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Manulife US REIT IPO Post Reply Rate topic
chengwh1 Elite	03-Sep-2017 15:38        chengwh1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	I did a calculation for a scenario whereby if a unitholder is currently holding (pre-acquisition & pre-RI) at a price 3% below the TERP, looks like it is still feasible for him to subscribe. This calculation is over at the VB forum. After the acq and the RI, the price will reachthe resultant nav per share price. From here, if a holding is anywhere above the TERP here, the it may not be that worthy to subscribe anymore. And of course : even if it' s feasible to subscribe now, but if MUST does another round like this again next month or the next, then most unitholders would probably be underwater already,... time to run,.... investshare      ( Date: 03-Sep-2017 14:09) Posted: You r right ... also see that they have so far paid out 2 dividend only, no track record, then start to ask for money back from shareholders. May not be that good after all. chengwh1      ( Date: 03-Sep-2017 09:55) Posted: Yes bro,... it is accretive, but NOT dpu-accretive. It is yield-accretive. Document for reference, the Circular : http://infopub.sgx.com/FileOpen/MUST%20-%20Circular.ashx?App=Announcement& FileID=469425 Being ' yield-accretive' is DIFFERENT from being ' dpu-accretive' . The ' yield-accretive' matter is explained in the following paras on page 29 of the above document which is The Circular  :-  4.4 Accretive Acquisition Funded by a Rights Issue 4.4.1 Accretive Acquisition that Improves DPU Yield to Unitholders FOR ILLUSTRATIVE PURPOSES ONLY: Assuming the Acquisition was completed on 20 May 2016 (the date of listing of Manulife US REIT) and Manulife US REIT held and operated the Property in FY2016, the pro forma DPU yield of the Enlarged Portfolio would increase by 2.2% to approximately 6.23%(1) compared to the pro forma DPU yield of the Current Portfolio of approximately 6.10%(2). The 2016 actual yield is said to be at only 6.10% annualised from an actual dpu of 3.55 cts divided by the last closing price last Friday of 96.5 Cts. BUT the way they calculated the resultant yield after the acquisition of 10 Exchange Place and the completion of the Rights Issue is by dividing 3.41 cts (resultant dpu) with A LOWER PRICE OF 88.6 Cts. 3.41 US Cts is THE RESULTANT DPU, being LOWER tha the 3.55 US Cts that we got last year, with all references being equal ! The resultant dpu is LOWER !!!!!! Did I miss anything ?
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chengwh1 Elite	03-Sep-2017 15:24        chengwh1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	I just pulled-up another recent acquisition by another REIT,... Mapletree Logistics Trust :http://infopub.sgx.com/FileOpen/MLT_Tsing%20Yi_Investor%20presentation_28Aug17.ashx?App=Announcement& FileID=468786 Look at page 16 - this is DPU-ACCRETIVE, not yield-accretive. The DPU is expected to rise from 1.884 cts to at least 1.919 cts, note 4 at the bottom of the slide.
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chengwh1 Elite	03-Sep-2017 15:06        chengwh1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Sorry abt this,... written too many things today,... yes, TERP here = 88.60 Cts, or $0.886. Then  5.53 Cts / 88.60 Cts gives a yield of 6.24%. laksaman57      ( Date: 03-Sep-2017 13:32) Posted: Isn't TERP = $0.8864 ? chengwh1      ( Date: 03-Sep-2017 12:31) Posted: The fact of the matter lies in their calculation of the proforma numbers to jackup the yield before and after the acquisition,.... They took the annualised dpu amount of 3.55 cts (or annualised to be at 5.76 cts for whole of 2016),... and divide this by the high last closing price of 9.65 cts last Friday,... to get a yield of 6.00%. Then they took the new LOWER DPU AMOUNT OF 3.41, annualised it to 5.53  cts to divide by a very low denominator of 8.55 cts (assumed to be the Theoretical Ex-Rights Price) to get  the yield after the acquisition.  This gives a yield of 6.24%. So,.... haha,... 6.24% is higher than 6.99%,... so, yield-accretive-lor,... But what that caught my eye was this : that 3.41 cts absolute dpu amt is LESS THAN the current 3.55 cts that we have received,... so, how can be accretive ? Sure,.. can be accretive, yield accretive can-lar, by doing some mathematical stunts to achieve this,...
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laksaman57 Supreme	03-Sep-2017 14:35        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Not forgetting the private placement with discount. Any idea who so lucky to get it ? investshare      ( Date: 03-Sep-2017 14:09) Posted: You r right ... also see that they have so far paid out 2 dividend only, no track record, then start to ask for money back from shareholders. May not be that good after all. chengwh1      ( Date: 03-Sep-2017 09:55) Posted: Yes bro,... it is accretive, but NOT dpu-accretive. It is yield-accretive. Document for reference, the Circular : http://infopub.sgx.com/FileOpen/MUST%20-%20Circular.ashx?App=Announcement& FileID=469425 Being ' yield-accretive' is DIFFERENT from being ' dpu-accretive' . The ' yield-accretive' matter is explained in the following paras on page 29 of the above document which is The Circular  :-  4.4 Accretive Acquisition Funded by a Rights Issue 4.4.1 Accretive Acquisition that Improves DPU Yield to Unitholders FOR ILLUSTRATIVE PURPOSES ONLY: Assuming the Acquisition was completed on 20 May 2016 (the date of listing of Manulife US REIT) and Manulife US REIT held and operated the Property in FY2016, the pro forma DPU yield of the Enlarged Portfolio would increase by 2.2% to approximately 6.23%(1) compared to the pro forma DPU yield of the Current Portfolio of approximately 6.10%(2). The 2016 actual yield is said to be at only 6.10% annualised from an actual dpu of 3.55 cts divided by the last closing price last Friday of 96.5 Cts. BUT the way they calculated the resultant yield after the acquisition of 10 Exchange Place and the completion of the Rights Issue is by dividing 3.41 cts (resultant dpu) with A LOWER PRICE OF 88.6 Cts. 3.41 US Cts is THE RESULTANT DPU, being LOWER tha the 3.55 US Cts that we got last year, with all references being equal ! The resultant dpu is LOWER !!!!!! Did I miss anything ?
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investshare Supreme	03-Sep-2017 14:09        investshare About Contact  Quote this Post!
x 0   x 0  Alert Admin	You r right ... also see that they have so far paid out 2 dividend only, no track record, then start to ask for money back from shareholders. May not be that good after all. chengwh1      ( Date: 03-Sep-2017 09:55) Posted: Yes bro,... it is accretive, but NOT dpu-accretive. It is yield-accretive. Document for reference, the Circular : http://infopub.sgx.com/FileOpen/MUST%20-%20Circular.ashx?App=Announcement& FileID=469425 Being ' yield-accretive' is DIFFERENT from being ' dpu-accretive' . The ' yield-accretive' matter is explained in the following paras on page 29 of the above document which is The Circular  :-  4.4 Accretive Acquisition Funded by a Rights Issue 4.4.1 Accretive Acquisition that Improves DPU Yield to Unitholders FOR ILLUSTRATIVE PURPOSES ONLY: Assuming the Acquisition was completed on 20 May 2016 (the date of listing of Manulife US REIT) and Manulife US REIT held and operated the Property in FY2016, the pro forma DPU yield of the Enlarged Portfolio would increase by 2.2% to approximately 6.23%(1) compared to the pro forma DPU yield of the Current Portfolio of approximately 6.10%(2). The 2016 actual yield is said to be at only 6.10% annualised from an actual dpu of 3.55 cts divided by the last closing price last Friday of 96.5 Cts. BUT the way they calculated the resultant yield after the acquisition of 10 Exchange Place and the completion of the Rights Issue is by dividing 3.41 cts (resultant dpu) with A LOWER PRICE OF 88.6 Cts. 3.41 US Cts is THE RESULTANT DPU, being LOWER tha the 3.55 US Cts that we got last year, with all references being equal ! The resultant dpu is LOWER !!!!!! Did I miss anything ?
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laksaman57 Supreme	03-Sep-2017 13:32        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Isn't TERP = $0.8864 ? chengwh1      ( Date: 03-Sep-2017 12:31) Posted: The fact of the matter lies in their calculation of the proforma numbers to jackup the yield before and after the acquisition,.... They took the annualised dpu amount of 3.55 cts (or annualised to be at 5.76 cts for whole of 2016),... and divide this by the high last closing price of 9.65 cts last Friday,... to get a yield of 6.00%. Then they took the new LOWER DPU AMOUNT OF 3.41, annualised it to 5.53  cts to divide by a very low denominator of 8.55 cts (assumed to be the Theoretical Ex-Rights Price) to get  the yield after the acquisition.  This gives a yield of 6.24%. So,.... haha,... 6.24% is higher than 6.99%,... so, yield-accretive-lor,... But what that caught my eye was this : that 3.41 cts absolute dpu amt is LESS THAN the current 3.55 cts that we have received,... so, how can be accretive ? Sure,.. can be accretive, yield accretive can-lar, by doing some mathematical stunts to achieve this,...
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laksaman57 Supreme	03-Sep-2017 13:17        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Investment that lead to falling dpu is good investment , for investors ? Not for me loh chengwh1      ( Date: 03-Sep-2017 12:35) Posted: Afraid not, bro,... Hmm,... maybe they way they counted is the right way, could it  be ?? ... ie  by dividing with the TERP,... and that the Absolute Amount of the dpu would  always drop after an RI exercise,... laksaman57      ( Date: 03-Sep-2017 12:21) Posted: Any idea how many more properties the sponsor has on hand ?
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chengwh1 Elite	03-Sep-2017 12:35        chengwh1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Afraid not, bro,... Hmm,... maybe they way they counted is the right way, could it  be ?? ... ie  by dividing with the TERP,... and that the Absolute Amount of the dpu would  always drop after an RI exercise,... laksaman57      ( Date: 03-Sep-2017 12:21) Posted: Any idea how many more properties the sponsor has on hand ?
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chengwh1 Elite	03-Sep-2017 12:31        chengwh1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	The fact of the matter lies in their calculation of the proforma numbers to jackup the yield before and after the acquisition,.... They took the annualised dpu amount of 3.55 cts (or annualised to be at 5.76 cts for whole of 2016),... and divide this by the high last closing price of 9.65 cts last Friday,... to get a yield of 6.00%. Then they took the new LOWER DPU AMOUNT OF 3.41, annualised it to 5.53  cts to divide by a very low denominator of 8.55 cts (assumed to be the Theoretical Ex-Rights Price) to get  the yield after the acquisition.  This gives a yield of 6.24%. So,.... haha,... 6.24% is higher than 6.99%,... so, yield-accretive-lor,... But what that caught my eye was this : that 3.41 cts absolute dpu amt is LESS THAN the current 3.55 cts that we have received,... so, how can be accretive ? Sure,.. can be accretive, yield accretive can-lar, by doing some mathematical stunts to achieve this,...
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laksaman57 Supreme	03-Sep-2017 12:21        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Any idea how many more properties the sponsor has on hand ?
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chengwh1 Elite	03-Sep-2017 12:02        chengwh1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	OKay, bro,... actually,.... I was hoping that I am/was wrong somewhere,... and that this RI Exercise  would be  good for us,.. I wanted to buy more of MUST, actually,... but now,.. ' aiya' ,... laksaman57      ( Date: 03-Sep-2017 11:39) Posted: Maybe other reit can follow the method, to reference years ago ipo price and with assumption that property bought before ipo, to get yield accretive laksaman57      ( Date: 03-Sep-2017 11:28) Posted: You pointed out clearly. 👍
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laksaman57 Supreme	03-Sep-2017 11:42        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	https://www.theedgesingapore.com/manulife-us-reit-acquire-10-exchange-place-us313-mil-plans-rights-issue
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laksaman57 Supreme	03-Sep-2017 11:39        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Maybe other reit can follow the method, to reference years ago ipo price and with assumption that property bought before ipo, to get yield accretive laksaman57      ( Date: 03-Sep-2017 11:28) Posted: You pointed out clearly. 👍 chengwh1      ( Date: 03-Sep-2017 11:12) Posted: Sorry bro,... don' t really understand,...err,.. I said these after my thorough analysis,... did not just say out in an empty manner. Must be careful too before saying something because these are American pros,.. But then,.. we have knowledge too,.... did I say something amiss pls
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laksaman57 Supreme	03-Sep-2017 11:28        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	You pointed out clearly. 👍 chengwh1      ( Date: 03-Sep-2017 11:12) Posted: Sorry bro,... don' t really understand,...err,.. I said these after my thorough analysis,... did not just say out in an empty manner. Must be careful too before saying something because these are American pros,.. But then,.. we have knowledge too,.... did I say something amiss pls ? laksaman57      ( Date: 03-Sep-2017 10:14) Posted: Nvr did like reit mgr who try to outsmart investor.
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chengwh1 Elite	03-Sep-2017 11:12        chengwh1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Sorry bro,... don' t really understand,...err,.. I said these after my thorough analysis,... did not just say out in an empty manner. Must be careful too before saying something because these are American pros,.. But then,.. we have knowledge too,.... did I say something amiss pls ? laksaman57      ( Date: 03-Sep-2017 10:14) Posted: Nvr did like reit mgr who try to outsmart investor. chengwh1      ( Date: 03-Sep-2017 09:55) Posted: Yes bro,... it is accretive, but NOT dpu-accretive. It is yield-accretive. Document for reference, the Circular : http://infopub.sgx.com/FileOpen/MUST%20-%20Circular.ashx?App=Announcement& FileID=469425 Being ' yield-accretive' is DIFFERENT from being ' dpu-accretive' . The ' yield-accretive' matter is explained in the following paras on page 29 of the above document which is The Circular  :-  4.4 Accretive Acquisition Funded by a Rights Issue 4.4.1 Accretive Acquisition that Improves DPU Yield to Unitholders FOR ILLUSTRATIVE PURPOSES ONLY: Assuming the Acquisition was completed on 20 May 2016 (the date of listing of Manulife US REIT) and Manulife US REIT held and operated the Property in FY2016, the pro forma DPU yield of the Enlarged Portfolio would increase by 2.2% to approximately 6.23%(1) compared to the pro forma DPU yield of the Current Portfolio of approximately 6.10%(2). The 2016 actual yield is said to be at only 6.10% annualised from an actual dpu of 3.55 cts divided by the last closing price last Friday of 96.5 Cts. BUT the way they calculated the resultant yield after the acquisition of 10 Exchange Place and the completion of the Rights Issue is by dividing 3.41 cts (resultant dpu) with A LOWER PRICE OF 88.6 Cts. 3.41 US Cts is THE RESULTANT DPU, being LOWER tha the 3.55 US Cts that we got last year, with all references being equal ! The resultant dpu is LOWER !!!!!! Did I miss anything ?
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laksaman57 Supreme	03-Sep-2017 10:14        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Nvr did like reit mgr who try to outsmart investor. chengwh1      ( Date: 03-Sep-2017 09:55) Posted: Yes bro,... it is accretive, but NOT dpu-accretive. It is yield-accretive. Document for reference, the Circular : http://infopub.sgx.com/FileOpen/MUST%20-%20Circular.ashx?App=Announcement& FileID=469425 Being ' yield-accretive' is DIFFERENT from being ' dpu-accretive' . The ' yield-accretive' matter is explained in the following paras on page 29 of the above document which is The Circular  :-  4.4 Accretive Acquisition Funded by a Rights Issue 4.4.1 Accretive Acquisition that Improves DPU Yield to Unitholders FOR ILLUSTRATIVE PURPOSES ONLY: Assuming the Acquisition was completed on 20 May 2016 (the date of listing of Manulife US REIT) and Manulife US REIT held and operated the Property in FY2016, the pro forma DPU yield of the Enlarged Portfolio would increase by 2.2% to approximately 6.23%(1) compared to the pro forma DPU yield of the Current Portfolio of approximately 6.10%(2). The 2016 actual yield is said to be at only 6.10% annualised from an actual dpu of 3.55 cts divided by the last closing price last Friday of 96.5 Cts. BUT the way they calculated the resultant yield after the acquisition of 10 Exchange Place and the completion of the Rights Issue is by dividing 3.41 cts (resultant dpu) with A LOWER PRICE OF 88.6 Cts. 3.41 US Cts is THE RESULTANT DPU, being LOWER tha the 3.55 US Cts that we got last year, with all references being equal ! The resultant dpu is LOWER !!!!!! Did I miss anything ?
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chengwh1 Elite	03-Sep-2017 09:55        chengwh1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Yes bro,... it is accretive, but NOT dpu-accretive. It is yield-accretive. Document for reference, the Circular : http://infopub.sgx.com/FileOpen/MUST%20-%20Circular.ashx?App=Announcement& FileID=469425 Being ' yield-accretive' is DIFFERENT from being ' dpu-accretive' . The ' yield-accretive' matter is explained in the following paras on page 29 of the above document which is The Circular  :-  4.4 Accretive Acquisition Funded by a Rights Issue 4.4.1 Accretive Acquisition that Improves DPU Yield to Unitholders FOR ILLUSTRATIVE PURPOSES ONLY: Assuming the Acquisition was completed on 20 May 2016 (the date of listing of Manulife US REIT) and Manulife US REIT held and operated the Property in FY2016, the pro forma DPU yield of the Enlarged Portfolio would increase by 2.2% to approximately 6.23%(1) compared to the pro forma DPU yield of the Current Portfolio of approximately 6.10%(2). The 2016 actual yield is said to be at only 6.10% annualised from an actual dpu of 3.55 cts divided by the last closing price last Friday of 96.5 Cts. BUT the way they calculated the resultant yield after the acquisition of 10 Exchange Place and the completion of the Rights Issue is by dividing 3.41 cts (resultant dpu) with A LOWER PRICE OF 88.6 Cts. 3.41 US Cts is THE RESULTANT DPU, being LOWER tha the 3.55 US Cts that we got last year, with all references being equal ! The resultant dpu is LOWER !!!!!! Did I miss anything ?
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investshare Supreme	02-Sep-2017 22:51        investshare About Contact  Quote this Post!
x 0   x 0  Alert Admin	I just read briefly the announcement, thought it is accretive? chengwh1      ( Date: 02-Sep-2017 19:20) Posted: Some things to think about as below :- 1) As I read deeper into the Main pdf Ann' t, under page 22, pt. (4), there seems to be rent-free periods given to certain tenants by the current owner  for the new property. If the property is really good, we don' t need to provide rent-free periods, right ? 2) Still on page 22 - the Proforma DPU in US Cents would have dropped from 3.55 US cps to 3.41 US cps ONLY after the acquisition and the R.I. exercise ????? Why is the DPU dropping back ????? 3) ...
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chengwh1 Elite	02-Sep-2017 19:20        chengwh1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Some things to think about as below :- 1) As I read deeper into the Main pdf Ann' t, under page 22, pt. (4), there seems to be rent-free periods given to certain tenants by the current owner  for the new property. If the property is really good, we don' t need to provide rent-free periods, right ? 2) Still on page 22 - the Proforma DPU in US Cents would have dropped from 3.55 US cps to 3.41 US cps ONLY after the acquisition and the R.I. exercise ????? Why is the DPU dropping back ????? 3) ...
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investshare Supreme	02-Sep-2017 17:46        investshare About Contact  Quote this Post!
x 0   x 0  Alert Admin	Ok I will watch this .. doesn't own it now, if px drop much then could be attractive. chengwh1      ( Date: 02-Sep-2017 17:35) Posted: I think he meant sell now and then after price drops, quickly buyback before XD of Rights Issue,... investshare      ( Date: 02-Sep-2017 15:57) Posted: If sell now, then not entitled to right.
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