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KIT
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Alignment
Elite |
10-Feb-2024 14:28
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It will definitely increase DPU, at least in the near term. But that should not be sufficient justification for an investment. Infrastructure assets have an inherent moat protecting their business, which is why they are so highly rated and ensures their long term prosperity. Is that the case here? What is the moat beyond the contract life? | ||
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dcools
Senior |
10-Feb-2024 12:57
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Bus business is a cash generating business i.e.a cash cow, Which is good for KIT. Could increase dpu going forward. | ||
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pikachu
Master |
10-Feb-2024 07:24
Yells: "Holy Cow!" |
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Gong xi fa cai to all !! | ||
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Alignment
Elite |
09-Feb-2024 22:14
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What stops the contractor awarding the contracts to someone else when the current contracts end? Is this really an infrastructure business? | ||
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Joelton
Supreme |
06-Feb-2024 10:32
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Keppel Infrastructure Trust to acquire majority stake in Australian bus business for S$570.6 million
KEPPEL Infrastructure Trust (KIT) is spending S$570.6 million to acquire a 98.6 per cent stake in Ventura Motors, subject to completion adjustments.
Acquiring a majority stake in the largest bus-service business in the state of Victoria in Australia is expected to support KIT&rsquo s overall distribution per unit (DPU) accretion of 3.4 per cent based on the FY2023 DPU, said the manager on Monday (Feb 5).
Upon completion of the proposed acquisition, KIT&rsquo s assets under management would increase to about S$8.7 billion, from around S$8.1 billion as at Jan 2.
Kevin Neo, chief executive officer of KIT&rsquo s trustee-manager, highlighted that Ventura plays a critical role for commuter bus services in Victoria.
He said: &ldquo Providing an essential service, Ventura is a good match for KIT&rsquo s portfolio, as it generates stable, recurring and predictable cash flows...
&ldquo As the market leader, Ventura is well-placed to support the evolving public transportation needs of the fast-growing population of Melbourne, with a strong commitment to sustainability.&rdquo
The purchaser, KIT&rsquo s unit Fawkes Infrastructure Topco, will pay an estimated consideration of A$328.2 million (S$295.3 million) on the completion date, which is within 14 business days after all conditions precedent have been satisfied or waived, or such other date agreed on by the parties.
The estimated consideration is based on Ventura&rsquo s enterprise value of A$600 million, after taking into account its cash, debt and working capital, and other expenses.
The total consideration for the proposed acquisition comprises the estimated consideration, S$6 million settled by issuance of shares in Topco on the completion date, as well as the earnings earn-out amounts, if any, of up to A$20 million.
The total acquisition cost stands at S$570.6 million, which includes the estimated consideration of A$328.2 million, as well as Ventura&rsquo s existing loans of A$269.3 million on top of other amounts payable. The trust manager noted that it aims to fund the total cost via a combination of internal sources of funds, equity, debt capital market issuances as well as external borrowings.
&ldquo The transaction is expected to be completed in Q2 2024, subject to the conditions precedent, including approval from the Australian Foreign Investment Review Board and consent from the head of transport for Victoria,&rdquo said the manager.
Andrew Cornwall, managing director of Ventura, will stay on as CEO and retain a minority stake in the business.
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thx421
Member |
05-Feb-2024 16:07
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Oh I see, ok thank you. | ||
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paul1688
Veteran |
05-Feb-2024 09:10
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KIT is half yearly payout. Last quarter they issued a special extraordinary dividend and included the quarterly dividend as well. This quarter is the balance of the half year period. Next payout will be half a year later.
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thx421
Member |
05-Feb-2024 08:18
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Hi can anyone share why the latest dividend is half the usual dividend, does it mean dividend will be paid quarterly 4 times a year and not the usual 2 times a year, I'm so confused, thanks. | ||
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Alignment
Elite |
31-Jan-2024 14:22
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Yes 7.6% yield from ordinary dividends. Special dividends would be on top. On the call this morning management said they aimed to grow ordinary dividends 1-2% per year. Frankly I was disappointed to hear that. Given most of the revenue is inflation linked they should have a higher target even from organic growth on top of which they could create value from finding good acqusitions. They should be able to deliver 1-2% ordinary dividend growth simply by doing nothing. |
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moonsun
Veteran |
31-Jan-2024 13:41
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If 7.6% exclusive special dividend? damn attractive.. price should cheong up at least 2-3 cents..
t bill now 1 yr 3.45%? no meat.. all in put kit better ?
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Alignment
Elite |
31-Jan-2024 10:59
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Your maths is wrong I think. This latest quarter DPU is 0.96 cents, so 4x that is 3.84 cents, which represents a 7.6% dividend yield vs the current share price. Special dividends would take the yield significantly higher of course. | ||
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Asdfgh101
Member |
31-Jan-2024 10:54
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It will mirror the 2020 distribution 3 times 9.30 which is about 27.90 per 1000 shares...27.90/505= 5.5% for the whole year...there should be a special one somewhere end of the year about 1% so total 6.5% not too shabby and earnings visibility of more than 3 years...so all in not bad, better than always hopeless singtel | ||
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Alignment
Elite |
31-Jan-2024 10:51
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Not sure what you mean by little. Normal DPU was flat. No special dividend so soon after a large one made last quarter. Management have clarified on the results call when a further special dividend might be paid. | ||
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john8758
Member |
31-Jan-2024 08:19
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Why dividend so little? | ||
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SDEXXXXD
Veteran |
31-Jan-2024 07:53
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Record Distributable Income of $316.8 million for FY 2023
supported by strong portfolio performance driven by growth and value creation Results Highlights ▪ Delivered record EBITDA of $447.6 million (up 11.3% y-o-y) and Distributable Income of $316.8 million (up 42.4% y-o-y) for FY 2023, supported by strong portfolio performance driven by growth and value creation ▪ DPU boost with special distribution of 2.33 cents in November 2023, bringing FY 2023 DPU to 6.19 cents, up 62% y-o-y ▪ Acquisition of a German Solar Portfolio, marking KIT?s expansion to the solar energy sector, growing its renewable exposure beyond wind farm assets ▪ Continued portfolio growth: AUM of $8.1 billion1 as at 2 January 2024 supported by new acquisitions and higher valuation of existing portfolio |
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pikachu
Master |
30-Jan-2024 18:58
Yells: "Holy Cow!" |
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yes this is very good news. | ||
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Alignment
Elite |
30-Jan-2024 17:45
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Good news. Anyone know why this is not on SGX? |
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Joelton
Supreme |
30-Jan-2024 13:41
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Alignment
Elite |
24-Jan-2024 12:03
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I would be pleasantly surprised if they did another special dividend so soon after the previous one. They have a bit of debt headroom to do so, but I imagine they may want to save up some capacity to do more accretive acquisitions. I would expect the ordinary dividends to continue growing however - they have done some good deals. |
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pikachu
Master |
22-Jan-2024 06:25
Yells: "Holy Cow!" |
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Agreed. Hope KIT continues to do well and issue more SPECIAL dividends | ||
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