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Latest Forum Topics / Frasers HTrust  Post Reply
Fraser Hospitality Trust privatise

Goldfinger
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29-Jun-2025 23:02     
 
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 Alert Admin 		Voting a big fat NO to the cheapo offer.  It is a huge slap to the face of investors if they succeed with a measly 1 more cent.  Like we are so cheapo to accept now.

Neutral_Guy      ( Date: 21-Jun-2025 14:04) Posted:

Saw the video of the FHT Ceo with SIAS. Think just a low baller effort. Please buck up with a higher offer.

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Alignment
Elite
28-Jun-2025 14:58     
 
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 Alert Admin 		I' ve sold all my shares. The upside from here is limited whereas the downside if shareholders vote this down again and the offeror does not increase its price as per a few years back is significant.
 
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Neutral_Guy
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21-Jun-2025 14:04     
 
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 Alert Admin 		Saw the video of the FHT Ceo with SIAS. Think just a low baller effort. Please buck up with a higher offer.
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Neutral_Guy
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13-Jun-2025 11:11     
 
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 Alert Admin 		Let's see how if they will increase the offer.

Next target, Ho Bee Land can start to accumulate now at $2.
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Goldfinger
Supreme
27-May-2025 21:36     
 
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 Alert Admin 		Low ball cheap skates. Get lost.
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Neutral_Guy
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27-May-2025 19:01     
 
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 Alert Admin 		Don't know when they will announce the actual date, likely to up the offer else fail again..

Next in line, my take is Ho Bee Land. Too undervalued...
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moron101
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27-May-2025 15:14     
 
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 Alert Admin 		FLCT not likely.. too big to take over.. FEHT maybe.

mrwise      ( Date: 26-May-2025 10:06) Posted:

FEHT or iReit.   likely next...

moron101      ( Date: 26-May-2025 09:48) Posted:

After this, what's the next privatisation target? Capland China, Capland Ascortt, FLCT, ?


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mrwise
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26-May-2025 10:06     
 
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 Alert Admin 		FEHT or iReit.   likely next...

moron101      ( Date: 26-May-2025 09:48) Posted:

After this, what's the next privatisation target? Capland China, Capland Ascortt, FLCT, ?

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moron101
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26-May-2025 09:48     
 
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 Alert Admin 		After this, what's the next privatisation target? Capland China, Capland Ascortt, FLCT, ?
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Neutral_Guy
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19-May-2025 17:44     
 
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 Alert Admin 		One trivial. If i want to buy a 2nd hand, i will surely tell the owner that his car have this problem and that problem. So that I can get him to sell lower.

So the theory is same for this FHT. The buyer put up many negative things and lower valuation of the NTA(Valuator employed by them). There is a reason why they want to buy FHT for the 2nd time. There is some value that we cannot see clearly.

So I rather wait for higher privatisation price or even wait for the 3rd time privatisation. I have purchased this 2years ago at $0.45 and it is surely value for money.
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Neutral_Guy
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17-May-2025 14:11     
 
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 Alert Admin 		I setup this chat last year urging people to buy this stock. Personally I think the privatisation price of $0.71 is still too low.
There is great value to this stock and the reason that they try to privatise it the second time tell you very clearly.

I suggest them to up their offer, there is no shame to up the offer. Even Sinarmas have to up their offer recently.

I will rather wait for the 3rd time of privatisation. I will just buy and keep the stock even if goes down towards 45cents again. My personal thinking.
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MrBear12
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16-May-2025 12:58     
 
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 Alert Admin 		The rationale given was the trust&rsquo s inability to further improve distribution and growth in the face of macroeconomic headwinds.

Dissolve the trust then

Joelton      ( Date: 16-May-2025 12:20) Posted:

Frasers Hospitality Trust&rsquo s stapled securities open 1.5% higher after privatisation proposal
This comes a day after Frasers Property announces its bid to take the trust private at S$0.71 per stapled security
[SINGAPORE] Stapled security prices of Frasers Hospitality Trust : ACV +1.46% (FHT) opened 1.5 per cent higher at S$0.695, a day after Frasers Property proposed to privatise the trust at S$0.71 per stapled security.
 
However, as at Thursday (May 15) noon, the stapled securities of FHT were up 0.7 per cent or S$0.005 at S$0.69.
 
The offer marks the second attempt by Frasers Property to privatise FHT. The rationale given was the trust&rsquo s inability to further improve distribution and growth in the face of macroeconomic headwinds.
 
The price of S$0.71 per stapled security reflects a minimum premium of 7 per cent over FHT&rsquo s last traded price of S$0.66, before trading was halted on Tuesday. The price implies a 1.11 times, or 11.1 per cent, premium over its net asset value (NAV), and exceeds the implied average premium over NAV of former Singapore real estate investment trust privatisations since 2020 of 1.04 times. This is also just S$0.01 per stapled security higher than the previous offer in September 2022 of S$0.70 per stapled security. That offer failed.
 
The trading halt was lifted before the market closed on Wednesday. FHT&rsquo s stapled securities started trading at S$0.69 after the trading halt was lifted, and quickly picked up pace to S$0.695 after a few hours. But the counter lost momentum when markets closed, and closed at S$0.68 on Wednesday.
 
In April, the manager of FHT announced that there would be a strategic review to evaluate various options.
 
FHT&rsquo s price has been running up &ndash even more so after news of the trust&rsquo s privatisation offer came out.
 
A month ago, on Apr 15, the stapled securities were trading at S$0.58.
 
Additionally, the trust also experienced a trading activity surge in November and December 2024, when the price soared around 40 per cent as its trading volume hit a high of 14.17 million stapled securities on Dec 6, from around 321,000 in late November. As at Dec 6, FHT&rsquo s stapled securities were trading at S$0.505.
 
FHT has a portfolio of 14 hotels and serviced residences across nine cities in Asia, Australia and Europe. The properties include InterContinental Singapore, Fraser Suites Sydney and Park International Hotel in London.
 
Listed on the Singapore Exchange mainboard since 2014, FHT has a market capitalisation of S$1.33 billion, with a portfolio valued at S$2 billion as at September 2024.
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Joelton
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16-May-2025 12:20     
 
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 Alert Admin
Frasers Hospitality Trust&rsquo s stapled securities open 1.5% higher after privatisation proposal
This comes a day after Frasers Property announces its bid to take the trust private at S$0.71 per stapled security
[SINGAPORE] Stapled security prices of Frasers Hospitality Trust : ACV +1.46% (FHT) opened 1.5 per cent higher at S$0.695, a day after Frasers Property proposed to privatise the trust at S$0.71 per stapled security.
 
However, as at Thursday (May 15) noon, the stapled securities of FHT were up 0.7 per cent or S$0.005 at S$0.69.
 
The offer marks the second attempt by Frasers Property to privatise FHT. The rationale given was the trust&rsquo s inability to further improve distribution and growth in the face of macroeconomic headwinds.
 
The price of S$0.71 per stapled security reflects a minimum premium of 7 per cent over FHT&rsquo s last traded price of S$0.66, before trading was halted on Tuesday. The price implies a 1.11 times, or 11.1 per cent, premium over its net asset value (NAV), and exceeds the implied average premium over NAV of former Singapore real estate investment trust privatisations since 2020 of 1.04 times. This is also just S$0.01 per stapled security higher than the previous offer in September 2022 of S$0.70 per stapled security. That offer failed.
 
The trading halt was lifted before the market closed on Wednesday. FHT&rsquo s stapled securities started trading at S$0.69 after the trading halt was lifted, and quickly picked up pace to S$0.695 after a few hours. But the counter lost momentum when markets closed, and closed at S$0.68 on Wednesday.
 
In April, the manager of FHT announced that there would be a strategic review to evaluate various options.
 
FHT&rsquo s price has been running up &ndash even more so after news of the trust&rsquo s privatisation offer came out.
 
A month ago, on Apr 15, the stapled securities were trading at S$0.58.
 
Additionally, the trust also experienced a trading activity surge in November and December 2024, when the price soared around 40 per cent as its trading volume hit a high of 14.17 million stapled securities on Dec 6, from around 321,000 in late November. As at Dec 6, FHT&rsquo s stapled securities were trading at S$0.505.
 
FHT has a portfolio of 14 hotels and serviced residences across nine cities in Asia, Australia and Europe. The properties include InterContinental Singapore, Fraser Suites Sydney and Park International Hotel in London.
 
Listed on the Singapore Exchange mainboard since 2014, FHT has a market capitalisation of S$1.33 billion, with a portfolio valued at S$2 billion as at September 2024.
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MrBear12
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15-May-2025 19:20     
 
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 Alert Admin 		Just when dpu was recovering from 2020-21 lows, here comes a privatisation offer of 70 cents. And as the recovery continues into 2022 and beyond, a recovery of double digit percentages in dpu, another offer now comes of only 71 cents.

Typical case of capturing a potential company with a lower than deserved offer price.

Disagree?

Vote yes for 71 cents.



MrBear12      ( Date: 15-May-2025 16:04) Posted:

Given 3 years have passed since 2022 which was a terrible year for equity and debt, the offer price shld at least have taken into consideration the recovery of the world economies and the taming of inflation since. Assuming a modest 2 percent inflation in valuation per year over 2022's, the offer price shld be at least 75 cents. At least 6. 5 percent above 70 cents.

That's just a bear view.

DYODD and calculate yourselves.

Another method could be to use future cash flows to value the trust.

But in the end , it is really up to the manager to optimise the trust to realise its full potential.

A mere 1.5 percent improvement over the offer price of 2022 after 3 years means the manager did a lousy job improving the trust's value.

Simply shake head.



MrBear12      ( Date: 15-May-2025 15:49) Posted:

https://drwealth.com/71-cents-offer-for-frasers-hospitality-trust-merely-1-cent-higher-after-3-years-wait/

One view from a respected CPA.
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MrBear12
Supreme
15-May-2025 16:04     
 
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 Alert Admin 		Given 3 years have passed since 2022 which was a terrible year for equity and debt, the offer price shld at least have taken into consideration the recovery of the world economies and the taming of inflation since. Assuming a modest 2 percent inflation in valuation per year over 2022's, the offer price shld be at least 75 cents. At least 6. 5 percent above 70 cents.

That's just a bear view.

DYODD and calculate yourselves.

Another method could be to use future cash flows to value the trust.

But in the end , it is really up to the manager to optimise the trust to realise its full potential.

A mere 1.5 percent improvement over the offer price of 2022 after 3 years means the manager did a lousy job improving the trust's value.

Simply shake head.



MrBear12      ( Date: 15-May-2025 15:49) Posted:

https://drwealth.com/71-cents-offer-for-frasers-hospitality-trust-merely-1-cent-higher-after-3-years-wait/

One view from a respected CPA.
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pkli899
Supreme
15-May-2025 16:03     
 
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 Alert Admin 		I have no holding in this counter.
Just busy body.
Came back from BKK a few days ago.
Visited the massive new development " One Bangkok" by Fraser Group.
Very huge, 1.93 m sq m floor area on a 17 hectares site.
The rich becomes richer.
Suck money from the average.  sad
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MrBear12
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15-May-2025 15:49     
 
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 Alert Admin 		https://drwealth.com/71-cents-offer-for-frasers-hospitality-trust-merely-1-cent-higher-after-3-years-wait/

One view from a respected CPA.
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Entropy72
Master
15-May-2025 13:25     
 
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 Alert Admin 		Half hearted effort by MAS, led by Chee Hong Tat.

Goldfinger      ( Date: 15-May-2025 12:20) Posted:

SGX and MAS are like almost taking far too long with the Equities Market Review.  Since February 2025, no sound or whisper.  Like almost forgotten already.

Trader-101      ( Date: 15-May-2025 11:52) Posted:



It would be helpful if someone could present a clear and convincing case for why the offer should be revised higher. We are not even halfway through the year, yet there are already at least nine privatisation attempts underway - a reflection of how tough the current market environment has become. Persistently low valuations are making it easier for offers to come in well below intrinsic value.

Instead of focusing only on the offerors as being opportunistic, it is worth recognising the larger issue - the market is not pricing companies fairly, and that opens the door for these offers to succeed. 

If SGX still does not get its act together and address the structural issues - such as undervaluation, lack of liquidity, and weak investor confidence. Sooner or later, both local and foreign investors will lose interest in a market where listed companies are continually taken private without being fairly valued.
 


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Goldfinger
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15-May-2025 12:20     
 
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 Alert Admin 		SGX and MAS are like almost taking far too long with the Equities Market Review.  Since February 2025, no sound or whisper.  Like almost forgotten already.

Trader-101      ( Date: 15-May-2025 11:52) Posted:



It would be helpful if someone could present a clear and convincing case for why the offer should be revised higher. We are not even halfway through the year, yet there are already at least nine privatisation attempts underway - a reflection of how tough the current market environment has become. Persistently low valuations are making it easier for offers to come in well below intrinsic value.

Instead of focusing only on the offerors as being opportunistic, it is worth recognising the larger issue - the market is not pricing companies fairly, and that opens the door for these offers to succeed. 

If SGX still does not get its act together and address the structural issues - such as undervaluation, lack of liquidity, and weak investor confidence. Sooner or later, both local and foreign investors will lose interest in a market where listed companies are continually taken private without being fairly valued.
 

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Goldfinger
Supreme
15-May-2025 12:18     
 
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 Alert Admin 		If FHT was not undervalued, why would they bother to buy over at all.  They are not charity, they have their own interests and are insiders since they own both properties.

MrBear12      ( Date: 15-May-2025 09:44) Posted:

Not many has the holding power of gold finger.

To trader101, thanks for your posts. You reflect reality of price action and valuation.

Only one thing bear adds here. Many low ballers like to choose a time when company not doing well to acquire cheap. Normal business. But at better times, this could fetch a higher acquisition price. So those who reject are simply waiting for better times to catch the up cycle.

In independent valuer would give a fair price based on current conditions. Bear will most likely give a biased valuation based on better future expected performance of this trust
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