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RHT HealthTrust (formerly: Religare Health Trust)
29-09-2012, 01:35 PM. (This post was last modified: 27-03-2017, 02:23 PM by cyclone. Edit Reason: Changed thread title )
Post: #1
RHT HealthTrust (formerly: Religare Health Trust)
This could be the first listed healthcare business trust in SGX. Fortis is seeking to raise around $0.5 billion in this IPO and forecast dividend yield of 8.5 - 9%.

http://masnet.mas.gov.sg/opera/sdrprosp....er%202.pdf [Preliminary Prospectus]
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29-09-2012, 11:35 PM. (This post was last modified: 29-09-2012, 11:35 PM by KopiKat.)
Post: #2
RE: Religare Health Trust (IPO)
(29-09-2012, 01:35 PM)Nick Wrote: This could be the first listed healthcare business trust in SGX. Fortis is seeking to raise around $0.5 billion in this IPO and forecast dividend yield of 8.5 - 9%.

http://masnet.mas.gov.sg/opera/sdrprosp....er%202.pdf [Preliminary Prospectus]

From pg 99, the yield is based on DPU due to waiver by sponsor of their entitlement for FY13 (Mar) and FY14 (Mar) + 100% payout ie. inflated by ~2.5% due to this waiver. From FY15 onwards, no more sponsor waiver + 90% payout - that means earnings have to grow to give similar yields.
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30-09-2012, 08:18 PM.
Post: #3
RE: Religare Health Trust (IPO)
What is the difference between REIT and business trust.
First REIT will be in the similar business.

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30-09-2012, 08:25 PM.
Post: #4
RE: Religare Health Trust (IPO)
the difference is that First Reit owns the properties those hospitals operate in, not the hospitals, but religare health trust operates the hospitals.

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30-09-2012, 10:09 PM.
Post: #5
RE: Religare Health Trust (IPO)
(29-09-2012, 11:35 PM)KopiKat Wrote: From pg 99, the yield is based on DPU due to waiver by sponsor of their entitlement for FY13 (Mar) and FY14 (Mar) + 100% payout ie. inflated by ~2.5% due to this waiver. From FY15 onwards, no more sponsor waiver + 90% payout - that means earnings have to grow to give similar yields.

I'm willing to bet that the yield would remain or maybe even possibly higher due to a drastic drop in the unit price. Big Grin

Just say no to Business Trust! Shy

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30-09-2012, 10:18 PM.
Post: #6
RE: Religare Health Trust (IPO)
The Sponsor is operating most of the Hospitals based on the initial IPO portfolio. I guess like Ai-Trust - INR / SGD rates is going to be an issue ?
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Disclaimer: Please feel free to correct any error in my post. I am not liable for anything. Do your own research and analysis. I do NOT give buy or sell calls and stock tips. Buy and sell at your risk. I am not a qualified financial adviser so I do not give any advice. The postings reflects my own personal thoughts which may or may not be accurate.

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30-09-2012, 10:52 PM.
Post: #7
RE: Religare Health Trust (IPO)
(30-09-2012, 10:09 PM)lonewolf Wrote:
(29-09-2012, 11:35 PM)KopiKat Wrote: From pg 99, the yield is based on DPU due to waiver by sponsor of their entitlement for FY13 (Mar) and FY14 (Mar) + 100% payout ie. inflated by ~2.5% due to this waiver. From FY15 onwards, no more sponsor waiver + 90% payout - that means earnings have to grow to give similar yields.

I'm willing to bet that the yield would remain or maybe even possibly higher due to a drastic drop in the unit price. Big Grin

Just say no to Business Trust! Shy

Haha.. Having invested before into possibly the entire spectrum of listed Trusts in SGX, from Real Estate to Shipping to Infrastructure, and experiencing what you'd mentioned, I'm not going to bet with you...Tongue

But I must say that the super-duper roller coaster experience from the above had made me a much more nimble and decisive investor! Cool



(30-09-2012, 10:18 PM)Nick Wrote: The Sponsor is operating most of the Hospitals based on the initial IPO portfolio. I guess like Ai-Trust - INR / SGD rates is going to be an issue ?

The pedigree of the Sponsor will be another factor to consider. IIRC, they're highly geared and may not be financially as strong as Ascendas...
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Luck & Fortune Favours those who are Prepared & Decisive when Opportunity Knocks
------------ 知己知彼 ,百战不殆 ;不知彼 ,不知己 ,每战必殆 ------------

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01-10-2012, 08:20 AM.
Post: #8
RE: Religare Health Trust (IPO)
(30-09-2012, 10:18 PM)Nick Wrote: I guess like Ai-Trust - INR / SGD rates is going to be an issue ?

I think so too. Incidentally, INR weakend ~30% against the SGD in the last 3 years...

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02-10-2012, 02:04 PM.
Post: #9
RE: Religare Health Trust (IPO)
why didnt they list the 201/2011 financial statements?

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02-10-2012, 02:23 PM.
Post: #10
RE: Religare Health Trust (IPO)
(02-10-2012, 02:04 PM)majSirus Wrote: why didnt they list the 201/2011 financial statements?

I doubt the business trust (or any business trust or REIT) would exist at least 1 year before an IPO.

You can see the F/S of HPH Trust, KGT, Sabana REIT etc during the first year of listing - they did not do any comparison with the previous year result as they did not exist then.
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Disclaimer: Please feel free to correct any error in my post. I am not liable for anything. Do your own research and analysis. I do NOT give buy or sell calls and stock tips. Buy and sell at your risk. I am not a qualified financial adviser so I do not give any advice. The postings reflects my own personal thoughts which may or may not be accurate.

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