tag:blogger.com,1999:blog-7944902213075756335.post5229157252164428630..comments2024-03-29T19:12:08.223+08:00Comments on A Singaporean Stocks Investor (ASSI): What's my take on MIT and GLP?AK71http://www.blogger.com/profile/16832145412062954289noreply@blogger.comBlogger26125tag:blogger.com,1999:blog-7944902213075756335.post-85803283381395529622010-12-08T14:45:19.058+08:002010-12-08T14:45:19.058+08:00Hi TN,
Thanks for the update. :)
Could that be a...Hi TN,<br /><br />Thanks for the update. :)<br /><br />Could that be a reason why GIC decided to list GLP? Stiffer competition ahead? Hmmm...AK71https://www.blogger.com/profile/16832145412062954289noreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-92153736395591136282010-12-08T14:33:28.845+08:002010-12-08T14:33:28.845+08:00GLP drop quite bad today. Due to the News.
A Sing...GLP drop quite bad today. Due to the News.<br /><br />A Singapore newspaper reported on Wednesday GLP’s non-compete agreement with U.S. rival ProLogis (PLD.N) will expire in February, which may lead to stiffer competition for GLP in China. <br /><br />TNAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-35194696150402095132010-10-20T22:37:51.870+08:002010-10-20T22:37:51.870+08:00Hi SnOOpy88,
That's the spirit. Always look o...Hi SnOOpy88,<br /><br />That's the spirit. Always look on the bright side of life. :)AK71https://www.blogger.com/profile/16832145412062954289noreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-55644188733723762832010-10-20T22:23:12.137+08:002010-10-20T22:23:12.137+08:00I didn't get my allotment. So be it and am not...I didn't get my allotment. So be it and am not upset about it either.<br /><br />Take the refund and redeploy for better returns. <br /><br />Cheers<br /><br />SnOOpy88Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-74807938771848942262010-10-18T19:01:29.708+08:002010-10-18T19:01:29.708+08:00Hi SnOOpy88,
Hey, no problem. It was probably my ...Hi SnOOpy88,<br /><br />Hey, no problem. It was probably my fault for not being clearer in writing my earlier comment. ;)AK71https://www.blogger.com/profile/16832145412062954289noreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-83955523945356957662010-10-18T13:30:58.342+08:002010-10-18T13:30:58.342+08:00Ah. Sorry for misunderstanding you earlier. ^0^
S...Ah. Sorry for misunderstanding you earlier. ^0^<br /><br />SnOOpy88Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-88402992239849055532010-10-18T11:07:21.934+08:002010-10-18T11:07:21.934+08:00Hi SnOOpy88,
Whenever we invest in counters with ...Hi SnOOpy88,<br /><br />Whenever we invest in counters with overseas exposure, we will be exposed to currency risks. It's plain economics. :)<br /><br />However, that's not what I was talking about in my earlier comment. My concern is less elaborate.<br /><br />A counter denominated in S$, we don't have to worry about what's the exchange rate that's being used when we buy or AK71https://www.blogger.com/profile/16832145412062954289noreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-65991643615866691422010-10-18T10:25:20.604+08:002010-10-18T10:25:20.604+08:00Ak
The FX risk and exposure is either presented r...Ak<br /><br />The FX risk and exposure is either presented raw (in the case of Fortune in HK$) or in the background (LMT / Saizen / 1st REIT / CapCM), which converts everything to S$ before presenting to you. At what exchange rate and buffer %, would be the issue. You still get exposed, whether you feel the pinch directly or indirectly.<br /><br />Malaysian REITs offers a higher average yield of Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-5517532546986338672010-10-17T22:30:01.754+08:002010-10-17T22:30:01.754+08:00Hi SnOOpy88,
Not much I can say here apart from t...Hi SnOOpy88,<br /><br />Not much I can say here apart from the fact that I generally avoid anything that's not denominated in S$. Like you said, we would have to keep an eye on currency rates too. One more thing to monitor.<br /><br />There are so many REITs (denominated in S$) available for consideration that I don't see the need to consider Fortune REIT.<br /><br />The Hong Kong AK71https://www.blogger.com/profile/16832145412062954289noreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-11440602651803884372010-10-17T21:52:32.391+08:002010-10-17T21:52:32.391+08:00Thanks AK
I am eyeing on Fortune REIT, as part of...Thanks AK<br /><br />I am eyeing on Fortune REIT, as part of my country risk diversification. <br /><br />Yes, HKD is depreciating against SGD, but this counter has also risen over time. More than to offset the FX loss.<br /><br />Any inputs is appreciated.<br /><br />SnOOpy88Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-63168275566611498472010-10-16T15:49:17.667+08:002010-10-16T15:49:17.667+08:00Hi SnOOpy88,
You have voiced something that is pr...Hi SnOOpy88,<br /><br />You have voiced something that is probably close to the hearts of many local investors. :)<br /><br />Local investors have a preference for REITs with local properties. This is true.<br /><br />It is probably also a reason why REITs with foreign properties suffer substantial discounts to NAV (although First REIT seems to be closing that discount in recent weeks).<br /><AK71https://www.blogger.com/profile/16832145412062954289noreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-47108208300353346692010-10-16T14:56:48.792+08:002010-10-16T14:56:48.792+08:00Agree with you AK. I tossed over & think about...Agree with you AK. I tossed over & think about it last night and decided to put a small bid for 5 lots of MIT. Lets hoped that I can get it.<br /><br />Anyway - i sniffed something else maybe in the pipeline - Mapletree Commercial Trust<br /><br />http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_589776.html<br /><br />Holding on the known properties (that I have visited Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-13342707440956297902010-10-15T11:54:49.277+08:002010-10-15T11:54:49.277+08:00Hi SnOOpy88,
The yield is more likely to be 7.6% ...Hi SnOOpy88,<br /><br />The yield is more likely to be 7.6% since MIT's IPO would be priced at the top of its range.<br /><br />Actually, there is no hard and fast rule that we should not buy a REIT that's trading above NAV. NAV is just one consideration, after all. ;)AK71https://www.blogger.com/profile/16832145412062954289noreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-1765536707604684622010-10-15T10:05:19.127+08:002010-10-15T10:05:19.127+08:00The inner voice says BUY coz this is a well backed...The inner voice says BUY coz this is a well backed IPO whose assets i have seen (the JTC factories portion). And prospectus says 7.6% - 8% yield (DPU/IPO price)<br /><br />The practical & logical discussion here says : Hands Off. It is a premium over NAV. It has been a long time since I have this kind of cross roads. Sianz....<br /><br />SnOOpy88Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-72156352739241056722010-10-12T20:48:15.896+08:002010-10-12T20:48:15.896+08:00Hi Nick,
I agree with you. This is one reason wh...Hi Nick,<br /><br />I agree with you. This is one reason why I like K-REIT's swap agreement with Keppel Land:<br /><br /><i>2. K-REIT’s weighted average debt maturity profile will be extended to approximately 4 years. In addition, the portfolio’s average borrowing cost will also be reduced from 3.54% to approximately 3.05%.</i><br /><br /><a href="http://AK71https://www.blogger.com/profile/16832145412062954289noreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-49356706424835958872010-10-12T20:37:00.217+08:002010-10-12T20:37:00.217+08:00Hi Drizzt,
Yes, speed is of the essence. :)
Good...Hi Drizzt,<br /><br />Yes, speed is of the essence. :)<br /><br />Good luck to everyone who is taking part in GLP's IPO. Huat ah! :DAK71https://www.blogger.com/profile/16832145412062954289noreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-42789482359204005882010-10-12T20:23:11.499+08:002010-10-12T20:23:11.499+08:00Gearing alone doesn't determine how risky a RE...Gearing alone doesn't determine how risky a REIT is. We must also pay heed to its debt maturity profile (ie when does it matures) and whether does the REIT/Trust have any plans to repay their debt on a timely matter. Generally REITs tend to roll over their debt so it is important that their debt maturity period is staggered instead of it being concentrated on a single date. Moreover, if the Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-71032687042571274462010-10-12T19:59:19.336+08:002010-10-12T19:59:19.336+08:00be swift where we need. hope can get one lot each ...be swift where we need. hope can get one lot each for fun.<br /><br />Drizzt<br /><a href="http://www.investmentmoats.com" rel="nofollow">Investment Moats.com</a>Kyithhttps://www.blogger.com/profile/07617228143744544821noreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-19391446000153878562010-10-12T14:01:22.020+08:002010-10-12T14:01:22.020+08:00Hi Drizzt,
Signs of the time? A question for the ...Hi Drizzt,<br /><br />Signs of the time? A question for the powers that be to answer. ;)<br /><br />We just have to do our due diligence and steer away from high risk as much as possible. :)AK71https://www.blogger.com/profile/16832145412062954289noreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-16313557617817948012010-10-12T13:35:11.409+08:002010-10-12T13:35:11.409+08:00high gearing. always remember when reits were at 4...high gearing. always remember when reits were at 40% gearing. why oh why is the gearing limit still at 45%Kyithhttps://www.blogger.com/profile/07617228143744544821noreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-35005325305933198362010-10-12T10:56:02.557+08:002010-10-12T10:56:02.557+08:00Hi SnOOpy88,
In another blog post, I exchanged so...Hi SnOOpy88,<br /><br />In another blog post, I exchanged some views with another reader, Chu Yeow, that people like to be associated with pedigree. However, we have to pay a premium for pedigree. It's natural. ;)<br /><br />I try to make sure that the non-pedigrees I am vested in do not turn out to be hellhounds. ;-pAK71https://www.blogger.com/profile/16832145412062954289noreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-5966652920561402862010-10-12T10:53:09.863+08:002010-10-12T10:53:09.863+08:00Hi Drizzt,
MIT's target gearing, post IPO, is...Hi Drizzt,<br /><br />MIT's target gearing, post IPO, is 30% - 35%. As for GLP, I was told that the gearing is 70+% and post IPO, it seems that it would be lowered to 40+%. Too much noise now and that's another reason why I am staying away.<br /><br />Of course, it does not mean that prices could not go higher upon IPO even though we think the issues are overpriced. So, good luck on yourAK71https://www.blogger.com/profile/16832145412062954289noreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-78738032823840588132010-10-12T09:40:03.949+08:002010-10-12T09:40:03.949+08:00Thanks for the insight. Makes sense. Premium spons...Thanks for the insight. Makes sense. Premium sponsor or 靠山 seems sexy but at the end of the day, I am an investor seek good returns. Staying by the sidelines on this one.<br /><br />SnOOpy88Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-13100199415034985272010-10-12T06:26:03.970+08:002010-10-12T06:26:03.970+08:00think we have to look at the gearing post ipo.
i...think we have to look at the gearing post ipo. <br /><br />i believe they are overpriced. but its a rather big issue. i will tikam 1 lot lol.<br /><br />Drizzt<br /><a href="http://www.investmentmoats.com" rel="nofollow">Investment Moats.com</a>Kyithhttps://www.blogger.com/profile/07617228143744544821noreply@blogger.comtag:blogger.com,1999:blog-7944902213075756335.post-54079326283731977292010-10-11T22:25:32.219+08:002010-10-11T22:25:32.219+08:00Hi Jason,
Thanks for the link. :)
So, MIT would ...Hi Jason,<br /><br />Thanks for the link. :)<br /><br />So, MIT would be offered at a premium to NAV just like GLP. An 8% premium. Hmm.. I don't like buying REITs at a premium usually. Also, at a yield of 7.6% and gearing of 30 - 35%, I am not impressed. I think I would give it a miss just like GLP. ;)AK71https://www.blogger.com/profile/16832145412062954289noreply@blogger.com