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SPH Reit
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Joelton
Supreme |
30-Dec-2022 09:48
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SPH Reit will rename as Paragon Reit from January 2023
SPH Real Estate Investment Trust (Reit) : SK6U -1.11% will be renamed to Paragon Reit as the name change will better reflect the trust&rsquo s vision and mission to capture unique opportunities in the Asia-Pacific retail landscape, the Reit manager said on Thursday (Dec 29).
The names of its security, counter and manager &ndash along with the Reit&rsquo s logo and website &ndash will reflect the new name with effect from 9 am on Jan 3, 2023.
The Reit manager added that the trust will be &ldquo bolstered by the deep real estate sector knowledge and strong relationships&rdquo of its sponsor, Cuscaden Peak Investments.
Cuscaden Peak Investments was formerly known as Singapore Press Holdings, and is a wholly-owned subsidiary of Cuscaden Peak. Cuscaden Peak is a consortium comprising tycoon Ong Beng Seng&rsquo s Hotel Properties Limited, and Temasek-linked CLA Real Estate Holdings and Mapletree.
The Reit&rsquo s existing counter code &ndash &ldquo SK6U&rdquo &ndash on the Singapore Exchange will remain unchanged.
It will also continue to be led by the current management team, retain its investment mandate, and manage its existing portfolio of assets.
SPH Reit&rsquo s portfolio includes its anchor asset, Paragon, along with The Clementi Mall and The Rail Mall. It has two more such facilities in Australia.
&ldquo Our change in name underscores our mission to be the landlord of choice, and to provide our unitholders with sustainable long-term growth,&rdquo said Leong Horn Kee, chairman of the Reit.
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Joelton
Supreme |
12-Oct-2022 09:52
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Analysts positive on SPH Reit&rsquo s near-term prospects as tenant sales recover
CGS-CIMB and DBS Group Research have maintained their respective &ldquo hold&rdquo calls on SPH Reit while noting improved operating metrics and tenant sentiment as well as recovering portfolio reversions.
This comes after the real estate investment trust (Reit) reported a 2.2 per cent rise in distribution per unit (DPU) for the 12 months ended August 2022, boosted by increased footfall and subsequent tenant sales recovery at its Singapore assets.
In a report on Monday (Oct 10), analysts of CGS-CIMB highlighted an improvement in FY2022 portfolio reversions compared to the previous year despite remaining negative.
They think SPH Reit&rsquo s portfolio could start showing positive reversions going forward, noting improved valuations for both its Singapore and Australian assets due to higher rental income and stable cap rates.
The Reit could also potentially improve asset efficiency under the direction of its new property-led sponsor Cuscaden Peak, they added.
CGS-CIMB has tweaked its FY2022 to FY2024 estimates for SPH Reit by 0.1 per cent to 33.7 per cent to factor in a change in financial year end as well as raised rental growth assumptions, resulting in a slightly higher price target of S$0.96 on the Reit compared to S$0.95 previously.
Meanwhile, DBS Group Research continues to like SPH Reit as one of the key beneficiaries of Singapore&rsquo s reopening &ndash particularly its anchor asset Paragon Mall, where tenant sales for FY2022 have reached about 89 per cent of 2019 levels.
Its analysts also believe there are &ldquo good reasons&rdquo to expect a festive boost to the Reit&rsquo s operating metrics in the first quarter ending December 2022 alongside strong monthly traction of tourist arrivals to Singapore.
&ldquo Indonesian and Chinese spenders are the two titans when it comes to tourist spending at Paragon, making up about 16 per cent of mall footfall respectively. We expect developments on China&rsquo s border reopening to be a key catalyst for the stock,&rdquo they said.
The research house&rsquo s price target on the Reit remains unchanged at S$0.96.
At its latest closing price of S$0.895 on Monday the counter trades at an &ldquo compelling yield&rdquo of 6.1 per cent on a forward basis and below book at 0.97 times price-to-book, noted its analysts.
They also like SPH Reit for its low gearing, resilient position in comparison to its peers, and &ldquo diminishing gap&rdquo on negative reversions based on the Reit&rsquo s latest set of full-year results.
&ldquo SPH Reit stands as one of the lowest geared within the S-Reits sector with an aggregate leverage of 30 per cent (as at end-August). With an estimated 70 per cent of borrowings on fixed interest rate, a 10 basis points increase in interest rate (assuming 100 per cent floating debt) will translate to a 0.5 per cent impact on DPU,&rdquo said the analysts.
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Joelton
Supreme |
10-Oct-2022 09:09
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SPH Reit posts 2.2% rise in latest 12-month DPU on retail recovery
STRONGER sentiment in the retail sector lifted the distribution per unit (DPU) of SPH Reit : SK6U +1.14% to 5.52 Singapore cents for the 12 months ended Aug 31 (12M FY2022), up 2.2 per cent from the previous year.
As previously announced, the real estate investment trust (Reit) is changing its financial year end from Aug 31 to Dec 31, resulting in a 16-month FY2022. Distributions for the four months ending December will be declared in February 2023.
Gross revenue for 12M FY2022 came in 1.7 per cent higher at S$281.9 million, while net property income (NPI) grew 3.5 per cent to S$209.7 million. The portfolio occupancy rate stood at 97.5 per cent.
SPH Reit also posted an improvement in rental reversions, with a -2.8 per cent portfolio rental reversion rate in 12M FY2022, compared to -8.4 per cent the previous year. Weighted average lease expiry stood at 5.3 years by net lettable area and three years by gross rental income.
The Reit&rsquo s performance was boosted by an 8.8 per cent increase in footfall at its Singapore assets &ndash with Paragon recording a 16.4 per cent increase in footfall to 13.3 million, and The Clementi Mall&rsquo s footfall rising 15.9 per cent to 17.7 million. As a result, tenant sales for Paragon and The Clementi Mall improved by 25.6 per cent and 8.8 per cent respectively.
Sentiment was however weaker in Australia, where footfall dropped 3.6 per cent. In particular, the Figtree Grove Shopping Centre in New South Wales was affected by a lockdown from June to October 2021, leading to a 9 per cent drop in footfall.
Nevertheless, SPH Reit&rsquo s other Australian asset, Westfield Marion in Adelaide, was spared from lockdowns and saw a smaller 1.7 per cent fall in footfall.
For the six-month period ending August, SPH Reit posted a 4.1 per cent fall in DPU to 2.84 Singapore cents. This was even as gross revenue for the period rose 2.2 per cent to S$140.2 million, while NPI was up 6.8 per cent to S$104.4 million.
&ldquo The return to normalcy is evident in Singapore and Australia, resulting in better performance in footfall as well as tenant sales, particularly at our Singapore assets,&rdquo said Susan Leng, CEO of SPH Reit.
Looking ahead, SPH Reit said that it would maintain a disciplined approach to capital management. As at end-August, the proportion of fixed debt is 71 per cent, with an average cost of debt of 1.77 per cent. The Reit has S$1.3 billion in borrowings at a gearing ratio of 30 per cent and a weighted average term to maturity of 2.5 years.
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chengwh1
Elite |
08-Oct-2022 13:19
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Dpu dropped on a year-on-year basis from 1.58c payout for 4QFY2021 to 1.39c (4QFY2022), being a 12%. The Press Release and the IR Slides emphasized on the 12M FY2022 Financial performance, and made no specific mention on the current performance vs the previous year period. And even if we factor-in an approximate 0.13 cent of 4QFY2020 distributable income deferred as allowed under COVID-19 relief measures into the 1.58c payout last year, the current 1.38c is still LOWER this time round, though a Return to normalcy took place after social distancing measures were substantially lifted in April 2022. Why is there a drop from a previous ' worse local environment' ? This environment today shld be very much better. And there was no Notification of Results Release for this important Financial Year-end Reporting. Why is this so ? |
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spursfan
Elite |
08-Oct-2022 10:46
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PRESS RELEASE
8 October Resilient portfolio benefits from recovering retail sentiments - 12M FY2022 DPU at 5.52 cents, 2% increase year-on-year - Net Property Income rose 3.5% yoy to S$209.7 million - Maintains strong portfolio occupancy rate of 97.5% SINGAPORE, 8 October 2022 ? SPH REIT Management Pte. Ltd. (?SPH RM? or the ?Manager?), the Manager of SPH REIT, today announced its financial results for the 12 months ended 31 August 2022 (?12M FY2022?). On 29 July 2022, SPH REIT announced a change in financial year end from 31 August to 31 December. The revised FY 2022 will be a 16-month period from 1 September 2021 to 31 December 2022. Distribution for four months ending on 31 December 2022 is scheduled to be declared in February 2023. In April 2022, the Covid-19 social distancing measures in Singapore were substantially lifted except for the requirement to wear masks at indoor venues. SPH REIT?s assets in Singapore benefited from the easing and saw improvements both in footfall and tenant sales. Meanwhile in Australia, similar movement restrictions were lifted earlier in December 2021. Financial Performance SPH REIT?s gross revenue increased 1.7% yoy to S$281.9 million and net property income (?NPI?) increased 3.5% yoy to S$209.7 million. SPH REIT declared a distribution per unit (?DPU?) of 1.39 cents for 4Q FY 2022. This distribution will be paid to unitholders on 25 November 2022. Full year distribution ended 31 August 2022 DPU was 5.52 cents, an increase of 2.2% yoy.... https://links.sgx.com/1.0.0/corporate-announcements/R08XFV32KJJMJCTR/733793_SPH%20REIT%20Press%20Release%2012MFY22_Final.pdf |
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LongXia
Veteran |
12-Jul-2022 17:32
Yells: "BBs never say why when they buy, never tell when they sell!!" |
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Up to 0.945 suddenly... even though market bleeding. coffee shops strongly believe that a corporate movement is happening soon. please hor, coffee shop story, believe or not believe I don' t care. |
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n3wbie
Master |
09-Jul-2022 01:03
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Somewhat disappointing that they did not provide any updates on what the future entails now that the dust have settled on the transaction. Just a plain vanilla update on the operating stats with 3Q update. | ||
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Joelton
Supreme |
08-Jul-2022 14:56
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SPH Reit posts 5.1% rise in Q3 DPU
SPH Reit : SK6U +2.26% posted a 5.1 per cent increase in distribution per unit to 1.45 Singapore cents for the third quarter ended May 31, 2022, from 1.38 Singapore cents a year ago. This gives it an annualised distribution yield of 5.8 per cent.
In its business update released on Jul 7, the real estate investment trust&rsquo s (Reit&rsquo s) manager noted that year-to-date third quarter gross revenue rose 0.9 per cent year-on-year to S$211.6 million.
It attributed this to high Covid-19 vaccination rates and the easing of safe distancing measures that helped to stabilise portfolio performance.
The distribution will be paid on Aug 29, after the record date on Jul 18.
The Reit manager added that year-to-date third quarter FY2022 sales at its properties in Singapore and Australia properties rose by approximately 12 per cent and 2 per cent year-on-year respectively.
SPH Reit&rsquo s occupancy rate stands at 97.6 per cent as at May 31. Meanwhile, its weighted average lease expiry (WALE) by net lettable area stood at 5.4 years and its WALE by gross rental income stood at 2.9 years.
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chengwh1
Elite |
06-Jul-2022 17:48
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Judging by today' s unit price performance, looks like there may be problems with the coming reporting. Or,..... price is beling ' pushed down' ,.... | ||
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chengwh1
Elite |
01-Jul-2022 11:36
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See what other following annt' s will be filed now,... Otherwise, if none, the coming qtr reporting will give a clearer picture of Cuscaden' s coming plans. | ||
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paul1688
Veteran |
01-Jul-2022 11:27
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SINGAPORE (THE BUSINESS TIMES) - The chain offer for SPH Reit has closed with valid acceptances in respect of 402.9 million units, representing about 14.36 per cent of total issued units, according to a bourse filing on Thursday night (June 30).
This will bring Cuscaden Peak and its concert parties' stake in the real estate investment trust (Reit) to 61.68 per cent, or about 1.73 billion units. The offer had previously turned unconditional on June 1 after it received valid acceptances representing about 4.64 per cent of total issued SPH Reit units. Cuscaden, a consortium comprising Hotel Properties, businessman Ong Beng Seng and Temasek-linked entities CLA and Mapletree, had in April 2022 offered to acquire SPH Reit at the minimum offer price of 93.72 cents per unit. This came following the completion of an offer by Cuscaden to take Singapore Press Holdings (SPH) private, which resulted in Cuscaden and its concert parties owning 47.2 per cent of SPH Reit. Units of SPH Reit were trading down 0.5 cent, or 0.5 per cent, to 93 cents at 10.42am on Friday, after the announcement. |
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chengwh1
Elite |
01-Jul-2022 00:03
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Announced at 11.15 pm (or dropped into my Inbox) = ONLY 61.68% is under Cuscaden' s control as of 5.30 pm Hence, Cuscaden is not ' forced' to buyout all unitholders ! Since Cuscaden said earlier they have no intention to delist and to take SPHR private, SPHR will go on in a business-as-usual manner, IF Cuscaden keeps her words. If Cuscaden keeps her words, they will not put another offer on the table again. Unitholders will continue to own SPHR, and SPHR will prosper with Singapore' s re-opening. Let' s see,.... |
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Goldfinger
Supreme |
30-Jun-2022 22:44
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Will it remain listed? Anyone knows what is the current percentage under Cuscaden control?
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coyote
Member |
30-Jun-2022 13:16
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Today is last day of of accepting the offer and share price is only kept up to 0.935 - 0.94. Seemed price is supported because of the offer.
After the offer lapse today, share price will drop below 0.937? |
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LongXia
Veteran |
13-Jun-2022 18:24
Yells: "BBs never say why when they buy, never tell when they sell!!" |
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Hit $0,95 convincingly, even though the market was on its knees, bleeding... i m sure it will hit $1.00 by next month or earlier when the takeover offer expired.... Stay tuned for a marriage proposal. |
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LongXia
Veteran |
09-Jun-2022 10:58
Yells: "BBs never say why when they buy, never tell when they sell!!" |
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Today someone keeps attacking the 95 wall.... Theres some coffee shop story to it... I' ll tell some later because some uncles may be in the middle of it. although the offer will expire at of the month, I think it is not likely to cross the 90% mark, so I suspect the horse trading already done.... |
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LongXia
Veteran |
06-Jun-2022 17:39
Yells: "BBs never say why when they buy, never tell when they sell!!" |
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With due respect, if you want to be an expert in charts, MA Or SA or TA or whatever, at least get to know what are the basics in SGX rulings... in particular what the threshold of 30%, 50%, 90% means in a takeover setting... as well as a simple meaning in a whitewash resolution.... then you may get lesser headaches.. cheers
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ytthong1951
Member |
06-Jun-2022 10:15
Yells: "It 'll be about 2mths 23 days befor Oue reports its 4q'18. I" |
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LongXia Senior' s post 5Jun' 22 17:06 is accurate & correct. The consortium taking over Sph Reit is saying in Sgx that they will not be actively pursuing delisting unless their holding crosses 90%. At the last that I read, it is only 51+%. I am not selling mine too until it perhaps crosses the $1 mark or where the yield is less than 5%. wyeo. |
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ysh2006
Supreme |
06-Jun-2022 07:16
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Mr Ong only now get 51% cannot force buy from you.So if from now till month end most SH don't selll can already ...
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TA_Expert
Supreme |
05-Jun-2022 17:40
Yells: "The World has changed" |
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Are you even given a choice? It has become compulsory acqusition, i.e. whether you accept or not, the sale will still proceed. This is a daylight robbery by the BBs. All the long term shareholders lose money. This is a another classic case that Temasek companies kill minority shareholders. |
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