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2541-2560 of 3029
Haha, true... ownself analyse and ownself buy.....
Been holding this stock since IPO and have bought it through the years, except during the Covid selldown, where MLR (as well as KORE and Prime) dropped to around 50 cents (haiz)... Technically underwater on MLR but I think it is +ve with the divies collected. Keeping for long term. I think it will go up when the property valuation moves up once the pandemic subsides.
PhillipTan ( Date: 17-Feb-2022 12:20) Posted:
Ya lor
And if you haven' t noticed, it seems like I am the one doing most of the posts in this thread too hahaha
Not many people interested in this stock it seems
Kandee ( Date: 17-Feb-2022 08:17) Posted:
Wah, you onself increase TP meh...  |
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Ya lor
And if you haven' t noticed, it seems like I am the one doing most of the posts in this thread too hahaha
Not many people interested in this stock it seems
Kandee ( Date: 17-Feb-2022 08:17) Posted:
Wah, you onself increase TP meh...
PhillipTan ( Date: 16-Feb-2022 23:59) Posted:
Phillip upgrades and raises TP on Manulife US Reit
Phillip Securities upgraded its call on Manulife US Real Estate Investment Trust ManulifeReit USD: BTOU +1.53% (Reit) to " buy" from " accumulate" and raised its target price to US$0.86 from US$0.84 previously.
This comes despite lower-than-expected portfolio occupancy rates in FY2021 which led to a lower DPU of 5.33 US cents, below Phillip' s forecast.
With the occupancy lower than anticipated, Phillip lowered expected DPU for FY2022 to FY2024 by 2.1 to 6.3 per cent to factor in the gradual recovery, it stated in a research report on Wednesday (Feb 16).
However, its analyst Natalie Ong noted that the US office market appears to be at an inflection point, which shows recovery in leasing momentum.
She expects DPU to grow to higher levels in the long term and that attributed the change in target price to the expected recovery of the market.
Manulife US Reit reported physical occupancy rates of 25 to 30 per cent and said it provided rental abatement of US$2.4 million in FY2021. Ong said she projects the more pronounced return-to-office to lift carpark income and lower rental abatement burden in the upcoming years.
The analyst also highlighted that the US office market shows signs of recovery through the improving net effective rents, longer lease tenures signed, decline in subleasing and improving rental growth outlook for Manulife US Reit cities. She said FY2022 renewals could yield positive reversions.
Units of Manulife US Reit were trading at S$0.66, down 0.8 per cent or S$0.005 as at 4.28 pm on Wednesday.
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Wah, you onself increase TP meh...
PhillipTan ( Date: 16-Feb-2022 23:59) Posted:
Phillip upgrades and raises TP on Manulife US Reit
Phillip Securities upgraded its call on Manulife US Real Estate Investment Trust ManulifeReit USD: BTOU +1.53% (Reit) to " buy" from " accumulate" and raised its target price to US$0.86 from US$0.84 previously.
This comes despite lower-than-expected portfolio occupancy rates in FY2021 which led to a lower DPU of 5.33 US cents, below Phillip' s forecast.
With the occupancy lower than anticipated, Phillip lowered expected DPU for FY2022 to FY2024 by 2.1 to 6.3 per cent to factor in the gradual recovery, it stated in a research report on Wednesday (Feb 16).
However, its analyst Natalie Ong noted that the US office market appears to be at an inflection point, which shows recovery in leasing momentum.
She expects DPU to grow to higher levels in the long term and that attributed the change in target price to the expected recovery of the market.
Manulife US Reit reported physical occupancy rates of 25 to 30 per cent and said it provided rental abatement of US$2.4 million in FY2021. Ong said she projects the more pronounced return-to-office to lift carpark income and lower rental abatement burden in the upcoming years.
The analyst also highlighted that the US office market shows signs of recovery through the improving net effective rents, longer lease tenures signed, decline in subleasing and improving rental growth outlook for Manulife US Reit cities. She said FY2022 renewals could yield positive reversions.
Units of Manulife US Reit were trading at S$0.66, down 0.8 per cent or S$0.005 as at 4.28 pm on Wednesday.
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Phillip upgrades and raises TP on Manulife US Reit
Phillip Securities upgraded its call on Manulife US Real Estate Investment Trust ManulifeReit USD: BTOU +1.53% (Reit) to " buy" from " accumulate" and raised its target price to US$0.86 from US$0.84 previously.
This comes despite lower-than-expected portfolio occupancy rates in FY2021 which led to a lower DPU of 5.33 US cents, below Phillip' s forecast.
With the occupancy lower than anticipated, Phillip lowered expected DPU for FY2022 to FY2024 by 2.1 to 6.3 per cent to factor in the gradual recovery, it stated in a research report on Wednesday (Feb 16).
However, its analyst Natalie Ong noted that the US office market appears to be at an inflection point, which shows recovery in leasing momentum.
She expects DPU to grow to higher levels in the long term and that attributed the change in target price to the expected recovery of the market.
Manulife US Reit reported physical occupancy rates of 25 to 30 per cent and said it provided rental abatement of US$2.4 million in FY2021. Ong said she projects the more pronounced return-to-office to lift carpark income and lower rental abatement burden in the upcoming years.
The analyst also highlighted that the US office market shows signs of recovery through the improving net effective rents, longer lease tenures signed, decline in subleasing and improving rental growth outlook for Manulife US Reit cities. She said FY2022 renewals could yield positive reversions.
Units of Manulife US Reit were trading at S$0.66, down 0.8 per cent or S$0.005 as at 4.28 pm on Wednesday.
Analysts keep ' buy' on Manulife US Reit despite FY21 results missing expectations
Maybank Securities and RHB have lowered their target prices (TP) for US office-based real estate investment trust (Reit) Manulife US Reit after it missed some expectations in its second half and full-year FY2021 results.
This is despite both brokerages maintaining their " buy" calls in separate reports on Thursday (Feb 10), on the back of stabilising occupancy rate, completed and possible acquisitions and divestments in the high-growth sector and the manager' s positive rental reversion guidance for FY2022.
Maybank Securities analyst Chua Su Tye trimmed his TP to US$0.95 from US$1, following a cut of 5 per cent to distribution per unit (DPU) estimates. He still views DPU visibility as high and believes it will be well-cushioned from the Reit' s low FY2022-2023 lease expiries, with only 8 per cent net lettable area expiring in FY2022.
Although the FY2021 results were a miss in his view, Chua said valuations are undemanding at 8.7 per cent FY2022 yield.
He also sees potential upsides from the 3 US properties that were snapped up by Manulife US Reit in late-December 2021, which boast " high growth" tenancies that pushed assets under management up 11 per cent to S$2.2 billion half on half.
While the manager is keen to push ahead on acquisitions, he cautioned that gearing is at a historical high of 42.8 per cent and unitholders are thus more likely to see recycling opportunities as part of near-term portfolio rejuvenation priorities, before the Reit makes another sizeable deal.
Meanwhile, RHB analyst Vijay Natarajan cut his TP to US$0.86 from US$0.90, lower than Chua' s current target, as the results were slightly below projections. This includes a 6 per cent environment, social and governance (ESG) premium applied to the TP' s intrinsic value based on RHB' s inhouse methodology, which Natarajan credited to the Reit' s well-defined interim ESG targets.
Like Chua, Natarajan also called valuation undemanding at 9 per cent FY2022 yield. While he likewise trimmed FY2022-2023 DPU estimates by 5 per cent, he expects DPU going up 3 per cent year on year in FY2022, a turnaround from its 5 per cent decline in the last 2 years.
On the possibility of further acquisitions, he warned that gearing was on the high side, and that loans worth around US$200 million are due for renewal this year, although there may be slight interest savings as these loans were secured at a much higher cost of 3.4 per annum.
At the same time, DBS Group Research has maintained its S$0.88 TP on " buy" in a Wednesday report, as it believes the Reit is poised to ride on the office recovery post-Omicron through its new acquisitions, despite the setback from Covid-19' s newer variants.
The research house noted key positives of improving portfolio occupancy and expiry leases in FY2022 staying 2.1 per cent below market rents, although it was concerned by larger occupancy declines persisting in some buildings.
Units of Manulife US Reit closed at US$0.65, up 3.18 per cent or US$0.02, on Thursday.
I wouldn' t think that possible in the near future
If it can even go up to USD 0.85, you can already laugh all your way to the bank
Singpost ( Date: 10-Feb-2022 08:40) Posted:
this going to $1 as US open up
PhillipTan ( Date: 10-Feb-2022 06:23) Posted:
usually they will give div twice a year mar and sep
this time round, the first div is declared in the previous year, ex date in dec last year, payable next week
that is what lobster meant by advanced
second part of the first div ex date is next week
guess a lot of investors just either dumped the shares or put it under the pillow and forgot about it after the ex date in dec last year
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MORE SIGNS OF RECOVERY
■ 2H/FY21 DPU of 2.63/5.33 UScts is in line at 48.8%/98.9% of our FY21 forecast
■ Portfolio occupancy rose hoh in 2H21 it expects positive rental reversion in FY22F
■ Reiterate Add rating with a lower DDM-based TP of US$0.89
Reiterate Add rating
We lower our FY21-23F DPU estimates by 0.16-0.4% post results as we believe the new leases it signed in the latter part of FY21F are likely to start to contribute to earnings from 2H22F. Accordingly, our DDM-based TP declines to US$0.89. Our Add call remains. At a projected FY22F dividend yield of 7.7%, much of the slower near-term growth has been priced in, in our view. We continue to like MUST for its resilient portfolio, with 96% of its leases by gross rental income having built-in rental escalations. Potential re-rating catalysts: better-than-expected rental reversions and faster-than-expected ramp up in portfolio occupancy. Key downside risk: protracted slowdown in the US economy which could dampen appetite for office space.
For accounting purpose they calculate the advance for the period from1 July to 9 Dec, and the balance from 9 Dec to end Dec, the advance you will get 17 Feb, the rest in 30 March. I thought we already gotten , because ex D was in December...
prophetjul ( Date: 09-Feb-2022 20:07) Posted:
When was the advance payment?
Lobster ( Date: 09-Feb-2022 18:18) Posted:
Seriously, no one into this ?.,!??......Dpu US$0.0263, but because you already got a fat advance, this 2H results dpu is only US$0.0032
MUST&rsquo s 2H 2021 DPU increases 1.5% YoY Stepping up portfolio rejuvenation in 2022
▪ 2H 2021 DPU of 2.63 US cents brings FY 2021 DPU to 5.33 US cents
▪ High occupancy of 92.3%, long WALE of 5.1 years
▪ Improvementsin2H2021&ndash longerWALEforleasesexecuted,neteffectiverents+3.4%,
valuations positive 1st time since COVID-19
▪ Completed accretive acquisition - three properties totalling US$202 m
▪ Proportion of green financing surged to 45% of loans
▪ Conserve spending, rejuvenate portfolio, recycle capital - contain gearing
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Manulife US Reit posts 1.5% increase in H2 DPU, but full year DPU falls 5.5%
US office-focused Manulife US Real Estate Investment Trust (Manulife US Reit) ManulifeReit USD: BTOU -2.33% posted a distribution per unit (DPU) of US$0.0263 for the second half of the financial year ended Dec 31, 2021, up 1.5 per cent from US$0.0259 in the year-ago period.
But its full-year DPU has fallen by over 5 per cent for 2 financial years straight.
As the Singapore-listed Reit released its latest financials on Wednesday (Feb 9), its full-year DPU showed a 5.5 per cent decline year on year to US$0.0533, following on the heels of a 5.4 per cent drop in DPU from S$0.0596 in FY2019 to US$0.0564 in FY2020.
This was matched by FY2021 gross revenue tumbling 4.7 per cent to US$185.1 million from a year ago, while net property income fell 5.4 per cent to US$109.5 million from FY2020.
Despite the &ldquo disappointing&rdquo results, the US office sector will remain a core part of Manulife US Reit&rsquo s portfolio given signs that offices are &ldquo still very much relevant&rdquo amid the economy&rsquo s recovery from Covid-19, chief executive of the Reit&rsquo s manager Jill Smith said.
In a call with reporters and analysts, Smith cited optimism from a surge in US leasing activity observed by real estate company JLL. According to JLL, the US office leasing market closed out 2021 with 156.9 million sq ft of leases executed for the year, a 14.6 per cent year on year growth, after experiencing 44.6 million sq ft of leasing volume in the fourth quarter.
Smith also pointed to the market&rsquo s positive net absorption of 5.4 million sq ft in the fourth quarter &ndash the first quarter of positive net absorption since Covid-19 started.
Adding that the Reit has witnessed a trend of a flight to quality, newer and green buildings that is expected to continue, she said: &ldquo Are we on trend? I believe we are on trend because we have those high quality trophy and Class A buildings.&rdquo
&ldquo We&rsquo ve also been pivoting to the higher growth markets and tenant sectors to provide sustainable returns. And so I would say we are on the up,&rdquo she added.
Late last year, Manulife US Reit made its first acquisitions in 2 years by sweeping up 3 US properties with a DPU accretion of 2.8 per cent &ndash Diablo Technology Park and Park Place in Arizona, and Tanasbourne Commerce Centre in Oregon &ndash for US$201.6 million. The move was said to raise the trust' s assets under management in growth markets by 38.1 per cent to 29 per cent, as well as exposure to technology and healthcare tenants by 32 per cent to 12.8 per cent.
Moving forward, Smith said Manulife US Reit will be stepping up portfolio rejuvenation through accretive acquisitions, while placing &ldquo laser focus&rdquo on improving leasing and driving income.
&ldquo We must maintain the momentum that we have gained at the end of 2021. We will, of course, conserve spending, stable valuations, contain gearing (and) continue to explore joint ventures, mergers and acquisitions, and capital recycling for growth,&rdquo she said.
Of note, the Reit&rsquo s gearing ratio had risen to 42.8 per cent as at Dec 31, 2021, closer to the regulatory cap of 50 per cent, from 41 per cent a year ago, and Smith stressed that the manager &ldquo will be doing everything to contain&rdquo the gearing level in 2022.
In its bourse filing, the Reit manager said the full-year revenue decrease was mainly due to lower rental income arising from higher vacancies, higher rent abatements provided to tenants affected by Covid-19, lower portfolio car park income and higher non-cash amortisation of tenant lease incentives.
For the second half ended Dec 31, 2021, Manulife US Reit&rsquo s distributable income grew 4 per cent year on year to US$42.6 million after adjusting for net fair value loss and other distributable adjustments.
However, the Reit' s gross revenue dipped 1.4 per cent on the year to US$94.3 million, which the manager noted was from lower rental income arising from higher vacancies and higher non-cash amortisation of tenant lease incentives, and partly neutralised by higher portfolio car park income and revenue contribution from the trio of recent acquisitions.
H2 net property income also fell by 0.3 per cent year on year to US$53.5 million.
H2&rsquo s rise in DPU was attributed to lower provision for expected credit losses and higher car park income, while noting that this was counterbalanced by lower rental income arising from higher vacancies.
Unitholders can expect to receive an advanced distribution of US$0.0231 for the period Jul 1 to Dec 8, 2021, which will be paid on Feb 17. The remaining distribution of US$0.0032 for the period Dec 9 to 31, 2021 will be paid on Mar 30, after the Feb 17 book closure date.
The split in distribution is a result of the Reit' s private placement to raise proceeds for the acquisition of 3 US properties in December 2021, which raised gross proceeds of about US$100 million through the issuance of around 154.1 million units at US$0.649 per unit.
In its outlook, it said that its committed occupancy of 92.3 per cent and about 8 per cent net lettable area due to expire over the course of 2022 keeps the portfolio well positioned to weather any further market uncertainty from Covid-19.
this going to $1 as US open up
PhillipTan ( Date: 10-Feb-2022 06:23) Posted:
usually they will give div twice a year mar and sep
this time round, the first div is declared in the previous year, ex date in dec last year, payable next week
that is what lobster meant by advanced
second part of the first div ex date is next week
guess a lot of investors just either dumped the shares or put it under the pillow and forgot about it after the ex date in dec last year
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usually they will give div twice a year mar and sep
this time round, the first div is declared in the previous year, ex date in dec last year, payable next week
that is what lobster meant by advanced
second part of the first div ex date is next week
guess a lot of investors just either dumped the shares or put it under the pillow and forgot about it after the ex date in dec last year
When was the advance payment?
Lobster ( Date: 09-Feb-2022 18:18) Posted:
Seriously, no one into this ?.,!??......Dpu US$0.0263, but because you already got a fat advance, this 2H results dpu is only US$0.0032
MUST&rsquo s 2H 2021 DPU increases 1.5% YoY Stepping up portfolio rejuvenation in 2022
▪ 2H 2021 DPU of 2.63 US cents brings FY 2021 DPU to 5.33 US cents
▪ High occupancy of 92.3%, long WALE of 5.1 years
▪ Improvementsin2H2021&ndash longerWALEforleasesexecuted,neteffectiverents+3.4%,
valuations positive 1st time since COVID-19
▪ Completed accretive acquisition - three properties totalling US$202 m
▪ Proportion of green financing surged to 45% of loans
▪ Conserve spending, rejuvenate portfolio, recycle capital - contain gearing
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Seriously, no one into this ?.,!??......Dpu US$0.0263, but because you already got a fat advance, this 2H results dpu is only US$0.0032
MUST&rsquo s 2H 2021 DPU increases 1.5% YoY Stepping up portfolio rejuvenation in 2022
▪ 2H 2021 DPU of 2.63 US cents brings FY 2021 DPU to 5.33 US cents
▪ High occupancy of 92.3%, long WALE of 5.1 years
▪ Improvementsin2H2021&ndash longerWALEforleasesexecuted,neteffectiverents+3.4%,
valuations positive 1st time since COVID-19
▪ Completed accretive acquisition - three properties totalling US$202 m
▪ Proportion of green financing surged to 45% of loans
▪ Conserve spending, rejuvenate portfolio, recycle capital - contain gearing
Already bottomed out, going up slowly
Just really really very slowly, that' s all
Guess people will probably turn to Prime US instead
Higher divs and more coverage by brokerages
That is this stock seems a bit cold
actan99 ( Date: 05-Jan-2022 11:41) Posted:
| Good stock, One of the higher yield dividend stocks out there, probably bottom out already ?? |
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Good stock, One of the higher yield dividend stocks out there, probably bottom out already ??
This so undervalued, and with such high dividend yield, not much pple into this ?
Analysts peg Manulife US REIT' s TP from 87 US cents to 91.8 US cents
Following the acquisition of three office park assets in Phoenix and Portland in the US on Nov 30, analysts are positive on Manulife US REIT' s (MUST) prospects.
CGS-CIMB Research analysts Lock Mun Yee and Eing Kar Mei have kept " add" on MUST with an unchanged target price of 91.8 US cents ($1.26).
In their report on Nov 30, Lock and Eing see the acquisition as boosting the REIT' s exposure to growth sectors such as tech and healthcare as well as growth markets such as Atlanta, Phoenix and Portland.
" Post-acquisition, MUST' s occupancy and weighted average lease expiry (WALE) will also improve to 91.3% and 5.2 years respectively. More importantly, not only are market rents in Phoenix and Portland projected by CoStar, a provider of commercial real estate information and analytics, to continue rising over the next 12 months, the current in-place rents of Trio properties are 9.3-14.7% below market," write the analysts. " This should translate into positive reversions when leases are re-contracted, in our view."
The deal is said to be accretive to MUST' s distribution per unit (DPU), despite the slight dip to its book value (BV) per unit to 70 US cents post-acquisition
" Our dividend discount model (DDM)-based target price remains at 91.8 US cents, pending the completion of the acquisition and fund raising exercise. At a projected FY2021 dividend yield of 7.7%, we believe much of the slower near-term growth has been priced in," say Lock and Eing.
The analysts say better-than-expected rental reversions and a faster-than-expected ramp up in portfolio occupancy are potential re-rating catalysts while a protracted slowdown in the US economy, which could dampen appetite for office space, is a key downside.
RHB Group Research analyst Vijay Natarajan has, too, maintained " buy" on MUST with an unchanged target price of 90 US cents.
To him, the acquisition was " much-awaited" , with the assets being " a good complementary fit" to MUST' s current portfolio, with increased exposure to tenants in the tech and healthcare sector, along with a longer lease expiry profile.
" While the emergence of the Omicron variant poses a risk to the US office market recovery, our base case assumption is that this is temporary. Valuation is attractive at 1 times price-to-book value (P/BV)," he writes in a Dec 1 report.
Natarajan has also revised his DPU estimates by 0% to 1% for the FY2021 to FY2023 which factors in MUST' s latest acquisition and US$100 million of equity fund raising.
" Based on our proprietary in-house methodology, we derive an ESG score of 3.3 out of 4.0 for the REIT, a score that is one of the highest among REITs. As this score is three notches above our country median score, we applied a 6% premium to our intrinsic value to derive the target price," he adds.
Finally, UOB Kay Hian analysts Llelleythan Tan and Jonathan Koh have kept their " buy" recommendation with a higher target price of 87 US cents from 84 US cents from MUST.
" The trio of acquisitions reinforces MUST' s plans to increase exposure to high-growth tech and healthcare sectors," they write in a Dec 3 report.
The three properties will also enhance MUST' s portfolio resilience with a higher portfolio occupancy rate and WALE.
" The trio has no significant near-term lease expiries with only 2.3% of leases by gross rental income (GRI) expiring in 2023," note UOB Kay Hian' s Tan and Koh.
" All three properties have an average annual escalation of 2.5% built into its leases. This brings the average annual escalation for the enlarged portfolio closer to 2.2%. Additionally, the trio is under-rented by 9.3-14.7%. It is likely that we can expect strong rental reversions of about 12.3% when leases expire," they add.
Like RHB, the analysts at UOB Kay Hian have adjusted their DPU forecast for FY2021 to FY2023 to include the new acquisitions.
" We decrease our 2021 DPU by 3.9% due to a larger unit base from the private placement and increase our 2022-23 DPU forecasts by 3.4 and 4.1% respectively due to contributions from the three acquisitions," they write.
Units in MUST closed flat at 66 US cents on Dec 15.
Today final trading day for interim dividends (ex tomorrow) before the placement exercise at 64.9cents. Wonder what will the price open tomorrow after xd and trading of new placement shares. How much will it tank?
Manulife US REIT prices private placement at bottom of indicative range, raising US$100M
Manulife US REIT has priced its private placement at US$0.649 a unit, at the bottom of its indicative range of US$0.649 to US$0.676, in an offering which met with solid demand as the upsize option was exercised, the REIT said in a filing to SGX late Tuesday.
The pricing is an 8.9 percent discount to the volume weighted average price (VWAP) of US$0.7124 a unit for trades on Monday, the REIT said.
The private placement was more than two times covered, with strong participation from new and existing institutional investors and private wealth clients, the REIT said.
The upsize option was fully exercised, with 154.08 million new units to be issued, raising around US$100 million, up from the US$80 million originally proposed, the filing said.
The proceeds will be used to finance deals announced Tuesday to acquire three U.S. office properties &mdash two near Phoenix, Arizona, and one near Portland, Oregon &mdash for a total of around US$201.6 million.
Trading of the new units is expected to being on or around 9 December, Manulife US REIT said.
Existing unitholders will receive an advanced distribution for the period running from 1 July to the day before the new units are issued, estimated at 2.16 U.S. cents to 2.36 U.S. cents, MUST said.
The payment is expected to be made on or around 17 February 2022, the filing said.
DBS Bank and OCBC Banking Corp. have been appointed the joint lead managers and underwriters for the placement, the filing said.
Manulife US REIT to raise US$80.0 mil through private placement
The manager of Manulife US REIT (MUST) is seeking to raise US$80.0 million ($109.7 million) through a proposed private placement of new units in the REIT at an issue price of between 64.9 US cents to 67.6 US cents per unit.
The size of the private placement may be increased by up to 30.8 million units to raise additional gross proceeds of around US$20.0 million.
This comes as the REIT announced the acquisition of three properties in Phoenix, Arizona and Portland, Oregon on Nov 30.
Of the US$80.0 million, US$73.9 million will finance part of the acquisition cost while the remainder will go towards paying the fees and expenses related to the acquisition.
The issue price range represents a discount of between 5.1% to 8.9% to the volume weighted average price (VWAP) of the 71.24 US cents per unit of all trades in MUST' s units on Nov 29.
The increase in the total number of units and enlarged unitholder base are expected to improve the trading liquidity of the units.
According to MUST, the manager has a general mandate to be able to issue 795.8 million units from April 30 to the conclusion of the next annual general meeting (AGM). Of the figure, no more than 318.3 million units may be issued on a non pro rata basis. So far, the manager of MUST has issued 8.4 million units on a non pro rata basis.
Accordingly, the approval of unitholders is not required for the issue of the new units under the private placement.
The new units are expected to be issued and commence trading on the SGX-ST on Dec 9.
Unitholders will receive advanced distributions on their existing units a further announcement will be made at a later date.
DBS Bank and Oversea-Chinese Banking Corporation (OCBC) are the joint lead managers and underwriters.
