Author: The Fifth Person

12 things to know about Mapletree Commercial Trust before you invest

Mapletree Commercial Trust (MCT) was listed on the SGX on 27 April 2011. It invests in a portfolio of retail and office properties in Singapore worth S$6.35 billion as of 31 January 2018. It’s most well-known property is VivoCity, the largest shopping mall in Singapore. In this article, I’ll discuss the contributions of each property to MCT from its IPO to now, the potential risks to MCT and an update on the REIT’s plans in the immediate future. Here are 12 things you need to know about Mapletree Commercial Trust before you invest. Initial portfolio Mapletree Commercial Trust listed...

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5 things I learned from the 2018 F&N AGM

2017 was a challenging year for Fraser and Neave (F&N) as revenue fell 4% year-on-year to S$1.9 billion. Likewise, profit before interest and tax (PBIT) fell 2.8% to S$173.6 million. Results might have been worse if not for the higher contributions from Vinamilk, the largest dairy company in Vietnam. During the year, F&N increased its stake in Vinamilk from 10.95% to 18.74% which helped boost F&N’s profit. F&N has been on our watchlist for some time and it was with great interest that I attended the 2018 F&N AGM to gain insights from the management and their outlook for...

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Top 5 Malaysian REITs that made you money if you invested from their IPOs (updated 2018)

Last week, I updated an article about the top 10 Singapore REITs that would have made you money if you invested from their IPOs. Out of the 19 S-REITs that have been listed for listed for at least 10 years, 15 of them gave a positive overall return for investors. In this article, we will look at their counterparts from across the causeway and do a similar study on the performance of Malaysian REITs (M-REITs) that have been listed for at least ten years. In total, there are 11 M-REITs that IPOed in 2007 or earlier. We will make...

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12 things to know about Ascendas REIT before you invest

Ascendas REIT (A-REIT) was listed on 19 November 2002 as the first industrial REIT in Singapore. It owns a diversified portfolio of properties in Singapore and Australia ranging from business & science park properties, high-specifications industrial properties & data centres, light industrial properties & flatted factories, logistics & distribution centres, integrated development, amenities and retail properties. With a portfolio value of over S$10.2 billion, it is the largest REIT in Singapore. In this article, I’ll bring a detailed account of past contributions of every property segment in A-REIT thus far and provide updates to assess whether it is capable...

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Top 10 Singapore REITs that made you money if you invested from their IPOs (updated 2018)

In early 2017, Sabana REIT has been getting a lot of attention when a small group of unitholders moved to kick out the manager for delivering poor performance since its IPO in 2010. Early investors who bought Sabana at an IPO price of S$1.05 are now sitting on huge losses – Sabana last traded at just 43 cents per share. If we look at the history, Sabana REIT isn’t alone. There are several other Singapore REITs (S-REITs) like Saizen REIT, MacarthurCook Industrial REIT and Allco REIT that have run into trouble before and caused a dent in Singapore’s REIT...

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Dividend payout ratio – and why it’s more important than a high dividend yield

If you love income stocks that pay a high dividend yield, then you ought to know about this one important ratio – the dividend payout ratio. The dividend payout ratio is the percentage of a company’s profit that is paid out as dividends to shareholders. For example, if a company earns one million in profit and pays $500,000 as dividends, then its dividend payout ratio is 50%. The dividend payout ratio go can also go above 100%. So if a company earns a million and pays out $1.2 million, its ratio is 120% — which essentially means it paid...

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7 things I learned from the 2018 Frasers Hospitality Trust AGM

Frasers Hospitality Trust (FHT) is a stapled trust comprising Frasers Hospitality REIT and Frasers Hospitality Business Trust. FHT owns a portfolio of 15 hotels and serviced residences located across nine cities in Asia, Australia, and Europe. As of 31 December 2017, FHT’s portfolio was valued at S$2.16 billion. I attended FHT’s annual general meeting to find out more about the Trust’s past financial year’s performance and its outlook for the year ahead. Here are seven things I learned from the 2018 Frasers Hospitality Trust AGM. 1. Gross revenue increased 28.4% year-on-year to S$158.7 million and net property income (NPI)...

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Key things to know about Frasers Hospitality Trust from its IPO to now

Frasers Hospitality Trust (FHT) (SGX: ACV) was listed on the SGX on 14 July 2014. It is a trust established to invest in hotels and service residences located in prime locations worldwide. As at 31 December 2017, FHT has a portfolio of 15 properties worth S$2.16 billion. In this article, I’ll cover FHT’s developments since its listing, its financial results, and discuss its plans towards the immediate future. Here are the key things you need to know about Frasers Hospitality Trust before you invest. Initial portfolio FHT was listed with an initial portfolio of 12 properties worth S$1.67 billion....

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10 things I learned from the 2018 Frasers Centrepoint Trust AGM

Frasers Centrepoint Trust (FCT) (SGX: J69U) is a retail REIT that owns six malls located in suburban Singapore: Causeway Point, NorthPoint City North Wing, Anchorpoint, Yew Tee Point, Bedok Point, and Changi City Point. As at 30 September 2017, FCT’s total portfolio was valued S$2.67 billion. Since its listing in 2006, FCT has maintained a solid reputation as a well-managed REIT that pays a stable dividend even during tough retail or economic circumstances. As a matter of fact, FCT has an enviable 11-year track record of paying a growing dividend every year. With this in mind, I decided to...

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10 things I learned from the 2017 MyEG Services AGM

MyEG Services (Bursa: 0138) is involved in the development and implementation of electronic channels for various government services. These include renewal of road tax and motor insurance, issuance/renewal of drivers’ licenses, payment of traffic fines, renewal of foreign workers’ work permit and insurance, collection of zakat, and more. It is like Malaysia’s ‘online government department’. We attended the most recent MyEG Services AGM to find out more about its performance for the past financial year and to suss out the management better. In addition to the AGM, the company also held an EGM to obtain shareholders’ approval for the...

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10 things I learned from the 2018 Frasers Commercial Trust AGM

Frasers Commercial Trust (FCOT) (SGX: N28U) is an office REIT that owns six properties located in Singapore and Australia. As of 30 September 2017, its portfolio was valued at S$2.1 billion. In Dec 2017, FCOT entered a 50:50 joint venture with its sponsor, Frasers Centrepoint Limited (FCL) to purchase Farnborough Business Park for £174.6 million (approximately S$314.8 million). The property is a 46.5-hectare freehold business park comprising 14 commercial buildings with a total net lettable area of 555,000 square feet located west of London, UK. The acquisition is expected to be completed January 2018. Since its IPO, FCOT had...

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5 things you need to do if you keep losing money in the stock market

Occasionally, I get questions from investors who ask: “Victor, I have been investing for many years, but I keep losing money in the stock market. What should I do?” That’s a good question. But when I take a look at their stock portfolios, they usually own more than 50(!) companies and the majority of them are companies with weak business models and poor fundamentals that were usually bought based on recommendations by friends or brokers. I was fortunate, together with Rusmin, that during our early years of investing, we were tasked to turn around a stock portfolio that was...

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14 things to know about Frasers Commercial Trust before you invest

Frasers Commercial Trust (SGX: ND8U) is a Singapore REIT that invests in a portfolio of commercial office properties. As at 30 September 2017, it has six properties located in Singapore and Australia valued at S$2.1 billion. In this article, I’ll bring a detailed account of Frasers Commercial Trust’s developments since its listing, the individual performances of its existing properties so far, their impact on the group’s financial results and updates on Frasers Commercial Trust’s plans for the future. Therefore, here are the 14 things you need to know about Frasers Commercial Trust before you invest. Portfolio reshuffling 1. Frasers...

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