| Latest Forum Topics / ESR-REIT |
 Post Reply
|
|
Time to internalize Manager
|
|||||
|
1362945
Member |
29-Oct-2025 21:18
|
||||
|
x 0
x 0 Alert Admin |
Thanks so much to report luckyguy3 toxic behavior. | ||||
| Useful To Me Not Useful To Me | |||||
|
luckyguy3
Master |
29-Oct-2025 10:40
|
||||
|
x 0
x 0 Alert Admin |
NTA down again every quarter every year.. Gearing now super high at 43.3% , scary
|
||||
| Useful To Me Not Useful To Me | |||||
|
|
|||||
|
Smallinvestor
Senior |
03-Aug-2025 07:27
|
||||
|
x 0
x 0 Alert Admin |
Revenue up, npi up but dpu unchanged y-o-y (lower than 2&3 years ago even with the contributions from the newly acquisition), gearing still high and nav down to $2.66. Now price is above nav. If try to bring gearing down, likely need to divest more and dpu likely to be down more. Fishery port already decommissioned but why "planning in progress"? (From the most recent presentation with not much info). Why no cost and other details on the aei now? If i can remember correctly in the past presentation, the cost of the aei is around S$240mil.(please verify yourself). Most recent fishery case is with Asia Ocean Pacific, seeking approximately S$27.4mil.(didn't see any updates) | ||||
| Useful To Me Not Useful To Me | |||||
|
Joelton
Supreme |
29-Jul-2025 11:03
|
||||
|
x 0
x 0 Alert Admin |
ESR-REIT reports 8.1% rise in core DPU in 1H2025
ESR-REIT' s 1HFY22025 distributions per unit (DPU) was unchanged y-o-y at 11.239 cents. Of this, core DPU rose by 8.1% to 10.765 cents (which accounts for 96% of Total DPU). The total DPU increase took into account a 4.4% increase in the number of units to 802.1 million, mainly due to the preferential offering completed in 4Q2024 for the acquisitions of 20 Tuas South Avenue 14 and ESR Yatomi Kisosaki Distribution Centre, partially offset by the unit buy-backs completed in 1H2025.
Revenue in 1HFY2025 rose by 23.2% y-o-y to $222.9 million, mainly attributed to contributions from ESR Yatomi Kisosaki Distribution Centre and 20 Tuas South Avenue 14, which were acquired on November 15 2024 and November 29 2024 respectively. The increase in revenue was further supported by contributions from 7002 Ang Mo Kio Avenue 5 and 21B Senoko Loop which completed their asset enhancement initiatives in 3Q2023 and 1Q2024 respectively. Consequently, 1H2025 NPI recorded a 30.1% increase to $166.3 million.
ESR-REIT&rsquo s all-in cost of debt fell to 3.47% as at June 30, down from 3.84% as at December 31. This reduction is expected to continue, supported by early refinancing of FY2026 debt maturities without prepayment penalties and refinancing of interest rate hedges at lower rates. As at end-June 2025, ESR-REIT&rsquo s gearing stood at 42.6%, with ongoing efforts to reduce it below 40%. The MAS interest coverage ratio remains healthy at 2.4x, well above the regulatory minimum of 1.5x, reflecting ESR-REIT&rsquo s strong debt servicing capacity. Interest rate exposure remains well-managed, with 80.0% of debt on fixed interest rates, providing stability against rate volatility. The debt expiry profile is well-distributed, with a weighted average debt expiry of 2.6 years. ESR-REIT also maintains a strong liquidity position, with access to $200.0 million in committed undrawn revolving credit facilities, supported by a network of 10 lending banks.
Adrian Chui, Chief Executive Officer and Executive Director of ESR-REIT' s Manager said, &ldquo We are pleased to report a set of results for 1H2025 that reflects the strength and resilience of ESR-REIT&rsquo s core underlying asset performance and operations. The turnaround in performance is a direct result of improvements across our existing portfolio, driven by disciplined execution and focused asset management. The uplift in gross revenue (+23.2%) and net property income (+30.1%) was underpinned by full-period contributions from our newly acquired assets, ESR Yatomi Kisosaki Distribution Centre in Japan and 20 Tuas South Avenue 14 in Singapore, and the successful completion of AEIs at key properties, including 7002 Ang Mo Kio Avenue 5 and 21B Senoko Loop. Even on a same-store basis, gross revenue and net property income increased 2.9% and 4.7% respectively. These enhancements in underlying asset performances have translated into a meaningful increase in DPU, with an 8.1% jump in Core DPU, which accounts for approximately 96% of our Total DPU, reinforcing the effectiveness of our operational strategy. Looking ahead, the future growth of Total DPU will continue to be anchored by the strength of our core underlying operations."
|
||||
| Useful To Me Not Useful To Me | |||||
|
luckyguy3
Master |
19-Jul-2025 19:23
|
||||
|
x 0
x 0 Alert Admin |
dun worry... this 2 fishery case also happened in 2022 and nothing came out from it.. insurance will settled even if need to pay. Cheers. that why CEO in Feb this year said does not expect material impact from the case http://sg.finance.yahoo.com/news/alog-legal-proceedings-over-property-163952505.html ALOG in legal proceedings over property at 2 Fishery Port Road Felicia Tan 4 April 2022 1 min read The amount in dispute is around $8 million including interest and costs. The manager of ARA LOGOS Logistics Trust (ALOG) has received a writ of summons for a claim pertaining to TheSeafoodCompany arising from an incident that took place in September 2021. TheSeafoodCompany (TSC) is a tenant of one of ALOG&rsquo s properties at 2 Fishery Port Road. The amount in dispute is around $8 million including interest and costs. The incident was said to have resulted in damages to certain parts in the premises previously taken up by TSC. ALOG says, in its statement on April 4, that it has begun discussions with its insurers and its legal counsel over the claim. The claim is not expected to have a material impact on the REIT&rsquo s earnings. Units in ALOG closed at 84.5 cents on April 1.
|
||||
| Useful To Me Not Useful To Me | |||||
|
|
|||||
|
Smallinvestor
Senior |
19-Jul-2025 16:15
|
||||
|
x 0
x 0 Alert Admin |
Hope upcoming reporting will have update on the legal case of fishery port(announcement in feb) and also the fishery port AEI cost and update. Do take note, dpu will include the newly acquisition contributions, and hope it will be better than before like 2 years ago(previous dpu around 30cent or 3cent before consolidation?). And also hope the gearing will be lower and nav will not down more due to lease decay. Let's hope for the best. | ||||
| Useful To Me Not Useful To Me | |||||
|
Alignment
Elite |
19-Jul-2025 08:56
|
||||
|
x 0
x 0 Alert Admin |
One can only really say when the 1H results are announced. The 1Q results were good but is it just a small positive blip in a long term downtrend or the start of a long term recovery? If the latter, given how much the shares have fallen there is a lot of upside that makes the recent share price increase so far look small - the yield is 9% so if the DPU is growing the share price should be a lot higher. But until we know, difficult to say. | ||||
| Useful To Me Not Useful To Me | |||||
|
Smallinvestor
Senior |
18-Jul-2025 10:51
|
||||
|
x 0
x 0 Alert Admin |
Time to sell after declared dividend? This counter always go down after XD. Also go up quite a lot from $2 after consolidation, those who bought from $2 to now are the one earning only, the rest are all still losing or stucked with this stock. | ||||
| Useful To Me Not Useful To Me | |||||
|
|
|||||
|
luckyguy3
Master |
17-Jul-2025 17:30
|
||||
|
x 0
x 0 Alert Admin |
nice breakout today $2.48 up 5 cents | ||||
| Useful To Me Not Useful To Me | |||||
|
luckyguy3
Master |
14-Jul-2025 20:01
|
||||
|
x 0
x 0 Alert Admin |
http://www.theedgesingapore.com/capital/brokers-calls/esr-reit-turning-around-interest-savings-sharp-turnaround-dpu-expected-rhb
|
||||
| Useful To Me Not Useful To Me | |||||
|
luckyguy3
Master |
14-Jul-2025 19:59
|
||||
|
x 0
x 0 Alert Admin |
ESR-REIT &lsquo turning around&rsquo with interest savings, &lsquo sharp&rsquo turnaround in DPU expected: RHBJovi HoMon, Jul 14, 2025 &bull 11:00 AM GMT+08 &bull &bull 2 min read
With a recent 10-to-1 share consolidation exercise and expectations of a sharp turnaround in core distribution per unit (DPU), ESR-REIT is &ldquo turning around&rdquo , says RHB Bank Singapore analyst Vijay Natarajan.
He keeps his &ldquo buy&rdquo call on the REIT in a July 11 note, with a higher target price of $3.25 from $3.15 previously. Natarajan notes that there has been &ldquo muted&rdquo tariff impact so far across the industrial REIT&rsquo s portfolio in Singapore, Australia and Japan and management is eyeing more divestments on the cards. There are also potential interest cost savings from the refinancing of FY2026 loans, he adds, with overall interest costs for FY2025 expected to be at 3.5% levels, a 35-basis point decline from FY2024. &ldquo ESR-REIT&rsquo s share price has shown greater price stability post the recent 10-to-1 share-consolidation on May 5, with the tighter bid-ask spreads reducing share price volatility and speculative activities, in our view,&rdquo writes Natarajan. Divestment plansESR-REIT plans to divest another $400 million in assets over the next two years, with proceeds mainly going towards debt repayment, share buybacks and asset enhancements. Year to date, ESR-REIT has divested two assets for $17 million at a 3.5% premium to valuation, and management is currently in &ldquo advanced stages&rdquo of divesting its non-core hotel asset located at 2 & 4 Changi Business Park Avenue 1. According to Natarajan, ESR-REIT has identified &ldquo more shorter-lease non-core Singapore assets&rdquo of $300 million to $400 million, which management plans to divest by next year. &ldquo Acquisitions are currently not a priority, with management&rsquo s focus on asset enhancements to unlock value,&rdquo he adds. &lsquo Muted&rsquo tariff impactNatarajan notes that certain ESR-REIT tenants have requested for slightly shorter lease renewals, such as two years instead of a typical three-year lease. &ldquo However, such renewals are typically signed at a slightly higher rent (5% higher).&rdquo ESR-REIT&rsquo s management claims there have not been any impacts or tenant shifts from its portfolio due to the upcoming Johor-Singapore Special Economic Zone (JS-SEZ). Overall, industrial demand remains firm across ESR-REIT&rsquo s markets, says Natarajan, with rental reversions expected to remain in positive mid-single-digits of 5% to 7%, with stable occupancy over above 90%. ESR-REIT also recently issued $125 million in perpetual securities at 5.75% per annum. Partial proceeds have been used to redeem the more expensive $75 million perpetual securities at 6.632% per annum in May. As at 10.56am, units in ESR-REIT are trading 1 cent higher, or 0.41% up, at $2.43. |
||||
| Useful To Me Not Useful To Me | |||||
|
luckyguy3
Master |
08-Jul-2025 19:52
|
||||
|
x 0
x 0 Alert Admin |
3 things that I think make ESR-Reit worth taking a look 1) According to the CEO, they are not venturing into China: time = 55.49 mins 2) They will not be fund raising and acquiring assets (Phew, finally) = 56.30 mins This is important becos fund raising always make the NTA/DPU drops. 3) The CEO says he wants make sure DPU improves and is VISIBLE = 56.05 mins as actual numbers in the results aka prove to shareholders the 4R strageties work http://www.youtube.com/watch?v=g97EP_0Lp8U |
||||
| Useful To Me Not Useful To Me | |||||
|
|
|||||
|
luckyguy3
Master |
08-Jul-2025 12:24
|
||||
|
x 0
x 0 Alert Admin |
Their 1H/25 dividend expected to improve y-o-y. Should be around 12 cents for one half. So 24 cents total. Now $2.40, yield is 10%. And their assets almost 80+% singapore assets.. think end of this mth dividend annoucement. Think short term hit $2.50+ .. this one can load up |
||||
| Useful To Me Not Useful To Me | |||||
|
Smallinvestor
Senior |
23-May-2025 07:29
|
||||
|
x 0
x 0 Alert Admin |
After the consolidation, there are still many short selling. Can google "short selling data", data from sgx and sginvestors (with slightly more data). At least now there is share buyback, if not price would still drop to $2. There must be some reason that we don't know that warrant a short sell for this counter. | ||||
| Useful To Me Not Useful To Me | |||||
|
Smallinvestor
Senior |
19-May-2025 14:48
|
||||
|
x 0
x 0 Alert Admin |
Announcement made on 2025-04-21 Detailed Responses to Key Questions from Unitholders vF2.pdf. Will answer the question on the dropped in nav. 4) On page 22 of the Annual Report, the NAV (?Net Asset Value?) of the REIT has been steadily
declining and dropped to a new low of 27.5 cents from 32 cents last year. When will the NAV
reverse its downward trend and recover? Please explain and elaborate.
? The decline in ESR-REIT?s NAV in recent years is primarily due to the impact of land lease
decay, particularly for Singapore properties with shorter remaining land lease tenures of 15
years or less.
? In addition, the early decommissioning of 2 Fishery Port Road in preparation for redevelopment
contributed to the NAV decline. Once decommissioned, only the land value is recognised,
resulting in a significant reduction in the property?s valuation ? from S$103.5 million as at 31
December 2023 to S$40.0 million as at 31 December 2024.
? The Australia portfolio also saw a valuation decline in FY2024 due to capitalisation rate
expansion, reflecting the effects of the higher-for-longer interest rate environment. The
weakening of the AUD against SGD also contributed to the NAV decline of the Australian assets
in SGD terms.
? To mitigate the impact of land lease decay on the valuation of ESR-REIT?s portfolio, the REIT
has actively executed its ?4R Strategy?, particularly the Portfolio Rejuvenation pillar, which
involves the divestment of non-core assets and the undertaking of redevelopment and asset
enhancement initiatives (?AEIs?), with the aim of improving overall portfolio and earnings
quality.
? In FY2023 and FY2024, ESR-REIT divested approximately S$534.6 million worth of non-core
assets with relatively shorter land leases, at a premium of 2.5% above valuation.
? With the recycling of capital into the freehold ESR Yatomi Kisosaki Distribution Centre in Japan,
and a 51% interest in 20 Tuas South Avenue 14 in Singapore, which has a long remaining
lease tenure of 44 years, the land lease decay issue plaguing Singapore assets is expected to
be much reduced. Furthermore, the valuation of 2 Fishery Port Road is expected to improve
upon completion of its redevelopment, contributing positively to NAV recovery over time.
|
||||
| Useful To Me Not Useful To Me | |||||
|
asianguy
Senior |
19-May-2025 13:29
|
||||
|
x 0
x 0 Alert Admin |
Correct me if i am wrong, divesting at near book value would not affect NAV much, merely converting from asset to cash in balance sheet. Past few years there was a lot of asset renewal, buy and selling. Is there a lot of expense incurred/management fee paid that resulted in huge drop in NAV we are seeing ? If that was the case, the strategy only benefit the manager (happily collecting fee) and not the unit holder. No need to trace back CIT days. Just look at their performance since the failed merger with Sabana. Sabana still maintain its NAV/Dividend while ESR reits drop so much, given that they operated in the similiar environment.
|
||||
| Useful To Me Not Useful To Me | |||||
|
Smallinvestor
Senior |
19-May-2025 09:15
|
||||
|
x 0
x 0 Alert Admin |
Before consolidation is 0.5cent per step and 0.1cent if below 0.20. Now is 0.1cent per steps. Maybe got chance to privatise. Smart move. | ||||
| Useful To Me Not Useful To Me | |||||
|
Smallinvestor
Senior |
19-May-2025 09:13
|
||||
|
x 0
x 0 Alert Admin |
That is exactly what i post on 17-Apr-2025 04:51 before the consolidation.
|
||||
| Useful To Me Not Useful To Me | |||||
|
MrBear12
Supreme |
19-May-2025 08:54
Yells: "Cast all our anxieties on Jesus for He cares for us" |
||||
|
x 0
x 0 Alert Admin |
Sell.
|
||||
| Useful To Me Not Useful To Me | |||||
|
asianguy
Senior |
19-May-2025 08:43
|
||||
|
x 0
x 0 Alert Admin |
Before consolidation, price dropped one cent by one cent from 27 cents to 26,25,24,23, then 22 cents. Now price will go up one cent by one cents, from 2.21 to 2.22, 2.23, 2.24, 2.25 cents. In investor mindset, trading price spread is still one cents. Stupid act to consolidate.
|
||||
| Useful To Me Not Useful To Me | |||||