Search Results for: ipo

REITS down 2-5% Again!!! Fears of Interest Rates Hikes!

Bear Attack: Another bad day for yield chasing investors, as reits fell 2-5% due to the fear of interest rates going up. The latest IPO Asian pay TV trust closed underwater at 92 cent, its IPO price was 97 cents. View: Singaporean investors were getting about 1% by putting their money in fixed deposits, at such low rates its really hard to keep up with inflation. Investors got greedy and took the risk to be paid like 5% yield by holding reits and telcos instead, there’s a significant level of risk purchasing reits as they are highly geared. The...

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Capital Preservation Mode

Today i am in a capital preservation mode. I just counted my lucky stars for getting out of Asian Pay Television Trust safely. Despite my own initial “chopped chilli” rating, i was swayed by the somewhat “improved sentiments” and decide to “punt” the IPO and against all odds, actually managed to get 36 lots from ATM and amazingly i actually got out for a small profit of ~$1,060.  I am quite glad that my decision to punt the IPO didn’t affect the majority of the readers since i made up my mind only about 1hr before the application closes....

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CourtsAsia Down 5% On Results Below Expectation

  Presentation slide found here Investors were expecting a lot of growth from Court’s aggressive plans, however earnings per share for mar FY 13 is only 7.83 cents, a 0.05 cents drop from 7.88 cents last year. Its stock price had a great run up since IPO and initial investors were rewarded very well with over 40% gain. However at 13+ times earnings along with weak earnings growth, CourtsAsia looks a bit overvalued to me. I think this counter should be valued more towards 10-12 times earnings instead  and it may take a longer time for the market to...

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Asian Pay Television Trust (APTT): 201 lots.

Asian Pay Television Trust (APTT) was my first IPO application in donkey years. So, you can imagine I was somewhat excited. When I heard that people who applied for 100 to 499 lots would get 80 lots if successful, I was even more excited! I applied for 201 lots! Apparently, only 7 out of every 50 applicants were successful for the range of 100 to 499 lots. Chances were slim and chances were even slimmer for people who applied for 99 lots or less. Chances improved markedly for those who applied for 500 to 999 lots. 33 out of every...

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SPH: A REIT investment.

It was almost a year ago when I mentioned in a blog post that investing in SPH could be better than investing in a retail S-REIT. Then, in March this year, news that SPH could establish a REIT sent its share price rocketing. Yesterday, more details were released and we could see a SPH sponsored REIT by July 2013. From what is available in the news, SPH will hold 70% of the REIT. This is good news for the future REIT unit holders because a sponsor with a big share of units is more likely to have its interests aligned...

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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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