To the layman, the stock market is often viewed as a casino. While I generally disagree with this premise, the market is made up a diverse set of investors, a subset of whom may hold and act on these views. Unfortunately, these tendencies have become more pronounced in recent times. With the increasing democratisation of investing through zero commission brokerages like … [Read more...] about The Great Hertz Gamble
Companies I've covered
CapitaLand Retail China Trust (CRCT) FY2019 Results Highlights
CapitaLand Retail China Trust (CRCT), another position of mine, reported their latest FY2019 financial results this week. Given that this REIT is operating in the epicentre of the Coronavirus outbreak, there was an added push for me to dive into the results announcement and analyst briefing recording. As usual, here are some highlights. Q4 DPU flat y-o-y, FY2019 … [Read more...] about CapitaLand Retail China Trust (CRCT) FY2019 Results Highlights
Manulife US REIT FY2019 Results Highlights
One of my core positions in my portfolio - Manulife US REIT (MUST) - reported its latest FY2019 results yesterday morning. Having gone through the announcement materials and attended a media briefing for the REIT, I thought I'll share a TLDR summary on its latest quarter and management commentary on certain aspects of the REIT. Adjusted DPU fell 1.3% y-o-y While … [Read more...] about Manulife US REIT FY2019 Results Highlights
Stock Analysis: Zoetis
The 'Humanisation of Pets' is a macro trend that I've been observing that I've not put any of funds towards in the past. Early this year, I decided to do a deep dive into the largest cap proxy for this trend - Zoetis. Today, I'll share my stock analysis and why I invested in the company early this month. The Humanisation of Pets The Humanisation of Pets … [Read more...] about Stock Analysis: Zoetis
Valuing Singapore Press Holdings (SPH) Ltd
Singapore Press Holdings (SPH) used to be a dividend investor's dream - a consistent dividend payer in a defensive sector. That all changed with the advent of online advertising. Faced with a competitor that offered advertisers better return on investment, advertising revenues at traditional media formats like SPH's newspapers plummeted. In response to another disappointing … [Read more...] about Valuing Singapore Press Holdings (SPH) Ltd
Follow up on Eagle Hospitality Trust
It's almost a month since the IPO of Eagle Hospitality Trust and I thought I'll take a look at it again given the price performance. Here are some thoughts regarding the 2 main concerns I raised in my IPO review - Trust in management and the Queen Mary. About trust and alignment of interest One issue that I think most people have is trust in management and the … [Read more...] about Follow up on Eagle Hospitality Trust
Capitaland Retail China Trust (CRCT) to buy 3 malls from Capitaland- Is it a Good Deal?
Capitaland Retail China Trust announced a planned acquisition of 3 malls from their sponsor Capitaland recently. As a unitholder, I obviously have a vested interest to know more. Here are the key highlights, with some financing structure speculation at the end. Property Highlights 0 Properties 0 m Property … [Read more...] about Capitaland Retail China Trust (CRCT) to buy 3 malls from Capitaland- Is it a Good Deal?
REIT Spotlight: Ascendas REIT (2019)
REIT Spotlight is a series where I challenge myself to review every single S-REIT (monkaS) on the SGX in alphabetical order. This is part of my efforts to build a REIT database for myself, which I may share with you all some time down the road. Wish me luck XD In today's edition, I will focus on one of the pioneers of the S-REIT sector in Singapore - … [Read more...] about REIT Spotlight: Ascendas REIT (2019)
Why Singapore REIT ETFs have low yield
While at the REIT Symposium last weekend, I noticed that Nikko Asset Management and Philip Capital had booths set-up in the exhibition hall. Their presence reminded me of the existence of REIT ETFs in Singapore. I've always wondered why their yields are typically lower (4-5%) than the REIT sector generally (4-7%). Curious to find out more, I took some time to examine the 3 REIT … [Read more...] about Why Singapore REIT ETFs have low yield
Eagle Hospitality Trust IPO Review
The Queen Mary Long Beach Following ARA US Hospitality's footsteps, Eagle Hospitality Trust is the next pure play US Hospitality REIT to be listed in Singapore. The IPO prospectus has been fully registered with MAS last Thursday and here are my initial thoughts. Offering Overview 0 US cents/share 0 m Gross … [Read more...] about Eagle Hospitality Trust IPO Review
SingTel FY2019 Results Highlights
SingTel reported their FY2019 full year results yesterday. With it being my largest holding in my portfolio, I obviously have a vested interest in SingTel's performance. Here are some highlights. A Mixed Bag Year on year Operating Revenue is flat-ish year on year. Unfortunately, EBITDA margins have been falling and associates pre-tax earnings continue to be … [Read more...] about SingTel FY2019 Results Highlights
ARA US Hospitality Trust IPO Review
Hyatt Place: Pittsburgh Cranberry ARA US Hospitality has won the foot race to become the first pure play US Hospitality REIT to be listed in Singapore. The IPO prospectus has been fully lodged with MAS and here are my initial thoughts. Offering Overview 0 US cents/share 0 m Gross Proceeds (US$) 0 % Projected yield Here is a summary of the offering details: Offer Price: … [Read more...] about ARA US Hospitality Trust IPO Review
Follow-up on Keppel-KBS US REIT AGM homework
Last week I attended the Keppel-KBS US REIT (KORE) AGM and left feeling a bit uneasy about some of the responses given during the AGM. As such, I gave myself a little homework to verify / cross check some of these responses. Here are my findings. On Rights Issue Circumstances It was represented during the AGM that the reason they had to issue rights at a huge … [Read more...] about Follow-up on Keppel-KBS US REIT AGM homework
Keppel-KBS US REIT 2019 AGM & Results Highlights
Keppel-KBS US REIT (KORE) held its inaugural AGM yesterday afternoon at Suntec Convention Centre. It also announced its Q12019 results the day before. KORE is one of my newer positions in the portfolio that has performed pretty well this year. Management had drawn a lot of flak due to its dilutive rights issue last year, as such I will need to keep a closer eye on this … [Read more...] about Keppel-KBS US REIT 2019 AGM & Results Highlights
Capitaland Mall Trust FY2018 AGM Highlights
AGM Season is upon us. Companies with December year ends are all having to their AGMs so that they can meet ACRA reporting deadlines and approve their final dividend payouts scheduled in May. As such, I'll be taking some half days of leave to attend a couple of the AGMs of companies / REITs that I own. The first AGM I attended this year is Capitaland Mall Trust (CMT) which … [Read more...] about Capitaland Mall Trust FY2018 AGM Highlights