Post Reply
561-580 of 1837
i told everyone here 2 weeks ago .. this is before CMT shareholders start to dump their shares
My goodness.... the air seems to be leaking slowly.
Some big players are dumping this counter..,
The dividend is especially big because the " distribution for Q3 2020 included the release of S$36.4 million, or about 78 per cent of the S$46.4 million of taxable income available for distribution retained in H1 2020. In Q3 2019, CMT had released S$1.5 million of its taxable income available for distribution retained in H1 2019."
Joelton ( Date: 23-Oct-2020 09:07) Posted:
|
CapitaLand Mall Trust posts Q3 DPU of 3.1 S cents
CAPITALAND Mall Trust' s (CMT) distribution per unit rose 1.3 per cent to 3.1 Singapore cents for its third quarter ended Sept 30, from 3.06 cents a year ago.
The distribution for Q3 2020 included the release of S$36.4 million, or about 78 per cent of the S$46.4 million of taxable income available for distribution retained in H1 2020. In Q3 2019, CMT had released S$1.5 million of its taxable income available for distribution retained in H1 2019.
For the third quarter this year, CMT' s gross revenue tumbled 25.3 per cent to S$150.3 million, from S$201.1 million a year earlier.
This was mainly due to lower gross rental income arising from rental waivers of S$29.5 million granted to tenants affected by Covid-19, as well as lower gross turnover and other income, the manager said on Thursday.
Net property income (NPI) fell 27.6 per cent on the year to S$104.4 million for the quarter, from S$144.2 million.
Distributable income was up 1.2 per cent year on year to S$114.3 million, from S$113 million.
Unitholders can expect to receive the distribution on Nov 19, following books closure on Oct 20.
Haha, Ascendas is dead after DBS set the TP to $4.00. Will continue to sink..
uiop1223 ( Date: 22-Oct-2020 16:04) Posted:
|
Maybe should not have sold off that. Then you come here and disturb us lah... Are you working here too?
uiop1223 ( Date: 22-Oct-2020 16:04) Posted:
|
more flexibility to act on the asset can only be good.
cost of borrowing will only go down as jap, germany, is -ve interest rate. uk zero and going -ve, us near zero. interest rate will remain low for some time.
most people buy property with 80% loan. loan < 40% cannot be said as excessive.
not likely to have liquidity crunch when they already got the loan to settle current year loan?
fighting the apps platform they can shift from standard rental to more variable rent. in this way tenant sell more they get more rental. if they want to join in the apps business. they can throw in some seed capital, used the variable rent for discount code. that will be one up against apps platform.
long or short win more.
good luck all.
cost of borrowing will only go down as jap, germany, is -ve interest rate. uk zero and going -ve, us near zero. interest rate will remain low for some time.
most people buy property with 80% loan. loan < 40% cannot be said as excessive.
not likely to have liquidity crunch when they already got the loan to settle current year loan?
fighting the apps platform they can shift from standard rental to more variable rent. in this way tenant sell more they get more rental. if they want to join in the apps business. they can throw in some seed capital, used the variable rent for discount code. that will be one up against apps platform.
long or short win more.
good luck all.
LeShramp ( Date: 22-Oct-2020 14:12) Posted:
|
My fav is Ascendas reits... but sold off le
Some reits are no good, but this one is good. So uiop1223, don' t try shorting this one. Find other weaker ones to.
This is characteristic of reits where the model is to take on debt and to generate income more than debt expenses and distribute the difference to reits holders. That why i dont encourage having too much reits or even buy reits generally. I rather buy a well run company with adequate retained earnings to grow the business. Reits will always call for rights issue or take on debts to grow or when they go into trouble.
The problem with sg retailers is that they assume reits like bonds with steady stream of payouts and capital appreciation which is not always the case. Covid has push down interest rates... otherwise, reits be in trouble.
And we have retailers who chase after reits that give >10% yield. Common sense will tell u, if the reit is solid, the price will appreciate and the yield will fall. If yield is >10% means its risky or DPU falls but price of reits fall even more
The problem with sg retailers is that they assume reits like bonds with steady stream of payouts and capital appreciation which is not always the case. Covid has push down interest rates... otherwise, reits be in trouble.
And we have retailers who chase after reits that give >10% yield. Common sense will tell u, if the reit is solid, the price will appreciate and the yield will fall. If yield is >10% means its risky or DPU falls but price of reits fall even more
dont forget your dividends too =D
St.Maximus ( Date: 22-Oct-2020 15:48) Posted:
|
You will have 10,000 CICT shares instead of CMT shares. Just name change.
Zaxk189 ( Date: 22-Oct-2020 12:44) Posted:
|
Generally where there is an element of public sector influence in a company, the company is typically not operated efficently due to bureaucratic process/culture/mindset.
Unencumbered assets are not always sign of a well-run company. Securing loans with assets do improve the credit which should reduce the risk of lenders and consequently, should lower the financing costs. Having unencumbered assets do provide headroom to take on more debt as these assets can be secured against any future borrowings. However in the absence of re-financing or restructuring of debt, it does seem that CMT could be facing a liquidity crunch in the near term, hence my question to the company. It would certainly be unwise for the company to take on additional debt at the current level, which begs the question, can the interest cost of its loans be reduced by securing them against its real assets.
While the current underperformance is certainly attributable to the impact of COVID-19, a Net Debt/EBITDA ratio of 7.6x is very concerning. At such level, this would have triggered financial covenants (one of my questions to the company). Fundamentally at current earnings level, it mean that CMT would need at least 7.6 years to meet its debt obligation and this is excluding interests in the interim. The weighted average maturity of its debt profile is only 4 years. This would mean that CMT would need to double its EBITDA from existing level to be able to meet its debt obligation.
Unencumbered assets are not always sign of a well-run company. Securing loans with assets do improve the credit which should reduce the risk of lenders and consequently, should lower the financing costs. Having unencumbered assets do provide headroom to take on more debt as these assets can be secured against any future borrowings. However in the absence of re-financing or restructuring of debt, it does seem that CMT could be facing a liquidity crunch in the near term, hence my question to the company. It would certainly be unwise for the company to take on additional debt at the current level, which begs the question, can the interest cost of its loans be reduced by securing them against its real assets.
While the current underperformance is certainly attributable to the impact of COVID-19, a Net Debt/EBITDA ratio of 7.6x is very concerning. At such level, this would have triggered financial covenants (one of my questions to the company). Fundamentally at current earnings level, it mean that CMT would need at least 7.6 years to meet its debt obligation and this is excluding interests in the interim. The weighted average maturity of its debt profile is only 4 years. This would mean that CMT would need to double its EBITDA from existing level to be able to meet its debt obligation.
pasttime ( Date: 22-Oct-2020 12:55) Posted:
|
It is like CMT buying over CCT.
nothing happen to your CMT shares other then normal market volatility and a new name... think is CICT.
nothing happen to your CMT shares other then normal market volatility and a new name... think is CICT.
Zaxk189 ( Date: 22-Oct-2020 12:44) Posted:
|
that is true that not all tm related businessa are well run.
capitalmall in my opinion is one of the better one. all their properties unemcumered is a sign of well run. spread out loan maturity another. see their management of mall is another reason.
i view their current problem is covid-19 which people are getting used to living with it.
the other is apps platform being a disruptions. one of the strategy to counter these disruption is start another apps to disrupt them.
capitalmall in my opinion is one of the better one. all their properties unemcumered is a sign of well run. spread out loan maturity another. see their management of mall is another reason.
i view their current problem is covid-19 which people are getting used to living with it.
the other is apps platform being a disruptions. one of the strategy to counter these disruption is start another apps to disrupt them.
uiop1223 ( Date: 22-Oct-2020 12:49) Posted:
|
Capitamall is well run. TM = Temasek? Hmm, not all companies where TM is major SH are well run
pasttime ( Date: 22-Oct-2020 12:48) Posted:
|
from their presentation, 2020 loan due is 226m.
capitaland mall got a 200m loan from uob recently.
trust that tm related counters will not have problem borrowing money.
the longer term catalyst is Jurong gateway area where the train from malaysia terminal is nearby.
I have 10, 000 CMT stocks at average price of 1.942 bought on 7/10/20. What will happen to it after the merger? Abit confused with the update
While the recovery in financial performance has been better than I had expected, I' m particularly concerned of CMT' s high borrowings in relative to its cash position and its plan to meet its near-term debt obligations. I believe this has contributed to the recent downgrade of its credit rating by Moodys.
I' ve written to the company' s investor relation office with some key questions for their clarifications. I' m sharing my email to them here, and it would be useful if other investors, who share similar concerns, to also push CMT to address this categorically.
*******
Hi Mun Wah
I refer to the recently announced interim quarterly results for the QE Sep&rsquo 20. While it&rsquo s encouraging that the business is showing good sign of recovery, I&rsquo m particular concerned about the company&rsquo s leverage and would appreciate your guidance on the following:
1. Of the borrowings, what&rsquo s the high-level breakdown between (I) those for working capital purpose and (II) those for capital expenditure purpose? What&rsquo s the % of these borrowings due to the top 3 Singapore banks?
2. Given a substantial amount of borrowings are repayable within one year (almost 10 times the cash position of the company as at 30 Sep 2020), what&rsquo s the company&rsquo s plan on meeting these obligation and its confidence level on executing such plan given the current business environment? In the immediate term, how is the company intending to repay the S$100m and JPY10b MTNs due by the end of 2020?
3. I notice that the company&rsquo s borrowings are entirely unencumbered while the average financing cost is around 3.1% p.a. Is there a particular reason that the company&rsquo s borrowings cannot be secured by underlying assets in order to improve the credit rating and lower the financing cost?
4. What&rsquo re the various financial covenants thresholds? Is the company at risk or is already in breach of any of these covenants? If so, have there been waivers granted?
Thank you for your clarification on the above
I' ve written to the company' s investor relation office with some key questions for their clarifications. I' m sharing my email to them here, and it would be useful if other investors, who share similar concerns, to also push CMT to address this categorically.
*******
Hi Mun Wah
I refer to the recently announced interim quarterly results for the QE Sep&rsquo 20. While it&rsquo s encouraging that the business is showing good sign of recovery, I&rsquo m particular concerned about the company&rsquo s leverage and would appreciate your guidance on the following:
1. Of the borrowings, what&rsquo s the high-level breakdown between (I) those for working capital purpose and (II) those for capital expenditure purpose? What&rsquo s the % of these borrowings due to the top 3 Singapore banks?
2. Given a substantial amount of borrowings are repayable within one year (almost 10 times the cash position of the company as at 30 Sep 2020), what&rsquo s the company&rsquo s plan on meeting these obligation and its confidence level on executing such plan given the current business environment? In the immediate term, how is the company intending to repay the S$100m and JPY10b MTNs due by the end of 2020?
3. I notice that the company&rsquo s borrowings are entirely unencumbered while the average financing cost is around 3.1% p.a. Is there a particular reason that the company&rsquo s borrowings cannot be secured by underlying assets in order to improve the credit rating and lower the financing cost?
4. What&rsquo re the various financial covenants thresholds? Is the company at risk or is already in breach of any of these covenants? If so, have there been waivers granted?
Thank you for your clarification on the above