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A couple of months ago, I' ve posted here about the lagged dividend distribution for most of the REITs in Singapore due to the COVID-19 pandemic.
1. By law, every REIT is required to distribute at least 90% of its taxable income for each financial year in order to qualify for tax benefits. Note: This needs to be done within a financial year, not within each financial quarter
2. Singapore government had announced a slew of government support (e.g. Job Support Scheme) in light of the COVID-19 pandemic in Q2' 2020. ' Income' from such government support schemes are recognized and accrued in the relevant quarters. Note: There is a time lag in accounting accrual and actual receipt of cash payout from the government. Specifically, many REITs would have accrued/recognized a substantial amount of payouts from government in Q2' 20 but these payouts only start coming in during Q3' 20.
3. There is a lag in cash input and to manage cashflow and leverage ratio (typically Net Debt basis as required under loan financing), the dividend distribution for Q1-Q2' 20 is substantially lower than the 90% requirement as REITs have yet to receive the cash payouts. Nevertheless, dividend distribution would need to play catch up in Q3-Q4' 20 in order to qualify for the tax benefit.
4. In summary, there is a lot of distributable dividend for Q1-Q2 which have yet to be paid out. Investors who have exited prior to these payouts are essentially forsaking on the dividends that they would have rightfully enjoyed. Prior to any merger, the books of merging entities would need to be ' cleaned' up. For CMT and CCT case, this would include all the locked up accumulated distributable dividend for earlier quarters of 2020. In short, we should be able to expect a higher dividend payouts on 30 Nov 2020 (i.e. the date of the ' clean up' payments)
Hope this brings some smiles to long-term investors
1. By law, every REIT is required to distribute at least 90% of its taxable income for each financial year in order to qualify for tax benefits. Note: This needs to be done within a financial year, not within each financial quarter
2. Singapore government had announced a slew of government support (e.g. Job Support Scheme) in light of the COVID-19 pandemic in Q2' 2020. ' Income' from such government support schemes are recognized and accrued in the relevant quarters. Note: There is a time lag in accounting accrual and actual receipt of cash payout from the government. Specifically, many REITs would have accrued/recognized a substantial amount of payouts from government in Q2' 20 but these payouts only start coming in during Q3' 20.
3. There is a lag in cash input and to manage cashflow and leverage ratio (typically Net Debt basis as required under loan financing), the dividend distribution for Q1-Q2' 20 is substantially lower than the 90% requirement as REITs have yet to receive the cash payouts. Nevertheless, dividend distribution would need to play catch up in Q3-Q4' 20 in order to qualify for the tax benefit.
4. In summary, there is a lot of distributable dividend for Q1-Q2 which have yet to be paid out. Investors who have exited prior to these payouts are essentially forsaking on the dividends that they would have rightfully enjoyed. Prior to any merger, the books of merging entities would need to be ' cleaned' up. For CMT and CCT case, this would include all the locked up accumulated distributable dividend for earlier quarters of 2020. In short, we should be able to expect a higher dividend payouts on 30 Nov 2020 (i.e. the date of the ' clean up' payments)
Hope this brings some smiles to long-term investors
lionelpoh ( Date: 12-Oct-2020 20:56) Posted:
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Expected date for announcement of the amount and payment date of the clean-up distribution to the CMT Unitholders in respect of the period from 1 October 2020 up to the day immediately before the Effective Date: 30th Oct and such payment on 30th Nov.
https://links.sgx.com/FileOpen/Annc_Court_Sanction_of_Trust_Scheme_20201012.ashx?App=Announcement& FileID=634933
what does this means ? Expected Date of payment of the CMT : Cumulative Distribution by Monday 30th November 2020
what does this means ? Expected Date of payment of the CMT : Cumulative Distribution by Monday 30th November 2020
If Indo is successful, Spore should use the vaccine too.
https://www.straitstimes.com/asia/se-asia/china-backs-indonesia-to-become-vaccine-hub-of-south-east-asia
https://www.straitstimes.com/asia/se-asia/china-backs-indonesia-to-become-vaccine-hub-of-south-east-asia
CCT
21 Oct Results (to determine clean up dividends)
28 Oct: 0.259 cts/share payout
30 Nov: Payment of clean up payout
CMT
22 Oct: Results to determine dividends
?? Nov: Payment of dividends
21 Oct Results (to determine clean up dividends)
28 Oct: 0.259 cts/share payout
30 Nov: Payment of clean up payout
CMT
22 Oct: Results to determine dividends
?? Nov: Payment of dividends
TANPK123 ( Date: 12-Oct-2020 12:24) Posted:
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Announce during coming results release.
lionelpoh ( Date: 12-Oct-2020 12:27) Posted:
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heard nothing about the CD at all...
TANPK123 ( Date: 12-Oct-2020 12:24) Posted:
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When payout?
marketuncle ( Date: 12-Oct-2020 08:23) Posted:
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Even weekdays dinner time crowded, atleast for Bedok Mall
simpleguy123 ( Date: 11-Oct-2020 07:30) Posted:
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2 dollars soon.
This stock has long term potential and those interested in holding REITS must have some of this in their portfolio of REITS.
Based on dividend yield, its about 5.3% at NAV after merger. At current CMT price, it' ll be about 5.5%.
Before merger:
CMT DPU: 0.1052
CMT Dist: 388m
CCT DPU: 0.0802
CCT Dist: 309m
After merger:
DPU: (388m +309m)/6.5B = 0.1074
Yield (DPU/NAV) = 5.3%
Before merger:
CMT DPU: 0.1052
CMT Dist: 388m
CCT DPU: 0.0802
CCT Dist: 309m
After merger:
DPU: (388m +309m)/6.5B = 0.1074
Yield (DPU/NAV) = 5.3%
Closer estimation just by NAV is about $2.02. So whatever dips after the XE is still attractive :)
Before merger:
CMT shares: 3.7B
CMT NAV/share: 1.99
CMTNAV: 7.3B
CCT shares: 3.9B
CCT NAV/share: 1.76
CCT NAV: 6.8B
After merger:
CCT payout: 3.9m x $0.259 = 1B
New CMT shares: 2.8B
Total shares: 2.8B + 3.7B = 6.5B
New NAV: (7.3 + 6.8 - 1) / 6.5 = 2.02
Before merger:
CMT shares: 3.7B
CMT NAV/share: 1.99
CMTNAV: 7.3B
CCT shares: 3.9B
CCT NAV/share: 1.76
CCT NAV: 6.8B
After merger:
CCT payout: 3.9m x $0.259 = 1B
New CMT shares: 2.8B
Total shares: 2.8B + 3.7B = 6.5B
New NAV: (7.3 + 6.8 - 1) / 6.5 = 2.02
kcowen ( Date: 07-Oct-2020 23:23) Posted:
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Road to full recovery will be a long one, even considering vaccines are outby Mid 2021. And thats just my most bullish, and not moderate view. Even with the vaccine, world economies must deal with the fallout of spending big on stimulus. I'm not as worried about our Government Spending, as compared with debt levels of other countries. Because our case is unique, we just had a treasure chest that "has real gold" inside. Whereas other countries are spending by borrowing from other countries (US runs on debt/treasuries).
Thanks Bro hokpin, yes i believe that we will all eventually be on the road to recovery. Additionally most, if not all Singaporeans, who were planning for their holidays this year cant use their holiday funds for overseas travel. These folks will/can spend that unused cash on a bunch of things.... :D
hokpin ( Date: 11-Oct-2020 10:02) Posted:
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👍 👍 👍 hope most companies starts to demand min 50% going back office and slowly back to 100%.... CCT and CMT will both make $$
hokpin ( Date: 11-Oct-2020 10:02) Posted:
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I think what Bro ' Simple' wanted to bring up is nowsaday, everywhere of shopping malls are packed with people!
vicloo ( Date: 11-Oct-2020 09:49) Posted:
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Vivo under Mapletree not CMT 😊
simpleguy123 ( Date: 11-Oct-2020 07:30) Posted:
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I was at Vivo yesterday, crowds are back...life goes on. Unless Covid19 mutates and turns people into Zombies XD
GreenTrap ( Date: 09-Oct-2020 16:44) Posted:
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