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Dasin Retail Trust
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marketuncle
Veteran |
10-Apr-2022 16:58
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Its trading at 14% yield but we know its unsustainble, forced into asset sale (2 most lucrative out of 7 malls it own) pending refinance negotiations. | ||
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teeth53
Supreme |
10-Apr-2022 14:29
Yells: "don't learn through life, learn to grow with life " |
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Dasin Retail Trust (DRT) is a China retail property trust listed on SGX. ☆ 》 signs MOU for potential divestment of 2 malls.
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marketuncle
Veteran |
22-Mar-2022 09:10
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Another 3mth extension, to allow the closure of sale of their 2 most lucractive malls to pare debt. Without these, forward NPI to drop 48%, proportionately bringing down foward DPU to 1.1cts or 7.3% yield. No longer attractive. | ||
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Joelton
Supreme |
21-Mar-2022 09:10
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Dasin Retail Trust signs MOU for potential divestment of 2 malls
THE trustee-manager of Dasin Retail Trust on Sunday (Mar 20) announced that it has entered into a non-binding memorandum of understanding (MOU) for the potential divestment of 2 of its retail properties - Shiqi Metro Mall and Xiaolan Metro Mall.
Net proceeds from the sale of the properties are expected to be used to repay the trust' s existing syndicated loans, with the remainder to be used for working capital purposes.
Shiqi Metro Mall and Xiaolan Metro Mall were valued at 2.81 billion yuan (S$599.6 million) and 2.02 billion yuan respectively as at Dec 31, 2021.
Sino-Ocean Capital, a substantial unitholder of the trust via its affiliate, will jointly manage the purchaser, buyout fund Wuhu Yuanche Bisheng Investment Center, with GSUM Real Estate Fund Management Co.
The affiliate, Glory Class Ventures, holds approximately 6.3 per cent of Dasin Retail Trust as at Mar 18.
Dasin Retail Trust said the MOU does not restrict the trustee-manager from soliciting higher or otherwise better offers by other third parties.
The Singapore-listed real estate investment trust (S-Reit) currently holds 7 retail properties in its portfolio.
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marketuncle
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20-Mar-2022 14:36
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No news of the refinancing of the loan due today (already twice extended) but just annouced the potential sale of 2 of its 7 properties to reduce its debt. | ||
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marketuncle
Veteran |
17-Mar-2022 11:36
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counting down... 3 more days. | ||
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marketuncle
Veteran |
13-Mar-2022 09:39
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Current debt extension due next sunday, 20th. Wonder will there be further extension :P | ||
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hopeful7703
Member |
28-Feb-2022 13:16
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Dasin Retail Trust DPU rises 10.9% in H2 2021DASIN Retail Trust on Sunday (Feb 27) posted a 10.9 per cent increase in distribution per unit (DPU) to S$0.0224 for the 6 months ended December 2021, up from S$0.0202 a year earlier. This included a " distribution waiver" , which waives a portion of major unitholders' entitlement to distribution from the retail property trust. Without the waiver, DPU rose by 32.2 per cent to S$0.0201, from S$0.0152 a year ago. The books closure date is on Mar 16, 2022 and the DPU with the waiver is expected to be paid on Mar 30, 2022. However, revenue declined by 0.8 per cent to S$50 million in the same period from S$50.4 million the year before. Net property income declined by 4.6 per cent to S$37.5 million from S$39.3 million, while distributable income rose 35 per cent to S$15.9 million from S$11.8 million. For the full year ended Dec 31, 2021, DPU with the waiver rose 32.5 per cent to S$0.0522, while DPU without the waiver rose 62.7 per cent to S$0.0467. Revenue for the full year rose 15.8 per cent to S$101.3 million while net property income rose 10.9 per cent to S$78.4 million and distributable income rose 79.4 per cent to S$36.9 million. Dasin Retail Trust' s manager attributed the revenue increase to contributions from Shunde Metro Mall and Tanbei Metro Mall, which were acquired in July 2020. Shiqi Metro Mall, Ocean Metro Mall and Dasin E-Colour saw higher revenue as well due to recovery from the impact of the Covid-19 pandemic as well as lower rental rebates granted to tenants. The trustee-manager also noted that it has maintained a stable occupancy rate of 93.9 per cent and registered a weighted lease to expiry of 3.6 years by gross rental income and 5.6 years by net lettable area. The trust also has a gearing ratio of 37.8 per cent as at Dec 31, 2021. Additionally, it said that the asset enhancement initiative at Xiaolan Metro Mall was completed in the fourth quarter of last year and has brought in new tenants from the food and beverage as well as children sectors. Chief executive of the trustee-manager of Dasin Retail Trust Wang Qiu said that the year' s results were " commendable" and underpinned the team' s solid execution capabilities and resilient business model. " Moving ahead, we will place our top priority in completing the refinancing and continue with our efforts in optimising tenant mix and introducing trending brands to enhance customers' shopping experience," she said, adding that the manager will continue to look out for DPU yield accretive acquisition opportunities. Units of Dasin Retail Trust closed down 1.6 per cent or S$0.005 at S$0.315 on Friday. https://www.businesstimes.com.sg/companies-markets/dasin-retail-trust-dpu-rises-109-in-h2-2021 |
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marketuncle
Veteran |
28-Feb-2022 09:15
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Not bad, still got 2.24 cents of dividend but debt refinancing still not done yet... clock ticking to 20 March deadline... see whether it' ll be reextended again :P | ||
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RickyCheng
Member |
30-Dec-2021 16:30
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kevinng
Member |
28-Dec-2021 13:34
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Harvest Private Wealth Thematic Fund SPC just bought 1,430,000 shares at SGD 557,700, a price of S$0.39 per share in an off-market married deal. What do you think of this deal? Is it a positive or negative sign? |
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kevinng
Member |
28-Dec-2021 13:30
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The Trustee-Manager wishes to update that the lenders of both the Onshore and Offshore Facilities have granted an extension of 3 months from 20 December 2021 to allow lenders more time to discuss new requests made by minority lenders. Is this a positive or negative sign? What do you think are the new requests by the minority lenders? Would this mean that the majority agree to extend the loan? |
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marketuncle
Veteran |
21-Dec-2021 09:22
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Another 3 months ¯ \_(ツ )_/¯ | ||
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marketuncle
Veteran |
14-Dec-2021 12:05
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Maybe deadline is dec 31, 2359? :) | ||
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RickyCheng
Member |
06-Dec-2021 20:58
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Jialat. China stock really can' t play with kung flu and political supermo around. Just look at Lion-OCBC Sec HSTECH from a height of $1.8 to < $1. Fiak!
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marketuncle
Veteran |
04-Dec-2021 11:11
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Dec already, no sound no smoke on the loans due this month. | ||
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Joelton
Supreme |
08-Nov-2021 10:04
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Dasin Retail Trust' s manager gets new chairman and board
Following the completion of the sale of 70% of the trustee manager of Dasin Retail Trust by Zhang Zhencheng to a unit of Sino-Ocean Capital for $8.3 million on Oct 12, Zhang has stepped down as chairman of the manager, and is appointed as a member of the Audit and Risk Committee, and the Remuneration Committee.
Dasin Retail Trust owns seven malls in the greater bay area, and the trust has yet to rebound significantly despite the change of owner of the manager, and the potential change of major unitholder.
Dr Kong Weipeng, a Non-Executive Non-Independent Director of the manager is appointed chairman of the Board, a member of the Audit and Risk Committee and the Nominating Committee.
Sonny Tan Hock Sun, an independent director of the manager is appointed as the Lead Independent Director, the Chairman of Nominating Committee, and a member of the Audit and Risk Committee and the Remuneration Committee.
Lyu Guoliang, the Non-Executive Non-Independent Director of the manager is appointed as a member of the Audit and Risk Committee and the Remuneration Committee.
Dr Cao Yong ceases to be the Lead Independent Director and relinquishes his designation as Chairman of the Remuneration Committee but continues as a member of the Remuneration Committee.
Sun Shu is appointed as the Chairman of the Remuneration Committee and relinquishes his designation as Chairman of the Nominating Committee but continues as a member of the Nominating Committee.
Tan Huay Lim ceases to be a member of the Remuneration Committee.
As at June 30, Dasin Retail Trust&rsquo s NAV stood at $1.46 compared to its last done price of 44 cents, giving a P/NAV of 0.3 times. Dasin Retail Trust&rsquo s unit price is down 44% year-to-date.
Despite the change in ownership of the manager, a change in ownership of the trust itself has yet to materialise.
At present, technical issues may be contributing to Dasin Retail Trust&rsquo s underperformance.
Its current liabilities as at June 30 are temporarily high due to the re-classification of a $422.65 million offshore syndicated loan and a RMB375.15 million onshore syndicated term loan which are due on Dec 19.
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Joelton
Supreme |
13-Oct-2021 09:56
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Chairman of Dasin Retail Trust' s manager finalises sale of stake in manager
Dasin Retail Trust&rsquo s manager announced that Zhang Zhencheng, chairman Dasin Retail Trust&rsquo s manager, has completed the transfer of shares in the manager to New Harvest, an affiliate of Sino-Ocean Capital.
Dasin Retail Trust&rsquo s unit price, which had been under pressure, rebounded to 43 cents on Oct 12, after hitting a low of 38 cents on Sept 30. Based on its 1HFY2021 DPU of 2.98 cents, the annualised DPU yield is more than 13% while price to net asset value is just 0.29 times based on the NAV of $1.46.
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hopeful7703
Member |
12-Oct-2021 17:51
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The Trustee-Manager of Dasin Retail Trust Welcomes Sino-Ocean Capital as Major Shareholder
Singapore, 12 October 2021 - Dasin Retail Trust Management Pte. Ltd. (&ldquo DRTM&rdquo or the " Trustee-Manager" ), the trustee- manager of Dasin Retail Trust (&ldquo DRT&rdquo or the &ldquo Trust&rdquo ), has been informed by Mr. Zhang Zhencheng, Chairman and controlling shareholder of the Trustee-Manager, as well as Aqua Wealth Holdings Limited (" Aqua Wealth" ), a controlling unitholder of the Trust, that they have completed the transfer of shares from Mr. Zhang Zhencheng to New Harvest Investments Limited (" New Harvest" ) in accordance with the terms of the sale and purchase agreement dated 19 July 2021. Accordingly, New Harvest has become a controlling shareholder of the Trustee-Manager, holding a total of 70% of the total issued and paid up share capital. New Harvest is an affiliate of Sino-Ocean Capital, a long-time partner of the Sponsor and Mr. Zhang Zhencheng. https://links.sgx.com/FileOpen/DASINRT-Press%20Release.ashx?App=Announcement& FileID=686421 |
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kevinng
Member |
08-Oct-2021 22:13
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They just moved their office. I take it that they' re not going to run with the money :) Will wait on the refinancing news. Hopefully it turns out well after the share purchase agreement between Mr Zhang and New Harvest is done. |
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