Sabana REIT

Sabana REIT

Postby winston » Mon Nov 29, 2010 1:27 pm

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Sabana Shariah Compliant REIT , which owns industrial properties in Singapore, fell 3.4 percent to S$0.985 on Monday, its second day of trading, hurt by interest in other newly listed companies and weaker market sentiment.


Source: Reuters
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Re: Sabana REIT

Postby tonylim » Tue Nov 30, 2010 9:10 pm

Insiders bought more than 10 million shares on 26/11 to show support.
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Re: Sabana REIT

Postby winston » Fri Dec 03, 2010 6:27 pm

Not vested. From Kim Eng:-

Sabana Shari’ah Compliant REIT (SSREIT SP, $0.97, NOT RATED)

Sabana REIT invests in Singapore industrial properties that comply with Islamic
investment principles. 

After a weak listing debut last month, the REIT trades at a high yield of 8.9% and should see reversion to a mean of 8%. We see $0.955 as a good entry level (implied yield: 9%).

http://www.remisiers.org/cms_images/ssu03122010ke.pdf
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Re: Sabana REIT

Postby winston » Fri Dec 03, 2010 6:29 pm

Not vested. From Lim & Tan:-


SABANA REIT

We are surprised that an institutional investor (Moore Capital Management) should have
sold 9 mln Sabana units on Dec 2nd, the fifth day after the reit’s debut.

Sabana traded between 96 and 98 cents on Dec 2nd, vs IPO price of $1.05, where the first year implied yield is 8.22%.
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Re: Sabana REIT

Postby winston » Tue Dec 07, 2010 7:13 pm

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Freight Links Express Holdings increased their stake from 5.3848% to 5.582%
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Re: Sabana REIT

Postby winston » Mon Jan 10, 2011 10:15 am

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Sabana Shari’ah Compliant REIT Largest global shari’ah-certified REIT.
(S$0.97/BUY/Target: S$1.20)
FY11 P/E (x): 12.9
FY12 P/E (x): 12.8

Initiate with BUY. We initiate coverage on Sabana REIT with a BUY and a target price of S$1.20, based on the dividend discount model with a required rate of return of 8% and a terminal growth rate of 2%.

Above-average dividend yield of 8.9%. We forecast Sabana REIT’s 2011 dividend yield at 8.9%. This is higher than the average FY11F dividend yield of 7.9% for the industrial S-REIT segment and higher than the 8.4% and 6.9% FY11F trading yields for the 2010-listed Cache Logistics Trust and Mapletree Industrial Trust respectively.

Initiate with BUY. We initiate coverage with a BUY and a target price of S$1.20, based on the dividend discount model with a required rate of return of 8% and a terminal growth rate of 2%.

We suggest a 50bp higher required rate of return to large industrial SREITs, such as A-REIT, to account for various risks including the comparatively mid-sized capitalisation, together with the lack of a track record and a strong sponsor.


Source: UOBKH
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Re: Sabana REIT

Postby tonylim » Sat Mar 19, 2011 10:43 am

Sabana Shari’ah Compliant Industrial Reit rated 'outperform' by Daiwa
by The Edge
Friday, 18 March 2011 16:03

Daiwa Securities Research in a Mar 15 research report says: "Sabana REIT is Singapore's first Shari'ah-certified real estate investment trust.

"We believe Sabana REIT’s investment-property portfolio stands out from those of other industrial-property S-REITs for its exposure to the high-value-added high-tech industrial, and chemical-warehouse and logistics segments.

Overall, Sabana REIT’s portfolio is made up of consistently high-quality assets, in our opinion.

"We initiate coverage of Sabana REIT with an Outperform rating and six-month target price of $1.05, equivalent to target DPU yields, based on our forecasts, of 8.3% for 2011-13, and a target premium to book (post-IPO) of 6%.

"Our target yield of 8.3% is in line with the current 2011 DPU yield for Sabana REIT’s industrial property S-REIT peers. OUTPERFORM (initiating coverage).
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Re: Sabana REIT

Postby tonylim » Wed Apr 27, 2011 9:20 pm

Maiden Results (1)

• Distribution Per Unit (“DPU”) of 3.04 cents for the period from 26 November 2010 to 31 March 2011

• Annualised DPU of 8.81 cents exceeds forecast by 2.1%

• Net Property Income of S$23.0 million is in line with IPO forecast

• Sabana on track to deliver the forecast DPU as announced in its IPO propectus
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Re: Sabana REIT

Postby tonylim » Tue May 31, 2011 9:40 pm

SABANA REIT INCLUDED IN MSCI GLOBAL SMALL-CAP INDICES

Singapore, 31 May 2011 – Sabana Real Estate Investment Management Pte. Ltd., the Manager of Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (“Sabana REIT”), announces that Sabana REIT has been included in the Morgan Stanley Capital
International “(MSCI”) Global Small-Cap Indices, effective as of the close of market today.

Commenting on Sabana REIT’s inclusion in the MSCI Global Small-Cap Indices, Mr Kevin Xayaraj, Chief Executive Officer and Executive Director of the Manager, said, “The MSCI indices are widely tracked global equity benchmarks covering companies with good operational results and potential. The inclusion puts Sabana REIT onto the ‘radar screens’ of a much wider group of institutional investors and funds seeking value and performance from markets round the world.

We are greatly encouraged to have achieved this major milestone and feel very honored for Sabana REIT to be selected as one of the constituent stocks, considering that it has been listed for only six months.”

The MSCI’s market capitalisation-weighted indices are among the most widely used global equity benchmarks and serve as the basis for over 400 exchanged traded funds throughout the world.
MSCI conducts its index reviews four times each year, and the latest changes were implemented at the close of the market on 31 May 2011.
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Re: Sabana REIT

Postby winston » Mon Jul 18, 2011 10:00 am

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RESEARCH ALERT-Phillip starts Sabana REIT at buy, target S$1.11

SINGAPORE, July 18 (Reuters) - Phillip Securities has initiated coverage of Singapore's Sabana Shari'ah Compliant REIT , which owns industrial properties, at buy with a target price of S$1.11.

STATEMENT: Phillip said it expects Sabana's assets to be revalued at higher valuations this year, due to a buoyant industrial property market, and an increase in its book value may be a catalyst for the REIT's share price to re-rate.

"With Sabana REIT set forth to cross S$1 billion portfolio by the year end, further upsides are expected in the second half to drive up the share price," Phillip said in a report.

Sabana also has ample capacity to raise more debt before hitting 34 percent gearing, which allows the trust to take advantage of acquisition growth, Phillip said.

At 0138 GMT, shares of Sabana were 0.53 percent higher at S$0.94, but have fallen 3.6 percent since the start of the year.


Source: Reuters
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