InvestIdeas

vested

The department store operator returned to the black with a profit of S$1.3 million in the first half of 2021, from a loss of S$317,000 in H1 2020.

The recovery came as its stores were able to remain operational throughout the six-month period, the company said on Friday.

Source: The Edge

vested

Isetan (Singapore) will not renew lease for Parkway Parade store; reports earnings of $1.25 mil

Department store operator Isetan (Singapore) has reported earnings of $1.25 million for 1HFY2021, a reversal from a loss of $317,000 in 1HFY2020.

Revenue in the same period increased by 12.84% to $38.4 million, with both higher retail sales and rental income.

Meanwhile, the company is not renewing its lease for its Parkway Parade store, which is expiring in March 2022.

There are no immediate plans to find a replacement store and will for now continue to operate at Shaw House, Tampines Mall and NEX.

Source: The Edge

https://www.theedgesingapore.com/capita ... gs-125-mil

vested

NEW TENANT AT ISETAN WISMA ATRIA

The Board of Directors (the “Board”) of Isetan (Singapore) Limited (the “Company”) wishes to announce that it has entered into a tenancy agreement for Level Four of Isetan Wisma Atria, 435 Orchard Road (“premises”).

The new tenant, a prominent financial institution, will be taking up the premises for the purpose of setting up a banking branch.

The lease will be for an initial lease term of five (5) years and is expected to commence in the 2nd quarter of 2022 after taking into consideration the time needed for reinstatement works, fitting out works and regulatory approvals, amongst
other things.

https://links.sgx.com/FileOpen/New%20te ... eID=679169

vested

ASSESSMENT OF MARKET INTEREST IN THE POSSIBLE PURCHASE OF THE COMPANY’S
PROPERTY AT WISMA ATRIA

The Company’s marketing agent started the process of gathering expressions of interest (“EOI”) from target investors for the Property in late July 2021.

The EOI exercise has run its course without yielding a positive outcome for the matter to proceed further at this juncture.

https://links.sgx.com/FileOpen/Update%2 ... eID=694375

vested

FY 2021 results

Revenue: +12%
Profit: Sin$2m
EPS: 0.0522
PE: 71 @ Sin $3.70
Dividends: 0.03 Ex-Date May 9

https://links.sgx.com/FileOpen/Full%20Y ... eID=705302

vested

Presentations at AGM on Apr 28, 2022

https://links.sgx.com/FileOpen/Presenta ... eID=714686

OUR INVESTMENT PROPERTY AT ISETAN WISMA ATRIA

Similar to our retail business, our investment property at Isetan Wisma Atria was able to operate on a full 12-month basis as there was no re-occurrence of another nation-wide lock-down like the “Circuit Breaker” measures seen in 2020.

Net rental revenue therefore increased in 2021 as compared to 2020 where higher rental rebates were given to SME tenants in accordance with the Government measures stipulated in 2020.

We also managed to secure new operating lease income from the property in 2021.

Exploration of options regarding Isetan Wisma Atria –
As announced by the Company, the exercise to gather expressions of interest from potential purchasers did not yield a positive outcome. We will continue to explore all other possible options that may extract a better yield from the Property, or any possible future sale.

https://links.sgx.com/FileOpen/Presenta ... eID=714687

vested

1H Results

Revenue: +12%
Net Income: -62%
Cash: $64m

https://links.sgx.com/FileOpen/Isetan%2 ... eID=728008

The offer price is at a premium of 173.4% over the last traded price of $2.63 on March 28.

The offer is also at a similar premium of 178.9% over Isetan Singapore I15 0.00% 's NAV of $2.58 per share


StarHill Global REIT, which owns the remaining 74.23% of Wisma Atria, values the property at $828.3 million as at June 30 2023. Against this background, analysts believe that Isetan Mitsukhoshi Holding is offering a fair price. Isetan's investment properties including a 25.77% stake in Wisma Atria and an industrial property are carried at historical cost less depreciation. As at end-Dec, these properties were valued at $25.79 million.

See also: Sembcorp signs dual currency offshore RMB400 mil revolving credit facility

However, based on Starhill Global REIT P40U 0.00% 's last valuation as at end-June 2023, Isetan's 25.77% stake could be worth around $256 million, translating into a surpluse of $230.57 million or $5.59 per share. No analyst covers Isetan, but following its announcement a few have made ballpark estimates.


Isetan (Singapore)'s controlling shareholder makes privatisation offer at $7.20 per share
https://www.theedgesingapore.com/news/c ... -720-share

Why Isetan’s minority shareholders believe the privatisation offer undervalues the company
https://www.theedgesingapore.com/news/m ... es-company