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EAGLE Hosp Reit US$ @$0.780 cents
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jamesng
Master |
05-Sep-2019 13:33
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Anyone got update on the Queen Mary Long Bench Hotel.....think this is the one causing the drop.....??? | ||||
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Goldfinger
Supreme |
02-Sep-2019 07:45
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Too many question marks - old rusting cruise ship, possible investment cost demands, falling USD and China tourists shunning USA. Also many cruise ships in US ports and cheap - so no novelty factor to stay in a cruise ship hotel either.
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jamesng
Master |
01-Sep-2019 22:02
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The Queen Mary Long Beach &ndash Is this a concern for Eagle Trust?? | ||||
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paul1688
Veteran |
30-Aug-2019 18:56
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For those keen to consider foreign REIT with a play on higher risk-reward From UOBKH 28 Aug 2019 Eagle Hospitality Trust (EAGLEHT SP) Quality Full-service Hotels At An Undeserved Discount EHT is a pure play focusing on full-service hotels in major US MSAs located near corporate HQs, leisure attractions and international airports. 94% of its hotel rooms are branded under Marriott, Hilton and IHG, providing access to > 300m loyalty members. Its master leases are structured with fixed rents making up 66% of total rents. 77% of its initial portfolio by valuation completed major refurbishment in 2018/19, providing uplift in RevPAR in 2019/20. Initiate coverage with BUY. Target price: US$1.02. Remarks : Vested. Pls DYODD. Not recommending anyone to buy blindly. |
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laksaman57
Supreme |
15-Aug-2019 09:41
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https://www.reitsweek.com/2019/08/eagle-hospitality-trust-beats-dpu-forecast-by-1-2-in-maiden-reporting-period.html
"Eagle Hospitality Trust (EHT) has reported a distribution per unit (DPU) of 0.65 US cents for the period spanning 24 May 2019 to 30 June 2019." |
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newbiexpert
Member |
01-Jul-2019 19:45
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DBS, Merrill Lynch (Singapore), UBS AG, Singapore Branch, BNP Paribas, Deutsche Bank AG, Singapore Branch and Jefferies Singapore Limited are the joint bookrunners and underwriters for the offering.
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kangaroo11
Veteran |
01-Jul-2019 15:43
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whats brewing? quite high volume and price seems recovering liao? | ||||
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n3wbie
Elite |
27-Jun-2019 09:33
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Jefferies: Key Takeaway We initiate on EAGLEHT at Buy with a price target of US$1.0, implying 45% upside. The trust has hotel assets located in dynamic US metros and is set to benefit from continued growth of the economy. The portfolio is well invested and has full-service hotels flagged with top 3 franchisors. It offers a good combination of growth and stability. It' s 9.4% yield and 0.8x P/B looks inexpensive relative to peers that offer 290 bps lower yield on average. Exposure to growing US economy and hospitality industry. The trust has 18 hotel assets located across 12 high growth US metros with expected growth of 3.1% p.a. underpinning robust business and leisure demand. At the same time, we forecast muted industry supply growth of 1.9% p.a. due to elevated construction costs. As such, we expect 1.8% p.a RevPAR growth in its micro markets. The trust has ample diversification with no single metro accounting for more than a third of the total rooms. Further, demand generators are also diversified across business (48% of rooms), leisure (39%) and airport (13%). Strong portfolio attributes. Aside from one asset, EHT&rsquo s portfolio (94% of rooms) are full-service hotels located on freehold land and flagged with Marriott, Hilton and Intercontinental. Major refurbishments amounting to US$174mn of capex (c.16% of purchase price) have been undertaken on about 90% of the portfolio by value since 2013. As such, refurbished rooms impacted by downtime will be brought into trading and are likely to yield higher. We forecast 18% RevPAR growth over the next two years. Good combination of growth and stability. The trust' s lease structure constitutes a fixed and variable rental portion proportionate to the revenue and profit of the hotel. The fixed rent cushions the trust from cyclical RevPAR while the variable rent provides some exposure to growth. We forecast EHT&rsquo s top line to grow 1.8% over the next two years, resulting in about 1.5% annual DPU growth on full payout. Additional growth will come from acquisition of pipeline and third-party assets. Experienced sponsor with a well-aligned fee structure. Sponsor has more than a decade' s track record in acquiring and stabilizing hotel assets. Since 2008, the sponsor has completed 38 real estate transactions and currently has a c.US$800m development pipeline, and has a 15.2% stake in the trust. Linkage of performance fee to DPU growth helps align manager and unit holder interests. Attractive valuation. We discount dividends with 7.2% Ke to arrive at our PT of US$1.This implies 54% total return. EHT trades at 2019e annualized 9.4% yield and 0.8x P/B. Yield is 290 bps higher than peers on average. |
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n3wbie
Elite |
27-Jun-2019 09:28
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got a double initiation from UBS and Jefferies: UBS: Eagle Hospitality Trust Growth profile mispriced initiate with a Buy Pure hospitality trust with diversified US footprint Eagle Hospitality Trust (EHT) is a pure hospitality stapled group with a focus on US lodging. Its US$1.27bn initial portfolio consists of 18 hotels spread across key states with the largest asset at 13% of its portfolio value. EHT has a strong distribution channel and 87% of its portfolio valuation is affiliated with leading brands from hotel titans such as Marriott, IHG and Hilton, which provide a captive demand base. The hotels were refurbished recently through a US$174m capex programme this should enhance portfolio competitiveness and boost growth as displaced rooms come back online. We think the 9.1% 2019E dividend yield is attractive compared to the 7.4% average for other US-focused SREITs. The yield discount against its peer implies 3% RevPAR growth in 2019 (UBS estimate: 13%) and an inability to ramp up operations post renovations. We think this is too conservative and initiate coverage with a Buy. Leveraging economy and room rate growth EHT&rsquo s portfolio is located in Metropolitan Statistical Areas (MSAs), where the weighted real GDP growth is above the averages of the nation and states where US lodging REITs&rsquo portfolios are located. EHT&rsquo s hotel performance is thus more leveraged to the economy. We believe EHT is well positioned in the US hospitality sector: 71.4% of its rooms target the upper-upscale and upscale segments, where demand is stable and margins are higher than those of the luxury and economy segments. We expect potential for organic growth and higher room rates as operations in reopened hotels stabilise. Recent asset enhancement initiatives should also drive up hotel occupancy. Strong growth trajectory with acquisition optionality We forecast a distribution per unit (DPU) CAGR of 2.1% over 2019-21, underpinned by a 2.5% revenue per available room (RevPAR) CAGR. To arrive at the 2019E base, we forecast RevPAR growth of 13% YoY (2018: up 8.2%), driven by: 1) a low base caused by renovation displacement, 2) new contracts, 3) rate hikes for refreshed products, and 4) market growth. EHT will take 100% of fees in units and has committed to a 100% payout until 2020. Our forecasts do not assume any acquisition optionality. Valuation: price target of US$0.83 We value EHT using a dividend discount model, consistent with our SREIT coverage. Our price target implies a 7.5% 2019E yield, which we think is fair versus the broader SREIT universe and comparable foreign SREITs. |
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n3wbie
Elite |
21-Jun-2019 23:55
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many of these offshore REITs usually don' t do well in the near-term post listing but once they start delivering a few quarters of solid results and DPU growth, the rerating will come naturally. one classic case is Sasseur quite recently which hovered around the 60s for couple months before reclaiming IPO price would be interesting to see performance of EHT next week without the support of the underwriters to stabilise share price - that would better give a sense of the fair value priced by the market
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chenkhoon
Senior |
21-Jun-2019 15:59
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Can the Eagle soar in the years to come is a more impt question to me.
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laksaman57
Supreme |
21-Jun-2019 13:39
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FED rate cut = USD fall = USD-> SGD less = lower dpu = lower yield | ||||
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n3wbie
Elite |
21-Jun-2019 13:25
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with ARA back above water and in an environment where investors are hungry for yield (with Fed likely to cut rates), any thoughts about this being a potential beneficiary? present yield is > 9% and chanced upon a slightly more upbeat article: https://risknreturns.com/2019/06/20/follow-up-on-eagle-hospitality-trust/ |
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laksaman57
Supreme |
08-Jun-2019 19:45
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https://mobile.twitter.com/IngrahamAngle/status/1137225352361775105 | ||||
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ysh2006
Supreme |
07-Jun-2019 18:44
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Still above 70c wait next week how ?
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goodsport
Member |
07-Jun-2019 18:16
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Quick question: At forecast 8.2% dividend yield, why did such a good cluster of Hilton hotels, etc chose to list in SGX? Wouldn' t they be able to list in the US at much lower yields and less tax expenses etc since all the assets are in the US? If not, why? | ||||
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n3wbie
Elite |
28-May-2019 22:06
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not sure if anyone noticed. on last fri (1st day of listing), there was a married deal of ~4m shares at 71c. could this potentially be the resistance level for the stock? not quite sure who would the sellers be given that the cornerstone investors all have moratoriums to observe | ||||
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Stocky901
Supreme |
28-May-2019 19:44
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Will drop to 60 cents after 1st June China's tariffs retaliation on US's Imports.. keep fingers crossed. | ||||
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n3wbie
Elite |
28-May-2019 17:52
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good thinking and perspective - thanks for sharing
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guavaMoment
Senior |
28-May-2019 13:01
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My guess is this is the result of the subscription. ARA was just slightly over-subbed whereas Eagles was under-subbed substantially. So with DBS being the main underwriter, they would have to sweep up any residue shares not taken up. This means where it come sto stablizing actions, DBS may not want to put in too muhc resource to support the price of Eagle. On the other hand, for ARA US H, DBS did not have to sweep up any as they were fully subbed. So they have some funds to support price more. That is my theory anyway.
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