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Last day of the month
Every 2nd month of each Q, last trading day. At mkt closing, huge buy and sell
Fund managers rebalance their portfolios
Applies to other counters also
Next trading day back to normal trading volume
Every 2nd month of each Q, last trading day. At mkt closing, huge buy and sell
Fund managers rebalance their portfolios
Applies to other counters also
Next trading day back to normal trading volume
kep pac also had 1m married deal. over 11m shares transacted after market close but price close flat. so is this a bullish signal?
35 M Manu and 10 M KepOak. Not trivial
Both Manu and KORE saw huge selling transactions at closing.
To put things into perspective, this day-end selling on KORE pushed the daily transaction to the 2nd highest in last 3 years, equivalent to about 1% of total shares.
Interesting to wait for disclosures on which whale is selling.
To put things into perspective, this day-end selling on KORE pushed the daily transaction to the 2nd highest in last 3 years, equivalent to about 1% of total shares.
Interesting to wait for disclosures on which whale is selling.
These 3 continues to go up
My really bad.
If only bought these 3 instead. Would have + 40% to 60% since end Mar 23
KNS. Bought KeppacOak and Prime instead, down 30 to 40%
Bought for long term, now really Long Term
My really bad.
If only bought these 3 instead. Would have + 40% to 60% since end Mar 23
KNS. Bought KeppacOak and Prime instead, down 30 to 40%
Bought for long term, now really Long Term
superstartup ( Date: 24-Aug-2023 12:40) Posted:
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Seems like bad sentiment has not been fully absorbed into the share price yet for KORE, PRIME and MUST.
US office reits, overnight
SL Green up 7.14%
Vornado up 5.04%
Boston up 3.31%
SL Green up 7.14%
Vornado up 5.04%
Boston up 3.31%
Nice recovery
At least some people realise that this is a much stronger US portfolio reit
At least some people realise that this is a much stronger US portfolio reit
Ok ...now that all 3 US office REITs have announced their results .... can start to pick some durians.
U.S. Office Trends
JLL Research Office Outlook Q2 2023
(extracted from Prime Result Announcement slides)
- Continued bifurcation across U.S. office markets. Tentative green shoots emerging with certain markets stronger than others.
- More than 60% of office vacancy concentrated in 10% of buildings
- Leasing momentum is tentatively improving. U.S. office leasing volume rebounded in 2Q2023, following three consecutive quarters of decline, with leasing activities growing 11.6% quarter-over-quarter (QoQ).
- RTO momentum continues. Office attendance rates trending 9% higher YoY. More companies shifted policies in favor of more office-centric attendance in 2Q202.
- Net absorption showed signs of an inflection point, with negative net absorption slowing 40% QoQ from 20 million sq ft in 1Q2023 to 12.5 million sq ft in 2Q2023.
- Asking rents nationally are continuing to grow, at 0.6% growth QoQ
- A slowing volume of deliveries, increased leasing activity, and accelerated demolitions and conversions of older vintage product are pointing to the increasing likelihood that U.S. office vacancy rates will peak over the near term, and begin to decline in 2024.
Please perform your own DD
Or read directly from JLL Research Report Outlook Q2 2023
JLL Research Office Outlook Q2 2023
(extracted from Prime Result Announcement slides)
- Continued bifurcation across U.S. office markets. Tentative green shoots emerging with certain markets stronger than others.
- More than 60% of office vacancy concentrated in 10% of buildings
- Leasing momentum is tentatively improving. U.S. office leasing volume rebounded in 2Q2023, following three consecutive quarters of decline, with leasing activities growing 11.6% quarter-over-quarter (QoQ).
- RTO momentum continues. Office attendance rates trending 9% higher YoY. More companies shifted policies in favor of more office-centric attendance in 2Q202.
- Net absorption showed signs of an inflection point, with negative net absorption slowing 40% QoQ from 20 million sq ft in 1Q2023 to 12.5 million sq ft in 2Q2023.
- Asking rents nationally are continuing to grow, at 0.6% growth QoQ
- A slowing volume of deliveries, increased leasing activity, and accelerated demolitions and conversions of older vintage product are pointing to the increasing likelihood that U.S. office vacancy rates will peak over the near term, and begin to decline in 2024.
Please perform your own DD
Or read directly from JLL Research Report Outlook Q2 2023
SL Green, Vornado, Boston Properties - all keep climbing. When KepPacOak and Keppel Reit follow and get re-rated?
At current annualised DPU of 5c
Share price 30c
Yield = 16.6%
BTW, US office reits green, in a sea of red
(please perform your own DD)
Share price 30c
Yield = 16.6%
BTW, US office reits green, in a sea of red
(please perform your own DD)
Think Prime/Manu will have bad results.
checkmate ( Date: 30-Jul-2023 23:33) Posted:
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SL Green, Vornado, Boston Properties
Non-stop climbing
BTW, over here, tom Ex Div
Half-yearly distribution 2.5c
Translating into 15% yield
Non-stop climbing
BTW, over here, tom Ex Div
Half-yearly distribution 2.5c
Translating into 15% yield
superstartup ( Date: 31-Jul-2023 10:46) Posted:
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KepPacOak latest result already shown that it is not like Manulife
Gearing remains constant
In fact, latest Q DPU better than expected
Now so have to wait for investors to better understand KepPacOak portfolio
And catch up with US counterparts
Half-yearly 2.5c DPU
Ex Div date 2 Aug
(Am vested small small. please perform your own DD)
Gearing remains constant
In fact, latest Q DPU better than expected
Now so have to wait for investors to better understand KepPacOak portfolio
And catch up with US counterparts
Half-yearly 2.5c DPU
Ex Div date 2 Aug
(Am vested small small. please perform your own DD)
SL Green, Vornado and Boston Properties continue to climb
I zoomed in on this before results, then saw it dragged down by Manulife.
After the recovery, I let go with small profit. Like it or not, despite it' s fundamentals, it always gets dragged down by Prime/Manu.
Will look at it again once Prime has released it' s results.
After the recovery, I let go with small profit. Like it or not, despite it' s fundamentals, it always gets dragged down by Prime/Manu.
Will look at it again once Prime has released it' s results.
UOB KH 28 Jul 2023
Keppel Pacific Oak US REIT (KORE SP)
2023 distribution yield of 16.7%
Maintain BUY. Target price: US$0.50.
Keppel Pacific Oak US REIT (KORE SP)
2023 distribution yield of 16.7%
Maintain BUY. Target price: US$0.50.
RHB cuts Kore&rsquo s target price on lower DPU forecast
RHB Research has lowered its target price for Keppel Pacific Oak US Reit (Kore) to US$0.56 from US$0.64, after trimming its near-term distribution per unit (DPU) forecasts.
This comes after the office-focused real estate investment trust (Reit) announced its financial results for the first half of the fiscal year, which are broadly in line with RHB&rsquo s expectations.
The research house has lowered Kore&rsquo s DPU forecasts for FY2023 and FY2024 by 6 per cent and 7 per cent, respectively, to account for a lower occupancy rate and higher financing costs.
RHB, nonetheless, maintained its &ldquo buy&rdquo call on the Reit in favour of its modest gearing level at 38.4 per cent, which is well below the official limit of 50 per cent, and provides a buffer against a decline in valuation amid market uncertainties.
The research house also noted that Kore has withstood the general market challenges in the US commercial sector with its differentiated portfolio.
&ldquo A 10 per cent to 15 per cent decline in (Kore&rsquo s) valuation would still keep its gearing at 42 per cent to 45 per cent,&rdquo said analyst Vijay Natarajan in a note on Thursday (Jul 27).
In addition, he favours Kore for its relatively safe debt profile, where 77.6 per cent of its debt is hedged using interest rate swaps with maturities mostly tied closer to loan expiries, on top of no major debt to mature in the near term.
Key risks to Kore&rsquo s operations, however, still lie on interest rate hikes in a weakening US economy, as well as structural changes that may reduce demand for office space, said the analyst.
He also said that Kore&rsquo s environmental, social and corporate governance (ESG) score of 3.1 out of 4 is &ldquo a notch above the country median score&rdquo .
&ldquo So we applied a 2 per cent ESG premium to its intrinsic value to derive our target price.&rdquo
RHB 27 Jul 2023
KepPacOak
Rising against the Tide
TP USD 0.56
KepPacOak
Rising against the Tide
TP USD 0.56
superstartup ( Date: 27-Jul-2023 16:10) Posted:
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