Isetan

Isetan

Postby behappyalways » Thu Aug 17, 2017 3:26 pm

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Re: Isetan

Postby winston » Wed Sep 11, 2019 9:10 am

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CLARIFICATION ANNOUNCEMENT ON BUSINESS TIMES ARTICLE DATED 10 SEPTEMBER 2019

https://links.sgx.com/FileOpen/Isetan%2 ... eID=578015
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Re: Isetan

Postby winston » Wed Sep 11, 2019 1:09 pm

vested

Sep 10, 2019

Isetan halts trading after shares jump 9.6% on report SGReit to buy over its Wisma Atria stake

The BT report said that SGReit's manager, part of the YTL Group controlled by Malaysian tycoon Francis Yeoh, issued a letter of intent to Isetan more than a month ago , to open talks on acquiring the Japanese firm's share in the shopping mall.

It is also believed that, to close is grip on the property, YTL Starhill Global Reit Management has signalled that it is prepared to offer more than $290.7 million - the fair value of Isetan's investment stake in Wisma Atria as at the end of 2018, as determined by an independent valuer.




Source: Business Times

https://www.straitstimes.com/business/c ... -sgreit-to
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Re: Isetan

Postby winston » Thu Sep 12, 2019 8:26 am

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41m Shares
If Wisma Atria is sold, Isetan will get Sin$290m (Sin$7/Share)
Existing Cash Per Share: Sin$100m (Sin$2.40/ Share)
Total Cash Per Share: Sin$9.40

Share Price (Sept 11): Sin$5.20
Discount to Cash: 55%

Is my calculation correct?

What am I missing?
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Re: Isetan

Postby winston » Thu Nov 14, 2019 3:27 pm

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3Q Results

Revenue: -9%
Loss After Tax: +35% (Increase in Losses)

https://links.sgx.com/FileOpen/3Q%20FY% ... eID=585497
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Re: Isetan

Postby winston » Sun Jan 19, 2020 6:50 pm

vested in Isetan

Starhill Global REIT poised for stronger income on the back of potential investments: CGS-CIMB

by Stanislaus Jude Chan

7/10/2019

SG REIT is said to be planning to unlock an unutilised gross floor area of 100,000 sq ft between Ngee Ann City and Wisma Atria, which could coincide with the upcoming Orchard MRT station on the Thomson-East Coast Line in 2021.

The 100,000 sq ft space could be used to connect to the MRT station via the construction of covered walkways both above- and under-ground.

“This would enhance traffic flow to the malls and generate added rental income as more commercial space is built. Our calculation shows ROI to be in the low double-digits depending on construction cost,” Eing says in an Oct 4 report.

Meanwhile, SG REIT has also submitted an expression of interest to acquire Isetan Singapore’s strata area at Wisma Atria.

Isetan currently owns 26% in Wisma Atria’s total share value of strata lots, with the remaining owned by SG REIT.

“Based on our estimates, the valuation of Isetan’s stake in Wisma Atria (at $4,600 psf) is significantly lower than the valuation of SG REIT’s stake in the property (at $6,300 psf),” says Eing.

Eing notes that there is a large rental gap between the areas at Wisma Atria owned by Isetan and SG REIT.

Based on her estimates, the areas owned by Isetan command rental of around $13 psf, compared to rental of around $34 psf for areas owned by SG REIT.

The way she explains it, this disparity is because many of Isetan’s tenants occupy large floor spaces that usually command a lower rent psf.

“We believe SG REIT could improve rental yield with the right strategy,” Eing says.

“Owning the entire property also makes it easier for future AEIs and tenant mix planning. However, there is no certainty that Isetan is willing to divest its stake in Wisma Atria,” she adds.

Source: The Edge

https://www.theedgesingapore.com/capita ... tments-cgs
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Re: Isetan

Postby winston » Sun Jan 19, 2020 6:55 pm

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10 things I learned from the 2019 Starhill Global REIT AGM

By Adam Wong

December 3, 2019

6. Chairman Tan Sri Dato’ Francis Yeoh said that the management is pursuing a deal to buy over the remaining 25.8% stake at Wisma Atria from Isetan Singapore.

The management has approached Isetan every 3-4 years on the possibility of a sale but has been unsuccessful so far.

He added that Isetan Singapore isn’t doing well and dilutes the average rent at Wisma Atria by leasing space to tenants at a lower rate than SGREIT.

The chairman revealed that a major hotel group had already approached the management about the possibility of adding a hotel component to Wisma Atria and owning 100% of the property would give SGREIT the opportunity to explore that option.

Developing a brand-new hotel from the ground up would normally take years but refurbishing an existing building would take less time. Coupled with its prime location along Orchard Road, Wisma Atria would be an attractive site for a premium hotel operator.


Source: Fifth Person

https://fifthperson.com/2019-starhill-global-reit-agm/
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Re: Isetan

Postby winston » Sun Feb 23, 2020 9:38 am

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Profit Guidance for the Financial Year ended 31 December 2019

The Board of Directors of Isetan Singapore Limited (the “Company”) wishes to announce that, following a preliminary review of the Company’s unaudited financial results for the Financial Year ended 31 December 2019 (“FY 2019”), the Company is expected to report a substantially higher net loss for FY2019 as compared to the previous financial year.

The higher net loss is mainly attributable to the impairment charges relating to Property, Plant and Equipment, and Right-of-use assets.

The Company is still in the process of finalizing its unaudited financial results for FY2019. Further details of the Company’s financial performance will be disclosed when the Company announces its unaudited FY2019 results on or before 29 February 2020.

https://links.sgx.com/FileOpen/ISL%20pr ... eID=597301
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Re: Isetan

Postby winston » Fri Feb 28, 2020 10:43 pm

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Troubles mount for Isetan as FY19 losses double to $27.2 mil on impairment charges

by Uma Devi

SINGAPORE (Feb 27): Isetan has reported losses of $27.2 million for FY2019 ended December, nearly double its losses of $13.7 million back in FY2018.

This was attributable primarily to the group’s impairment losses on right-of-use assets and property, plant and equipment amounting to some $22.7 million as a result of the adoption of SFRS(I) 16 from January 1, 2019.

The group also booked impairment charges of $3.8 million on property, plant and equipment.

Revenue for the year slid 8.4% to $7.1 million from $8.1 million in the previous year, due to a combination of lower sale of goods and consignment income from the retail segment, as well as by exiting brands due to store-wide renovation works done at the group’s flagship store at Shaw House.

Segmentally, the group’s sale of goods fell 10.4% to $58.7 million from $65.5 million in FY2018, while consignment income fell 10.2% to $42 million.

Isetan says that the majority of the renovation work was completed by end-2019 and the outstanding work is slated for completion by June this year.

As at end-December, cash and cash equivalents stood at $39.3 million.

Losses per share for the year came in at 65.91 cents compared to losses per share of 33.25 cents per share in FY2018.

Despite the losses, the group is proposing a final tax-exempt cash dividend of five cents per ordinary share for FY2019, unchanged from the previous year.

Payment of the dividend, if approved by shareholders at the forthcoming annual general meeting, will be made on May 18.

Source: The Edge

https://www.theedgesingapore.com/capita ... nt-charges
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Re: Isetan

Postby winston » Tue Mar 17, 2020 2:02 pm

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Volatility 101: Should Isetan (Singapore) (SGX:I15) Shares Have Dropped 33%?

In the last five years Isetan (Singapore) saw its revenue shrink by 26% per year.


Source: Simply Wall St

https://finance.yahoo.com/news/volatili ... 40947.html
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