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Rare that a company buys back its shares at a premium. Something is brewing
jimimal ( Date: 21-May-2024 13:03) Posted:
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Yah, bcos I dont believe the offer currently is so attractive, just wondering if everyone reading the detail .. just my view
It's on its way to 125 and u jump so early. Hope the landing was soft.
jimimal ( Date: 21-May-2024 12:58) Posted:
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Interesting share price up so much, offer is buyback 10% of the holding 1.25, so translate to 2 cents extra for yesterday price 1.05, I sold everything this morning 1.17, unless something more is cooking I dont know,
otherwise good price to sell now for the short term .. just my view
otherwise good price to sell now for the short term .. just my view
Temporary respite for shareholders.
OUE to buy back up to 84 million shares at S$1.25 apiece in off-market equal access offer
Offer price is 20% above average traded price over last five sessions
PROPERTY developer OUE : LJ3 -0.94% on Monday (May 20) proposed undertaking an off-market purchase of its ordinary shares at S$1.25 apiece under an equal access scheme.
The offer price represents a 20 per cent premium over the average of the last dealt prices of the share over the last five consecutive market days on the Singapore Exchange.
The company will buy back up to around 84 million shares, or about 10 per cent of its shares in issue as at Apr 26, 2024 &ndash the day the group&rsquo s share purchase mandate was approved.
Assuming OUE buys back the maximum number of shares available, the company will commit S$105.1 million. This amount will be funded through internal resources or external borrowings, said the company.
The proposed offer is not expected to result in a material adverse effect on the working capital requirements and gearing of the company.
Each shareholder will be entitled to sell 10 per cent of their total number of shares held in their own name, the group said in a bourse filing.
The offer will be open for acceptance by shareholders for 28 days from May 30, which is the day the acceptance form for shareholders will be dispatched. It will close at 5.30 pm on June 27, which is also the record date, based on an indicative timeline.
All shares purchased or acquired by the company in connection with the offer will be cancelled immediately on purchase.
OUE said that the offer is to reward shareholders for their loyalty and gives shareholders an &ldquo equitable opportunity&rdquo to realise a portion of their investments in the shares at a premium over recent market prices of the shares.
It also provides shareholders who find it difficult to sell a meaningful portion of their shareholdings in the company with an opportunity to realise a portion of their investments in the shares which may not otherwise be readily available due to their low trading liquidity.
The offer will also allow the company to enhance shareholders&rsquo value by reducing the total number of shares in issue, thereby increasing the earnings per share and net asset value per share of the company.
Share price up 13 cents to $1.18. Just because of yesterday announcement. 😅
OUE Reit Q1 NPI rises 6.9% to S$60.5 million
OUE Reit : TS0U 0% posted net property income (NPI) of S$60.5 million for its first quarter ended Mar 31, 2024, up 6.9 per cent from S$56.6 million a year ago.
Gross revenue rose 9.5 per cent to S$74.9 million for the quarter, from S$68.4 million a year ago.
The growth in NPI and revenue were mainly driven by higher contributions from Hilton Singapore Orchard &ndash which reopened earlier in 2023 after a rebranding exercise &ndash and the &ldquo resilient performance&rdquo of Singapore commercial properties, said the Reit&rsquo s manager in a bourse filing on Wednesday (Apr 24).
However, higher financing costs from the elevated interest rate environment will continue to weigh on upcoming distributions in the interim, the manager said.
It added that 100 per cent of base management fees will be paid in cash from the first quarter of 2024, an increase from 65 per cent previously.
The Reit&rsquo s commercial segment &ndash which comprises office and retail properties &ndash recorded a 3.3 per cent jump in revenue to S$48 million for Q1 FY2024, compared with the same period a year ago. Likewise, its NPI rose 1.7 per cent on the year to S$36.7 million for the quarter.
The Reit&rsquo s Singapore office portfolio had a committed occupancy rate of 95.1 per cent as at Mar 31, 2024. It recorded a positive rental reversion of 12.6 per cent for office lease renewals for Q1 FY2024, while average passing rent for the portfolio rose by 1 per cent quarter on quarter to S$10.50 per square foot per month in March 2024.
As for the Reit&rsquo s hospitality segment, revenue for the quarter rose 22.7 per cent year on year to S$26.9 million, while NPI rose 15.9 per cent to S$23.8 million.
Hospitality segment revenue per available room rose 23.3 per cent to S$280 for the quarter, underpinned by robust demand from the tourism, business travel, and meetings, incentives, conferences and exhibitions (Mice) sectors in Singapore, said the manager.
Han Khim Siew, the manager&rsquo s chief executive officer, said the timely asset enhancements at Hilton Singapore Orchard and Crowne Plaza Changi Airport enabled the Reit &ldquo to capitalise on the strong concerts and Mice pipelines&rdquo in the first quarter of 2024.
The Reit&rsquo s aggregate leverage stood at 38.8 per cent as at Mar 31, 2024, with no refinancing needs until the second half of 2025. Its weighted average cost of debt stood at 4.5 per cent per annum, while the weighted average term of debt was 2.2 years.
With 60 per cent of the Reit&rsquo s total debt hedged, the Reit can mitigate the impact of an elevated interest rate environment while maintaining financial flexibility, said the manager.
The Reit also obtained an unsecured sustainability-linked loan of S$600 million on Apr 23, 2024. This will allow it to refinance existing secured borrowings due in 2025 earlier on, on top of using the loan for general corporate purposes, said Han.
OUE declares final, special dividends amid halving of H2 profit to S$40.9 million
PROPERTY developer OUE : LJ3 -0.95% on Thursday (Feb 29) posted earnings of S$40.9 million for the second half of the fiscal year ended December 2023, down 59.6 per cent from S$101.2 million in the corresponding year-ago period.
On a per-share basis, earnings for H2 came in at S$0.0485 versus S$0.118 in the prior year, the company reported in a filing to the bourse.
The group attributed the weaker bottom line figures for the period under review to a combination of factors. These were namely a lower share of results of equity-accounted investees, higher fair-value losses recognised for investment properties and finance expenses, as well as a lower net write-back of impairment losses recognised on property, plant and equipment.
OUE said it also booked one-off gains in H2 2022 for the negative goodwill on investment in an equity-accounted investee and the reclassification of hedging reserves, which had boosted its profit figures then.
Revenue for H2 rose 8.9 per cent to S$318.6 million from S$292.4 million due to higher contributions from the group&rsquo s investment properties and hospitality divisions within the real estate segment, as well as higher revenue from its healthcare segment.
The board of directors has declared a final dividend of S$0.01 per share, down from a final dividend of S$0.015 per share paid out last year. The board has also declared a special dividend of S$0.02 per share as part of its 60th anniversary celebrations, OUE said.
The final and special dividends are subject to shareholder approval at the company&rsquo s annual general meeting on Apr 26. If approved, these dividends will be paid out to shareholders on May 24.
OUE&rsquo s net profit for the full year was down 57.3 per cent to S$81.1 million. Revenue for the full year was up 26.9 per cent to S$623.1 million.
Looking ahead, the group said the global and domestic economic environment is expected to remain challenging and uncertain.
OUE&rsquo said its &ldquo prime portfolio of strategically located commercial properties with diversified tenant base, hospitality and retail assets&rdquo as well as its complementary healthcare segment, is expected to provide a &ldquo stable performance&rdquo this year.
The company added that it has sufficient liquidity to meet its debt obligations and will continue to exercise prudent capital management.
This is OUE REIT, not OUE.
Not much happening with OUE. OUE REIT seems more attractive.
Not much happening with OUE. OUE REIT seems more attractive.
OUE REIT maintains 2HFY2023 DPU at 1.04 centsOUE REIT, the newly-renamed OUE LJ3 2.68% Commercial REIT TS0U -3.57% , has maintained its 2HFY2023 distribution at 1.04 cents per unit.Revenue in the same six months ended Dec 31 2023 was up 16.4% over the year-earlier period and its net property income increased by 15.9% y-o-y.However, the amount available for distribution was weighed down by higher finance costs. The REIT held back a bigger quantum for working capital its share of joint venture results dropped as well.The 2HFY2023 DPU brings its full-year distribution to 2.09 cents, down 1.4% y-o-y. Revenue for the full year was up 18% y-o-y to $285.1 million, with growth driven by the full reopening of its key hotel asset, Hilton Singapore Orchard. Net property income, meanwhile, was up 19.3% to $235 million." Over the past few years, we have successfully built a robust portfolio of commercial and hospitality properties in prime locations under one umbrella and are pleased that this diversified portfolio has allowed us to grow from strength to strength," says Han Khim Siew, CEO of the REIT' s manager." Postpandemic, our hospitality segment has been the key growth engine and has achieved remarkable performance following the successful rebranding of Hilton Singapore Orchard," he adds.In a bid to better capture the continued tourism recovery, OUE REIT in December last year completed the $22 million asset enhancement initiative for another hospitality asset, for Crowne Plaza Changi Airport.The REIT will focus on both organic and inorganic growth across both the hospitality and commercial sectors in Singapore, and abroad. It will be looking at " suitable portfolio reconstitution opportunities,&rdquo he adds.Due to active debt management, the REIT has no refinancing needs until the second half of 2025.As of Dec 31 2023, its aggregate leverage decreased to 38.2% while the weighted average cost of debt remained stable at 4.3% per annum.The proportion of fixed-rate debt remains high at 66.3% and the weighted average term of debt stood at 2.4 years as of December 31 2023.
Good AEI for OUE CREIT.
OUE Group completes $22 mil asset enhancement at Crowne Plaza Changi Airport
OUE Group LJ3 0.85% has announced the successful completion of its $22 million asset enhancement initiatives (AEI) for Crowne Plaza Changi Airport (CPCA) on Jan 3.
With the addition of a dozen guest rooms to a total of 575 rooms, a revamped all-day dining area and new meetings, incentives, conventions and exhibitions (MICE) spaces, OUE LJ3 0.85% says CPCA is well-positioned to capitalise on the anticipated increase in tourists and business travellers in 2024 and beyond.
In a press release, OUE explains that the addition of 12 new guest rooms came in response to strong demand for rooms on the same level as the hotel&rsquo s tropical resort outdoor pool framed by a backdrop of Changi Airport&rsquo s iconic control tower. These include 10 premier rooms and two suites, catering to the higher-yielding segment of long-stay guests and families.
Meanwhile, CPCA&rsquo s new all-day dining restaurant Allora now delivers an authentic Italian dining experience to complement the current food and beverage (F& B) offerings at Changi Airport. Following its soft opening, Allora will become the sole Italian restaurant with a buffet spread in the Changi Airport area.
As part of the AEI, CPCA also took the opportunity to repurpose its original all-day dining restaurant space into a 352 square metre multi-function room. The adaptable space is well-suited for a range of events including corporate meetings, social gatherings and weddings.
OUE says this addition complements CPCA' s current ballroom and facilities, expanding its capacity for hosting various meetings and events and catering to growing MICE demand. The previous bar was also transformed into a contemporary club lounge with modernised meeting spaces to enhance the guest experience.
Deputy CEO and executive director Brian Riady says the completion of the AEI is timely for the hotel to capitalise on the hospitality sector&rsquo s continued recovery in 2024 and beyond. &ldquo The hotel&rsquo s new additional guest rooms, revitalised MICE facilities and new dining experience are expected to strengthen the competitive positioning of this premium landmark asset and achieve OUE&rsquo s strategic goal of enhancing its long term value for sustainable returns.&rdquo
&ldquo The successful completion of CPCA&rsquo s AEI is another testament to OUE C-REIT&rsquo s commitment to optimise the value of our assets through active asset management,&rdquo adds Han Khim Siew, CEO of the manager of OUE C-REIT TS0U 0.00% . &ldquo With these income-generating enhancements and strengthened offerings, we are confident that CPCA will be able to take advantage of the continued tourism recovery, as well as the MICE demand amidst the ongoing development of Terminal 5, Changi East Industrial Zone and Changi East Urban District.&rdquo
Now price at $1.19.
compared to a few months earlier, it is moving up
compared to a few months earlier, it is moving up
Secret_Squirrel ( Date: 13-Oct-2023 10:26) Posted:
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Slow and steady price moving up.
OUE resumes share buybacks Wing Tai chairman' s wife actively buying
Property, hospitality and healthcare play OUE LJ3 0.00% is back buying back shares after a brief respite this year compared to previous years. OUE started buying on Sept 22, when it acquired 16,900 shares on the open market at $1.01 each. This was followed by 40,400 shares at $1.028 each on Sept 25 and most recently, on Sept 27, when it acquired 51,000 shares at $1.04 each.
The transactions bring the cumulative number of shares bought under the current mandate to 140,300, equivalent to 0.017% of the total share base.
OUE was buying shares up until Dec 6 last year when under the previous mandate, it bought back more than 22.4 million shares, up from more than 9.1 million shares bought back in the preceding year.
OUE shares, like many other property plays, trade consistently and significantly below their book values. As at June 30, OUE&rsquo s NAV per share was $4.33, down slightly from $4.35 as at Dec 31, 2022. Year to date, OUE shares are down 16.8% to trade at $1.03 as at Sept 26.
In 1HFY2023 ended June, OUE reported higher revenue of $304.5 million, up 53.3% y-o-y. However, earnings dropped by 54.6% y-o-y from $88.7 million to $40.2 million.
OUE attributes the drop to a lower share of results of equity accounted investments, higher financing costs and also lower fair value booked on its investment properties.
OUE&rsquo s revenue growth was largely driven by a recovery in its hospitality business, which enjoyed a twofold jump to $95.8 million, helped by the reopening of some rooms in its Hilton Singapore Orchard hotel on top of recovery from the pandemic.
OUE&rsquo s healthcare segment also contributed to higher revenue, reporting 79.1% higher y-o-y sales of $79.8 million as the company began to book full-period contributions from First REIT. The company also booked $8 million in its property development business as well from selling three units at OUE Twin Peaks.
On the other hand, OUE booked lower earnings in its equity-accounted investments, specifically Gemdale Properties and Investment Corp, and PT Matahari Department Store. From 1HFY2022 earnings of $77.6 million, OUE&rsquo s share of earnings dropped to $25.8 million in 1HFY2023.
Despite the lower earnings, OUE has maintained its interim dividend at a cent per share.
Chairman&rsquo s wife raises stake
Cheng Wai Keung, chairman of Wing Tai Holdings W05 0.00% , saw an increase in his deemed stake after his wife Helen Chow made a series of purchases from the open market almost daily this month. Chow is also a director of Wing Tai Property Management.
For more stories about where money flows, click here for Capital Section
According to Wing Tai&rsquo s filings to the Singapore Exchange S68 -0.21% , Chow started buying on Sept 8, adding 21,400 shares to her stake. While the purchase price was not disclosed, Wing Tai shares closed at $1.36 on Sept 8. This is a significant discount off the company&rsquo s NAV of $4.13 per share as at June 30.
Over the following fortnight, Chow was in the market almost daily, buying from as little as 10,300 shares on Sept 18 to as much as 163,900 on Sept 13. Over this past month, Wing Tai shares hovered between $1.35 and $1.42.
After the most recent acquisition of 28,000 shares on Sept 26, Cheng&rsquo s total interest in Wing Tai hit 463.69 million or a total stake of 61.01%. Cheng&rsquo s deemed stake of nearly 463.5 million shares &mdash equivalent to 60.98% &mdash is mainly held through an entity called Wing Sun Development. Cheng&rsquo s direct stake remains at 214,400 shares or 0.03%.
On Aug 25, Wing Tai reported earnings of $13.3 million in FY2023 ended June 30, down from $140.2 million recorded a year earlier. Wing Tai attributes the lower earnings to its associates and joint ventures in Hong Kong.
Despite the lower earnings, the company plans to pay a first and final dividend of 3 cents, plus a special dividend of 2 cents. In FY2022, Wing Tai paid a total of 6 cents.
Exit offer for Healthway Medical to go ahead after 50% acceptance
The exit offer for Healthway Medical Corporation has been declared unconditional after shareholders holding 50.47% of the shares in the company accepted the offer put out by OUE LJ3 0.00% Healthcare Limited.
In the exit offer letter dated Sept 5, the exit offer was said to be conditional upon OUE Healthcare receiving 50% of the shares in Healthway Medical.
OUE Healthcare had made a conditional exit offer of 4.8 cents per share in all the shares of Healthway Medical on July 3. Should the offer go through, Healthway Medical will be delisted from the SGX-ST.
The offer will close at 5.30pm on Oct 12.
OUE posts 54.6% decline in net profit on lower fair value of investmentsPROPERTY developer OUE : LJ3 0% reported a 54.6 per cent decrease in net profit to S$40.2 million for the half year ended Jun 30, 2023, from S$88.7 million in the corresponding period a year ago.The decline in net profit came despite a 53.3 per cent rise in revenue to S$304.5 million, from S$198.7 million a year ago.In a bourse filing on Monday (Aug 7), the group said that the year-on-year decline in net profit was mainly due to a lower share of results of equity-accounted investees, higher finance expenses, lower net change in fair value of investments designated at fair value through profit or loss as well as lower net change in fair value of investment properties.Still, the group saw higher revenue contribution across all its business segments.Its real estate segment saw revenue grow 46 per cent to S$205 million as all three divisions under the segment grew.Revenue from the investment properties division rose 12.7 per cent to S$101.3 million, while revenue from the development properties division surged to S$8 million from S$0.2 million due to the completion of three units at OUE Twin Peaks.The group added that its core central business district grade A office vacancy rates in Singapore stood at 4 per cent as office rents rose.&ldquo The demand-supply dynamics will likely keep rents and occupancies stable for the rest of the year,&rdquo it said.However, the group cautioned that the real estate sector in China is expected to remain sluggish despite policy support from the government.The return of tourism and the meetings, incentives, conventions and exhibitions sector also led revenue from the hospitality division to rise by almost two-fold to S$95.8 million.The group added that the launch of the Orchard Wing at Hilton Singapore Orchard this year drove the revenue increase, and that it expects the tourism sector to recover to pre-pandemic levels in 2024.Meanwhile, revenue from the OUE&rsquo s healthcare segment grew 79.1 per cent to S$79.8 million as it was the first full period contribution from First Real Estate Investment Trust (Reit), which was accounted for as a subsidiary since Mar 1, 2022, as well as the medical partnership with three medical specialist groups in Singapore, which began in Jun 30, 2022.The group has declared an interim dividend of S$0.01 per share, which is unchanged from what it declared for the same period a year earlier. It is payable on Sep 28, after books close on Sep 15.
OUE posts 54.6% decline in net profit on lower fair value of investmentsPROPERTY developer OUE : LJ3 0% reported a 54.6 per cent decrease in net profit to S$40.2 million for the half year ended Jun 30, 2023, from S$88.7 million in the corresponding period a year ago.The decline in net profit came despite a 53.3 per cent rise in revenue to S$304.5 million, from S$198.7 million a year ago.In a bourse filing on Monday (Aug 7), the group said that the year-on-year decline in net profit was mainly due to a lower share of results of equity-accounted investees, higher finance expenses, lower net change in fair value of investments designated at fair value through profit or loss as well as lower net change in fair value of investment properties.Still, the group saw higher revenue contribution across all its business segments.Its real estate segment saw revenue grow 46 per cent to S$205 million as all three divisions under the segment grew.Revenue from the investment properties division rose 12.7 per cent to S$101.3 million, while revenue from the development properties division surged to S$8 million from S$0.2 million due to the completion of three units at OUE Twin Peaks.The group added that its core central business district grade A office vacancy rates in Singapore stood at 4 per cent as office rents rose.&ldquo The demand-supply dynamics will likely keep rents and occupancies stable for the rest of the year,&rdquo it said.However, the group cautioned that the real estate sector in China is expected to remain sluggish despite policy support from the government.The return of tourism and the meetings, incentives, conventions and exhibitions sector also led revenue from the hospitality division to rise by almost two-fold to S$95.8 million.The group added that the launch of the Orchard Wing at Hilton Singapore Orchard this year drove the revenue increase, and that it expects the tourism sector to recover to pre-pandemic levels in 2024.Meanwhile, revenue from the OUE&rsquo s healthcare segment grew 79.1 per cent to S$79.8 million as it was the first full period contribution from First Real Estate Investment Trust (Reit), which was accounted for as a subsidiary since Mar 1, 2022, as well as the medical partnership with three medical specialist groups in Singapore, which began in Jun 30, 2022.The group has declared an interim dividend of S$0.01 per share, which is unchanged from what it declared for the same period a year earlier. It is payable on Sep 28, after books close on Sep 15.
Becareful of what you wish for.
If he privatises the company, it will be super low offer based on the current trading price. If that happened, all the minority shareholders are wiped out.
If you right to say that, he is untouchable because he knows both black & white world.
If he privatises the company, it will be super low offer based on the current trading price. If that happened, all the minority shareholders are wiped out.
If you right to say that, he is untouchable because he knows both black & white world.
finjungle ( Date: 16-Jul-2023 09:34) Posted:
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