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My bad for not being precise. It?s the holding in SRS and CPF that can exercise now via digitbot which I did. I do not think the price will go much lower, if it did, than the right price so I just subscribed now. Retailers should get the excess as we have the priority to round up the odd lots. I did not subscribe to the previous round of rights at 1.99 though as I felt the price then was a bit high.
TheDuellist ( Date: 05-Dec-2021 18:00) Posted:
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I thought it was 6/12/2021 till the 14/12/2021, but you have already exercise?
What' s your view about subscribing early? Any idea if allotment of excess is first come first serve basis? (I usually subscribe nearer to closing date especially if market price is very close)
What' s your view about subscribing early? Any idea if allotment of excess is first come first serve basis? (I usually subscribe nearer to closing date especially if market price is very close)
HVRRVH ( Date: 05-Dec-2021 13:33) Posted:
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It' s so convenience to subscribe for rights and excess with DBS digibot now! Received the notification on Friday and subscribed the rights and also some excess. Did the same for iReit Global' s rights in July too.
$1.84 is a very good price. Effective price is actually $1.82539 with advanced DPU. Will the price drop to below $1.82 post rights? Maybe but who know for sure? It can go back up to beyond $2 too.
$1.84 is a very good price. Effective price is actually $1.82539 with advanced DPU. Will the price drop to below $1.82 post rights? Maybe but who know for sure? It can go back up to beyond $2 too.
can only buy at.1.80
Issue shares at a discount not to retailers?
Mapletree Logistics Trust declares S$0.01461 DPU for advanced distribution
MAPLETREE Logistics Trust (MLT) Mapletree Log Tr: M44U 0% on Thursday (Dec 2) said it will distribute S$0.01461 per unit for its advanced distribution for the period Oct 1 to Dec 1.
The distribution is made in connection with a S$700 million private placement and preferential offering priced in November.
The trust on Nov 23 said it is acquiring a portfolio of 17 Grade A logistics assets with an average age of 1.6 years in China, Vietnam and Japan for a combined total value of S$1.4 billion. Some 97.5 per cent or S$675.5 million of the gross proceeds from the private placement and preferential offering will be used to fund these acquisitions.
Unitholders holding MLT units as at 5 pm on Wednesday (Dec 1) will be entitled to the advanced distribution, to be paid out on or around Jan 12, 2022. The trust' s manager reiterated that the holders of the new units to be issued via the private placement will not be entitled to the advanced distribution or be eligible to participate in the preferential offering.
The taxable income component of the advanced distribution stands at S$0.00412, tax-exempt income component is at S$0.00648, and the capital component is at S$0.00401.
The next distribution will be MLT' s distribution for the period Dec 2 to Dec 31. Quarterly distributions will resume thereafter.
The new units issued under the private placement will commence trading on Thursday (Dec 2).
Wow. Giving you the higher end of the advance dpu... 1.461 cents
which means those who throw before x-e date, not only missed the 2.17 cents dpu, but this as well.
Better hope the share price drops below rights issue of $1.84, otherwise, what do you gain?
which means those who throw before x-e date, not only missed the 2.17 cents dpu, but this as well.
Better hope the share price drops below rights issue of $1.84, otherwise, what do you gain?
Bought back at 1.89 XD and XR (placement price is 1.88)
Forgo my dvd + rights for 4 cents gain
Forgo my dvd + rights for 4 cents gain
TheDuellist ( Date: 25-Nov-2021 19:12) Posted:
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I will be posting this in all REITs stock in which I have some interests. But please hor, due diligence please, do not take this as the final and only positive statement and cheong to take up positions.....if you are lazy to read through the entire article, just focus on the highlighted parts....
Why is the Singapore REIT market going so strong after two years of COVID-19?
SINGAPORE: Singapore real estate investment trusts or S-REITs have emerged as a resilient segment of the local stock exchange in the past two years.
Traditionally a key pillar of the portfolios of individual investors in Singapore, the iEdge S-REIT Index, regarded as the S-REIT benchmark, reported a total return of 5.2 per cent since the start of 2020 to Nov 17.
This was despite S-REITs raising new equity from unitholders, creating additional units and leading to potential dilution risk. In the past 23 months, S-REITs raised a total of S$8 billion through placements and rights issues led by mega-issuances from Ascendas Real Estate Investment Trust and Frasers Commercial Trust.
Most S-REITs largely maintained their dividends, compensating for the fall in unit prices in this period.
Global financial markets including S-REITs initially crashed when COVID-19 became a pandemic, with investors panicking and selling liquid financial assets. For investors daring and savvy enough to put money to work during the trough in end-March 2020, total returns from capital gains have been a whopping 57 per cent.
Despite headlines on troubles in the retail space and how work-from-home has made offices redundant, occupancies measured by leases have remained high for S-REITs holding shopping malls and offices in Singapore, with little problems in rental collection, even if fewer are using these spaces.
In the hardest hit hotel sector, the fall in physical property asset value was contained to less than 10 per cent at a portfolio level among the S-REITs tracked by OCBC, a good outcome despite the pandemic curbing travel.
Hospitality REITs will likely need time to recover and could do better in a 24-month timeframe as borders reopen further.
S-REITs today generate a significant volume of trading activity for the stock exchange - about one-fourth of the daily turnover before COVID-19. Primary equity markets in Singapore also skew towards S-REITs.
S-REITs, at S$110 billion, represents 12 per cent of Singapore&rsquo s whole equity market by market cap &ndash a figure that is 6 per cent for Australia and only 2 per cent for Japan, the other two top REIT markets in the Asia-Pacific with large domestic economies.
WHY S-REITS STILL ATTRACT SO MANY INVESTORS
The top-performing Singapore stock in the past 23 months goes to iFAST Corporation, an investment products distribution platform, which generated total returns of 771 per cent during this time, superseding the Bloomberg Bitcoin Galaxy Index at 750 per cent.
This is lower than the 1,131 per cent on the Bloomberg Galaxy Crypto Index tracking cryptocurrencies.
Still, S-REITs and the Singapore commercial property market continue to attract significant investor attention.
Investors in Singapore are very familiar with the nuts and bolts of running a property, and understand how policies like stamp duties, urban planning, zoning, tenancy and ownership rules influence whether and when investors should buy an investment property and what to look out for in assessing a property&rsquo s attractiveness.
Many like the idea of owning a passive, stable and recurring income stream. S-REITs generate fairly stable revenue, with the iEdge S-REIT Index reporting revenue per unit of S$132.5 in 2019.
Though it dropped 6.3 per cent in 2020, analysts expect a rebound to S$135.6 this year.
S-REITs are a good source of income. Qualifying S-REITs are encouraged to pay gains to unitholders instead of hoarding profits as they not taxed on dividends distributed to unitholders.
The key challenge is share dilution when S-REITs need to raise to acquire new properties.
Past transactions that have stirred market discussions include K-REIT Asia&rsquo s (now known as Keppel REIT) 87.5 per cent interest in Ocean Financial Centre in 2011, Ascott Residence Trust&rsquo s acquisition of Ascott Orchard Singapore, Citadines City Centre Frankfurt and Citadines Michel Hamburg in 2017 and Lippo Malls Indonesia Retail Trust&rsquo s acquisition of Puri Mall in 2021.
S-REITs are also regulated as a collective investment scheme under the Securities and Futures Act, where there is a 50 per cent cap on the leverage limit for S-REITs to keep credit risks in check. As listed entities, S-REITs also follow SGX rules on the disclosure of information and the right for minority investors to vote on major matters.
S-REITS MORE ACCESSIBLE THAN EVER
Until S-REITs were launched in July 2002, the commercial property market was inaccessible to most individual retail investors, with ticket sizes of each standalone commercial property in the millions and billions of dollars.
Today, all it takes is S$230 at last Wednesday&rsquo s prices for an individual investor to buy into CapitaLand Integrated Commercial Trust (&ldquo CICT&rdquo ), Singapore&rsquo s largest REIT, and enjoy a portion of CICT&rsquo s rental income from shopping malls and offices.
Few investment opportunities provide such stability for 4 to 7 per cent dividend yield per year. It&rsquo s little wonder such investment classes with a dividend income and the potential for capital gains appeal to investors with a neutral risk profile at Singapore&rsquo s median age of 42.
Singapore has maintained an encouraging ecosystem for the development of S-REITs. Regulatory uncertainty is minimised as regulators routinely seek industry feedback from REIT managers, investors and lawyers before introducing new rules.
The market has grown to include fund managers who invest in S-REITs as their specialty, REIT exchange traded funds and REIT derivatives.
Bank lenders and bond investors in Singapore are highly familiar with S-REITs, together providing a pool of liquidity that allows the S-REIT market to grow bigger. Brokerages are also prepared to lend individual investors buying larger amounts of REIT units.
WILL GAINS IN S-REITS CONTINUE?
The bigger question is whether we will continue to see capital gains in the coming 12 to 24 months as interest rates rise.
In a world where stock market prices are affected by sentiments, Reddit fads and breaking news, S-REITs continue to see strong investor demand because their valuation is backed by commercial properties where asset value has seen a continued upward trend.
Indeed, S-REIT indices are not a good representation of the underlying economy. They are weighted towards larger S-REITs, rather than each S-REIT&rsquo s contribution to the Singapore economy.
The iEdge S-REIT&rsquo s top five components make up 43.3 per cent of the index which have an outsized influence on total returns.
Three are large-cap industrial REITs with industrial properties in Singapore and countries across Asia-Pacific, Europe and the United States &ndash in a world where logistics, data centres, business parks and manufacturing facilities have been resilient through the pandemic.
The remaining two are large-cap commercial REITs owning quality assets with tenants largely staying put despite the economic downturn, with occupancies remaining above 90 per cent.
Beyond the broad index, S-REITs that hold hotels and shopping malls located in the city centre have been dragged by the pandemic. With the city centre hollowed out as we work from home and international travelers non-existent, these S-REITs have underperformed Industrial REITs.
Furthermore, the S-REIT industry has been kept buoyant by an inflow of capital. The broad money supply in Singapore has surged by 10.9 per cent year-on-year as of September. With interest rates on cash near-zero, all that money needs to go somewhere.
The S-REITs market is unlikely to cool anytime soon. There is momentum. Thirteen out of the 80 IPOs with primary share offering in Singapore since 2016 were S-REITs raising S$5.6 billion collectively at an average offer size of S$430 million.
Outside of S-REITs, a further S$2.7 billion was raised for two listings, Kakao Corp, the Internet company global depository receipt listing and NetLink NBN Trust, a business trust which holds infrastructure assets.
The remaining 65 had an average offer size of S$28 million &ndash small cap listings with limited liquidity.
Tellingly, the two upcoming IPOs in Singapore - Daiwa House Logistics Trust and Digital Core REIT - are both S-REITs.
The equity analyst community is still optimistic and forecasting a rise in S-REIT dividends in the next 12 to 24 months.
Driven by the growth and resiliency of industrial assets, particularly logistics warehouse and data centres, the Big Three industrial REITs of Ascendas Real Estate Investment Trust, Mapletree Logistics Trust and Mapletree Industrial Trust also recorded average total returns of 15.6 per cent in the past 23 months.
DON&rsquo T DISMISS SGX
Looking ahead, Singapore investors should not be so quick to dismiss the SGX, given the current slew of corporate restructuring exercises with the potential for capital gains, which may not be immediately apparent to new individual investors in the market.
Buying S-REITs is likely to remain a cornerstone investment strategy for many individual investors. The more pertinent decision points remain how much S-REITs should feature as a percentage of one&rsquo s investment portfolio and which specific ones to invest in.
Still, until a next financial crisis with significant liquidity stress, we are unlikely to repeat the kind of capital gains seen from March 2020 to date in S-REITs.
A lot of the negatives has since been priced in, with the broad iEdge S-REIT Index trading at 1.1 times the price-to-book value, indicating that the market cap of the S-REITs as a broad basket is now higher than the value of the underlying properties.
For those who still doubt the potential of log business, should watch CNA news tonight. They had a whole section on the topic, put in simple narrative for you, good luck.
I am really not sure how it solan out...
Sold a tranche at 1.93, planning to Buy back after XR and XD.
Possibly doing a little hedging here.
Good Luck to all holders, including myself.
But remember to note the XD, XR date: 30 Nov 2021 Tuesday
Sold a tranche at 1.93, planning to Buy back after XR and XD.
Possibly doing a little hedging here.
Good Luck to all holders, including myself.
But remember to note the XD, XR date: 30 Nov 2021 Tuesday
Closed at $1.94, even as many REITs were softening towards the last one hour.
There was a truly last minute spectacle as some shortists run for cover.
Only yesterday they were laughing as they went in fives to restaurants and pubs.
Okay, I won' t talk any more if this until the next episode.
cum-entitlement and nearer ex-entitlement is the next to watch.
There was a truly last minute spectacle as some shortists run for cover.
Only yesterday they were laughing as they went in fives to restaurants and pubs.
Okay, I won' t talk any more if this until the next episode.
cum-entitlement and nearer ex-entitlement is the next to watch.
going back soon
Lobster ( Date: 25-Nov-2021 14:16) Posted:
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Suddenly the bears and would be Shortists getting cold and making less noise..
Prices started weakening in August? In August it was trading steady ar average price of $2.09 ah! Lowest was actually $2.03 on the last day of August, and from there it actually climbed back in September to as high as $2.11. The softening, I won' t call it drop, was in October, but so do other REITS, because of interest rates sentiments. Before announcement, price was $1.95, a far cry from its ATH of $2.21. Now is around $1.93, not far from private placement price of $1.88. In October last year, there was a smaller rights offer (19 for 1000) issued at $1.99. I am sure many long time shareholders didn' t sell most or at all..... the dpus earned so far would have made up for the differential price of the current offer.
Depending on your average purchase cost, you would have received handsome dividends of between 4 to 7% past few years. Mine averages around 6.5%.To give you an idea, I provide you with the absolute dpu for the last 3 FYs. FY 18/19 = 0.07941, FY 19/20 = 0.08142, FY 20/21= 0.08326. You will notice the dpus actually went up in pandemic years! So, you judge whether or not this is a power stock. So far for current FY, we have received $0.4334 for the first half, plus another advance of about $0.0145, and still have half of 3Q and 4Q to go. The company pays quarterly dividends by the way.
But for me, it' s not about current dpu, but the long term growth of the company and the strength of its business portfolio. SO to buy or not to buy now, you decide. But remember, this stock is for long term not Mickey Mouse trading. For bears, don' t anyhow give comment if you don' t know the price movement. It will only confuse newbies.
vested. Pdyohwadfmb
Prices started weakening in August? In August it was trading steady ar average price of $2.09 ah! Lowest was actually $2.03 on the last day of August, and from there it actually climbed back in September to as high as $2.11. The softening, I won' t call it drop, was in October, but so do other REITS, because of interest rates sentiments. Before announcement, price was $1.95, a far cry from its ATH of $2.21. Now is around $1.93, not far from private placement price of $1.88. In October last year, there was a smaller rights offer (19 for 1000) issued at $1.99. I am sure many long time shareholders didn' t sell most or at all..... the dpus earned so far would have made up for the differential price of the current offer.
Depending on your average purchase cost, you would have received handsome dividends of between 4 to 7% past few years. Mine averages around 6.5%.To give you an idea, I provide you with the absolute dpu for the last 3 FYs. FY 18/19 = 0.07941, FY 19/20 = 0.08142, FY 20/21= 0.08326. You will notice the dpus actually went up in pandemic years! So, you judge whether or not this is a power stock. So far for current FY, we have received $0.4334 for the first half, plus another advance of about $0.0145, and still have half of 3Q and 4Q to go. The company pays quarterly dividends by the way.
But for me, it' s not about current dpu, but the long term growth of the company and the strength of its business portfolio. SO to buy or not to buy now, you decide. But remember, this stock is for long term not Mickey Mouse trading. For bears, don' t anyhow give comment if you don' t know the price movement. It will only confuse newbies.
vested. Pdyohwadfmb
Lobster ( Date: 24-Nov-2021 16:01) Posted:
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MLT' s private placement priced at S$1.88 per unit preferential offering at S$1.84 per unit
MAPLETREE Logistics Trust (MLT) Mapletree Log Tr: M44U -2.05% on Wednesday (Nov 24) priced its private placement and preferential offering at S$1.88 and S$1.84 per unit, respectively.
Total gross proceeds of the fundraising exercise will be some S$692.8 million, comprising S$400 million from the private placement and S$292.8 million from the preferential offering.
The trust on Nov 23 said it is acquiring a portfolio of 17 grade-A logistics assets with an average age of 1.6 years in China, Vietnam and Japan for a combined total value of S$1.4 billion.
Some 97.5 per cent or S$675.5 million of the gross proceeds will be used to fund these acquisitions, while 2.5 per cent or S$17.3 million will be used to pay for fees and expenses in connection with the acquisitions and equity fundraising.
Some 212.8 million new units will be issued under the private placement while 159.1 million new units will be issued under the preferential offering.
In connection with the private placement, the manager intends to declare an advanced distribution for the period from Oct 1 to Dec 2. The distribution per existing unit is currently estimated to be between S$0.0145 to S$0.0147. A further announcement on the actual quantum will be made in due course, the manager noted.
The private placement issue price of S$1.88 per new unit came in at the lower end of the price range. It represents a discount of 2.8 per cent to the adjusted volume-weighted average price (VWAP) of S$1.9339 per unit, for trades done on the preceding market day on Nov 22 up to the time the underwriting agreement was entered, minus the estimated advanced distribution of S$0.0146 per unit.
It is also a 3.5 per cent discount to the VWAP of S$1.9485 per unit for all trades done on the Singapore Exchange Nov 22.
According to the trust manager, the placement was oversubscribed and saw good participation from new and existing institutional, accredited and other investors.
The preferential offering issue price of S$1.84 per new unit was around the mid-point of the indicated price range. It represents a discount of 4.9 per cent to the adjusted VWAP of S$1.9339 per unit and 5.6 per cent to the VWAP of S$1.9485 per unit.
DBS, HSBC Singapore and OCBC are the joint global coordinators and bookrunners for the fundraising.
MLT resumes trading today after it called for a trading halt on Tuesday (Nov 23) morning. The counter last traded 0.5 per cent or S$0.01 lower at S$1.95 on Nov 22.
In a research report on Tuesday (Nov 23), Maybank Kim Eng maintained its " buy" call with an unchanged target price of S$2.35 for MLT following the latest acquisitions.
The brokerage said the 17 new assets which are set to boost the trust' s assets under management by 13.5 per cent to S$12.2 billion are backed by strong fundamentals, with upside to rents and valuations in the medium term, underpinned by tight supply.
For the 13 assets in China and 3 assets in Vietnam, the analysts noted that the net property income (NPI) yield valuation of 5.1 per cent is " undemanding" with 12-month rental support embedded in it. Occupancies in the assets are also expected to ramp up to between 95 and 100 per cent, up from the current 91 per cent. This should help cushion distribution per unit (DPU), they said.
The analysts also noted that the latest MLT asset in Japan is the largest logistics facility in Japan by net lettable area and has a 4 per cent stabilised NPI yield.
Although MLT is eyeing accretions of 2.2 per cent in DPU and 4.4 per cent in net asset value for the transactions following the latest fundraising, the analysts expect the DPU accretion to only be at 1 per cent given the S$1.82 to S$1.91 pricing range, as compared to an illustrative S$1.92 unit value. Gearing is also expected to stay at 39 per cent with an estimated S$1.9 billion in debt headroom.
" Management sees a strong deal flow to Q4 2022 from third-party assets, as it awaits regulatory approval for its proposed S$250 million fourth redevelopment project in Singapore," Maybank Kim Eng added.
Price has been weakening since August 2021, maybe " people" got wind that company is doing big acquisition and preferential offering (& private placement) coming.
Weak? Then cause for shorting lor....
let me remind 2 things. First the people who already subscribed the private placement are not Mickey Mouse investors. You think they will let the price go below their subscribed price of $1.88?
Next, the retailers and current fund shareholders are given a share of the fund raising at a 4 cents discount to the private placement, and unlike private placement subscribers, they would also be entitled to an advance dividend. Who in the right mind would expect it to go down, as some jokers hope for, to $1.80? If you missed this cruise liner, just go and wait for the next sampan lor,,,,
this is not weakness because of bad sentiments. This is because of opportunity hunters, to TRY to bring the price down to enter. We' ve seen so many times it happened to power stocks, when it' s sell on news on first day....
let me remind 2 things. First the people who already subscribed the private placement are not Mickey Mouse investors. You think they will let the price go below their subscribed price of $1.88?
Next, the retailers and current fund shareholders are given a share of the fund raising at a 4 cents discount to the private placement, and unlike private placement subscribers, they would also be entitled to an advance dividend. Who in the right mind would expect it to go down, as some jokers hope for, to $1.80? If you missed this cruise liner, just go and wait for the next sampan lor,,,,
this is not weakness because of bad sentiments. This is because of opportunity hunters, to TRY to bring the price down to enter. We' ve seen so many times it happened to power stocks, when it' s sell on news on first day....
MLT has been so weak. Not surprise if here' s further weakness. Oftentimes, after placement, px drops to below placement price. Might just happen.
Stocky901 ( Date: 24-Nov-2021 11:27) Posted:
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hi all - i dont own any MLT before, good time to buy now? i' m targetting longer term horizon, ~5 years. thanks!
Funds raising seasons for REITs started now. MLT can move below $1.80. watch out.