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StarhillGbl Reit
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Starhill Rights Issue
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francisd
Veteran |
07-Jan-2010 15:36
Yells: "BUY LOW SELL HIGH" |
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Volumes are building up for a bigger action everyday. Full year results due soon by the end of this month. Load up boys already @ its bottom, the only way is up. Cheers |
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tonylim2
Senior |
05-Jan-2010 13:45
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Hi tanstg, Can you advise what is your latest chart direction ?
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Farmer
Master |
05-Jan-2010 12:59
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Hey...dun scare off the newbis leh! I know u like to short but this one is on the uptrend already due to cheap valuation. I doubt there will be another Right Issue as its mgnt already mentioned about it's funding arrangement during the acquisition announcement on Nov 09. Share placement....maybe, lets wait for the new CEO.
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nickyng
Supreme |
05-Jan-2010 06:42
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yah...Rights issue again? share placements to institutions ?!?! hee.....ok i am awaitg to see...stock price up...usually those will come along..hee...i will wait ! :P
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freeme
Elite |
04-Jan-2010 18:37
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This is at least worth its NAV above 80cts | ||||
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soyabean
Member |
04-Jan-2010 18:36
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buy cheap cheap, chiong big big. its about time. |
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Farmer
Master |
04-Jan-2010 18:30
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Indeed! Break up seen, should head towards 52 weeks high of 63cts. Expect news on new CEO appointment, conclude of Australia ppty deal follow by financing for Malaysia ppty acquisition and confirmation in due course. Cheers!
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tanh2l
Veteran |
04-Jan-2010 14:46
Yells: "Outcome is the proof to all brilliant processes." |
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seems like picking up wind | ||||
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Farmer
Master |
30-Dec-2009 18:08
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The current trend to me looks more like a buying opportunity -
Bollinger bands are tightening(with vol), may signal a change in
trading direction since late Oct'09. Strong support at 48-50.5cts, immediate resistant at 54-55cts.
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nickyng
Supreme |
30-Dec-2009 17:48
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well...go with the head wind and u will be fine !! look at SPH lah! bliff this wan is breaking out soon...hee ! :D | ||||
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tanstg
Senior |
30-Dec-2009 17:44
Yells: "Learn as I trade and trade as I understand" |
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Need more sincere buyer and believer to push this chap uptrend! | ||||
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Calculation
Senior |
30-Dec-2009 16:35
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And the current seemed to be against the ship too! | ||||
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nickyng
Supreme |
30-Dec-2009 14:01
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head wind is strong at 52cts....liekly will close near there for 2009 ! :P |
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tonylim2
Senior |
30-Dec-2009 12:26
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No more selling pressure so peice should head north. | ||||
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Farmer
Master |
29-Dec-2009 22:22
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Just to share this article : YTL's boss is shrewd, indeed. Deals of the year: YTL gets Starhill Global cheap28 December 2009 The Edge Malaysia (Weekly) English © Copyright 2009. The Edge Communications Sdn Bhd. All rights reserved. M & A — NOTABLE MENTIONYTL Corp Bhd’s purchase of a 26% stake in Starhill Global REIT (formerly known as Macquarie Prime REIT) is turning out to be a smart piece of business. With property and property-related companies taking a dive at the height of the crisis, YTL’s purchase of the cheaply valued Starhill Global was the typical modus operandi of Tan Sri Francis Yeoh, YTL’s group managing director and CEO. Although the deal initially incurred some criticism from the Minority Shareholders Watchdog Group, the acquisition has certain merits, especially its valuation. Not only did YTL buy into Starhill Global’s massive portfolio of property assets and 50% of the management company, but it also managed to do so at a significant discount of 49% to the unaudited net asset value (NAV) of the REIT. YTL subsequently recognised a RM400 million recognition of fair value gains from the negative goodwill generated by the purchase of Starhill Global at below its market price. This gain was recorded in its 3QFY2009 results ended March 31. By acquiring a 50% stake in the REIT management company, Prime REIT Management Holdings Pte Ltd, it effectively gave YTL control of the business direction of the REIT. The deal, which was completed in December last year, saw YTL fork out S$202.62 million (RM494.4 million) for a 26% stake, or 247.1 million units, in Starhill Global. This translates to 82 Singapore cents per unit. At the time of the transaction, Starhill Global had a NAV per share of S$1.42, which explains the steep discount. But the price paid was at a 61% premium compared to Starhill’s last traded price of 51 Singapore cents. ECM Libra, at the time of purchase, described the acquisition as “an opportunistic deal amid the current global financial turmoil”, and was generally positive on the purchase despite the premium paid by YTL. According to AmInvestment Bank, the acquisition of the REIT and management company provides a platform for future regional expansion of the REIT’s portfolio of properties as well as to globalise the Starhill brand. Starhill Global distributed gross dividends worth 5.76 Singapore cents in 2009, according to Bloomberg data, which translates to a dividend yield of about 10.97% based on last Monday’s closing unit price of 52.5 Singapore cents. With 380 million shares, Starhill Global contributed S$21.89 million to YTL during the calendar year. Starhill Global’s contribution is rather small for a company the size of YTL, which was reported to have made RM6.55 billion in FY2008 and RM8.95 billion in FY2009. The upside, however, is that Starhill Global has a worldwide property reach which allows YTL to acquire international assets while extending the Starhill brand. Singapore brokerage DBS Vickers Securities says in a recent research note that Starhill Global will be making significant property acquisitions in 2010. The biggest purchases will include the David Jones Building in Perth for S$148 million and the purchase of Lot 10 and Starhill Gallery in Kuala Lumpur for S$423.3 million. The latter purchases will be part of YTL’s corporate exercise to separate its hospitality and commercial retail properties into its two REITs — Starhill REIT for the former and Starhill Global for the latter. YTL is also poised to extend its shareholding in Starhill Global after agreeing to underwrite up to 75% of Starhill Global’s one-for-one rights issue. In the maximum scenario, that is assuming no one subscribes to the rights, YTL will increase its stake in Starhill Global to 50.5%. |
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tonylim2
Senior |
29-Dec-2009 17:17
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Strong closing at 0.52 . Good sign. | ||||
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Farmer
Master |
29-Dec-2009 16:15
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Hey, apple to apple mah? Other than this one(retail & office), only Suntec reit also vastly undervalue to its NAV....Francis Yeoh's vehicle leh, dun play play hor. Will he hold a gun to shoot his own legs meh?
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tonylim2
Senior |
29-Dec-2009 16:01
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More than 3 million shares Q to buy @ 0.51 . Reverse now. | ||||
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nickyng
Supreme |
29-Dec-2009 14:48
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hmm....seems that BBs are window dressing this burger to close for the year ard 51cts ???!?! :P | ||||
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nickyng
Supreme |
29-Dec-2009 14:19
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undervalue? haha...well..i dont think so..Mr Market has some other plan...many other REITS are undervalue...and they will still be :) for some reasons :D
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