Saizen REIT

Re: Saizen REIT

Postby winston » Thu May 16, 2013 8:31 pm

vested

Valuation and Recommendation.

Operational cash for distributions in Yen terms is expected to remain stable and growing, underpinned by a portfolio of growing residential assets with improving average occupancy rate of 92.2% in 3QFY13 (2QFY13 : 91.7%: 3QFY12 : 91.6%) and stabilising rental reversion trend with overall rental reversion of new contracts in 3QFY13 dipping 0.3% (2QFY13 : -0.3%; 1QFY13 : -1.3%) from previous contracted rates.

However, bold monetary policy by the Japanese central bank has led to sharp depreciation of the Yen which has led and is expected to lead to further erosion of asset value although positive asset revaluation (expected in 4QFY13) is expected to cushion the impact.

A potentially weaker DPU in S$ terms will also be mitigated through active hedging. To-date, distribution for the second half of FY13 has been fully hedged, offering a yield of about 6.5% based on our revised final DPU (FY13F) of 57 Scts (previously 66Scts) and management is looking to further hedge distributions for the next one or two semi-annual distributions.

Looking ahead, Saizen is offering a yield of 6.4% (FY14F) and 6.8% (FY15F), comparable to adjusted yield of 6.5% (FY14F) and 6.6% (FY15F) offered by recently listed Croesus Retail Trust (CRT).

We value Saizen at 20.0 Scts (previously 21.4 Scts) making a conservative assumption of a further 5% depreciation in the yen against S$ from current levels. (Please refer to Sensitivity table).

Backed by a relatively stable portfolio of assets valued at adjusted NAV per unit of 21.7Scts (assuming a further 5% depreciation of yen against S$ from current levels), price-to-book ratio (PB) of 0.87x is still low compared to PB of 1.02x of listed peers in Japan and adjusted PB of 1.3x of CRT. Long-term BUY.


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Re: Saizen REIT

Postby winston » Sun Jun 09, 2013 12:20 pm

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As a consequence of the purchase of 2,500,000 units in Saizen REIT on 17 May 2013 by HCL, V-Nee Yeh's deemed interest has increased from 11.992% to 12.168%.

http://info.sgx.com/webcoranncatth.nsf/ ... penelement
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Re: Saizen REIT

Postby winston » Fri Aug 23, 2013 9:12 pm

Saizen REIT’s fiscal 4Q13 net property income rose to ¥679 million, up from ¥616 million in the same period last year. This is mainly driven by acquisitions of 7 properties acquired during the financial year.

Rental reversions were lacklustre (-0.4% y-o-y), with the Trust being negatively affected by the depreciating Japanese yen. 2H13 DPU fell to 0.63 cents per unit, from 0.66 cents in 1H13.

Its net asset value also declined to S$0.30 per unit at 30 June 2012, down from S$0.25 in the same period last year. Going forward, Saizen indicated it would be undertaking hedging on its distributable income for its fiscal 1H14 (ie for the remaining of calendar year 2013).

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Re: Saizen REIT

Postby winston » Mon Aug 26, 2013 7:09 pm

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Maintain HOLD on FV $0.195.

We rollover our estimates and lower our TP to S$0.195 on the back of a higher risk-free rate of 2.7%, implying a capital upside of only 6%.

In our opinion, Saizen’s current yield level of 7%, which translates to approx. 430 basis points over the risk-free rate, does not yet sufficiently compensate investors for the inherent macro, forex and interest rate risks.

Maintain HOLD.

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Re: Saizen REIT

Postby winston » Wed Oct 23, 2013 8:28 pm

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Time: 9:00AM
Exchange: SGX
Stock: SaizenREIT(DZ8U)
Signal: Bullish MACD Crossover
Last Done: $0.185


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Re: Saizen REIT

Postby winston » Fri Oct 25, 2013 8:13 am

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Time: 1:19PM
Exchange: SGX
Stock: SaizenREIT(DZ8U)
Signal: Bullish MACD Centerline Crossover
Last Done: $0.184


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Re: Saizen REIT

Postby winston » Sat Oct 26, 2013 8:45 am

not vested

Time: 3:03PM
Exchange: SGX
Stock: SaizenREIT(DZ8U)
Signal: Bullish MACD Centerline Crossover
Last Done: $0.185


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Re: Saizen REIT

Postby winston » Mon Nov 11, 2013 8:05 pm

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Maintain HOLD on FV S$0.96.

We lower our exchange rate assumption from JPY76.9/S$ to JPY79.3/S$ and our projected FY14 DPU of 6.72c translates into a yield of 7.3%.

Our fair value of S$0.96 translates into limited capital upside of 3.7%.

Together with its projected yield of 7.3%, this gives us a potential total return of 11%. Hence, we maintain HOLD on FV of S$0.96.


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Re: Saizen REIT

Postby winston » Sat Jan 04, 2014 9:14 am

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Saizen REIT: Hedges Against Yen Should Stabilize Income For This Singaporean REIT

Saizen REIT owns a diversified portfolio of 139 residential and commercial properties located all across the archipelago that makes up the nation of Japan. These 139 properties are located in fourteen cities and contain a total of 5,519 residential units, 95 commercial or retail units, and 1,796 carparks. The trust's portfolio is worth a total of JPY 41.2 billion (approximately $391 million).


http://seekingalpha.com/article/1927771 ... ource=feed
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Re: Saizen REIT

Postby winston » Wed Feb 12, 2014 8:15 pm

Saizen Real Estate Investment Trust (S$0.925)
Interim DPU slips 1.5%

Saizen Real Estate Investment Trust has declared a distribution of 3.25 cents per unit for the six months ended December 31, 2013, payable on March 21.

For the period under review, the use of capital cash resources to offset loan principal repayment contributed to 1.19 cents out of the DPU of 3.25 cents.

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