http://www.remisiers.org/cms_images/Trea...02_OIR.pdf - OCBC released an unrated research report on TCT after a site visit in Shanghai. Analysts are most likely taking greater notice of this sector with the impending IPO of its smaller rival Perennial China Trust. TCT has repurchased 1.418 million shares or 0.55% of the oustanding stock float. This move has brought good returns to unit-holders as it has driven the unit price to its record high of $2.10 which represents an attractive 19.3% return from its opening price of $1.76 nearly a year ago. TCT (and Perennial) are in a relatively new field (property development trust) and time will tell how viable the business model is.
(Not Vested)
this is one business trust that is bucking the trend
no distribution for FY2011. Is it a surprise? almost no cash generation from its existing matured operation.
(28-02-2012, 08:21 AM)freedom Wrote: [ -> ]no distribution for FY2011. Is it a surprise? almost no cash generation from its existing matured operation.
Delayed indefinitely? Extracts (
pg5),
Distributions
The board has determined that in light of the ongoing uncertainty with respect to the liquidity environment in China, the development program now underway and the sale program for Beijing Logistics Park, that a decision regarding declaration of a distribution for the six months ending 31 December 2011 is delayed.
Another FSL Trust Shocker!
(28-02-2012, 09:22 AM)KopiKat Wrote: [ -> ] (28-02-2012, 08:21 AM)freedom Wrote: [ -> ]no distribution for FY2011. Is it a surprise? almost no cash generation from its existing matured operation.
Delayed indefinitely? Extracts (pg5),
Distributions
The board has determined that in light of the ongoing uncertainty with respect to the liquidity environment in China, the development program now underway and the sale program for Beijing Logistics Park, that a decision regarding declaration of a distribution for the six months ending 31 December 2011 is delayed.
try to sell Beijing Logistics Park for distribution?
on the book, debt incurred for Beijing Logistics Park, 104 million, 39.2% of its asset value, so the asset value would be around 265 million. Does it include all the on-going construction cost?
in excess of 30million annual revenue from its leases to Taobao and Shun Feng Express.
how much yield(revenue instead of net property income) would the buyer ask? 10%, they can fetch 300 million.