Risk N Returns

Personal Finance and Investment Ideas

Companies I've covered

CapitaLand Retail China Trust (CRCT) FY2019 Results Highlights

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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

Stock Analysis: Zoetis

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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

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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

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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?

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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?

Why Singapore REIT ETFs have low yield

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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

SingTel FY2019 Results Highlights

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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 Source: SingTel FY2019 Results announcement Operating Revenue is flat-ish year on year. Unfortunately, EBITDA margins have been falling and … [Read more...] about SingTel FY2019 Results Highlights

ARA US Hospitality Trust IPO Review

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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

Keppel-KBS US REIT 2019 AGM & Results Highlights

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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

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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

Flash Note: OUE Commercial REIT and OUE Hospitality Trust Merger

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OUE Commercial REIT (C-REIT) and OUE Hospitality Trust (H-Trust) announced a mega merger that involves C-REIT absorbing H-Trust. Given OUE's dodgy history as a REIT sponsor, I was interested to see if this merger would be beneficial to C-REIT and H-Trust Unitholders. Here are my findings. Merger Summary Merger announcement information can be found here (C-REIT) and … [Read more...] about Flash Note: OUE Commercial REIT and OUE Hospitality Trust Merger