ShareJunction - Member Posts

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Will Triyard be in trouble too? The banks are holding the shares as collateral, right?

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Did they give the RTO timeline?

happyharvest ( Date: 03-Feb-2017 15:09) Posted:

Riding the Korean wave

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Even though the valuers are appointed by manager, they are come from established organization ... and for Sabana, the valuations were conducted by DTZ Debenham Tie Leung (SEA) Pte Ltd (" DTZ" ) and Knight Frank Pte Ltd (" Knight Frank" ). I think we can trust these 2 valuers .. which are well know.

As the current Price is trading way below the NAV ... i hope that they can sell assets at valuation (or near valuation) instead ... and will most likely have positive impact on the current price.

jackson5 ( Date: 03-Feb-2017 15:34) Posted:

Most property companies are trading at a big discount to NAV ! Valuers are appointted by manager , and manager love to have hi vaulation of NAV becasue they charge their fees on AUM .

nngeeh ( Date: 03-Feb-2017 11:25) Posted:

The Sabana REIT' s NAV is made up of Singapore properties and even if the dpu keeps dropping, the price will be supported by the properties valuation.

At current price of 0.4 vs post rights NAV of 0.64 (if i remember it correctly), the price/ book is 0.625. It' s like a propery valued at 1M that is selling at 625K. I went back in because at 0.35 ... the price/ book was 0.54 ... it' s like buying a proerty worth 1 million at 540K. Even if dpu keep dropping ... can the price/ book really drop to 0.4, 0.3 or 0.2?

Post rights .... i think the nearest REIT to compare is Cambridge REIT ... where the price/ book is 0.87 and Yield of 7.1%. According to the Sabana OIL document for issuing rights ... the expected DPU is approximately 4c (after completing the purchase of 3 additional properties. Technically, if comparing with Cambridge ... the price should be 0.56 (if you use dpu of 4c or if you use the same P/B of cambridge). But .... i think Cambridge with the current dpu ... 7.1% yield is on the high side ... and should come down. i doubt Sabana can go above 0.5 after this rights exercise ... but at 0.4 ... it' s still too low. At 0.4, the P/B is 0.65 and yield of around 10% (after completion of the purchase).

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If you compare with all the SG REIT (http://reitdata.com/) .... this one really stands out. Others are not as bad as this ....

jackson5 ( Date: 03-Feb-2017 15:34) Posted:

Most property companies are trading at a big discount to NAV ! Valuers are appointted by manager , and manager love to have hi vaulation of NAV becasue they charge their fees on AUM .

nngeeh ( Date: 03-Feb-2017 11:25) Posted:

The Sabana REIT' s NAV is made up of Singapore properties and even if the dpu keeps dropping, the price will be supported by the properties valuation.

At current price of 0.4 vs post rights NAV of 0.64 (if i remember it correctly), the price/ book is 0.625. It' s like a propery valued at 1M that is selling at 625K. I went back in because at 0.35 ... the price/ book was 0.54 ... it' s like buying a proerty worth 1 million at 540K. Even if dpu keep dropping ... can the price/ book really drop to 0.4, 0.3 or 0.2?

Post rights .... i think the nearest REIT to compare is Cambridge REIT ... where the price/ book is 0.87 and Yield of 7.1%. According to the Sabana OIL document for issuing rights ... the expected DPU is approximately 4c (after completing the purchase of 3 additional properties. Technically, if comparing with Cambridge ... the price should be 0.56 (if you use dpu of 4c or if you use the same P/B of cambridge). But .... i think Cambridge with the current dpu ... 7.1% yield is on the high side ... and should come down. i doubt Sabana can go above 0.5 after this rights exercise ... but at 0.4 ... it' s still too low. At 0.4, the P/B is 0.65 and yield of around 10% (after completion of the purchase).

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The Sabana REIT' s NAV is made up of Singapore properties and even if the dpu keeps dropping, the price will be supported by the properties valuation.

At current price of 0.4 vs post rights NAV of 0.64 (if i remember it correctly), the price/ book is 0.625. It' s like a propery valued at 1M that is selling at 625K. I went back in because at 0.35 ... the price/ book was 0.54 ... it' s like buying a proerty worth 1 million at 540K. Even if dpu keep dropping ... can the price/ book really drop to 0.4, 0.3 or 0.2?

Post rights .... i think the nearest REIT to compare is Cambridge REIT ... where the price/ book is 0.87 and Yield of 7.1%. According to the Sabana OIL document for issuing rights ... the expected DPU is approximately 4c (after completing the purchase of 3 additional properties. Technically, if comparing with Cambridge ... the price should be 0.56 (if you use dpu of 4c or if you use the same P/B of cambridge). But .... i think Cambridge with the current dpu ... 7.1% yield is on the high side ... and should come down. i doubt Sabana can go above 0.5 after this rights exercise ... but at 0.4 ... it' s still too low. At 0.4, the P/B is 0.65 and yield of around 10% (after completion of the purchase).

jackson5 ( Date: 03-Feb-2017 09:29) Posted:

If the NAV and DPU keep getting diluted , how long can the share prcie hold at this level ?

nngeeh ( Date: 03-Feb-2017 09:22) Posted:

Share price going to go above 0.4 soon..... wonder who is buying?

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Share price going to go above 0.4 soon..... wonder who is buying?

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Not expecting much.... but at least it still considered progress.

jackson5 ( Date: 02-Feb-2017 23:27) Posted:

Trust what they say or see what they do to deliver result ?

nngeeh ( Date: 02-Feb-2017 23:19) Posted:

If you look at it positively, the share price has recovered slightly ... even after xd..... the press has taken notice.... it has raised awareness of the shareholders .... and most importantly... sending a clear message to the managers and sponsor that the shareholders will take action if something is amiss.

Both the managers and sponsors have just announced that they will take strategic review.

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If you look at it positively, the share price has recovered slightly ... even after xd..... the press has taken notice.... it has raised awareness of the shareholders .... and most importantly... sending a clear message to the managers and sponsor that the shareholders will take action if something is amiss.

Both the managers and sponsors have just announced that they will take strategic review.

jackson5 ( Date: 02-Feb-2017 22:03) Posted:

Knowing that the success rate is almost 0 , why bother to go thru this effort ? Only he knows best. Reit manager is a very lucrative , risk free and asset light business , if so esily to be replaced , why are the original founding managers of most reits still intact ?

Moreover if he is serious about this mission , why is his action so raw and half baked ? MAS will accept reit manager to be replaced by ' ' someone' ' who is unknown ? The lenders will accept this nonsense also ?

He is a remisier and he has no basic knowledge of this ?

Just hard to believe !

nngeeh ( Date: 02-Feb-2017 20:04) Posted:

To be fair, he did initiate this exercise ... but I think he was too eager to remove the manager after seeing the price drop to such Low price. Since the SSH only holds only 17% .... there is really some slight chance to make a difference... but will need someone with knowledge in this area to lead ... and really provide facts and guidance to convince the remaining majority. Just asking for removal ... without having any immediate plan ... I think its not convincing enough ... I recall Croesus sending a thick document explaining about their internalization strategy ... and follow by a nonrenounceable rights issues to fund this exercise. It didn' t seem to be a simple process

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Yup. You can check the share price before and after the announcement

happyharvest ( Date: 02-Feb-2017 20:31) Posted:

should be Chew S Group Ltd. Share price appreciated after sale?

nngeeh ( Date: 02-Feb-2017 20:07) Posted:

Counter code 5SY ...Chews ... you can find the eggs produced by them in NTUC

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Counter code 5SY ...Chews ... you can find the eggs produced by them in NTUC

happyharvest ( Date: 02-Feb-2017 19:56) Posted:

who is chew? There' s too many name.. can' t rememeber who is chew. haha

nngeeh ( Date: 02-Feb-2017 19:53) Posted:

Chew' s .... sold the farm ... the NAV now is 0.61 vs share price of 0.34. Before announcement of the land sale ... the share price ard 0.24.

I believe if Healthway did an new revalue of their properties based on today' s market, I won' t be surprised if we see an increase in NAV. Maybe this is the reason on why OUE went into IHC

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To be fair, he did initiate this exercise ... but I think he was too eager to remove the manager after seeing the price drop to such Low price. Since the SSH only holds only 17% .... there is really some slight chance to make a difference... but will need someone with knowledge in this area to lead ... and really provide facts and guidance to convince the remaining majority. Just asking for removal ... without having any immediate plan ... I think its not convincing enough ... I recall Croesus sending a thick document explaining about their internalization strategy ... and follow by a nonrenounceable rights issues to fund this exercise. It didn' t seem to be a simple process

jackson5 ( Date: 02-Feb-2017 18:33) Posted:

He gains publicity thru this ! He could even claim credit without achieving anything yet . Can kick out Reit manager so easily. JOKE of the year !

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Chew' s .... sold the farm ... the NAV now is 0.61 vs share price of 0.34. Before announcement of the land sale ... the share price ard 0.24.

I believe if Healthway did an new revalue of their properties based on today' s market, I won' t be surprised if we see an increase in NAV. Maybe this is the reason on why OUE went into IHC

happyharvest ( Date: 02-Feb-2017 19:27) Posted:

which stock are you refering to which has NAV gone up?

nngeeh ( Date: 02-Feb-2017 18:38) Posted:

I read from somewhere (i think its the edge magazine) that Healthway has many properties (many are HDB shop units), and the current value of these properties in the book have not been updated with the latest valution which should have gone up by alot. The actual NAV could actually be much higher .... if you look at Chew ... after selling the properties ... the NAV has gone up by a lot.

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I read from somewhere (i think its the edge magazine) that Healthway has many properties (many are HDB shop units), and the current value of these properties in the book have not been updated with the latest valution which should have gone up by alot. The actual NAV could actually be much higher .... if you look at Chew ... after selling the properties ... the NAV has gone up by a lot.

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Did anyone grab the zero coupon bond? The yield of near to 14% is attractive ...

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Just checked the SGX website. The major shareholders hold around 16.3% of the total shares. In order to enforce changes, do we need at least 51%? Or just simple majority of the number of shares of those who are represented during EGM? Frankly, I just want them to stop buying properties and take the opportunity to raise fund ... and if they could offload 40% of the current properties at value to hopefully clear the debt. Hopefully, if dpu is maintained, this can help to increase the share price to a more acceptable value .... to maybe just 80%~90% of NAV

Vibrant Capital Pte Ltd 48,307,580 4.59%

Shanghai Summit Pte Ltd 43,943,000 4.17%

Sabana Real Estate Investment Management Pte Ltd 41,242,726 3.92%

Jinquan Tong 23,253,200 2.21%

The Vanguard Group, Inc. 14,808,515 1.41%

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Agreed. Not many sellers. I got in before the dividend ... and the price didn' t drop after giving div .... i think something is brewing ....

ruready ( Date: 02-Feb-2017 14:07) Posted:

No more seller, Uob hse fully control. Ah moh hse also inside 122-125, let see what the next TP, SSH FIGHTING SOON

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Hitting 52 weeks high .... will be announcing FY report this month. Will hope for the special div to be announced. In 2014, they announced div of a total of $0.5 after selling some of their business ... hope they will do it again this year after selling the other business end of last year. I just realised that the share price shot up beyond $2 after the result and div was announced.

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The newly listed zero coupon bond has dropped near to 0.4 which gives a yield of 14% !!!

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Does anyone know what happen the moment we vote out the manager? Will they leave immediately .... just like IHC where the directors were discharge immediately the moment the vote to remove them went thru?

If yes ... what will happen the moment the manager got voted out ..... no managers until we found someone? ...... can' t imagine what will happen to the share price if that happens...

Does anyone has the knowledge on this matter? I won' t want to trust anyone else that we have no knowledge of their background to just take over ...

Fangqq ( Date: 02-Feb-2017 11:17) Posted:

We should just exercise our rights to remove the Manager and leave the execution of the resolution to the professionals.

It is not unitholders responsibility to find the new Manager.

MAS allows unitholders the rights to remove the Manager. Are you saying that after the resolution approved by unitholders, MAS then tell us that you are not abe to remove the Manager because you do not have a plan?

kohyeekan ( Date: 02-Feb-2017 09:30) Posted:

Most likely consequence is that we are not able to remove the Manager without a plan. The government is not going to help to find a solution for us. Also, how good is the manager is very important. We cannot simply just find someone!

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Hi Mr Low & Mr Koh, I' ll like to thank you both for your initiative to improve the values of this REIT. I sold my share when they announced the rights issue, but bought it back after it dropped to unbelievable value. After reading both your comments, frankly, i have more concerns and questions.

We are not happy that the manager choose to continue to buy more properties (than selling) when the rental market is going soft and they are buying property price at its current market value (if they bought at a steep discount ... perhaps we could understand). Raising Rights knowing that it' ll cause the share price to drop further. The price/NAV keep dropping to unbelievably low value ... and yet they took the initiative to buy more .... which cause the price to drop even more ....

However, i' m more agreeable with Mr Koh' s view that if we remove the manager now ... and without any management .... it' ll be even worst. If you look at Croesus REIT which internalised the management, they raise fund to do so. It didn' t seem to be that simple. However, if we choose to form a new committee, how can we be very sure that this new committee can perform better .... if you look at Cambridge, their DPU is also dropping ... and if the market is really soft ... even if the new committee is form, can they perform better? Do these members really have the experience in this line? The shortiests are waiting for reason to start shorting this REIT again..

If the market is soft, i' m not expecting the DPU to improve much ... but i' m definitely hope that Price/ NAV will go to a more reasonable value .... and the managers stop buying properties (unless it' s really at an attractive price like 60% off the market value) .... and try to sell at least 40% of the current properties at value to bring the debt down .... and stop raising fund.

I think we should really sort this out first before asking to remove the manager .... if we can get support from some big organization like what happen to IHC where Oxley and OUE limited sees value... it' ll be even better .. the Sabana' s Price/ NAV is also really attractive now ... .

This is just my thought.