Author: The Unnecessary Job

Frasers Logistics Trust – Optimistic despite slight DPU drop

DPU rises (but not really) No thanks Australia The TLDR version is that DPU went up by 6.5% (which is respectable) but the actual DPU received in SGD went down by 1.1% due to unfavorable AUD/SGD exchange rates. The impact was slightly mitigated by currency hedging. Spot rate (28 Jan): AUD/SGD: 0.97102 (source* OANDA) Hedged rate (1Q19) AUD/SGD: 0.982 The hedged rate is still slightly better than the live rate. AUD is at historical low Over the last 15 years, the AUD only went below parity with the SGD for a short period of time during the 2008/09 GFC...

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Frasers Commercial Trust – On its way up

There is talkĀ  on the street that Google is interested to lease the vacant space at Alexandra Technopark. One may recall that the occupancy rates of Alexandra Technopark was left in tatters after HP terminated its lease and moved out. The space has since undergone AEI and should Google decide to lease space, the occupancy of the asset will become close to 100% (from its current 68.6%). I bought a bit FCOT a few months back, hoping for something like this to happen. While this is all speculative at this stage, one can be forgiven for being cautiously optimistic...

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Meritocracy is both essential and justified

Today, i received a rather funny (but sad funny) email from a clerk in my firm. Her email attached an invoice bearing the date 11/12/2018. A client from the US had requested that we re-issue the “November invoice with a December date”. Now, it is immediately clear to me that the US client is confused by the date format. Unlike the rest of the world, the US appears to revel in its odd ways of not using metric, and adopting counterintuitive date conventions i.e., month/date/year. But this is not my point. That clerk knows full well that both the...

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