shareholders fairly (got some exceptional case like if dividend given not from profit made but borrowing).

Cherroy,
Since REIT dividend is not claimable, say if a person is under tax bracket of 19%, if he go and report the REIT dividend as a source of income, then he will need to pay additional 9%, since REIT only tax at 10%, is this correct? 

I pretty sure you don't. The tax for reits is lower to attract ppl to invest in it. If im not mistaken, REITs in sg tax even lower.

Reit does partly follow market sentiment, after all everything (in short term) follow general market sentiment, even rubbish stocks also can go up in a bullish market. 

But for local reit, due to low liquidity, a lot of time, it tends not to follow market sentiment. As reit still limited to some investors interest only, particularly from fund managers that look for fixed income investment like insurance funds, while only little retailers are participating in it.

Reit fall spectacularly during the crash (in fact everything fall drastically back then) especially in US and UK, because of property market bubble burst, while they are highly geared than what local reit is, and some unable to refinance the borrowing due, which need to fire-sale their portfolio properties at the wrong time so it is not without fundamental change. For local, with serious recession threat, it means future rental or tenant lease renewal could be problematic (that's why local reit also failling quite a lot), Atrium is the classic example whereby DPU falling sharply due to tenant moving out, so fundamental does change.
But right now with recovery and improvement all across, so does prospect of reit.

Axreit is under private placement (50 million shares) just month ago which pare down the borrowing.

Interest going up or not, reit company is not paying back all the money they borrow one (they don't have the money to pay for, as 90% of income is always distributed to the shareholders already). Always refinancing and roll over the loan when due, except through private placement to raise cash or sell the portfolio properties, only they can able to repay the all borrowing 

Yes, interest rate goes up does hurt the attractiveness of reit, while mean more interest expenses incurred.

But if interest rate goes up, it means economy is doing well, so generally properties market also in good shape and potential better property value appreciation as well as better negotiation price for the rental.

Glancing at the report seems to indicate that most of the arrows are pointing upwards. NAV also has been revised downwards, though still below the market price.  AXREIT seems to be the only M-REIT displaying this attribute.

Is yearly revaluation of property asset = property gains?