Macquarie International Infrastructure Fund

Re: Macquarie International Infrastructure Fund

Postby winston » Mon Feb 28, 2011 2:17 pm

Not vested. From SIAS:-

Macquarie International Infrastructure Fund Ltd (“MIIF”) announced its FY10 annual results on 23rd February 2011.

MIIF had recently divested out of two major investments: CAC and Arqiva. Top and bottom numbers were negatively affected by it, resulting in MIIF posting a 30.1% and 33.9% decline respectively.

MIIF had cash of S$485.1m as of end Dec 2010 (S$169.9m as of end Dec 2009). We do not see why MIIF would sit on this cash for too long and we just have to be patient. The fact that no special dividends were
declared suggests that there are plans in place.

We maintain our Invest rating and downgrade our intrinsic value to S$0.640 representing a 17.4% upside over its last traded price of S$0.545.
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Re: Macquarie International Infrastructure Fund

Postby winston » Wed Mar 02, 2011 9:47 am

Not vested. From NRA:-

Valuation and Recommendation.

The quality of assets enabled management to dispose off MEIF at a discount of less than 20% in 4QFY09 and Arqiva at a marginal premium in May 2010.

Assuming management invests cash fully and based on a 20% discount to asset valuations, using DCF, we value MIIF at S$0.63, (previously S$0.65), which offers a return of about 14%.

Further, MIIF offers a dividend yield of about 5% (based on dividend per share of 3 cents). The share is also supported by our NAV per share of S$0.79. Maintain BUY.
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Re: Macquarie International Infrastructure Fund

Postby ichew » Wed Mar 02, 2011 11:38 am

ichew wrote:awaiting for FY results and looking to see if mgt will fulfill their promise of returning bulk of cash IF they cant find anything to buy by FY
(tat's wat ceo said to my fren in last egm or agm)


seems like ceo & mgt didnt deliver as promised
my fren called their IR and he told him he must have misunderstood what ceo said previously
reinforced the fact tat in investing, mgt integrity & div giving track record is impt
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Re: Macquarie International Infrastructure Fund

Postby winston » Mon Mar 21, 2011 2:47 pm

Not vested. From NRA:-

Valuation and Recommendation.

Using DCF and assuming a 20% discount to asset valuation (as previously), we raise our target price to S$0.645 (previously S$0.63), providing a potential upside of 12%.

Further, MIIF offers a dividend yield of close to 10% (assuming an annual dividend profile of 5.5Scts). The share is also supported by our NAV per share of S$0.75.

An existing share buyback mandate which management has been embarking on will also provide upside catalyst.

Maintain BUY.
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Re: Macquarie International Infrastructure Fund

Postby winston » Wed May 11, 2011 7:23 am

Not vested

NAV per share S$0.80 ( @ 0.59 - Discount of 26% )
Rev +20%

FINANCIAL RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2011

http://info.sgx.com/webcoranncatth.nsf/ ... penelement
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Re: Macquarie International Infrastructure Fund

Postby winston » Thu May 19, 2011 12:18 pm

Not vested

Valuation and Recommendation.

Management remains committed to reinvest the cash of S$288.5m as at 31 Mar 2011 into Asian infrastructure businesses and share buy-back program.

We have lowered our dividend income expectations from FY12 onwards in light of changes in the operating conditions at HNE.

Using DCF and assuming a 20% discount to asset valuation (as previously), we lower our target price to S$0.625 (previously S$0.645), providing a potential upside of 5.9%.

Further, MIIF offers a dividend yield of 9.3% (assuming an annual dividend profile of 5.5Scts). The share is also supported by our NAV per share of S$0.72 (previously S$0.75).

An existing share buyback mandate which management has been embarking on will also provide upside catalyst. Neutral.

Source: NRA
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Re: Macquarie International Infrastructure Fund

Postby winston » Sat May 28, 2011 12:00 pm

Not vested, Buybacks.

27-05-2011
2a Total number of shares purchased 510,000
2b Number of shares cancelled 510,000
2c Number of shares held as treasury shares 0
3a Price paid per share# or Currency : S$0.5895

Amount :
Highest price per share# Currency : S$ 0.59
Lowest price per share# Currency : S$ 0.585

4 Total consideration (including stamp duties, clearing charges, etc) paid or payable for the shares# Currency : S$
Amount : 301,088.45
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Re: Macquarie International Infrastructure Fund

Postby winston » Fri Jul 01, 2011 9:38 am

Not vested


Price catalyst

12-month price target: S$0.59 based on a Discount to DCF methodology.
Catalyst: Ongoing share buyback will aid performance; analyst tour in later July.


Action and recommendation

We maintain our Neutral recommendation. The dividend yield is attractive; however, we see few drivers at this stage for a re-rating.

Disclosure around the financials of the underlying assets will aid confidence in the growth outlook for the business.


Source: Macquarie
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Success University 09 (Jun 11 - Aug 11)

Postby winston » Fri Jul 01, 2011 9:55 am

Not vested

Macquarie International Infrastructure Fund (MIIF SP, $0.57, NOT RATED)

After a string of divestments, MIIF now has a neater portfolio of infrastructure businesses in Asia.

Since March this year, the company began to deleverage one of its businesses and to buy back its own shares to drive shareholder value.

The stock trades at a 30% discount to NAV and offers an attractive dividend yield.

Source: Kim Eng

http://www.kimengresearch.com/KimEng/se ... yqVQTZ10M=
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Re: Macquarie International Infrastructure Fund

Postby winston » Thu Jul 14, 2011 9:47 am

Not vested.

Buyback of 260,000 shares at $0.56

Trading with the highest yield in the business trust sector.

For the 6 months ended June 2011, MIIF distributed a DPU of 2.75 cents. On an annualised basis, the payout of 5.5 cents would translate to a yield of 9.8%, among the highest for SGX-listed business trusts.

On a P/B basis, the stock price has narrowed the discount to its NAV, from as much as 76% during the height of the global financial crisis, to the current 32%.

We find MIIF interesting given its high and sustainable yield, which is higher than the sector average. The stock is misunderstood given its chequered past, and could potentially improve its ratings as underlying asset performance
continues to improve.

Source: DMG
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