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Saizen Real Estate Investment Trust updated that to-date, 141 out of Saizen REIT’s 146 properties, representing 97.9% of Saizen REIT’s total investment property value, have been reported by the property managers to be intact after the massive earthquake in japan. The property managers have managed to view a further 9 properties in Sendai . In the areas affected by the earthquake and tsunami, all 6 properties in Morioka and Koriyama , and 17 out of 22 properties in Sendai have been viewed by the property managers thus far, and preliminary reports have confirmed that these properties appear to have sustained only minor damage and to have remained intact. However, the full extent of damage can only be ascertained after more detailed assessments
/sgx/
For MLT (M44U.SG), it places its Buy rating and $1.03 fair value under review pending more updates from management on Sendai Centre, MLT’s only property (out of 14) with serious damage.
OCBC notes Frasers Commercial Trust (ND8U.SG) says its three properties in Tokyo and Osaka (6.9% of portfolio value) did not suffer any damage. “With FCOT’s limited exposure in Japan, we maintain our BUY rating and fair value of $0.92.”
OCBC adds Starhill Global REIT (P40U.SG) has seven malls in Tokyo (6.6% of portfolio value and 4.6% of gross revenue). “The manager has stated that there is no known damage to the malls. In addition, the properties were also partially covered by earthquake insurance, providing some form of assurance for unitholders. We expect retail sales in Japan to be impacted somewhat but maintain our BUY rating and target price of $0.74.”
/theedge/
Saizen Real Estate Investment Trust updated that Saizen’s property managers have managed to view a further 5 properties in Sendai and 3 properties in Morioka . In total, all 6 properties in Morioka and Koriyama , and 8 out of 22 properties in Sendai have been viewed by the property managers thus far, and preliminary reports have confirmed that these properties appear to have sustained only minor damage and are not in any imminent danger of collapse. However, the full extent of damage can only be ascertained after more detailed assessments. The 14 properties yet to be viewed represent 5.1% of Saizen REIT’s total investment property value and 5.3% of annual rental income.
/sgx/
Hi Zelphon,
I guess after tonight we can get some clue from this blogger.http://singaporeanstocksinvestor.blogspot.com
Huat ah.
Distributable payout could be higher (i.e. additional 0.26 cts) if not for loan principal repayment..
Extracted from the results..
The amount deployed for loan principal repayment comprised mainly amortisation payments on the loan
principals of YK Shinzan, YK JOF, GK Choan, GK Chosei and GK Chogen. While loan amortisation reduces
cash available for distribution, it results in savings on interest expenses going forward. Solely for illustration
purposes only, had the aforesaid amount been distributable, it would have amounted to an additional distribution
of approximately 0.26 cents per Unit (based on 1,122,925,619 Units in issue as at 31 December 2010).
Outstanding warrants = 323431798
Semi-annual distribution amt = (0.0052 + 0.0026) x 1122925619 = $8,758,820
Assuming all warrants exercised, (i.e. total shares = 1446357417), potential distributable amt remains the same for 1 yr (i.e.8,758,820 x 2 = $17,517,640), annual distribution amt = $17,517,640 / 1446357417 = $0.0121
Annualized yield (based on share price of 0.165) = 0.0121 / 0.165 x 100% = 7.33%
I guess Saizen is pretty fair valued at 0.165..
What do you guys think?
Zelphon ( Date: 11-Feb-2011 11:00) Posted:
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Saizen Real Estate Investment Trust
said that Yugen Kaisha (YK) Shintoku has sold Reef Suite to an independent private investor for S$1.9 million cash. Reef Suite, located in Sapporo , was built in September 2005 and comprises 18 residential units and 15 parking units. It contributed about 0.3 per cent or about JPY 13.5 million of Saizen Reit's annual revenue in the financial year ended 30 June 2010 (FY2010). Real Value Inc, an independent valuer, had valued Reef Suite at S$2.1 million on June 30, 2010. The sale price therefore represents a 6.7 per cent discount to the valuation.
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NAV still at $0.40.
Good potential upside. Good dividend.
sell the problem.
she looks more beautiful as the dirt got wash away.
Thursday: 21 OCTOBER 2010 8:10am
ChannelNewsAsia
PROPERTY INSIGHTS
IP Global Tim Murphy
Only NORMALISED INTEREST RATE can CONTROL INFLATION
lOW interest rate leads to LIQUIDITY FLOOD which the RAW FUEL for INFLATION
7 to 14% of JAPAN commercial properties are EMPTY
Australian properties are too expensive
DUBAI has so many SCARY EMPTY BUILDINGS
DON'T buy SEXY properties
Yes, but the Japanese still need to rent a place to stay.
This is the customer base where Saizen is targeting at.
Will the rental yield still looks as good ? Anyone's guess
Japan govt says economy at standstill
TOKYO
In a monthly report, the government downgraded its assessment of the economy for the first time since Feb 2009. A senior Japanese official said further pressure on the economy, which is mired in stubborn deflation, could tip it into recession.
“If the economy turns out as expected in our main scenario, we may end up describing the current situation as a soft patch,” said the official at the Cabinet Office, which compiled the report. “But if it comes under further downward pressure, it could end up slipping into recession,” he said.
The government also cut its view on exports and industrial output, saying they were weakening,
which prompted the downgrade of its overall economic assessment.
A rise in the yen to a 15-year high against the dollar added to these woes.
Faltering recoveries from the global financial crisis in developed economies have pushed global investors into emerging markets in search of higher returns, driving up their currencies.
The move has been exacerbated by widespread expectations that the United States Federal Reserve will print billions of dollars to try to lift the US economy, sparking concerns that the extra liquidity will find its way into emerging markets.
Japan’s policymakers had earlier prompted the government to draw up a supplementary budget and the central bank to offer cheap loans and to promise to buy assets.
The government said it wanted the Bank of Japan to support the economy through “appropriate and flexible” monetary policy while the two branches work closely together — phrasing it used when it announced ¥5.05 trillion ($$80 billion) in stimulus spending on Oct 8.
The currency tensions will dominate a Group of 20 finance ministers’ meeting in South Korea starting on Friday and a G20 summit in November, as officials look to tackle the economic imbalances and the threat of competitive currency devaluation.
“Currencies will be the topic that many people will be talking about ... at the G20. I hope that good ideas will be put forward there and we will explain the present situation in Japan,” Finance Minister Yoshihiko Noda said.
Japanese Prime Minister Naoto Kan said yesterday he wants to implement stimulus measures as quickly as possible to support the expansion of the economy.
Pharoah88 has a point, and I guess it depends on we want.
I think Saizen's yeld will be there, perhap less risky, good potential upside, but SLOW
Genting - warrant - Risk high, excitment - ya....but no divident
I love both and just try out genting warrant today - 1st time, wish me to have some beginner luck.
at S$0.160 ?
beTTer tO bUy
Or swItch tO
GENTING SP WARRANT expIrIng in 2013
elton81 ( Date: 21-Sep-2010 23:33) Posted:
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Retail real estate sluggish: DTZ
SINGAPORE
Average prime rental rates along Orchard Road and Scotts Road remained unchanged in the third quarter, the firm said.
For the third straight quarter, gross rents of prime first-storey space in the area stayed at $39.70 per square foot per month.
Rents in other areas in the city continued to decline. Prime first storey rents in these areas fell by 0.8 per cent to $24.10 per square foot per month.
Monthly gross rents of prime first-storey retail space in the suburban malls, meanwhile, were unchanged at $33.60 per square foot per month.
DTZ said the new supply of retail space last year led to a competitive environment, which did not support any increase in rentals.
Some 1.3 million sq ft of new retail space became available last year.
Other than the newly-completed and pipeline supply that have put a lid on rentals, the two new integrated resorts also had an impact, DTZ said.
The integrated resorts siphoned off some demand for shopping as more people spend time and money at the casinos instead of at the malls, it noted.
But with a robust economic recovery taking place, DTZ said retail rents should increase gradually next year as the new supply is eventually absorbed.
see2eye ( Date: 21-Sep-2010 21:40) Posted:
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7.07 interest v ex. better to speed up action to refinance or sell properties.
time is manee.
quick, quick, quick.