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First REIT: 2Q 2011 results.

Friday, July 22, 2011


First REIT's results are more or less in line with forecast with a DPU of 1.58c for 2Q 2011. The REIT will go XD on 28 July and income distribution is payable to unitholders on 29 August.

The REIT's strong numbers have been mentioned before and here's the update:

NAV/unit: 78c
Interest cover ratio: 15x
Gearing: 13.8%

I am pleasantly surprised that its management is planning to have a special non-recurring dividend to be paid from its divestment gain resulting from the sale of its Adam Road property. This could translate into an additional one off DPU of more than 1c in future.

Low gearing, high interest cover ratio and a distribution yield of almost 8% with a special dividend to boot. This REIT is rock solid and remains one of my best investments in years.

One of my best investments it might be but it would not pay to fall in love with it. Even great investments would not see share prices go up in a straight line. They climb a wall of worries. However, today's white candle was formed on the back of very high volume and we could see price pushing even higher in the next session. 85c next? Possibly.

Weekly


Daily


With price pushing beyond the upper Bollinger band, a pull back to supports would be a natural course. When? I would suspect it could happen when the counter goes XD. Immediate support at 80c? Or perhaps 79c? That's where the Fibo lines are on the daily chart.

Good luck to fellow unitholders.

See announcement here.
See presentation slides here.

Related post:
First REIT: Yield accretive purchase in South Korea.

Cambridge Industrial Trust: 2Q 2011 results.

Thursday, July 21, 2011

The last time I blogged about this REIT was on 28 April and I was so negative about it that some readers divested their shares in the REIT straightaway. Read blog post here.


Now, I have to say this again that my blog is purely to share my thoughts, a place where I think aloud, so to speak. It is not to exhort anyone to buy or sell anything.

In a reply to a reader, OT, I mentioned that I would wait to see if I could divest my investment at 52c just to close a chapter (again). Even with mediocre investments, there could be a better time to sell.

Fundamentally, with a 2Q DPU of 1.036c, it translates to an annualised distribution yield of just 7.97% at the unit price of 52c.

Gearing at 32.7% and interest cover ratio at 5x are similar to AIMS AMP Capital Industrial REIT's.

The difference? AIMS AMP Capital Industrial REIT has an estimated distribution yield of 9.09% at the unit price of 22c. Money should go to where it is treated best.


Technically, the resistance as provided by the 200dMA at 51.5c was taken out convincingly today as price closed at 52c, forming a long white candle in the process.

A breakout? It seems to be the case and we could see price test 53c in the near future. I have entered my sell order.

See presentation slides here.


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