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where to find the manager fees?
TenPips ( Date: 26-Jan-2018 10:26) Posted:
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Mr Tong is SSH of both Viva (49.85%) and ESR Reits (18%), and probably the driving force behind this propose merger. The merger should be good fro Viva. Now, what will Viva SH get from the merged entity is what all SH are interested at this moment. I hope mgm will fight for a premium over its current traded share value. I suppose there will be voting process to get SH approval. In the mean time, I am looking forward to 1.85+ cents Div coming up end April/early May.
spore1 ( Date: 15-Feb-2018 17:00) Posted:
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With the merger what will be the NAV and Dpu like
Clipper ( Date: 15-Feb-2018 15:41) Posted:
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The recent 0.86 price is attractive. The last Div/DPU was 1.857 cents at $0.86 the yield is 8.64%, even at $0.92 price, the yield is 8.07% I do expect her Div/DPU to remain at 1.8+ cents or better in 2018. I saw it went to a low $0.84. I am vested since 2017, and looking to add more at the $0.80+ region.
yeey3e ( Date: 14-Feb-2018 22:38) Posted:
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i) Price is above NAV: P/B ratio (mrq): 1.13 (against 1.00 average of the 39 S-REITs)
ii) Possible upcoming rights issue, to par down debt: Debt/Equity Ratio (mrq): 70.07 (the 2nd highest amongst S-REITs) , implying a leverage ratio of 41.2% when the REIT regulatory limit is 45%.
iii) With the rising interest rates for the next few years, the interest expense should increase. Even if interest rate on debt is fixed, interest expense will inevitably increase in upcoming years when the fixed debt has expired.
iv) Faling earnings despite increasing revenues: Revenue has increased y-o-y from $74.19mil (in FY14) to $126.38mil (in FY17), however earnings had fallen from $45.80mil (in FY14) to 38.60mil (in FY17).
In the upcoming year, the price could trend lower. Price is above intrinsic value.
ii) Possible upcoming rights issue, to par down debt: Debt/Equity Ratio (mrq): 70.07 (the 2nd highest amongst S-REITs) , implying a leverage ratio of 41.2% when the REIT regulatory limit is 45%.
iii) With the rising interest rates for the next few years, the interest expense should increase. Even if interest rate on debt is fixed, interest expense will inevitably increase in upcoming years when the fixed debt has expired.
iv) Faling earnings despite increasing revenues: Revenue has increased y-o-y from $74.19mil (in FY14) to $126.38mil (in FY17), however earnings had fallen from $45.80mil (in FY14) to 38.60mil (in FY17).
In the upcoming year, the price could trend lower. Price is above intrinsic value.
anyone grabbed some cheap share at 0.86? was thinking to enter at this price, seem attractive
https://www.theedgesingapore.com/buy-esr-reit-how-you-play-its-merger-viva-says-dbs
valuation wise esr which is trading at 0.95 p/nav is more attractive compare to vit which is trading at 1.24 p/nav, hence esr having more potential for share price appreciation upon merger completion. I&rsquo m vested with esr.
valuation wise esr which is trading at 0.95 p/nav is more attractive compare to vit which is trading at 1.24 p/nav, hence esr having more potential for share price appreciation upon merger completion. I&rsquo m vested with esr.
http://research.sginvestors.io/2018/01/viva-industrial-trust-vit-sp-maybank-kim-eng-2018-01-29.html?m=1
looking at the mgm teams from both companies, I would think the VIT CEO will be most suitable to run. His experience and background has help turn around VIT. If they merged, I hope he runs the enlarged company. Then, with good mgm team and the financial backup from the US Fund, the the pan asian reach the ESR ppl brings, this will be a strong REIT to invest in. Hope the outcome will be mutually beneficial to both parties.
laksaman57 ( Date: 29-Jan-2018 17:50) Posted:
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Can save a chunk of money & increase dpu, by having just one mgr 😆
from the VIT annoucement, ESR propose to acquire VIT thru ESR Units. Looking at teh annual reports (2016). Mr Tong thru Summit Shanghai owns approx 44% of VIT and 13% of ESR. He is major SSH of both, and thus may be the force behind the merger. Warburg, ESR-Redwood each own 12% in ESR Reits, SSH.
Personally, I like VIT after they resolved the issues in 2016, and the share price has been increasing since then till now. DPU has increase q-q at 7% yield now. The CEO Wilson has done a good job transforming VIT and I think the CEO takes his pay in VIT units. That' s a management confidence in his company. Merger may be good for both to scale and improve cost, capital. I hope VIT can negotiate a good ' price' for all shareholders. Vested in VIT since 2017, ex Div 1 Feb 1.857 cents waiting to collect Div and decide what to do with my VIT shares.
Personally, I like VIT after they resolved the issues in 2016, and the share price has been increasing since then till now. DPU has increase q-q at 7% yield now. The CEO Wilson has done a good job transforming VIT and I think the CEO takes his pay in VIT units. That' s a management confidence in his company. Merger may be good for both to scale and improve cost, capital. I hope VIT can negotiate a good ' price' for all shareholders. Vested in VIT since 2017, ex Div 1 Feb 1.857 cents waiting to collect Div and decide what to do with my VIT shares.
calvinlooi ( Date: 29-Jan-2018 13:20) Posted:
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What is ur view on Viva?
Got merger price that noob?
Got merger price that noob?
May vest on this stock but will only see it touch 200MA.
After all, It show a long term uptrend.
After all, It show a long term uptrend.
So sudden. Haha.
But why recent drop in price?
Purposely push down to make cheap merger? Someone not happy want sell shares?
But why recent drop in price?
Purposely push down to make cheap merger? Someone not happy want sell shares?
merging with ESR.....
Thank you for sharing. But 86% jump (more than $2million) is a lot for mgmt fee. I don' t see DPU increase by this much, seemed flat 2017 vs 2016.
That' s okay. It' s now halted. Let' s await the news.
That' s okay. It' s now halted. Let' s await the news.
sweetbear90 ( Date: 26-Jan-2018 13:27) Posted:
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they achieved a performance fee for 2017 for increasing DPU in 2017. This bonus was not given in 2016 since DPU declined that year.
TenPips ( Date: 26-Jan-2018 10:26) Posted:
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Anybody has any background why manager fee increased by 86% in 2017 vs 2016? Was keen on this until I saw this detail.
bro coco, the downward price since yesterday may suggest someone is off loading. I like this Reit as it gives a good div (> 7%). I will be interested to add when price hit $0.9 region in the next few days. Another round of Div, 1.8 cents, coming up in Jan 18 timeframe.
oldcoconut ( Date: 26-Nov-2017 01:36) Posted:
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picked up some at closing when px was seriously depressed. hope it' s just portfolio adjustments by some fund manager.