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https://links.sgx.com/FileOpen/_Form3%20SPH%20REITfinalNTUC.ashx?App=Announcement& FileID=619586
NTUC sold 400,000 units on 17 June . reduced its holding to 4.99% . They see no more future in this Reit ?
NTUC sold 400,000 units on 17 June . reduced its holding to 4.99% . They see no more future in this Reit ?
The Rental Waiver ruling has been passed along with the ann' t of the Fortitude Budget last Tuesday. The number of patrons allowed into a mall at any one time may be controlled. How will these affect mall perfomance moving forward ?
DBS upgrades SPH Reit to ' hold' , sees light at end of tunnel
SPH Reit was upgraded by DBS Group Research yesterday.
Analyst Dale Lai raised the trust' s target price from 70 cents to 80 cents and re-rated it from " fully valued" to " hold" .
SPH Reit units closed up 0.6 per cent to 83 cents yesterday.
Mr Lai upgraded the stock as the real estate investment trust (Reit) is trading at its trough valuation, with an estimated price to net asset value ratio of about 0.86.
He raised the target price to reflect the resumption of rental collections in the coming weeks as malls prepare to reopen in July.
" As the worst of the Covid-19 pandemic is past us, we can see the light at the end of the tunnel with the gradual easing of the circuit breaker measures," he wrote.
Mr Lai added that SPH Reit' s distribution per unit (DPU) cut may have come as a shock to investors, but could now " become the upside surprise" given the nation' s recently proposed rental waiver Bill.
The Reit cut DPU by 79 per cent to 0.3 cents for the second quarter, with the retained income used to offset tenant rents in the circuit breaker.
SPH Reit committed up to 2.3 months of rental relief to selected tenants - the most generous among retail landlords.
Under the proposed rental waiver Bill, landlords could potentially have to give tenants up to two months of rental relief, Mr Lai said.
Measures in Tuesday' s Fortitude Budget mean landlords would have to grant a rental waiver to small and medium-sized enterprise (SME) tenants that have suffered a significant revenue drop in the past few months.
Eligible SME tenants in commercial properties will receive four months of rental relief, shared equally between the government and landlords.
However, Mr Lai said it is " unlikely" that SPH Reit would have to provide more rebates, or make further provisions, given the already generous rebates given to its tenants.
" We see limited downside risks (caused by the proposed Bill) to SPH Reit' s earnings forecasts. Its prudence in making provisions for tenant rental relief should provide some buffer to revenues for the rest of (the year)," he wrote.
Mr Lai noted that SPH Reit' s Paragon mall in Orchard Road will continue facing weakness in the near term as tourist arrivals and luxury retail remain impacted by the pandemic and impending economic slowdown.
https://www.straitstimes.com/business/companies-markets/dbs-upgrades-sph-reit-to-hold-sees-light-at-end-of-tunnel-0
SPH REIT MANAGEMENT PTE. LTD.(Registration No: 201305497E)(Incorporated in the Republic of Singapore)CHANGE TO HALF-YEARLY REPORTING OF FINANCIAL STATEMENTSSPH REIT Management Pte. Ltd., in its capacity as manager of SPH REIT (the &ldquo Manager&rdquo ), refers to the amendments to Rule 705(2) of the Listing Manual of the Singapore Exchange Securities Trading Limited which were effective from 7 February 2020.
The Manager wishes to announce that SPH REIT will henceforth adopt the practice of announcingfinancial statements on a half-yearly basis. Accordingly, the nexthalf-yearly financial statement announcement will be for the period 1 March 2020 to 31 August 2020.
Notwithstanding the foregoing, the Manager will maintain communication with stakeholders through various channels, and provide, where appropriate, business updates in between the announcements of half-yearly financial statements.
SPH REIT intends to maintain the current practice of making quarterly distribution to unitholders. Each distribution, as always, will be subject to the approval of the board of the Manager.
The Manager wishes to announce that SPH REIT will henceforth adopt the practice of announcingfinancial statements on a half-yearly basis. Accordingly, the nexthalf-yearly financial statement announcement will be for the period 1 March 2020 to 31 August 2020.
Notwithstanding the foregoing, the Manager will maintain communication with stakeholders through various channels, and provide, where appropriate, business updates in between the announcements of half-yearly financial statements.
SPH REIT intends to maintain the current practice of making quarterly distribution to unitholders. Each distribution, as always, will be subject to the approval of the board of the Manager.
Charity organisation ?
john_ric ( Date: 04-Apr-2020 11:55) Posted:
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If they do this forever what can you do?
Retail is affected all over the world. Lippo total shutdown. Why need to focus on reits? Buy shares if u think got potential and price will appreciate. Dont believe in dividend strategy.
Another way is to short reits now.
Another way is to short reits now.
The question is : is this 33.3Mil provision to provide for the whole year, or for which months ? Workings should be shown to us since these are official provisions made on their side. I hoped this 33.3Mil is not just an arbitrary figure ' plucked from the air' . On a side note,... Frasers Centrepoint Trust said, together with Frasers Property Retail Ltd,... they have set aside 45Mil as their Tenant Relief Package. Looks like FCT' s dpu plunge will be similar, if not higher than SPHR' s here.
I guessed it' s abt time we start considering the SG REITs with assets outside of SG.
I guessed it' s abt time we start considering the SG REITs with assets outside of SG.
ahlim88 ( Date: 03-Apr-2020 10:12) Posted:
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In that case, this low dpu that we are receiving this quarter would be just for this time, and for the 3rd and 4th quarter FY2020, the dpu should be able to recover back to above 1.39c and 1.46c respectively since provisions have been made this quarter. Secondly, in order for SPH REIT to continue remaining a REIT, it has to ' catch-up' with the paying out of dividends to unitholders for the rest of the year, otherwise, SPH REIT will have to pay corporate tax.
brchkho1 ( Date: 03-Apr-2020 09:55) Posted:
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Dividend policy stated to pay no less than 90% of income in each year and not each quarter. For SPH Reit, this is only the 1st half, I believed the management is expecting lower income in the coming month, hence keeping some for next reportinng instead of much lesser distribution.
uiop1223 ( Date: 02-Apr-2020 14:16) Posted:
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It' s top executives and BOD shd all also take a similar amount of salary and bonus cuts.
Inclding the fat general at SPH.
Inclding the fat general at SPH.
lawrence83 ( Date: 03-Apr-2020 09:11) Posted:
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Yeah. cutting 77% is very huge. imagine those retiree rely on reit dividend as their only sources of income.
Starship ( Date: 02-Apr-2020 14:37) Posted:
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This SPH Reit is really a jinx.
Bcos of it' s announcement, now all the shopping mall reits are falling down the cliff.
Bcos of it' s announcement, now all the shopping mall reits are falling down the cliff.
But i thought reits have to pay 90% of their distributable income in order to get some tax exemptions? The distributable income increase but mtgm decrease the DPU. Is this ok?
It shd cut fatty' s salary and bonuses by 78.7% instead.
chengwh1 ( Date: 02-Apr-2020 13:32) Posted:
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Why did they pullback the early dividend ann' ts and replaced with the same thing this afternoon ? There are just so many questions ????
Wherever the fat general goes, flee for your lives.
Their reporting mentioned they will start to give rental reliefs to tenants in Australia. With this, the dpu will be hit even harder than 79% down for the coming quarters.
Bro,... it' s 0.3cts per unit, meaning it' s $0.003 per unit, for which, you are right : 1000 units will earn you $3.00.
john_ric ( Date: 01-Apr-2020 23:21) Posted:
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Any analyst reports before 31 March should be discarded .
As the second seriousness of the new dev of covid was not expected st that time.
As the second seriousness of the new dev of covid was not expected st that time.