30-04-2014, 08:41 PM
(30-04-2014, 07:34 PM)greengiraffe Wrote: [ -> ]Interims due after 9 May 14, Friday mkt close...
http://infopub.sgx.com/Apps?A=COW_CorpAn...uddies.com
Yes, looking forward for the result, and the dividend of course.
(30-04-2014, 07:34 PM)greengiraffe Wrote: [ -> ]Interims due after 9 May 14, Friday mkt close...
http://infopub.sgx.com/Apps?A=COW_CorpAn...uddies.com
(30-04-2014, 08:41 PM)CityFarmer Wrote: [ -> ](30-04-2014, 07:34 PM)greengiraffe Wrote: [ -> ]Interims due after 9 May 14, Friday mkt close...
http://infopub.sgx.com/Apps?A=COW_CorpAn...uddies.com
Yes, looking forward for the result, and the dividend of course.
(19-04-2014, 03:20 PM)greengiraffe Wrote: [ -> ]FCL gave more hints on the initial hospitality assets that could be anchoring its upcoming hospitality trusts.
In its maiden annual report pages 197 - 200, one can deduce by differentiating between completed investment properties and completed properties held for sale.
Under completed properties held for sale, I can only manage to trace down the following hospitality assets:
i) 80.5% held Fraser Suites Sydney with a (100%) book value of A$99m
ii) 87.5% held Fraser Suites Perth with a (100%) book value of A$125M
iii) 50% held Capri By Fraser, Changi City with a (100%) book value of S$101m. Viva REIT acquired the 251-room hotel in UE Bizhub East for a per key valuation of S$550k. Using similar benchmark, the 303-room Capri By Fraser, Changi City should be worth around $166.65m.
As the previously rumoured listing market cap of US$473m or S$600m for the hospitality reit, the classification of the above 3 assets sounds about right and TCC Assets may just need to contribute another 1 to 2 more assets for the initial listing assuming little gearing at the inception of the hospitality reit.
Vested
GG
(07-04-2014, 02:48 PM)greengiraffe Wrote: [ -> ]http://infopub.sgx.com/FileOpen/Frasers%...leID=20041
I did further research on FCL on the pending listing of Fraser Hospitality Trust. On page 59 of the maiden annual report, the net book value of hospitality assets are worth in excess of S$1.6bn. The entire division chalked up EBIT of $70m possibly implying an unleveraged yield of around 4.3%.
Based on previous media speculation of the float size, it appears that the intended hospitality trust could have a very healthy pipeline of assets (currently FCL already has more than 3 times the speculated float value) in the years ahead once the relatively immatured assets are being nurtured to maturity. The pipeline may be enhanced with the indicated participation of unlisted parent TCC Assets.
Other catalysts for FCL going forward includes:
i) further asset light strategies on its retail mall assets - speculated next up to be 50% owned Changi City Point
ii) interim dividends payable based on its track record of unlisted entity. FCL paid an adjusted 6.9 cents DPS last years - a 50% payout ratio
iii) streamlining of F&N and FCL holdings between TCC and Inter Bev (Thai Bev)
iv) eventual improvement in free float of FCL that will enhance institutional participation and potential inclusion in major stock indices.
Vested
GG
(31-03-2014, 10:26 PM)greengiraffe Wrote: [ -> ]Recap:
http://infopub.sgx.com/Apps?A=COW_CorpAn...7700387B4B
6 Feb 14 - "Thai tycoon Charoens FCL eyes $473 mln hospitality REIT in Q2 sources".
http://infopub.sgx.com/FileOpen/FCL-Tham...eID=286023
12 Mar 14 - RECEIPT OF ELIGIBILITY-TO-LIST FOR PROPOSED REIT LISTING
http://infopub.sgx.com/FileOpen/Frasers_...eID=288920
31 Mar 14 - Marking Sweet 16 with 92
Facts: PBIT for Hospitality S$69.7m or 12% of total group PBIT for year ending 30 Sept 2013.
With financial engineering for the floating of REIT and with the potential participation of TCC Group, it appears that another platform for value creation will soon be established.
Vested
GG
(07-05-2014, 08:02 AM)greengiraffe Wrote: [ -> ]Frasers buys WentworthFrasers CPT came out to say that the hotel is not in the bag yet. They are still talking
Larry Schlesinger
305 words
7 May 2014
The Australian Financial Review
AFNR
English
Copyright 2014. Fairfax Media Management Pty Limited.
Listed Singapore property group Frasers Centrepoint is understood to have bought the five-star Sofitel Sydney Wentworth in the biggest hotel deal of the year.
Frasers owns and operates $1 billion worth of apartment hotels in Australia through subsidiary, Frasers Hospitality.
The deal was struck at a price in excess of $200 million for the 436-room hotel, which was Sydney's first five-star hotel when it opened in 1966.
The hotel was put up for sale by global real estate manager LaSalle Investment Management late last year.
LaSalle acquired it from Tourism Asset Holdings (TAHL) for $130 million in 2010 for its $3.1 billion LaSalle Asia Opportunity Fund III.
The sale was handled by Craig Collins of JLL Hotels and alongside Sam McVay, of McVay Real Estate. Neither wished to comment.
The Sofitel Wentworth is leased to Australia's biggest hotel group Accor on a long-term agreement in excess of 10 years. LaSalle sought to exit its investment, to take advantage of improving CBD hotel values amid rising demand for these strongly performing assets from Asian and Middle Eastern investors.
In August, Korea's Mirae Asset Global Investments purchased Sydney's Four Seasons Hotel for $340 million, in the biggest single hotel deal in Australian history. A month later the Abu Dhabi Investment Authority paid $800 million for 31 hotels leased or managed by Accor.
Sydney's five-star hotels ranked as the top-performing hotel market over the first quarter of the year, with a 90 per cent occupancy rate and revenue per available room (revPAR) rising 14 per cent to $290, STR Global figures show.
The property holdings of 130-year-old conglomerate Fraser & Neave, a company controlled by Thai billionaire Charoen Sirivadhanabhakdi, were spun off into the listed Frasers Centrepoint Group.
Fairfax Media Management Pty Limited
Document AFNR000020140506ea570001j
(05-05-2014, 02:47 PM)greengiraffe Wrote: [ -> ]Not sure if anyone has posted the link:
http://www.tccland.com/hotel.html
Interested investors can have a bird's eye view of the hotels / service residence holdings outside Thailand that TCC Land owns:
CAMBODIA Siem Reap Le Meridien Angkor, Siem Reap
LAOS Luang Prabang The Grand Luang Prebang
VIETNAM Hanoi Melia Hanoi
SINGAPORE InterContinental Hotels & Resorts, Singapore
CHINA Sakura Hotel, Kunming
Bank Hotel, Kunming
JAPAN Kobe ANA Crowne Plaza Hotel
MALAYSIA Kuala Lumpur Westin Hotels & Resorts
AUSTRALIA Novotel Rockford Darling Harbour
InterContinental Adelaide, Australia
Hyatt Hotel Canberra - A Park Hyatt Hotel, Australia
EUROPE London, UK The Park International Hotel
NORTH AMERICA New York, USA Plaza Athenee New York
Vested
GG
(19-04-2014, 03:20 PM)greengiraffe Wrote: [ -> ]FCL gave more hints on the initial hospitality assets that could be anchoring its upcoming hospitality trusts.
In its maiden annual report pages 197 - 200, one can deduce by differentiating between completed investment properties and completed properties held for sale.
Under completed properties held for sale, I can only manage to trace down the following hospitality assets:
i) 80.5% held Fraser Suites Sydney with a (100%) book value of A$99m
ii) 87.5% held Fraser Suites Perth with a (100%) book value of A$125M
iii) 50% held Capri By Fraser, Changi City with a (100%) book value of S$101m. Viva REIT acquired the 251-room hotel in UE Bizhub East for a per key valuation of S$550k. Using similar benchmark, the 303-room Capri By Fraser, Changi City should be worth around $166.65m.
As the previously rumoured listing market cap of US$473m or S$600m for the hospitality reit, the classification of the above 3 assets sounds about right and TCC Assets may just need to contribute another 1 to 2 more assets for the initial listing assuming little gearing at the inception of the hospitality reit.
Vested
GG
(07-04-2014, 02:48 PM)greengiraffe Wrote: [ -> ]http://infopub.sgx.com/FileOpen/Frasers%...leID=20041
I did further research on FCL on the pending listing of Fraser Hospitality Trust. On page 59 of the maiden annual report, the net book value of hospitality assets are worth in excess of S$1.6bn. The entire division chalked up EBIT of $70m possibly implying an unleveraged yield of around 4.3%.
Based on previous media speculation of the float size, it appears that the intended hospitality trust could have a very healthy pipeline of assets (currently FCL already has more than 3 times the speculated float value) in the years ahead once the relatively immatured assets are being nurtured to maturity. The pipeline may be enhanced with the indicated participation of unlisted parent TCC Assets.
Other catalysts for FCL going forward includes:
i) further asset light strategies on its retail mall assets - speculated next up to be 50% owned Changi City Point
ii) interim dividends payable based on its track record of unlisted entity. FCL paid an adjusted 6.9 cents DPS last years - a 50% payout ratio
iii) streamlining of F&N and FCL holdings between TCC and Inter Bev (Thai Bev)
iv) eventual improvement in free float of FCL that will enhance institutional participation and potential inclusion in major stock indices.
Vested
GG
(31-03-2014, 10:26 PM)greengiraffe Wrote: [ -> ]Recap:
http://infopub.sgx.com/Apps?A=COW_CorpAn...7700387B4B
6 Feb 14 - "Thai tycoon Charoens FCL eyes $473 mln hospitality REIT in Q2 sources".
http://infopub.sgx.com/FileOpen/FCL-Tham...eID=286023
12 Mar 14 - RECEIPT OF ELIGIBILITY-TO-LIST FOR PROPOSED REIT LISTING
http://infopub.sgx.com/FileOpen/Frasers_...eID=288920
31 Mar 14 - Marking Sweet 16 with 92
Facts: PBIT for Hospitality S$69.7m or 12% of total group PBIT for year ending 30 Sept 2013.
With financial engineering for the floating of REIT and with the potential participation of TCC Group, it appears that another platform for value creation will soon be established.
Vested
GG