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FrasersComm

bsiong
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26-Jan-2011 22:50

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Yells: "The Greatest Wealth is Health"

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Frasers Commercial Trust posts 6.7% rise in 1Q distributable income to $7.9m

WRITTEN BY THE EDGE

WEDNESDAY, 26 JANUARY 2011 22:22

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Andrew
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24-Jan-2011 10:31

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Also.....they just sold COSMOS at slightly above valuation. This shows that their Q valuation by 3rd party is in order.

bryansng ( Date: 24-Jan-2011 00:00) Posted:

So now the consolidation is around 0.155 to 0.17? Will try to queue again at 0.165

Andrew ( Date: 20-Jan-2011 21:23) Posted:

You can hardly Q to buy........I was lucky to buy some more at the sell Q @ 16cts recently......within 2 hour 13K lots all sold.

It turn out that the manager is selling their management fee......

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Investor77
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24-Jan-2011 10:14

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They want to consolidate to push price closer to $1 so that institutional investor can buy, coz at $0.17 many II internal policies may not allow them to buy.

At 17.5c, 5 to 1 consol -> 87.5c, push to $1 => 14% upside. Smiley

Let's see if the volume picks up post stock consolidation....

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bryansng
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24-Jan-2011 00:00

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So now the consolidation is around 0.155 to 0.17? Will try to queue again at 0.165

Andrew ( Date: 20-Jan-2011 21:23) Posted:

You can hardly Q to buy........I was lucky to buy some more at the sell Q @ 16cts recently......within 2 hour 13K lots all sold.

It turn out that the manager is selling their management fee......

junction ( Date: 20-Jan-2011 10:37) Posted:

I have been trying to buy by joining the buy queue from 15.5 cts to 16.5 cts to no avail. There is evidence of accumulation at those prices. Consolidation 5 into 1 is definitely positive. I expect their business in Singapore and Aussieland has improved significantly and expect the next financial report and distribution to be very positive.

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Andrew
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20-Jan-2011 21:23

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You can hardly Q to buy........I was lucky to buy some more at the sell Q @ 16cts recently......within 2 hour 13K lots all sold.

It turn out that the manager is selling their management fee......

junction ( Date: 20-Jan-2011 10:37) Posted:

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Investor77
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20-Jan-2011 11:11

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Property manager is paid by stock rather than cash for the past few quarters. Very bullish sign.

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junction
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20-Jan-2011 10:37

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Andrew
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20-Jan-2011 10:25

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This is perhaps the only REIT trading at penny price. And some funds will not trade or invest in sub dollar stock.

By doing a 5-to-1, the stock become a 80~90 cts stock. With a little push, $1 mark is possible.

For $1 it is 20cts now.....see the gap......and still undervalue.

The only con I see is that the gearing is higher than normal @ 39% compare with 20%. Has not loss money ever seen F&N took over.

bryansng ( Date: 20-Jan-2011 08:55) Posted:

Hmm, so what does that indicate?

Andrew ( Date: 18-Jan-2011 17:52) Posted:

I am.........EGM Jan 28th for 5 for 1 con

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bryansng
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20-Jan-2011 08:55

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Hmm, so what does that indicate?

Andrew ( Date: 18-Jan-2011 17:52) Posted:

I am.........EGM Jan 28th for 5 for 1 con.

bryansng ( Date: 18-Jan-2011 15:51) Posted:

Anyone watching this counter?

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Andrew
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18-Jan-2011 17:52

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I am.........EGM Jan 28th for 5 for 1 con.

bryansng ( Date: 18-Jan-2011 15:51) Posted:

Anyone watching this counter?

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bryansng
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18-Jan-2011 15:51

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Anyone watching this counter?

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E-war
Veteran

29-Nov-2010 18:14

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Start the ball rolling! Buy more... haha.

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Bluevaio
Senior

29-Nov-2010 12:34

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Another REIT counter with strong buy call by OCBC is Starhill Global, but the share price never move one...same like this one...strange...

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doldoves
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28-Nov-2010 22:23

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Thanks for the info.. some thing to look forward to ... having holding it for so long. :)

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Andrew
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27-Nov-2010 00:44

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Next Monday 29 Nov.

doldoves ( Date: 27-Nov-2010 00:20) Posted:

When will we receive the dividend? any idea?

Thanks.

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doldoves
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27-Nov-2010 00:20

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When will we receive the dividend? any idea?

Thanks.

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Andrew
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22-Nov-2010 21:56

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A strange report. To get a BUY call the TP should have at least a 15% upside to rate lor.

It is so funny to add dist yield to at 12.6%....which still fall short of the BUY call.

hmphie ( Date: 22-Nov-2010 20:45) Posted:

Frasers Commercial Trust
Nov 18 close: S$0.16
OCBC INVESTMENT RESEARCH, Nov 18

FRASERS Commercial Trust (FCOT), a real estate investment trust (Reit), owns 10 properties across three countries with retail and office components. FCOT derives some 52 per cent of its gross revenue from Singapore, which comprises China Square Central, 55 Market Street and Alexandra Technopark. These assets are either high-quality commercial properties located near the heart of the financial district or high-tech business space developments at the fringe area of the central-region of Singapore.

FCOT also own four commercial properties in Tokyo & Osaka. Other assets include Central Park (Perth), which is a premium grade office tower and the tallest building in Perth.

FCOT's sponsor is Frasers Centrepoint Limited (FCL), a wholly owned subsidiary of Fraser and Neave, (F&N). FCL is a leading Singapore-based property company with a strong global foothold in property development, property investment, serviced residences and investment funds.

Apart from having financial support, a developer sponsor also allows FCOT to be granted rights of first refusal to a possibly rich pipeline of sponsor-owned assets for future acquisition.

In the near to middle term, StarHub Centre, Alexandra Point and Valley Point are slated as possible asset injection targets for FCOT, if they prove yield-accretive to unitholders.

FCOT enjoys a number of blue-chip long tenure leases such as Commonwealth of Australia, BHP Billiton Petroleum, and master leases that provide long term income stability to the Reit along with potential for rental upside. Approximately 65 per cent of FCOT's revenue is derived from such leases. One-quarter of its gross rental income also has built-in annual rent step-ups.

In line with our 'overweight' rating for office Reits, we believe that FCOT will likewise be able to ride on the recovery cycle and benefit from positive rental reversions in FY2011 to FY2012.

We also see potential to grow income through asset enhancement initiatives and acquisitions. At S$0.16 per unit, FCOT is trading at a 59 per cent discount-to-book compared to the broader office Reits which are trading at 30 per cent discount-to-book. We believe this significant discount is unwarranted, considering FCOT's high-quality assets, strong sponsor and sound financials. FCOT recently proposed the unit consolidation of five existing units, which it thinks will improve the market perception and attractiveness of its units.

We concur with the manager's strategy and apply a 40 per cent discount to our RNAV instead, deriving a fair value of S$0.17. This translates to an estimated total return of 12.6 per cent (price upside: 6.3 per cent; distribution yield: 6.3 per cent). We initiate coverage of FCOT with a 'buy' rating.
BUY

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hmphie
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22-Nov-2010 20:45

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junction
Senior

10-Nov-2010 07:47

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Agree it's better cos with higher price (times 5) it can attract institutional investors. Those who would end up with odd lots can sell some so you don't end up with odd lots. Whats the problem?

Andrew ( Date: 09-Nov-2010 23:08) Posted:

It is about time la.....the float is too big and 16 odd cts looks pathetic lor. 80 ~ 85 cts look more pro and easier to cross the dollar mark....will look more like a mid cap.

Those who don't want to see 24K lot Q on the sell column everyday should support lor.....heeeee...

ianong ( Date: 09-Nov-2010 21:13) Posted:

Proposed Consolidation 5 to 1 !!!

The Proposed Unit Consolidation involves the consolidation of every five existing units in FCOT ("Units1") held by unitholders of FCOT ("Unitholders") as at a books closure date to be determined by the Manager (the "Books Closure Date", and the existing Units held as at the Books Closure Date, the "Existing Units") into one Unit (the "Consolidated Unit"). The number of Consolidated Units which Unitholders will be entitled to, based on their holdings of Existing Units as at the Books Closure Date, will be rounded down to the nearest whole Consolidated Unit and any fractions of Consolidated Units arising from the Proposed Unit Consolidation will be disregarded. Each Consolidated Unit will rank pari passu with each other.

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Andrew
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09-Nov-2010 23:08

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It is about time la.....the float is too big and 16 odd cts looks pathetic lor. 80 ~ 85 cts look more pro and easier to cross the dollar mark....will look more like a mid cap.

Those who don't want to see 24K lot Q on the sell column everyday should support lor.....heeeee...

ianong ( Date: 09-Nov-2010 21:13) Posted:

Proposed Consolidation 5 to 1 !!!

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