IPO Prospectus lodged on 18-Jul-13
INDICATIVE OFFERING TIMETABLE
18 July 2013 6.00 PM: Opening date and time for the Public Offer
23 July 2013 12.00 PM: Closing date and time for the Public Offer
25 July 2013 2.00 PM: Commencement of trading of the Stapled Securities on the SGX-ST
Offer Price : $0.88
NAV = $0.903
Aggregate Leverage = 33.2%
DPU / Yield
FY13 = 4.77ct (1-Apr-13 to 31-Dec-13 ; Actual Payout will be prorated from Listing date) ; Annualised Yield = 7.36% (assume 1-Jul-13 List Date) / 7.15% (using full year DPU)
FY14 = 6.57ct ; Yield = 7.46%
NPI Breakdown : Hotel 73% (42% Fixed ; 31% Variable) + Retail 27%
Asset Value Breakdown : Hotel 69% + Retail 31%
Shareholders (pg89)
OUE 47.9% / 42.7% (if over-allotment option exercised)
CS 9.6%
Other Cornerstone 9.3%
- Goldhill
- Mr Gordon Tang
- Lucille Hldgs
- Splendid Asia Macro Asia Fund
(20-07-2013, 09:12 AM)KopiKat Wrote: [ -> ]IPO Prospectus lodged on 18-Jul-13
INDICATIVE OFFERING TIMETABLE
18 July 2013 6.00 PM: Opening date and time for the Public Offer
23 July 2013 12.00 PM: Closing date and time for the Public Offer
25 July 2013 2.00 PM: Commencement of trading of the Stapled Securities on the SGX-ST
Offer Price : $0.88
NAV = $0.903
Aggregate Leverage = 33.2%
DPU / Yield
FY13 = 4.77ct (1-Apr-13 to 31-Dec-13 ; Actual Payout will be prorated from Listing date) ; Annualised Yield = 7.36% (assume 1-Jul-13 List Date) / 7.15% (using full year DPU)
FY14 = 6.57ct ; Yield = 7.46%
NPI Breakdown : Hotel 73% (42% Fixed ; 31% Variable) + Retail 27%
Asset Value Breakdown : Hotel 69% + Retail 31%
Shareholders (pg89)
OUE 47.9% / 42.7% (if over-allotment option exercised)
CS 9.6%
Other Cornerstone 9.3%
- Goldhill
- Mr Gordon Tang
- Lucille Hldgs
- Splendid Asia Macro Asia Fund
seems like the 2 hotels in the trust have less than 50 yrs lease left.
(20-07-2013, 11:05 AM)stam Wrote: [ -> ]seems like the 2 hotels in the trust have less than 50 yrs lease left.
From the OUE thread,
(11-07-2013, 02:00 PM)AlphaQuant Wrote: [ -> ]price $0.88-0.90
99 yrs lease from 1957=> 43 years remaining.
NAV ard 90c so depreciation p.a. is ard 2.1c p.a.
@ a fwd yield of 7%, this implies DPU of ard 6.3c
taking away the depreciation, the actual returns is only 4.2c per unit so 4.7% p.a.
so out of this 7% yield, 33% of it is actually just capital redemption.
BTW, it's not 2 hotels. Mandarin Gallery is something like a mall...
(20-07-2013, 11:13 AM)KopiKat Wrote: [ -> ] (20-07-2013, 11:05 AM)stam Wrote: [ -> ]seems like the 2 hotels in the trust have less than 50 yrs lease left.
From the OUE thread,
(11-07-2013, 02:00 PM)AlphaQuant Wrote: [ -> ]price $0.88-0.90
99 yrs lease from 1957=> 43 years remaining.
NAV ard 90c so depreciation p.a. is ard 2.1c p.a.
@ a fwd yield of 7%, this implies DPU of ard 6.3c
taking away the depreciation, the actual returns is only 4.2c per unit so 4.7% p.a.
so out of this 7% yield, 33% of it is actually just capital redemption.
BTW, it's not 2 hotels. Mandarin Gallery is something like a mall...
Sorry, thanks for the clarifications.
When it comes to IPO, popularity outweighs fundamental of the co.
3 compelling reason for not vesting despite its attractive yield..
1) OUE structured as a stapled securities, yields are non guaranteed
2) 3 huge IPO in 2 weeks (krisenergy, sph REIT and oue h trust)
3) Riady family not as simple as it is
private placement allocation in oc is 30% and above.. You decide.
Definitely agree with you on factor #3. My years of experience with Auric Pacific left me with my eyes wide open. Cash shell, formerly known as Cold Storage, with a trading arm and Sunshine Bakeries - nothing came out of it and cash pile continued to dwindle.
Needless to say, over the years - the food hamper that was handed out at AGM shrunk to nothing now.
I really don't want to rub shoulders with this family. I think even Malaysian Tanjong boss AK also don't have much positives to say with former partners.
OUE
Cert Holder
(22-07-2013, 11:06 PM)DP28 Wrote: [ -> ]When it comes to IPO, popularity outweighs fundamental of the co.
3 compelling reason for not vesting despite its attractive yield..
1) OUE structured as a stapled securities, yields are non guaranteed
2) 3 huge IPO in 2 weeks (krisenergy, sph REIT and oue h trust)
3) Riady family not as simple as it is
private placement allocation in oc is 30% and above.. You decide.
(22-07-2013, 11:06 PM)DP28 Wrote: [ -> ]When it comes to IPO, popularity outweighs fundamental of the co.
3 compelling reason for not vesting despite its attractive yield..
1) OUE structured as a stapled securities, yields are non guaranteed
2) 3 huge IPO in 2 weeks (krisenergy, sph REIT and oue h trust)
3) Riady family not as simple as it is
private placement allocation in oc is 30% and above.. You decide.
#1 is not true. Its a stapled securities comprising of a REIT and a dominant business trust. The assets are held in the REIT structure so its guaranteed in the sense that like all REIT, its must distribute 90% of its net income to enjoy tax concession.
CDL-HTrust and Far East HTrust has a similar structure. A-Htrust on the other hand has assets in the business trust. So A-Htrust will be an interesting case study in years to come.
#2 Agree to a certain extend but I think there's enough liquidity to absorb all 3.
No comments on #3.
Interesting thing about the private placement. You mention allocation of 30% but I've heard that there are application of 500 lots with nothing being allocated. Of cos that could be because the broker may be rather junior and not allocated a lot to begin with.
Looks like funds from unsuccessful sph reits ipo application will not be returned in time for oue h-trust application.
I wonder what is the rush to list one day after a popular ipo? lesson learnt for future ipo aspirants.
@ Lonewolf. Thanks for clarification, I just find OUE hybrid tougher to value weighing on which is the key drivers of the trust, The REIT may just be actually a small component of the entire structure hence public may perceive this as a heavy weighted REIT.
OUE allocation of 30% compared to SPH 5% at UOB, 2.2% at OCBC and 0.2% at DBS. Its clear which is the favorite, I've heard SPH may not run up as mostly are cornered out by instiutional.
To be safe, I go for the popular one. Just my opinion..
Vested for SPH REIT.