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CapitaRetail China Trust (CRCT)
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whisng
Veteran |
14-Oct-2021 08:51
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Not the market punish CLCT, is those stupid short sellers. Yesterday short vol was 23.9 million and is 75.6% of total volume, thus no one wanna sell to the shorts and I presume CLCT will rise today. If we hold CLCT, we get the dividends and also the potential upside since now the Price/Book Value is damm low. Who will be so stupid to sell??
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Joelton
Supreme |
14-Oct-2021 08:40
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CapitaLand China Trust prices private placement at bottom end of price range
About $146.2 million of the gross proceeds will be used to finance part of CapitaLand China Trust' s proposed acquisition of four China logistics assets.
CapitaLand China Trust (CLCT) on Wednesday priced its private placement at $1.165 per new unit, which is the bottom end of the price range.
The China-focused real estate investment trust (Reit) also exercised its upsize option fully, bringing the total amount raised to $150 million and the total number of units to be issued to 128.8 million.
The placement was also oversubscribed and saw good participation from new and existing institutional and other accredited investors, its manager said in a bourse filing.
About $146.2 million of the gross proceeds will be used to finance part of CLCT' s proposed acquisition of four China logistics assets announced on Tuesday. The remainder will be used to pay estimated fees and expenses incurred in connection with the private placement.
The issue price of $1.165 represents a discount of about 6.9 per cent to CLCT' s volume-weighted average price of $1.2509 per unit for trades done on Oct 11, up to the time the placement agreement was signed on Oct 12.
On Tuesday, the manager said CLCT will spend $297.7 million to acquire four assets in Shanghai, Kunshan, Wuhan and Chengdu, in its first foray into the China logistics sector. The Reit in September last year expanded its investment mandate beyond the retail sector.
DBS Bank, JPMorgan and HSBC were the joint global coordinators and bookrunners for the private placement. CLCT' s manager expects the new units to begin trading at 9am on Oct 21.
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marketuncle
Veteran |
13-Oct-2021 19:35
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With 1.53b shares, they are issuing 0.129b new shares, bringing the total to 1.67b shares. Using 1.25 pre placement price and 1.165 placement price, the minor dilutive effect works out to be 1.23 post placement. Looks like market over punished the stock because the new shareholders got a good deal. | ||||
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actan99
Master |
13-Oct-2021 15:40
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wow that placement price of 1.16+ is really low, dont tell me will drop to near that price. LOL. | ||||
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whisng
Veteran |
13-Oct-2021 14:57
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This is confirmed for all stocks that XD, however when those who wanna sell sold finish, the price will go back up again. I was lucky as I sold half my holdings in CLCT one day before they halted trading, cause I wanna buy other stocks which dropped and better value and dividends. Now my holdings is in the region of 1.28, thus not looking to sell them anytime soon.
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Shane1702
Member |
13-Oct-2021 13:33
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Level down post XD?
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pkli899
Supreme |
13-Oct-2021 13:30
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Those who want to buy better look see look see first. XD price may fall near to placement price i.e. 1.16+. Ascott recent case, price dropped below placement price. |
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Goldfinger
Supreme |
13-Oct-2021 12:23
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Should go to AGMs and EGMs and complain about the dilutive effects of Private Placements. Maybe with CLIM - Can just go direct and give them there a piece of our minds. They should stick with big fat discounted Rights issues instead. | ||||
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pkli899
Supreme |
13-Oct-2021 12:17
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I checked back my record. 2015 & 2016, dividends were more than 10 cents per year. 2017 also very close to 10 cents. The more properties they added, the lower the DPU became. Now they expect 6+ cents only......what the hell! |
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pkli899
Supreme |
13-Oct-2021 12:10
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Ascott la.....another rubbish purchase thru pte placement.
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pkli899
Supreme |
13-Oct-2021 12:08
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One more thing to add. How can the acquisition be good when NAV will drop after completion of deal? From !.48 to 1.46 (excluding up size).....include means 1.43, 1.44? Real shit man......where is the value adding? |
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actan99
Master |
13-Oct-2021 12:07
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This the same with one of the reits earlier few months back ( i cant recall which one , maybe keppel dc reit or mapletree industrial reit ) they also annouced wana accquire more properties, share price immediately drop after that :(
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pkli899
Supreme |
13-Oct-2021 11:57
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Yes, of course.......pte placement never good for us. Lousy exercise....over subscribed yet priced at lowest of the range. 8.5% new shares added (with up size). Acquisition that is not beneficial to us, what for? Their illustration on proforma basis not convincing that it' s accretive. Yes, profit available for distribution surely will increase. But the increase is less than the increase of 8.5% new units. So, ended up DPU will be less.
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Starship
Supreme |
13-Oct-2021 11:28
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I' m a new shareholder today. Will be adding more today at 1.20 if possile.
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Shane1702
Member |
13-Oct-2021 11:16
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Hope the price can hold at this level.
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Starship
Supreme |
13-Oct-2021 11:02
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Those who bought the placement shares are not getting the 2.7c dividend that shareholders (until XD) will be receiving. So the placement shares at $1.165 is not much different fm the current trading price of $1.20 ($1.165 + $0.027 = $1.192)
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Shane1702
Member |
13-Oct-2021 10:52
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Is it really that bad for retail investors?
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Joelton
Supreme |
13-Oct-2021 09:55
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CLCT to raise S$120m to fund S$297.7m acquisition of 4 China logistics assets
THE manager of CapitaLand China Trust (CLCT) has announced that it will spend S$297.7 million to acquire 4 assets in Shanghai, Kunshan, Wuhan and Chengdu, in its first foray into the China logistics sector.
In a briefing on Tuesday (Oct 12) following the announcement, Tan Tze Wooi, chief executive officer of CLCT' s manager, hailed the entry into the " resilient" logistics sector as a step towards increasing the real estate investment trust' s (Reit) exposure to " new economy" assets such as business parks, logistics and data centres.
The addition of the 4 prime logistics assets will push CLCT' s new economy assets to 21.4 per cent of its assets under management. This is up from the 15.3 per cent currently, after the Reit in the first half of this year completed the acquisition of five business park properties in Suzhou, Xian and Hangzhou.
Formerly known as CapitaLand Retail China Trust, the Reit in September last year expanded its investment mandate beyond the retail sector.
Tan said the latest proposed acquisition is in line with CLCT' s 5-year acquisition growth roadmap for 30 per cent of its portfolio to constitute new economy assets, while 40 per cent will comprise commercial and integrated developments, and the remaining 30 per cent will be in retail properties.
" We are definitely excited to steer CLCT in (this) strategic direction. Within one year from our mandate expansion, we have added business parks, and now we have added logistics," Tan said. " We are really repositioning our portfolio to be well aligned and to be able to capture growth trends and be the proxy for China' s future economy."
The Reit manager sees the move as riding on China' s fast-growing logistics sector, which is poised to reap the benefits of the country' s " dual circulation" strategy to spur domestic consumption and boost innovation to fuel growth.
" In China' s ' dual circulation' strategy, boosting consumption expenditure is 1 big objective and strengthening the logistics sector becomes 1 of the key enablers to achieve this goal," said Tan.
" In particular, the ' Global 1-2-3 Logistics Circle' programme was introduced to modernise and expand China' s transportation and logistics network. These policies led to the establishment of key logistics hubs where our proposed acquisition assets are located," he added, referring to China' s aim for 1-day domestic delivery of goods within China, 2-day delivery from neighbouring countries, and 3-day delivery to major global cities.
The proposed acquisition is based on an aggregate agreed property value of 1.7 billion yuan (S$350.7 million), representing around 0.6 per cent discount to the properties' independent aggregate valuation.
Based on pro-forma estimates, the manager expects the acquisition to raise CLCT' s net property income by 12.8 per cent to S$152.6 million and distribution per unit by 3.5 per cent to 6.57 Singapore cents. This is assuming the proposed deals were completed on Jan 1, 2020 and CLCT had held and operated the properties for the financial year ended Dec 31, 2020.
The 4 logistics properties have a total gross floor area of 265,259 square metres, a total committed occupancy of 96.3 per cent and weighted average lease to expiry of 2.1 years as at Aug 31. Three of the properties were completed between 2016 and 2018, while the 4th was completed in 2010.
Post-acquisition, the proportion of new economy assets in CLCT' s enlarged portfolio will rise to 21.4 per cent from 15.3 per cent by asset value. The Reit' s assets under management will also increase 8 per cent to S$4.7 billion.
To partially fund the acquisition, the Reit manager has proposed a S$120 million private placement of about 103 million new units at an issue price of between S$1.165 and S$1.199 per new unit, with an option to raise an additional S$30 million.
The issue price of between S$1.165 and S$1.199 represents a discount of between 4.1 per cent and 6.9 per cent to the Reit' s volume-weighted average price of S$1.2509 per unit for trades done on Oct 11, up to the time the placement agreement was signed on Oct 12.
The remaining 60 per cent of the total acquisition cost will be funded via debt financing. Post-transaction, CLCT' s gearing ratio is expected to rise to 38.2 per cent, from 35.9 per cent currently.
" We want to maintain some financial prudence in managing our balance sheet to support our growth. So I think we are comfortable with a 40 per cent gearing profile," Tan said.
" As to how we' re going to fund future growth, I think you can take reference from what we have been doing: It' s always that ability to recycle some of our assets, unlocking value for some of the assets that we feel are at the asset cycle. So this continues to be an active approach," he added.
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Lobster
Elite |
13-Oct-2021 09:43
Yells: "Even Adam Khoo believes in the Black Market!" |
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x 0
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Shoot!!
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Starship
Supreme |
13-Oct-2021 09:15
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x 0
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Wow, on Great Singapore Sale this morning !!!! Great opportunity to pick up for long-term Dividends !!!!!  
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