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AIMS AMP Capital Industrial REIT: REIW 2010.

Wednesday, June 23, 2010

AIMS AMP Capital Industrial REIT made a presentation yesterday at the Real Estate Investment World 2010 at the Raffles City Convention Centre. Presenting itself to potential investors at the Convention was a very good idea.  Present at the Convention were pension funds and asset managers. I won't be surprised if they are looking to invest in high yielding S-REITs too. Link to the Convention's homepage here.

These were a few points made by the REIT's managers which I like very much:

1.  Asset recycling and asset management programmes:

– Divestments: (i) Japan property; and (ii) one or more of the smaller Singapore properties.
– Redeploy the net divestment proceeds into (i) debt repayment and / or (ii) acquisitions.
– Focus on positive leasing outcomes and enhance selected assets in the portfolio.

2.  Refinancing of the existing S$175 million debt facility with improved financing terms.


3.  Broaden and diversify the Trust’s funding sources.

4.  Target investment grade credit rating of Baa3 or above (current rating of Ba2) by maintaining strict financial discipline and investment grade metrics.

Why do I like these points in particular? These actions, if carried out singly or in sum, could strengthen the REIT's balance sheet, improve EPS, improve DPU, increase the REIT's resilience in the face of future economic slowdowns and attract institutional investors although these benefits might not all happen at the same time.

Based on the fundamentals, accumulating at 21.5c per unit for a 10% annualised yield is rather sound.  Based on near term technicals, 21.5c is resistance turned support.  However, the longer term technicals suggest that the REIT is still in a trading range between 20c to 23c. With momentum still somewhat lacklustre, its price is unlikely to make any big moves in the near term.

To view the complete presentation slides for Real Estate Investment World Asia 2010 Conference, click here.

Related post:
AIMS AMP Capital Industrial REIT: Big boys.

Charts in brief: 22 Jun 10.

Tuesday, June 22, 2010

NOL: Sell signal seen on the MACD histogram. So, will the price fall for sure? I cannot say but the negative divergence between price and volume has to be resolved.  There should be a pretty strong support at $1.95, a many times tested resistance of a mini ascending triangle pattern. $1.95 is also where we find the rising 100dMA at the moment.






AIMS AMP Capital Industrial REIT: OBV shows steady accumulation. MFI has formed a lower high in the very short term. MACD has crossed into positive territory. If the MFI could gradually fall while the price remains at or above the 21.5c support, it would be good news for bulls.




CapitaMalls Asia: A black spinning top and a bearish harami to boot. A possible pullback to $2.13 where we find the trendline support and the 50dMA is not hard to imagine. Rising positive buying momentum as suggested by a rising MFI should limit any selling pressure.




Courage Marine:  MFI and OBV continue to rise sharply as volume almost tripled on a day that saw price hit a high of 21c.  21c was identified earlier as a strong resistance and it could not be taken out today.



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