Dasin Retail Trust

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#21
To be honest, with these LODs all coming in fast and furious, remaining minorities should actually thank the "aggressive individual" for providing liquidity to exit.

GENERAL ANNOUNCEMENT::SGX REGCO ISSUES TRADE WITH CAUTION ALERT ON UNITS OF DASIN RETAIL TRUST

Following the announcements, between 14 and 17 August 2023, there were 7 instances when the price of Dasin units fell to intraday lows, the individual made purchases that pushed up the unit price. In particular, when Dasin's unit price fell to an intraday low of $0.063 on 16 August 2023, the individual made purchases that pushed up the unit price by $0.029 or 46% to close at $0.092. Our initial findings suggest that the individual appears to be connected to Dasin.

https://links.sgx.com/1.0.0/corporate-an...95a0205992
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#22
My lay person guess is that the controlling shareholder has pledged units in Dasin in order to borrow funds for other purposes, and is now either directly or indirectly buying units in order to prop up the price and avoid a margin call.

I would not be surprised if the lender knows this and is allowing it, because it knows the margin call cannot be met, and it would have to liquidate the units and book a huge loss. So it is happy to stand aside for now.

Queen - The Show Must Go On:
https://www.youtube.com/watch?v=t99KH0TR-J4
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#23
https://links.sgx.com/FileOpen/DASINRT-R...eID=785818

Letter demand from the mgmt team because they have not been paid their own monthly salary. I wonder what is transpiring because the senior management are not receving their pay.

https://links.sgx.com/FileOpen/DASINRT-N...eID=785828

On the property front, within 6 months, valuation has declined by 8% and with declining occupancy rate. Capitaland China reported a decline in property valuation as well (a fall of 8% for full year). It does seem China is experiencing the same problem USA with weakness in its commercial, logistics and retail real estate. There might be provisions for commercial real estate loans in the trillions (same magnitude as USA which is estimated at USD$1.2 trillion)

All in all, Daisin Retail Trust is a definite goner. My view is that a forced liqudation should occur now to salvage whatever value is left. My view currently is that the properties are still worth 80% of what is declared in its balance sheet which would yield about SGD$155 million left for unitholders. Unitholders have to act quick to force the trust to liqudate and sell all its China assets
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#24
(04-02-2024, 03:02 PM)CY09 Wrote: All in all, Daisin Retail Trust is a definite goner. My view is that a forced liqudation should occur now to salvage whatever value is left. My view currently is that the properties are still worth 80% of what is declared in its balance sheet which would yield about SGD$155 million left for unitholders. Unitholders have to act quick to force the trust to liqudate and sell all its China assets

Hi CY09,
Have you considered the legal and liquidation costs? What about the "fire sale" in a depressed market? Would bidder/s in such market condition consider a 20% discount attractive?

Finally, never forgot the age-old saying that liabilities are always understated and assets are always fully valued on the balance sheet.
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