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which exact day is the XD for this 3.5 cts dividend?!
camry8151 ( Date: 21-Feb-2019 08:05) Posted:
Dbs up target price from 0.91 to 0.97
Collect 3.5 cts div end march then collect some more in May... Shiok |
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DBS:
Target Price*S$ 0.97
Recomendation**BUY
Market Cap*S$ 873m
Bloomberg CodeSASSR_SP_EQUITY
Publication Date2019-02-20
Key Statistics
| Dec S$ m |
2017 |
2018f |
2019f |
| Revenue |
91 |
88 |
124 |
| Distribution Inc |
49 |
55 |
75 |
| Dist Gth (%) |
65 |
12 |
36 |
| PE (X) |
17.1 |
26.5 |
12.4 |
| Dist Yield (%) |
6.1 |
6.8 |
9.2 |
| P/NAV (x) |
0.9 |
0.9 |
0.9 |
Unique exposure to rapidly growing China outlet mall industry. We maintain our BUY call with a revised TP of S$0.97 as we remain bullish on Sasseur REIT&rsquo s prospects given its exposure to the fast-growing Chinese outlet mall industry which is projected to grow at a CAGR of 24% from 2016-2021 via its initial portfolio of four outlet malls located in Chongqing, Bishan, Hefei and Kunming. Furthermore, at current level, Sasseur REIT offers an attractive forward FY19 yield of 9.4%, which is among the highest in the S-REIT sector.
Where we differ &ndash Underappreciated business model. Sasseur REIT&rsquo s share price is trading below its IPO price of S$0.80 which, in our view, is partially attributed to the lack of familiarity with its business model. Via the Entrusted Management Agreement (EMA) with its Sponsor, 70% of the REIT&rsquo s revenues are fixed, growing at 3% per annum and providing the REIT with downside protection. The remaining 30% of revenues are pegged to 4-5% of a property&rsquo s tenant sales, which provides leverage to the success of Sasseur REIT&rsquo s malls. Furthermore, we believe concerns over a depreciating RMB is overstated due to the rapidly growing tenant sales at its properties which grew by 29% y-o-y in 2018, beating its IPO and our DPU projections.
Upside from acquisitions. Sasseur REIT&rsquo s Sponsor has extended the right of first refusal (ROFR) over two properties and three pipeline properties which would triple the REIT&rsquo s gross floor area (GFA). A successful execution of an inorganic growth strategy may present upside risk to our earnings estimates.tonylim ( Date: 21-Feb-2019 11:50) Posted:
Very good dividend yield. Good buy since it is below IPO price
think2profit ( Date: 21-Feb-2019 09:15) Posted:
| And, it should keep improving from current operations, as well as new accretive acquisition given her low debt level. Huat Arh |
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Very good dividend yield. Good buy since it is below IPO price
think2profit ( Date: 21-Feb-2019 09:15) Posted:
And, it should keep improving from current operations, as well as new accretive acquisition given her low debt level. Huat Arh!
camry8151 ( Date: 21-Feb-2019 08:05) Posted:
Dbs up target price from 0.91 to 0.97
Collect 3.5 cts div end march then collect some more in May... Shiok |
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And, it should keep improving from current operations, as well as new accretive acquisition given her low debt level. Huat Arh!
camry8151 ( Date: 21-Feb-2019 08:05) Posted:
Dbs up target price from 0.91 to 0.97
Collect 3.5 cts div end march then collect some more in May... Shiok |
|
Dbs up target price from 0.91 to 0.97
Collect 3.5 cts div end march then collect some more in May... Shiok
May just clear 80c as there doesn' t seem to have many sellers left..$1 next??
bwavep ( Date: 20-Feb-2019 16:19) Posted:
| several buy calls by local houses today....some money flows into under radar idea among the REIT names |
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several buy calls by local houses today....some money flows into under radar idea among the REIT names
Some one might have shorted today but there seems to be strong buying patterns. Must be funds buying I guess. 77-78c by tomorrow?
Price volume is good. I guess some funds should be buying due to the excellent last qtr result and also bullish future. Let' s see how fast it can reach IPO price at 80c and then go beyond..
camry8151 ( Date: 19-Feb-2019 11:25) Posted:
| Wow, beat fy2018 and fy2019 dpu forecasts...power |
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Wow, beat fy2018 and fy2019 dpu forecasts...power
I guess so and Market didn' t realize it is managed by a Singaporean team. Good for us who invested at low :)
alexchew ( Date: 19-Feb-2019 10:52) Posted:
reason for big price difference? Is it because its an S-chip... The cash generating ability seems significant though.. $100m generated with little outflow
think2profit ( Date: 19-Feb-2019 10:51) Posted:
| Superb result indeed. Let' s see if it can recover back to IPO price @ 80c since it beats the IPO forecast. |
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reason for big price difference? Is it because its an S-chip... The cash generating ability seems significant though.. $100m generated with little outflow
think2profit ( Date: 19-Feb-2019 10:51) Posted:
| Superb result indeed. Let' s see if it can recover back to IPO price @ 80c since it beats the IPO forecast. |
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Superb result indeed. Let' s see if it can recover back to IPO price @ 80c since it beats the IPO forecast.
3.54c dividend. Wow. Not bad. Pity those bears.
This the best time of year to buy given the half year windwor for full year div payout.
n3wbie ( Date: 15-Feb-2019 22:38) Posted:
there was a notice of release of results. they will announce FY18 results after market on Mon, 18 Feb.
think2profit ( Date: 14-Feb-2019 21:17) Posted:
| Last quarterly result was announced on 12 Nov 2018. I think we may see the announcement tomorrow or latest next week |
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there was a notice of release of results. they will announce FY18 results after market on Mon, 18 Feb.
think2profit ( Date: 14-Feb-2019 21:17) Posted:
Last quarterly result was announced on 12 Nov 2018. I think we may see the announcement tomorrow or latest next week.
teeth53 ( Date: 12-Feb-2019 18:29) Posted:
| Cum Dividend, when announcing |
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Congrats. I had wanted to buy more but so many bears around. Around 80c should see lots of resistance from people who bought during IPO. I' m not complaining.
think2profit ( Date: 15-Feb-2019 10:46) Posted:
| 70c slowly being eaten up. I think it should follow the foot path of EC World Reit that is trading at 74.5-75c now. |
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70c slowly being eaten up. I think it should follow the foot path of EC World Reit that is trading at 74.5-75c now.
Last quarterly result was announced on 12 Nov 2018. I think we may see the announcement tomorrow or latest next week.
teeth53 ( Date: 12-Feb-2019 18:29) Posted:
Cum Dividend, when announcing?
think2profit ( Date: 10-Feb-2019 09:36) Posted:
Expect min 6c div and so yield is at least 9.1% at current price. Ideal timing for entry to take adv of div payout time which should be near around Mar and Sep.
Sector is booming and so business should continue to do well. Good luck |
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Cum Dividend, when announcing?
think2profit ( Date: 10-Feb-2019 09:36) Posted:
Expect min 6c div and so yield is at least 9.1% at current price. Ideal timing for entry to take adv of div payout time which should be near around Mar and Sep.
Sector is booming and so business should continue to do well. Good luck!
camry8151 ( Date: 20-Nov-2018 13:00) Posted:
3 Reasons You Should Buy This REIT With an 8.6% Yield
Real Estate Investment Trusts (REITs) have seen a steep sell-off since the beginning the year.
Higher interest rates and concerns over geopolitical issues are two of the reasons why investors have been shunning REITs lately. However, declining share prices are actually good news for long-term investors presents the opportunity to stock up on undervalued REITs which are offering an attractive yield.
Sasseur Real Estate Investment Trust (SGX: CRPU) is one such REIT. Sasseur REIT is a China-focused REIT that has a portfolio of four outlet malls. The REIT was listed only at the start of this year and is, therefore, one of the newer REITs in Singapore. There are three reasons why I believe it can make a good addition to your portfolio.
Propensity for growth
There are two main ways that a REIT can deliver distribution growth to unitholders, namely growth through acquisition or internal growth through better performance from existing assets. Sasseur REIT has the potential to do both.
Sasseur REIT earns its rental income through an entrusted management agreement (EMA), which has a fixed and variable component. The variable component is dependent on tenant sales from its four outlet malls. In the latest quarter, tenant sales in all four of its outlet malls increased from the corresponding period last year. Impressively, the REIT&rsquo s Kunming and Hefei outlet tenant sales increased by 90.1% and 60.3% year-on-year, respectively.
The increase in tenant sales shows that the Chinese consumer&rsquo s appetite for discounted branded apparel is still strong even as the Middle Kingdom&rsquo s economy slows amid global economic concerns. If the sales continue to increase in the future, Sasseur REIT&rsquo s rental income will benefit due to the variable component of its EMA contract.
Additionally, Sasseur REIT has the financial capacity to make acquisitions that can increase its distribution per unit (DPU) in the future. The REIT&rsquo s gearing (a measure of debt level where a lower figure is better) stands at just 32.5%, which is well below the 45% regulatory limit set for Singapore REITs. Its low gearing provides it with the debt headroom to fund future acquisitions. The REIT currently has two assets where it has the right of first refusal and another three assets in its sponsor&rsquo s pipeline that could be potential acquisition candidates.
Resilient assets
It is possible that investors are concerned about the slowing Chinese economy and how the US-Chin trade war will impact REITs with assets in the Middle Kingdom. Thankfully for Sasseur REIT, its assets are likely to experience minimal impact from these two overarching concerns.
Outlet malls differ from the normal shopping malls as they sell heavily discounted branded goods. Demand for these products tends to stay strong even in the economy slows down.
In addition, Sasseur REIT&rsquo s management believes that the outlet mall space is still growing and is undersupplied, giving the REIT plenty of room for future growth.
There are also certain government initiatives that are designed to keep domestic demand in China up amid the escalating trade war. For example, China&rsquo s government is keen to reduce import tariffs on textile goods and to enforce the official overseas free-spending limit of RMB5000. If so, these measures will reduce China middle-class population&rsquo s volume of purchased goods from overseas and force them to make their purchases domestically, which is good for outlet malls in China.
Attractive valuation
Last but certainly not least is Sasseur REIT&rsquo s attractive valuation.
The REIT was listed earlier this year at S$0.80 per unit . At that time, units were in high demand with a 3.7 times oversubscription for the public tranche of units on offer. However, Sasseur REIT&rsquo s unit price has dipped sharply since its listing and now trades at just S$0.70 per piece.
The REIT is trading at relatively cheap valuations, in my view.
At this price, it spots an annualised yield of 8.6%, among the highest in Singapore and trades at 13% discount to its book value. With the REIT poised for growth and valuations at a considerable discount, it certainly looks like a great time to add units of this undervalued REIT to your portfolio now.
https://www.fool.sg/2018/11/20/3-reasons-you-should-buy-this-reit-with-an-8-6-yield/
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