Saizen REIT

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vested

Overview

Cumulative FY2011 DPU of 1.02 cents1 (FY2010: 0.26 cents)

Gearing lowered to 24%, with unencumbered properties valued
at S$203.5 million

Successful resolution of loan default situation

Upgrade of corporate family rating to B1 from Caa1

Earthquake caused only minor damage

Stable property operations

NAV Sin$0.32


http://info.sgx.com/webcoranncatth.nsf/ ... penelement

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vested

Rev -18%
Net Income -10%

http://info.sgx.com/webcoranncatth.nsf/ ... penelement

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Vested

Valuation and Recommendation.

Using DDM, we marginally raise our valuation on Saizen to 19.0Scts (on a fully diluted basis), from 18.5Scts previously, to account for the strengthening yen.

Saizen is also trading at a steep 59% discount to NAV per unit of 35Scts.

Forward distribution is expected to remain stable and will offer attractive DPU yield of 9.0% (FY12F) and 9.1% (FY13F).

Potential risk includes potential DPU dilution from warrant conversion.

Plans to seek a buy-back mandate, if approved, will provide support and catalyst for share price appreciation.

Maintain Outperform.

Source: NRA Capital

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Vested

Expecting yield of around 8%.

So how would they be addressing the deep discount of 50% to RNAV ?

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The Board of Directors of Japan Residential Assets Manager Limited, the Manager of Saizen Real Estate Investment Trust (“Saizen REIT”), is pleased to announce that Saizen REIT’s quarterly financial results for the period ended 31 December 2011 will be released before market opens on Friday, 10 February 2012.

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Vested

Declaration of distribution.

Saizen Real Estate Investment Trust (“Saizen REIT”) has declared a distribution of 0.61 Singapore cents (“cents”) per Unit for the six-month financial period ended 31 December 2011 (“YTD Dec 2011”).

This represents increases of 17% and 22% over the distribution per Unit for the six-month financial period ended 31 December 2010 (“YTD Dec 2010”) and the six month financial period ended 30 June 2011 respectively.

Rev -12.5%

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not vested

Valuation and Recommendation.

Using DDM, we maintain our valuation on Saizen at 19.0Scts (on a fully diluted basis).

Saizen is also backed by a relatively stable portfolio of assets, valued at NAV per unit of 35Scts.

Forward distribution is expected to remain stable and will offer attractive DPU yield of 8.4% (FY12F) and 8.5% (FY13F).

Potential risk includes potential DPU dilution from warrant conversion. Maintain Overweight.


Source: NRA

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vested

RNAV: Sin$0.29 ( adjusted for warrants )
Net Gearing: 21% ( adjusted for warrants )


http://info.sgx.com/webcoranncatth.nsf/ ... penelement

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Posts higher FY DPU

Saizen REIT posted distribution per unit of 1.24 cents for the fiscal year ended June 30, 2012, and declared a distribution of 0.63 Singapore cent per unit. Unitholders can expect to receive their distribution on Sept 18, 2012.

Net property income fell 7.8% year on year to 2.34bil yen, due mainly to the sale of 31 properties the previous year and a slight 2.1% decrease in rental rates of new contracts entered into in FY2012.

The average occupancy rate was 91.4% in FY2012. In August, the group added another two properties for one billion yen.

Consequently, Saizen's property portfolio now comprises 136 properties with a total value of 37.46bil yen. Its current unencumbered properties are valued at an aggregate of 2.82bil yen, and the management is actively exploring the possibility of raising funds via the use of its unencumbered properties as collateral.

Source: The Business Times

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vested

Saizen Reit sells Rise Kojo Horibata for $1.4m By Carine Lee

Saizen Real Estate Investment Trust on Thursday said it has sold Rise Kojo Horibata (RKH) for 86 million yen (S$1.4 million).

RKH is part of the property portfolio of Yugen Kaisha Shinzan and contributed about 0.2 per cent of the Reit's annual revenue in the financial year ended June 30, 2012.

It was built in March 2004 and comprises 12 residential units and six car parking units.

The sale price represents a 17.3 per cent premium to the independent valuation prepared by Le Futur Corporation, which valued the property at 73.3 million yen, as at June 30, 2012.

http://www.businesstimes.com.sg/breakin ... m-20120830

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vested

Buyback of 680,000 shares at 0.164 on Sept 25, 2012