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Saizen REIT: Insider buying and divestment.

Monday, November 15, 2010

Saizen REIT's co-CEO and director, Mr. Chang Sean Pey, bought 200 lots at 16c per unit on 12 Nov, last Friday. Continual insider buying is what we have come to expect for this deeply undervalued REIT.

Today, Saizen REIT announced the divestment of another property in YK Shintoku's portfolio: Reef Suite. This is for a cash consideration of JPY 123,184,249 (S$1.9 million), a discount of 6.7% to valuation. This property is located in Sapporo, was built in September 2005 and comprises 18 residential units and 15 parking lots. As of 30 June, this property had an occupancy rate of 84% and brought in JPY 13.2m in rental revenue (gross yield of 10.7% at the selling price). After this divestment, the net outstanding loan of YK Shintoku amounts to approximately JPY 4.9 billion (S$76.7 million).

Read announcement here.

The general picture of increased buying interest in Saizen REIT continued today. 16c is still the battle zone between bulls and bears. 16c remains a significant resistance to overcome as that is where we find the flat 200dMA approximating.

With most of the sell queue at 16c bought up, we just need to see a moderately high volume up day to take out the relatively shorter sell queue at 16.5c. I have an immediate target of 19c in case this happens but, before that, expect rather stiff resistance at 18c, the high in January 2010.

Related post:
Saizen REIT: 1Q FY2011 results.


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