Search Results for: ipo

SPH–Financial Engineering at its best with this REIT move

SPH provided the circular today about its upcoming move to IPO their REIT. For me it is a good lesson of how well they executed this financial engineering. Presentation slide can be viewed here. Paragon spin-off as a 99 year leasehold While Paragon is a free hold property, SPH have effectively did what Keppel Land did when they sold off Ocean Financial Centre as a 99 year lease hold. SPH gets to hold on to that land while again the REIT investors may think they have the full worth of a lucrative free hold. The latest valuation is at...

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Asian Pay Television Trust Update

This is one of the stocks which makes me very undecided. From a fundamental perspective, i don’t really like buying it based on my analysis but i am not sure if it due to my biased views on the industry and still am wary of the huge float. DMG has a research report with a subscribe recommendation. The link is here. Currently the market is yield starved and when many hungry investors see a headline figure floating in front of you between 7.5% – 8.5%, they just don’t care anymore.  In any case, i think my IPO ratings maybe too...

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Soilbuild Construction – Balloting Results

Soilbuild announced that its IPO was 7.5x subscribed. The balloting results as follows: As you can see, it is quite difficult to get a meaningful allocation unless you apply 500 lots (outlay of $125k) of which you then receive 5 lots. Anything less than 500 lots, you get only 1 or 2 lots and the chance of getting it is quite low anyway and can’t possibly cover the brokerage unless the IPO opens strongly...

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Market View 22 May 2013

Ok, a few things to say this morning.I have done a write-up on the IPO, Soilbuild Construction in my IPO Blog so if you are interested, head there and take a look. It is basically a IPO punt for me and I will see how its Myanmar venture turn-up to be. The closing date for this IPO application is 12pm noon today. Next, I will be taking a holiday break from 17-28 June so there will be no Market View at this period. Seriously,I don’t know my travel jinx is still intact, but just be cautious and vigilant to...

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Asian Pay Television Trust

Asian Pay Television Trust (“APTT” or the “Company”) finally launched its IPO at a price slightly higher than the mid-point range of $0.97. (The offering range was between $0.92 to $1.00). My preview post is here and the link to prospectus is here. The IPO will end on 27 May 12pm and will start trading on 29 May at 2pm. The share offering is as follows: –  Up to 866m units will be via placement  –  70m units for a public offering. The market cap based on the IPO price is approximately $1.4 billion. According to news report, the...

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Soilbuild Construction Group Ltd

Soilbuild Construction Group Ltd (“Soilbuild” or the “Company”) is offering 168m new shares for its initial public offering at $0.25 each. The prospectus is here. 2m shares will be for the public  166m share via placement. The IPO will close on 22 May 2013 at 12pm and starts trading on 27 May. Soilbuild is a A1-graded construction group with design and build, turnkey and project management services. It has a 36 year old track record in consulting business spaces, HDB and condominiums. By definition, A1-graded means that it can tender for public sector projects in Singapore with unlimited contract...

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Tough Business Conditions – NOL, Vard Holdings

[Previous post: Twice Lucky in a Month? – Asian Pay Television Trust IPO] NOL (Shipping & Logistics Chain) NOL reported a US$76 million profit on the back of the sale of its NOL headquarters building. Without the gains from the sale, it would still be in the red with EBIT at -US$85 million. The company has been having a very tough 2-3 years due to supply glut of liner vessels putting pressure on shipping rates but it seems that with a new CEO and leadership team, the cost cutting measures have become more aligned and aggressive to unlock value for...

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Croesus Retail Trust

Today i added 5 lots of Croesus Retail Trust to my SRS portfolio. I am seeking yield for this portfolio and the projected yield of 6.8% is “good enough” for me given that i have been allocated 4 lots from the placement tranche at 93c.  I have done a fair bit of write up here, so will not repeat them. It’s still early days for this counter. Happy SRSing....

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My Singapore Stock Portfolio May 2013

This is an update to my Singapore stock portfolio for May, with closing prices as of last Friday. I put the portfolio as of last week so that it takes into account my newest acquisition Croesus Retail Trust. For previous month, please see My Singapore Stock Portfolio End February 2013 My Singapore Stock Portfolio End December 2012 My Singapore Stock Portfolio Mid November 2012 Mapletree Greater China Trust and Croesus Retail Trust While I haven’t been looking at the current REITs, the new IPOs of Mapletree Greater China Trust and Croesus Retail Trust did pick my interest. I got...

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Asian Pay Television Trust Preview ("APTT")

APTT lodged its preliminary prospectus and is currently doing book building for its IPO.  My broker from DBS sent me the book building term sheet and here are the key terms. Offering size – 1,393,696,000 units. Cornerstone –    451,068,000 units. (about 31.4% of offering size) Placement tranche – 917,628,000 units Public offering – not less than 25m units. Book building price range – $0.92 to $1.00 per unit Distribution yield – FY2013 8.93% to 9.71%                          – FY2014 8.25% to 8.97% Cornerstone investors: Asian Century Quest Capital...

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Croesus Retail Trust up 23%!

News: SINGAPORE — Croesus Retail Trust, which holds shopping malls in Japan, climbed 23.1 per cent over its initial public offering price on its first day of trading as investors turn to higher-yielding assets. The shares closed at S$1.145, from the 93 Singapore cents offer price, and were the second-most-traded counter, with about 138 million units changing hands. They started trading at 2pm. Croesus Retail is backed by Japan’s Daiwa House Industry and Marubeni Corp, which have contributed assets to the trust. “This type of yield is very attractive in this environment,” said UOB Kay Hian analyst Vikrant Pandey....

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Croesus Retail Trust – Balloting results

The balloting results is out and the results announcement is here. This issue is very hot whereby the placement tranche of 207.6m units is 19.7x subscribed and the public tranche of 21.5m units is 48.8x subscribed. The balloting results as follows: There is only one word to describe. The less you apply, the better the chance of getting some shares. hahaha. Mr IPO’s balloting results. I receive 4 lots from the placement tranche and zero shares from my public application!!...

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Market View 8 May 2013

Ok, I have nothing much to add today, justthe same old advice to stay alert and cautiouson the market right now. I am not that comfortableabout what I am seeing at this moment. For those who are interested in the Croesus RetailTrust IPO which public application close today noon,I will not do a write-up this time. If you are thinkingabout to subscribe for the IPO, you can read this write-up:http://www.reitsweek.com/2013/05/croesus-retail-trust-ipo-projects-8.html Enter any position with a Cut-loss level & Trailing Stop,and Please practice strict Money(Risk)-management.If you don’t like what you see in the market,simply don’t...

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Wrong Gears for the Wrong Crowd? – Croesus Retail Trust

Previous post: [Upcoming IPOs – Croesus Retail Trust & Asian Pay Television Trust] So, all the hype of the Croesus Retail Trust IPO has started on the online sphere with several blogs catching up on this big IPO that will be the 2nd largest after Mapletree Greater China Commercial Trust in March this year. For a start, the timeline for this IPO seems quite tight and listing day is on 10 May. If you are a new IPO investor, do check out my blog page on Guide to IPO Investing. Even if you are a seasoned IPO investor, you may...

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Croesus Retail Trust

This May, we will be seeing IPO of Asian Pay TV and Croesus Retail Trust (CRT). They are both business trust (not REITs), highly geared and most importantly offering a 8% yield. Where else on SGX can you find a 8% dividend yield? The question should then be why are they not pricing at lower dividend yield and hence leaving money on the table? Total unit is 430,178,000, NAV is $378,337,000 or $0.88. The IPO price is trading 1.05x NAV. CRT is made up of 4 main assets situated in Japan worth 57 billion yen. As seen from the...

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