11-01-2024, 10:19 AM
"Face slap" on my previous post as Chaoren is exploring "realization of NAV".
The last consolidated balance sheet I had shows the balance sheet composition (major items only) as below:
(1) Investment properties (retail/commercial/industrial/service residences leased to 3rd parties) at 130% of equity.
(2) JV/associates (ownership in REITs/joint ownership of properties etc) at 21% of equity.
(3) Development properties for sale at 19% of equity.
(4) PPE (own operated hotel properties/industrials) at 11% of equity
Total (1)+(2)+(3)+(4) = 180% of equity is roughly balanced out by 95% gearing + 900mil perpetual bond (5%)
As for gearing, it is 95% and has came down quite a lot, as it was 140% as early as FY20. For FY23, net interest costs at 33% of EBITDA (or 3x interest coverage).
I reckon trying to revalue and realize its NAV is been forced by rising rates/less willing bankers to refinance at preferable rates, than a desire to realize/revalue?
Frasers Property majority owners could sell company, assets amid review: WSJ
The review, which is in its initial stages, is part of shareholders’ efforts to raise capital to help reduce the debt accumulated over the past few years as a result of acquisitions.
https://www.businesstimes.com.sg/compani...review-wsj
The last consolidated balance sheet I had shows the balance sheet composition (major items only) as below:
(1) Investment properties (retail/commercial/industrial/service residences leased to 3rd parties) at 130% of equity.
(2) JV/associates (ownership in REITs/joint ownership of properties etc) at 21% of equity.
(3) Development properties for sale at 19% of equity.
(4) PPE (own operated hotel properties/industrials) at 11% of equity
Total (1)+(2)+(3)+(4) = 180% of equity is roughly balanced out by 95% gearing + 900mil perpetual bond (5%)
As for gearing, it is 95% and has came down quite a lot, as it was 140% as early as FY20. For FY23, net interest costs at 33% of EBITDA (or 3x interest coverage).
I reckon trying to revalue and realize its NAV is been forced by rising rates/less willing bankers to refinance at preferable rates, than a desire to realize/revalue?
Frasers Property majority owners could sell company, assets amid review: WSJ
The review, which is in its initial stages, is part of shareholders’ efforts to raise capital to help reduce the debt accumulated over the past few years as a result of acquisitions.
https://www.businesstimes.com.sg/compani...review-wsj