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My concern is the deep discount (29%) of the rights issue. It shows a certain determination / desperation for the rights issue to be successful.
Vested.
Took a look at the presentation slides and it was clearer. I think maybe the incremental value and benefits could come from the discounted rights shares which will enjoy the same DPU as the current issued shares which will also have the 0.01% higher DPU :) . Other views appreciated. Tks
Goldfinger ( Date: 29-Sep-2015 09:37) Posted:
I may be missing something here, but could anyone shed some light as to the merits of this purchase given that DPU enhancement is only 0.01% whereas there is significant costs relating to the transaction besides this being a leasehold property? Thanks
katak88 ( Date: 29-Sep-2015 09:03) Posted:
By PC Lee / theedgemarkets.com | September 29, 2015 : 8:28 AM MYT
SINGAPORE (Sept 29): Croesus Retail Trust is acquiring Torius Property, a retail property located in Fukuoka, Japan, for a purchase consideration of JPY8 billion ($95.2 million), through debt and equity financing.
The consideration represents a 3.7% discount to valuation of JPY8.3 billion.
Torius Property is a large-scale suburban retail mall located in the satellite town of Hisayama-machi of Kasuya-gun, which is 13 km from central Fukuoka City on Japan&rsquo s Kyushu Island.
Comprising 36 single- or double-storey buildings, Torius Property occupies a land area of 257,173 sqm and has a net lettable area of 77,032 sqm.
The leasehold interest of the main parcel of land on which Torius Property is sited will expire on Feb 9, 2060.
Assuming that Torius Property was acquired by CRT on July 1, 2014 and held for the financial year ended 30 June 2015 (FY2015), the pro forma Distribution per Unit (DPU) yield of CRT' s enlarged portfolio be 9.41%, compared to the actual DPU yield of the existing portfolio of 9.40%.
To fund the acquisition, there will be an issue of new Japanese onshore five-year specified bonds of JPY4 billion.
There is also a rights issue of 114.2 million units in CRT at 61 cents each to raise gross proceeds of $69.7 million.
Shareholders will be entitled to subscribe to 22 rights units for every 100 units held.
The issue price represents a discount of 29.1% to the closing price of 86 cents per unit on Sept 28, and a discount of 25.2% to the theoretical ex-rights price of 81.5 cents per unit.
The manager of CRT says Torius Property offers a diverse and unique mix of 145 tenants.
Some of them include Costco (wholesale supermarket), Nafco (interior and furniture, DIY), United Cinema (cinema), Rakuichi Rakuza (amusement centre) and Daiso (100 yen shop).
Other notable facilities at Torius Property include a petting zoo, as well as an outdoor barbecue park.
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I may be missing something here, but could anyone shed some light as to the merits of this purchase given that DPU enhancement is only 0.01% whereas there is significant costs relating to the transaction besides this being a leasehold property? Thanks
katak88 ( Date: 29-Sep-2015 09:03) Posted:
By PC Lee / theedgemarkets.com | September 29, 2015 : 8:28 AM MYT
SINGAPORE (Sept 29): Croesus Retail Trust is acquiring Torius Property, a retail property located in Fukuoka, Japan, for a purchase consideration of JPY8 billion ($95.2 million), through debt and equity financing.
The consideration represents a 3.7% discount to valuation of JPY8.3 billion.
Torius Property is a large-scale suburban retail mall located in the satellite town of Hisayama-machi of Kasuya-gun, which is 13 km from central Fukuoka City on Japan&rsquo s Kyushu Island.
Comprising 36 single- or double-storey buildings, Torius Property occupies a land area of 257,173 sqm and has a net lettable area of 77,032 sqm.
The leasehold interest of the main parcel of land on which Torius Property is sited will expire on Feb 9, 2060.
Assuming that Torius Property was acquired by CRT on July 1, 2014 and held for the financial year ended 30 June 2015 (FY2015), the pro forma Distribution per Unit (DPU) yield of CRT' s enlarged portfolio be 9.41%, compared to the actual DPU yield of the existing portfolio of 9.40%.
To fund the acquisition, there will be an issue of new Japanese onshore five-year specified bonds of JPY4 billion.
There is also a rights issue of 114.2 million units in CRT at 61 cents each to raise gross proceeds of $69.7 million.
Shareholders will be entitled to subscribe to 22 rights units for every 100 units held.
The issue price represents a discount of 29.1% to the closing price of 86 cents per unit on Sept 28, and a discount of 25.2% to the theoretical ex-rights price of 81.5 cents per unit.
The manager of CRT says Torius Property offers a diverse and unique mix of 145 tenants.
Some of them include Costco (wholesale supermarket), Nafco (interior and furniture, DIY), United Cinema (cinema), Rakuichi Rakuza (amusement centre) and Daiso (100 yen shop).
Other notable facilities at Torius Property include a petting zoo, as well as an outdoor barbecue park.
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By PC Lee / theedgemarkets.com | September 29, 2015 : 8:28 AM MYT
SINGAPORE (Sept 29): Croesus Retail Trust is acquiring Torius Property, a retail property located in Fukuoka, Japan, for a purchase consideration of JPY8 billion ($95.2 million), through debt and equity financing.
The consideration represents a 3.7% discount to valuation of JPY8.3 billion.
Torius Property is a large-scale suburban retail mall located in the satellite town of Hisayama-machi of Kasuya-gun, which is 13 km from central Fukuoka City on Japan&rsquo s Kyushu Island.
Comprising 36 single- or double-storey buildings, Torius Property occupies a land area of 257,173 sqm and has a net lettable area of 77,032 sqm.
The leasehold interest of the main parcel of land on which Torius Property is sited will expire on Feb 9, 2060.
Assuming that Torius Property was acquired by CRT on July 1, 2014 and held for the financial year ended 30 June 2015 (FY2015), the pro forma Distribution per Unit (DPU) yield of CRT' s enlarged portfolio be 9.41%, compared to the actual DPU yield of the existing portfolio of 9.40%.
To fund the acquisition, there will be an issue of new Japanese onshore five-year specified bonds of JPY4 billion.
There is also a rights issue of 114.2 million units in CRT at 61 cents each to raise gross proceeds of $69.7 million.
Shareholders will be entitled to subscribe to 22 rights units for every 100 units held.
The issue price represents a discount of 29.1% to the closing price of 86 cents per unit on Sept 28, and a discount of 25.2% to the theoretical ex-rights price of 81.5 cents per unit.
The manager of CRT says Torius Property offers a diverse and unique mix of 145 tenants.
Some of them include Costco (wholesale supermarket), Nafco (interior and furniture, DIY), United Cinema (cinema), Rakuichi Rakuza (amusement centre) and Daiso (100 yen shop).
Other notable facilities at Torius Property include a petting zoo, as well as an outdoor barbecue park.
I was puzzled why suddenly it dropped so much on Monday and I dared not to accumulate. But today first thing in the morning I saw the Q4FY15 results was good hence I queued to buy 10k shares at 83.5 cents and I got it.
Secret_Squirrel ( Date: 26-Aug-2015 21:30) Posted:
Today up 4 cents to 87 cents. Few days ago drop below 80 cents. Those who bought below 80 cents are laughing all the way to the bank.
katak88 ( Date: 26-Aug-2015 14:35) Posted:
Croesus Retail Trust' s Q4 FY2015 DPU up 1%
By Claire Huang
AUG 26, 2015 8:31 AM
CROESUS Retail Trust (CRT), the Asia-Pacific' s first retail business trust, on Wednesday posted a one per cent year-on-year increase in distribution per unit (DPU) for the fourth quarter to 2.02 Singapore cents, lifted by foreign-exchange gains and lower administrative expenses.
Income available for distribution for the three months ended June 30, 2015, rose 23.9 per cent to 876.7 million yen (S$10.4 million). Gross revenue rose 25.5 per cent to 1.99 billion yen, mainly due to the acquisition of One' s Mall in October 2014 and tenants' renewal exercise at Mallage Shobu.
Net property income for Q4 grew 18.2 per cent to 1.21 billion yen.
For the full year ended June 2015, DPU was up 2.8 per cent year on year to 8.08 Singapore cents. This translates to income available for distribution of 3.36 billion yen, up 20.7 per cent.
CRT recorded gross revenue of 7.64 billion yen in FY2015, up 39.3 per cent, due mainly to three properties in Japan in 2014.
As at end-June, the company' s portfolio comprises seven retail properties in Japan.
In its outlook, CRT said Japan' s economy has been slowing and that the Bank of Japan had announced further quantitative-easing policies in late 2014, which has weakened the yen.
" This would also lead to further accelerated rise in real estate prices in Japan. The aggregate value of CRT' s seven properties increased 7.9 per cent as compared to prior valuation," said the company.
It said it receives its distributable income in yen but pays out in Sing dollars so it has hedged close to 100 per cent of the distribution up to December 2016 to minimise exposure to fluctuations in exchange rates.
CRT added that its properties " are expected to continue generating robust and stable cash flows in the next reporting period and in the next 12 months" .
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Today up 4 cents to 87 cents. Few days ago drop below 80 cents. Those who bought below 80 cents are laughing all the way to the bank.
katak88 ( Date: 26-Aug-2015 14:35) Posted:
Croesus Retail Trust' s Q4 FY2015 DPU up 1%
By Claire Huang
AUG 26, 2015 8:31 AM
CROESUS Retail Trust (CRT), the Asia-Pacific' s first retail business trust, on Wednesday posted a one per cent year-on-year increase in distribution per unit (DPU) for the fourth quarter to 2.02 Singapore cents, lifted by foreign-exchange gains and lower administrative expenses.
Income available for distribution for the three months ended June 30, 2015, rose 23.9 per cent to 876.7 million yen (S$10.4 million). Gross revenue rose 25.5 per cent to 1.99 billion yen, mainly due to the acquisition of One' s Mall in October 2014 and tenants' renewal exercise at Mallage Shobu.
Net property income for Q4 grew 18.2 per cent to 1.21 billion yen.
For the full year ended June 2015, DPU was up 2.8 per cent year on year to 8.08 Singapore cents. This translates to income available for distribution of 3.36 billion yen, up 20.7 per cent.
CRT recorded gross revenue of 7.64 billion yen in FY2015, up 39.3 per cent, due mainly to three properties in Japan in 2014.
As at end-June, the company' s portfolio comprises seven retail properties in Japan.
In its outlook, CRT said Japan' s economy has been slowing and that the Bank of Japan had announced further quantitative-easing policies in late 2014, which has weakened the yen.
" This would also lead to further accelerated rise in real estate prices in Japan. The aggregate value of CRT' s seven properties increased 7.9 per cent as compared to prior valuation," said the company.
It said it receives its distributable income in yen but pays out in Sing dollars so it has hedged close to 100 per cent of the distribution up to December 2016 to minimise exposure to fluctuations in exchange rates.
CRT added that its properties " are expected to continue generating robust and stable cash flows in the next reporting period and in the next 12 months" .
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Croesus Retail Trust' s Q4 FY2015 DPU up 1%
By Claire Huang
AUG 26, 2015 8:31 AM
CROESUS Retail Trust (CRT), the Asia-Pacific' s first retail business trust, on Wednesday posted a one per cent year-on-year increase in distribution per unit (DPU) for the fourth quarter to 2.02 Singapore cents, lifted by foreign-exchange gains and lower administrative expenses.
Income available for distribution for the three months ended June 30, 2015, rose 23.9 per cent to 876.7 million yen (S$10.4 million). Gross revenue rose 25.5 per cent to 1.99 billion yen, mainly due to the acquisition of One' s Mall in October 2014 and tenants' renewal exercise at Mallage Shobu.
Net property income for Q4 grew 18.2 per cent to 1.21 billion yen.
For the full year ended June 2015, DPU was up 2.8 per cent year on year to 8.08 Singapore cents. This translates to income available for distribution of 3.36 billion yen, up 20.7 per cent.
CRT recorded gross revenue of 7.64 billion yen in FY2015, up 39.3 per cent, due mainly to three properties in Japan in 2014.
As at end-June, the company' s portfolio comprises seven retail properties in Japan.
In its outlook, CRT said Japan' s economy has been slowing and that the Bank of Japan had announced further quantitative-easing policies in late 2014, which has weakened the yen.
" This would also lead to further accelerated rise in real estate prices in Japan. The aggregate value of CRT' s seven properties increased 7.9 per cent as compared to prior valuation," said the company.
It said it receives its distributable income in yen but pays out in Sing dollars so it has hedged close to 100 per cent of the distribution up to December 2016 to minimise exposure to fluctuations in exchange rates.
CRT added that its properties " are expected to continue generating robust and stable cash flows in the next reporting period and in the next 12 months" .
4q and full year results ended on 30 June 2015 will be released on 26 August wednesday before markets open.
https://m.youtube.com/watch?v=89fttxYP-_g
告 別 失 落 ２ ０ 年 日 本 強 勢 復 甦 朱 學 恒 20150820-1 關 鍵 時 刻
Saw the above youtube in chinese just now. Japan economy is improving. Spending by the citizens has improved. Thanks to Abe economic policy. Hopefully will improve Croesus dpu.
Goldfinger ( Date: 21-Aug-2015 23:19) Posted:
Thanks - given the Japan economy, think its good to borrow in Yen interest rates and currency. Loans will decline in SGD terms as Yen falls vs SGD. Rates will also stay low.
Secret_Squirrel ( Date: 21-Aug-2015 22:40) Posted:
Yes, found it in the pdf file there. June 2015 investor presentation.
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Thanks - given the Japan economy, think its good to borrow in Yen interest rates and currency. Loans will decline in SGD terms as Yen falls vs SGD. Rates will also stay low.
Secret_Squirrel ( Date: 21-Aug-2015 22:40) Posted:
Yes, found it in the pdf file there. June 2015 investor presentation.
Secret_Squirrel ( Date: 21-Aug-2015 22:16) Posted:
I think it was in the investor presentation pdf file every now and then upload at sgx website under company disclosure which mention borrowing and interest rates in yen.
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Yes, found it in the pdf file there. June 2015 investor presentation.
Secret_Squirrel ( Date: 21-Aug-2015 22:16) Posted:
I think it was in the investor presentation pdf file every now and then upload at sgx website under company disclosure which mention borrowing and interest rates in yen.
Goldfinger ( Date: 20-Aug-2015 08:29) Posted:
Read somewhere before I thought that their borrowings and interest rates are in Yen? Anyone can recall or confirm?
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I think it was in the investor presentation pdf file every now and then upload at sgx website under company disclosure which mention borrowing and interest rates in yen.
Goldfinger ( Date: 20-Aug-2015 08:29) Posted:
Read somewhere before I thought that their borrowings and interest rates are in Yen? Anyone can recall or confirm?
motome ( Date: 19-Aug-2015 23:15) Posted:
| Fear of rising interest rates by Fed? |
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Read somewhere before I thought that their borrowings and interest rates are in Yen? Anyone can recall or confirm?
motome ( Date: 19-Aug-2015 23:15) Posted:
Fear of rising interest rates by Fed?
Jasonsouza77 ( Date: 19-Aug-2015 18:41) Posted:
anyone can comment on today' s drop? been a long time since ive seen croesus drop below 90 :(
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Fear of rising interest rates by Fed?
Jasonsouza77 ( Date: 19-Aug-2015 18:41) Posted:
anyone can comment on today' s drop? been a long time since ive seen croesus drop below 90 :(
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anyone can comment on today' s drop? been a long time since ive seen croesus drop below 90 :(
See cimb research report below :
https://brokingrfs.cimb.com/Jlbr-XD668SXRPw1gAi1K9nkgOgHCKP-K3mIfQfs9GIngu2QFwPYUL9wE83HhqXAwuzAdV0DDe81.pdf
TP $1.10
Croesus Retail Trust delivers 8% DPU quarterly y-o-y growth for 3Q FY2015
Result can be better.
Delivered net property income of JPY 1,162.7 million, outperforming 3Q FY2014 by 24.5%, despite temporary
store closures for tenant renewal exercise at Mallage Shobu
Tenant renewal and asset enhancement exercise at Mallage Shobu substantially completed with minimal
disruptions to operations
Positive economic indicators and consumer sentiment present CRT with favourable growth prospects
Croesus Retail Trust' s Q3 distributions 8% higher than forecast
BY FIONA CHAN
SINGAPORE - Croesus Retail Trust, a Singapore-listed property trust focusing on Japanese malls, has announced a third-quarter distribution per unit was 8 per cent higher than forecast at 1.76 cents.
Income available for distribution also exceeded expectations by 7.4 per cent, coming in at 619.8 million yen (S$7.6 million), said the trust' s manager Croesus Retail Asset Management.
The trust' s gross revenue and net property income were 12.3 per cent and 3.7 per cent above forecasts respectively, at 1.4 billion yen and 933.7 billion yen.
" Our performance this quarter puts us on track to meet our full-year forecast," said Mr Jim Chang, chief executive and executive director of Croesus Retail Asset Management.
- See more at: http://www.straitstimes.com/news/business/companies/story/croesus-retail-trusts-q3-distributions-8-higher-forecast-20140515#sthash.SVFBbdwU.dpuf
Opening of Mallage Shobu Grand after renewal.
DBS tp $1
RHB tp $1.15
