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Latest Forum Topics / Keppel Reit    Last:0.85 --  Post Reply
K-REIT
BigCannonFairy
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31-Oct-2014 20:43     
 
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In singapore analysts don' t forecast, they describe whatever happen in the market right now as if investors couldn' t see for themselve.

https://sg.finance.yahoo.com/news/why-singapore-developers-worse-funding-005200126.html

Barclay analyst:

  We prefer Singapore REITs to developers with OWs on KREIT, CCT, MINT, AREIT and CMT, UW on City Developments and Keppel Land.



Developers &ndash short term debt up 45% y/y to S$14bn: According to Bloomberg' s data, developers' total short term borrowings climbed 45% y/y to S$14bn as of Jun 2014, a record high in the past ten years (Fig 1). Aggregate net debt/equity gearing rose to 32% as of June 2014 from 27% in 2013, which is also the highest level since 2011. With private developer volumes down 52% y/y YTD, we believe developers, especially those which rely most on the Singapore residential market, could face more funding pressure than before. The saving grace is that aggregate short term debt remained relatively stable at 22% of total debt, in line with its historical average. Among the major developers, most developers saw an increase in short term debt and net gearing levels y/y except for Keppel Land which saw short term debt fall (though gearing still up) and GLP, which saw net gearing decline (though short term debt still up).

REITs &ndash S$1bn/S$6bn borrowings due 2014/2015: On the other hand, our analysis on the universe of REITs' debt profile suggests that only S$1bn (3%) and S$6bn (17%) of their total S$35bn borrowings are due 2014 and 2015, respectively. The overall debt/asset gearing ratio for Singapore REITs gradually improved to 32% as of end-June 2014 from 33% one year ago and 34% two years ago. Based on our estimates, the weighted average term to maturity for REITs' debt has been stretched to 3.4 years. We see limited refinancing risk in the REIT space given less absolute short term debt due, improved gearing and stable recurrent rental income from improving commercial markets. The capital management appears prudent among REIT names, as most REITs appear to have refinanced ahead of their short term debt expiries. Notably, Singapore office REITs have the longest average debt maturity of 3.7 years among sectors (CCT: 4 years, KREIT: 3.5 years).

We like KREIT, CCT, MINT, AREIT and CMT: Overall the REITs are in a better shape on the back of improved gearing, fewer short term refinancing needs and support from recurrent rental income, while developers could face more headwinds. We expect the fundamentals of the Singapore housing market to deteriorate with home prices to fall another 15% towards the end of 2015. We reiterate our preference for REITs to developers. Our OWs are KREIT, CCT, MINT, AREIT and CMT. 

BigCannonFairy      ( Date: 24-Oct-2014 14:48) Posted:



Already say office demand is going to rise liao, but all the bank analysts stll make sell calls.  Maybe Banks should just sack all their high paying analysts and hire me, the  大 炮 仙   instead.

Office space prices up, but retail space prices soften slightly in Q3: URA



http://www.channelnewsasia.com/news/business/office-space-prices-up/1432238.html

yingli      ( Date: 05-Sep-2014 21:14) Posted:



For the past 1-2 years (in fact until now), we see alot of big name analysts (including Motley Fool) classifying all the REIT under a single asset class and value them using simple measures like   P/NAV.........When the entire market ignore the huge difference in asset underlying every REIT, REIT with good assets like (Keppel reit) are undervalued while REIT with bad asset (like Accordia Golf trust) are overvalued............

But it seems like finally someone finally starts to realise the difference in underlying do make a huge difference to the value of each REIT. And that some one is GOLDMAN SACH!   The following paragraphs are quoted from  an article.

But Goldman Sachs noted that the second-quarter results were largely in line with the &ldquo central theme of strong office and weak retail/hotels&rdquo .

&ldquo While rising interest rates remain a concern, investors have been focused on whether organic fundamentals could offset rising rates,&rdquo it added.

Goldman also said Reits with overseas exposure have outperformed Singapore-based ones. &ldquo Of the top 10 Reits, only three are Singapore-centric, all with meaningful office exposure. Unsurprisingly, more Reits are now looking overseas for growth.&rdquo

- See more at: http://business.asiaone.com/news/new-developments-the-reit-direction#sthash.VJ7UdYna.dpuf

 

 


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BigCannonFairy
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24-Oct-2014 14:48     
 
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Already say office demand is going to rise liao, but all the bank analysts stll make sell calls.  Maybe Banks should just sack all their high paying analysts and hire me, the  大 炮 仙   instead.

Office space prices up, but retail space prices soften slightly in Q3: URA



http://www.channelnewsasia.com/news/business/office-space-prices-up/1432238.html

yingli      ( Date: 05-Sep-2014 21:14) Posted:



For the past 1-2 years (in fact until now), we see alot of big name analysts (including Motley Fool) classifying all the REIT under a single asset class and value them using simple measures like   P/NAV.........When the entire market ignore the huge difference in asset underlying every REIT, REIT with good assets like (Keppel reit) are undervalued while REIT with bad asset (like Accordia Golf trust) are overvalued............

But it seems like finally someone finally starts to realise the difference in underlying do make a huge difference to the value of each REIT. And that some one is GOLDMAN SACH!   The following paragraphs are quoted from  an article.

But Goldman Sachs noted that the second-quarter results were largely in line with the &ldquo central theme of strong office and weak retail/hotels&rdquo .

&ldquo While rising interest rates remain a concern, investors have been focused on whether organic fundamentals could offset rising rates,&rdquo it added.

Goldman also said Reits with overseas exposure have outperformed Singapore-based ones. &ldquo Of the top 10 Reits, only three are Singapore-centric, all with meaningful office exposure. Unsurprisingly, more Reits are now looking overseas for growth.&rdquo

- See more at: http://business.asiaone.com/news/new-developments-the-reit-direction#sthash.VJ7UdYna.dpuf

 

 

Rosesyrup      ( Date: 10-Jan-2014 12:40) Posted:



Relax, Kreits are meant for longer term.

Now shorter term investors take on the following views=> > >

  1. Reits yields are like bonds coupon rate, so Riet should fall like bonds when Interest is rising.
  2. Kep Reit is higly leverage and should perform badly when % rise.


Well, I say relax. Those investors' concerns are understandable as   Reits are relative new asset and their charateristics are largely unknown even to most expert.

Whether Reits perform like bonds or like shares, we shall see. :) 
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Know-Your-Stuff
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18-Sep-2014 18:28     
 
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this reit every 2 years will have rights issue. someone told me on one hand they give u dividend, on the other hand they take it back from u thru right issue. i stay clear of it. not vested.

jackson5      ( Date: 18-Sep-2014 16:36) Posted:



To buy the towel 3 from Keppel land , as expected.

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jackson5
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18-Sep-2014 16:36     
 
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To buy the towel 3 from Keppel land , as expected.
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everknight
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18-Sep-2014 16:28     
 
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Anyone knows why this counter halted in the afternoon?
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yingli
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05-Sep-2014 21:14     
 
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For the past 1-2 years (in fact until now), we see alot of big name analysts (including Motley Fool) classifying all the REIT under a single asset class and value them using simple measures like   P/NAV.........When the entire market ignore the huge difference in asset underlying every REIT, REIT with good assets like (Keppel reit) are undervalued while REIT with bad asset (like Accordia Golf trust) are overvalued............

But it seems like finally someone finally starts to realise the difference in underlying do make a huge difference to the value of each REIT. And that some one is GOLDMAN SACH!   The following paragraphs are quoted from  an article.

But Goldman Sachs noted that the second-quarter results were largely in line with the &ldquo central theme of strong office and weak retail/hotels&rdquo .

&ldquo While rising interest rates remain a concern, investors have been focused on whether organic fundamentals could offset rising rates,&rdquo it added.

Goldman also said Reits with overseas exposure have outperformed Singapore-based ones. &ldquo Of the top 10 Reits, only three are Singapore-centric, all with meaningful office exposure. Unsurprisingly, more Reits are now looking overseas for growth.&rdquo

- See more at: http://business.asiaone.com/news/new-developments-the-reit-direction#sthash.VJ7UdYna.dpuf

 

 

Rosesyrup      ( Date: 10-Jan-2014 12:40) Posted:



Relax, Kreits are meant for longer term.

Now shorter term investors take on the following views=> > >

  1. Reits yields are like bonds coupon rate, so Riet should fall like bonds when Interest is rising.
  2. Kep Reit is higly leverage and should perform badly when % rise.


Well, I say relax. Those investors' concerns are understandable as   Reits are relative new asset and their charateristics are largely unknown even to most expert.

Whether Reits perform like bonds or like shares, we shall see. :) 

Sam1903      ( Date: 10-Jan-2014 12:31) Posted:

What happen to KepREIT ? stock price keep dropping recently comparing to other REIT...
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brchkho1
Master
17-Apr-2014 17:25     
 
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For Today:

Total Lots:  2678

Vol:  39,183

Average Trade Size:  14,631

Weighted Average Price :  1.2279

Buy Vol: 11,511

Mid:  2,895

Sell Vol: 24,777
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brchkho1
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17-Apr-2014 16:08     
 
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After the AGM, this counter now Chiong to 1.245 with high volume. CHIONG ! CHIONG ! CHIONG !
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guoyanyunyan
Supreme
15-Apr-2014 10:51     
 
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Keppel REIT - In-line results stable DPU

1Q14 results in line with our and market expectations.

No news of MBFC Tower 3 acquisition from sponsor equity fund-raising remains on the horizon.

1Q14 DPU flat YoY at 1.97 cts. Expect flat DPU CAGR over FY13-18E on income support expiry and marginal passing rents improvement.

What' s New

KREIT posted a 12.9% YoY rise in 1Q14 revenue to SGD46.8m, meeting 25% of our and 24% of consensus estimates. The increase came on the back of improved performance from Ocean Financial Centre and Prudential Tower in Singapore and additional income from 8 Exhibition Street in Melbourne, which was acquired last August. 1Q14 DPU remained flat YoY at 1.97 cts, forming 25% of our and consensus forecast. Portfolio occupancy rate was flat at 99.8% in Singapore with all properties fully leased, but rose to 97% from 95% in Sydney with 8 Chifley Square signing on its latest tenant Natixis. Opened last October, it has only half a floor remaining to be leased. Aggregate leverage for KREIT edged up slightly from 42.1% in 4Q13 to 42.4% in 1Q14.

What' s Our View

MBFC Tower 3 is 95% occupied to date, but KREIT has yet to announce any acquisition plans from its sponsor. We believe more equity fund-raising is still on the cards, with the possibility of capital recycling Prudential Tower (valued at SGD490m as at 31 Dec 2013) to fund a portion of the hefty acquisition cost estimated at SGD1.1-1.3b. KREIT has, respectively, 3.1% and 6.3% of its portfolio NLA due for lease expiry and rent review this year. We expect marginal improvements in passing rents, with CapitaGreen and South Beach Development due to come on-stream in 4Q14. We forecast flat DPU CAGR over FY13E-18E with the progressive expiry of income support. Maintain HOLD with an unchanged DDM-derived TP of $1.25.     ...last:$1.18...

Source: Maybank Kim Eng Research
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Octavia
Supreme
29-Jan-2014 09:29     
 
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 Alert Admin 		Keppel REIT is looking for buyers for Prudential Tower. KREIT is reported to be asking $531m ($2,400psf) for its 92.8% stake, c.10% above its Dec 31 valuation. The divestment could be used to fund an acquisition. Recall that management had stated at its 4Q results briefing KREIT is looking to sell older assets to help fund acquisitions and may approach Keppel Land to acquire its stake in MBFC Tower 3. Strong liquidity in the strata office market, reflected in the sale of Westgate office tower, could help KREIT achieve an attractive exit price. Deutsche values Keppel Land?s 33.3% stake in MBFC Tower 3 at $1.1b, in a scenario where KREIT funds the balance of the acquisition fully via debt, Deutsche believe that the acquisition would be slightly accretive (c.3%). Assuming that management keeps gearing level at 42% currently, this would imply c.$350m in equity fundraising, making the acquisition dilutive, suggesting a potential need for income support. Deutsche maintains a Hold at TP $1.28
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Sam1903
Senior
10-Jan-2014 12:55     
 
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 Alert Admin 		Thanks Rosesyrup for sharing with us your view... really appreciate...it help newbie like me.


Rosesyrup      ( Date: 10-Jan-2014 12:40) Posted:



Relax, Kreits are meant for longer term.

Now shorter term investors take on the following views=> > >

  1. Reits yields are like bonds coupon rate, so Riet should fall like bonds when Interest is rising.
  2. Kep Reit is higly leverage and should perform badly when % rise.


Well, I say relax. Those investors' concerns are understandable as   Reits are relative new asset and their charateristics are largely unknown even to most expert.

Whether Reits perform like bonds or like shares, we shall see. :) 

Sam1903      ( Date: 10-Jan-2014 12:31) Posted:

What happen to KepREIT ? stock price keep dropping recently comparing to other REIT...
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Rosesyrup
Master
10-Jan-2014 12:40     
 
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Relax, Kreits are meant for longer term.

Now shorter term investors take on the following views=> > >

  1. Reits yields are like bonds coupon rate, so Riet should fall like bonds when Interest is rising.
  2. Kep Reit is higly leverage and should perform badly when % rise.


Well, I say relax. Those investors' concerns are understandable as   Reits are relative new asset and their charateristics are largely unknown even to most expert.

Whether Reits perform like bonds or like shares, we shall see. :) 

Sam1903      ( Date: 10-Jan-2014 12:31) Posted:

What happen to KepREIT ? stock price keep dropping recently comparing to other REIT...
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Sam1903
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10-Jan-2014 12:31     
 
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 Alert Admin 		What happen to KepREIT ? stock price keep dropping recently comparing to other REIT...
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jackson5
Master
15-Dec-2013 07:44     
 
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Hi Rosesyrup,

Many just come to this forum and talk nonsense without a single substance . They should look at the full financials before posting.
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Rosesyrup
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14-Dec-2013 23:49     
 
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 Alert Admin 		Lol That is exactly what I thought so too, but marubozu has not answer my query yet. 

jackson5      ( Date: 14-Dec-2013 22:02) Posted:



Why only talk about gearing 43% but not interest cover of 4.8x ? unless the interest expenses increase by 480% then  DPU will be wipe out . Keppel reit can get very low interest rate than many other reits because Keppel is a big reputable company, banks want their business. K reit also refinanced some debt , no more refinancing till 2015.

If interest rate go up , it means economy is good, rentals will also go up . No problem at all.


marubozu1688      ( Date: 14-Dec-2013 21:44) Posted:



Be careful   on Keppel REIT.

Gain in the distribution yield can be totally wiped out from the initial capital outlay!

http://mystocksinvesting.com/singapore-stocks/keppel-reit/keppel-reit-continue-to-fall/

 


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jackson5
Master
14-Dec-2013 22:02     
 
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Why only talk about gearing 43% but not interest cover of 4.8x ? unless the interest expenses increase by 480% then  DPU will be wipe out . Keppel reit can get very low interest rate than many other reits because Keppel is a big reputable company, banks want their business. K reit also refinanced some debt , no more refinancing till 2015.

If interest rate go up , it means economy is good, rentals will also go up . No problem at all.


marubozu1688      ( Date: 14-Dec-2013 21:44) Posted:



Be careful   on Keppel REIT.

Gain in the distribution yield can be totally wiped out from the initial capital outlay!

http://mystocksinvesting.com/singapore-stocks/keppel-reit/keppel-reit-continue-to-fall/

 

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marubozu1688
Master
14-Dec-2013 21:44     
 
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Be careful   on Keppel REIT.

Gain in the distribution yield can be totally wiped out from the initial capital outlay!

http://mystocksinvesting.com/singapore-stocks/keppel-reit/keppel-reit-continue-to-fall/

 
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serious
Master
14-Dec-2013 13:52     
 
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Ate at one of the restaurant yesterday , PAUL @ OFC .

Just curious what is the rental the tenants  need to pay for such place, S$15.00 PSF ???

K REit reported this retail space is 8,600 sf , so extra income for K reit.
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guoyanyunyan
Supreme
13-Dec-2013 16:04     
 
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KepReit's S'pore assets fully leased



...last: $1.160...1-yr low: $1.145 (last two days)...on downtrend...


Keppel Reit has achieved full occupancy at its five Singapore properties, after Ocean Financial Centre (OFC) became fully leased. The manager for the commercial real estate investment trust, Keppel Reit Management, said yesterday that both the office and the newly completed retail space at OFC have been completely taken up.

Said Ng Hsueh Ling, CEO of the Reit manager: " We have steadily signed on tenants to achieve full occupancy, from approximately 80% when we acquired Ocean Financial Centre in December 2011." The 100% occupancy at Keppel Reit's Singapore assets compares with the 99.5% rate as at the end of September.

The average occupancy in the CBD is 93.5%, the manager said, citing a report from property consultancy Colliers International.

Source: CIMB
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tonylim2
Veteran
10-Dec-2013 15:28     
 
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 Alert Admin 		When was this roadshow ?
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