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Someone dumping
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chengwh1
Elite |
04-Mar-2017 22:07
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Don' t trust OCBC ? Yeah,... I also noticed that OCBC keeps talking well abt Viva. I feel,... to ivest into Viva, there are too many precautions. Must worry abt 2018, must worry abt gearing,... must worry abt unit base enlargement every year-end,...
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punklitez
Member |
04-Mar-2017 20:17
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any reports other than OCBC? by the brokerage or the local community? |
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chengwh1
Elite |
04-Mar-2017 17:01
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I caught the following report from OCBC this evening (though this was published more than one-month ago),... Research and data compiled by OCBC and evaluations from OCBC too :- ++ Reaping rewards at VBP ++ McDermott non-renewal ++ FV increases to S$0.80 FY16 results within expectations Viva Industrial Trust&rsquo s (VIT) results were within expectations. FY16 DPU dropped 0.6% to 6.958 S cents, or 95% of our full-year forecast, as dilution from last year&rsquo s placement in 4Q16 had yet to be accompanied by income contribution from the Chin Bee acquisition, which was only completed in Jan 2017. FY16 gross revenue and NPI increased 28.6% to S$95.1m and 34.7% to S$68.5m respectively. Both came up to 102% of our forecast. Beyond Chin Bee, growth visibility at VBP and potential for strong rental reversions at UEBH In 2017, beside new contributions from Chin Bee property, we anticipate strong growth prospects at Viva Business Park (VBP). While VIT has achieved 94.9% committed occupancy for the VBP &ldquo white space&rdquo as at 31 Dec 2016, we note that only 58% of total &ldquo white space&rdquo contributed to 4Q16 income with the rest of the occupants yet to start their leases. We expect all remaining ~37% of space to start contributing to revenue in stages by end 2017 &ndash VBP&rsquo s revenue and NPI is forecasted to increase 23% and 30% YoY respectively in FY17. In 2018, we are optimistic on the UE Bizhub (UEBH) rents with the Downtown line connection due to open at Expo and forecast a ~10% rental reversions for lease renewals. Trading at 10.0% yield In terms of risks, we note that a large tenant at Jackson Square (JS), McDermott (which currently contributes around 3.7% of VIT&rsquo s monthly rental income) will not be renewing its lease expiring in Apr 2017 (see appendix). JS is currently protected by a rental guarantee arrangement till Nov 2019. We currently assume that only ~3/4 of the vacated space will be leased out by Nov 2019. While we view the nonrenewal as a negative, we note that McDermott is one of VIT&rsquo s only O& G tenant and expect few repeats of this scenario. After adjusting our forecasts for VBP, UEBH, and JS, our fair value estimate increases from S$0.78 to S$0.80. As of now, VIT is trading at 10.0% FY17 forward yield. We reiterate our BUY rating on VIT. Source: OCBC Research - 27 Jan 2017 Is this a good time to enter,.... |
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sweetbear90
Member |
12-Feb-2017 15:09
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looking good. been gaining traction from some analysts when religare and cimb both issued reports recently. |
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chengwh1
Elite |
12-Feb-2017 13:45
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Price still on uptrend,...78 cts... last closing ! |
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angmohlin
Veteran |
06-Jan-2017 13:06
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It seems someone is dumping Viva. Any bad news. Caveat. |
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