Ascendas REIT

Re: Ascendas REIT

Postby winston » Tue Jan 19, 2010 12:31 pm

Not vested. From DBS:-

Ascendas REIT’s 3Q10 performance was in line with our analyst’s projections. Going forward, new acquisitions/development projects are expected to offset projected weakness in Business Parks and Hi-Tech industrial space in FY11-12F.

Maintain HOLD, given limited upside to TP of S$2.05 (Prev S$ 2.01). Current price offer yields of 6.3-6.5%. Re-rating catalysts will hinge on A-REIT acquiring new assets / development projects.
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Re: Ascendas REIT

Postby winston » Thu Feb 18, 2010 8:32 pm

Not vested. From Kim Eng:-

Near-term upside capped by rich valuations

The scale of the acquisition is in line with previous guidance and we are quite positive about the quality of the target assets.

With the additions, A-REIT’s properties will increase to 93 (total GFA 3m sqf). A-REIT offers a forward yield of 6.6%. With limited price upside, we maintain Hold with price target of $2.03 (prev. $2.02).
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Re: Ascendas REIT

Postby ichew » Thu Feb 18, 2010 9:32 pm

AREIT paid $116m for DBS Asia Hub.
(Colliers valued this at $118m while JLL valued this at $115m)

DBS Asia Hub is a 9-storey business park building with a basement carpark. It sits on a land area of 18,342 sqm with a gross floor area of 38,744 sqm. The land lease tenure is 30 + 30 years with effect from October 2007.
land area = 10.763 x 18,342 sqm = 197k sf
gfa = 10.763 x 38,744 = 417k sf

UE Biz Hub, which is MUCH nearer to expo mrt, cost valuation as at 31-dec-08 is 85.9m.
tenure = 30 + 30 from 1-feb-08
land area = 468k sf office; 80k sf hotel (260 rooms); 140.214k sf onvention center

not sure if i am comparing them correctly
but it seems UE's ppty is worth a bit more than this 85.9m
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Re: Ascendas REIT

Postby Blackjack » Thu Mar 18, 2010 10:01 pm

CIMB Squawk Box

A-REIT (AREIT SP; S$1.94)

Completes offering of a S$300m exchangeable collateralised securities (ECS) due 2017 with a put option in 2015. The Manager has a choice of repaying in cash or units, or a combination of both. The ECS has a coupon and yield-to-maturity of 1.6% and exchange price of S$2.45 (25% premium over AREIT's closing price of S$1.96 on 15 Mar 2010).

Early redemption of Euro165m of CMBS notes due in May 2012 at discount to par – This is essentially replaced by the ECS, though the overall cost is similar.

Extends the tenure of their S$300m term loan due in Mar 2010 to Mar 2017 (7-years). No confirmations of the rates except that it is slightly more expensive than before.

This is the most significant REIT refinancing deal this year in terms of size. The S$600m refinancing represents 43% of AREIT's total debt of S$1.4bn. All in, overall cost of debt is not likely to change significantly. The cheaper ECS offsets the more expensive term loan essentially. The all-in cost of debt for
the portfolio is now 100% hedged. Management said that they are in process of re-hedging, which could see a small improvement in overall cost.

The positive side of the refinancing is the significant extension of AREIT's weighted average debt maturity from 2.4yrs to 4.5yrs. On the flip side, if the manager decides to pay out the redemption in units, there could be a dilution estimated at 6.5% of the share base.

Maintain Underperform with a target price of S$2.02.
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Re: Ascendas REIT

Postby qxing78 » Thu Mar 18, 2010 10:56 pm

Valuations aside, A-reit is the most diversified Industrial Reit stock in SGX.
It has many tenants/buildings under its list, covering from blue chip MNCs to small SMEs.
Example: Singtel, Hyflux, OSIM, Supercoffee, Creative, FJ Ben, etc. Very diversified industries.
Last year during initial economic recovery, I asked myself- What could cause A-reit to suffer much profit drop??
My answer- If a significant % of these companies decide to default their rental.
And looking at the A-reit tenants list, you can only conclude that the Singapore economy must be really that bad for such a thing to happen.
I feel A-reit is like the bell weather stock for Sg economy. Just like SPH.
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Second quarter 2010 results for A-Reit

Postby sreitinvestor » Mon Jul 19, 2010 8:57 am

Second quarter 2010 results for A-Reit:

Key Points
* DPU for the quarter is 3.37 cents. This is computed on the basis that none of the S$300 million convertible collateral loan due February 2017 is converted into A-REIT Units on or before the book closure date.
* Net Property Income increased by 8.2% year-on-year to S$87.3 million.
* Distributable income of S$63.1 million is 3.5% higher year-on-year.
* Continue to achieve positive rental reversion on lease renewals in the sub sectors of Business & Science Parks and Hi-Tech Industrial.
* Occupancy rate for the portfolio has remained stable at 95.6%.
* As at 30 June 2010, A-REIT has a portfolio of 92 properties and a total asset value of about S$4.9b housing a tenant base of about 930 international and local companies.
* The Trust has an average term of debt maturity of 3.5 years and a well balanced debt maturity profile such that only about 39.7% of its total debts outstanding are due for refinancing over the next three years until 2013.
* As at 30 June 2010, A-REIT’s aggregate leverage was 34.1%.
* The weighted average cost of funding is 3.93%. All of A-REIT’s floating interest rate exposure is fixed for the next 2.9 years.
* The Transfer Books and Register of Unitholders will be closed at 5.00 pm on 26 July 2010 for the purpose of determining unitholders’ entitlements to distribution.
* The distribution that will be paid on 26 Aug 2010.

http://sreitinvestor.blogspot.com/p/dat ... lease.html
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Re: Ascendas REIT

Postby winston » Thu Sep 23, 2010 10:36 am

Not vested

Ascendas Real Estate Inv Trt ST: as long as 2.09 is support look for 2.35 <AEMN.SI>


Click here to see our chart:
http://www.tradingcentral.com/chart/ARE ... 042755.gif

Our pivot point stands at 2.09.

Our preference: as long as 2.09 is support look for 2.35.

Alternative scenario: below 2.09, expect 2 and 1.95.

Comment: the RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The stock could retrace in the short term.

Moreover,the stock is above its 20 and 50 day MA (standing respectively at 2.17 and 2.11).

Ascendas Real Estate Inv Trt is currently trading near its 52 week high reached at 2.29 on 13/09/10.

Supports and resistances: 2.41 *2.35 **2.3 2.18 last 2.13 2.09 **2 *

Source: Reuters
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Re: Ascendas REIT

Postby winston » Mon Oct 04, 2010 9:41 am

Ascendas Real Estate Inv Trt ST: target 2.01 <AEMN.SI>


Click here to see our chart:
http://www.tradingcentral.com/chart/ARE ... 022227.gif

Our pivot point stands at 2.26.

Our preference: target 2.01.

Alternative scenario: above 2.26, look for 2.34 and 2.4.

Comment: the RSI is below 30. It could either mean that the stock is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and positive.

The MACD must penetrate its zero line to expect further downside.

Moreover, the stock is below its 20 day MA (2.2) but above its 50 day MA(2.13). Ascendas Real Estate Inv Trt is currently trading near its 52 week high reached at 2.29 on 13/09/10.

Supports and resistances: 2.34 *2.26 **2.22 2.17 last 2.06 2.01 **1.96 *


Source: Reuters
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Re: Ascendas REIT

Postby winston » Mon Oct 04, 2010 9:44 am

Same concern. Graph on Sept 23 shows up. Graph on Oct 4 says down.

What has changed in that 10 days ?
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Re: Ascendas REIT

Postby sreitinvestor » Mon Oct 18, 2010 10:50 pm

3Q 2010 results for A-Reit:
Key Points
* DPU for the quarter is 3.30 cents.
* Net Property Income increased 3.5% year-on-year to S$83.9million.
* Positive rental reversion of between 0.6% and 11.6% on lease renewals across most sub-sectors.
* Upgrade in corporate family rating to “A3” by Moody’s Investors Services.
* Occupancy rate moderated slightly to 95.3% for the portfolio and 90.5% for the multi-tenanted buildings.
* The Manager has identified three asset enhancement opportunities within the portfolio to capitalize on underutilized plot ratio or to enhance the attractiveness of the properties.
o Redevelopment of 1 Senoko Avenue
o Asset Enhancement Planned for 10 Toh Guan Road
o Asset Enhancement for Techview
* These asset enhancement initiatives are expected to deliver a weighted average yield in excess of 8.5%.
* Diversified portfolio comprising 92 properties in Singapore with a total asset value of about S$4.9b.
* As at 30 September 2010, A-REIT’s aggregate leverage was 34.3% with a weighted average cost of funding of 3.92% and an average term of debt maturity of 3.4 years. All of A-REIT’s floating interest rate exposure is hedged into fixed rate for the next 2.9 years.
* The Transfer Books and Register of Unitholders will be closed at 5.00 pm on 26 Oct 2010 for the purpose of determining unitholders’ entitlements to distribution.
* The distribution that will be paid on 26 Nov 2010.


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