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MIIF
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oldflyingfox
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21-Aug-2012 17:59
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That is also possible but I don't think it will be because of half a cent cut in dividend if there is any.
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Hunter2011
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21-Aug-2012 17:01
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Current share buyback support share price but whether price will drop to 50c or not, again only time will tell ....!!
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oldflyingfox
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21-Aug-2012 11:31
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It is possible to reduce to 5cts in FY13 but it is still very attractive @9% yield. I don't think it will drive the share down to $0.5 because of this. As it is still far away, it may actually went up above $0.6 before the dividend was cut slightly. Should not has much impact on the price for half a cent cut. Just my 6 cts...
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Hunter2011
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21-Aug-2012 09:25
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If dividend reduced to 5c from 5.5c p.a, then buy when share price drop to 50c , you will still get 10% yield...
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oldflyingfox
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20-Aug-2012 11:14
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Correction, 2.75 cts. | ||||
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oldflyingfox
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20-Aug-2012 11:12
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My opinion is it is still sustainable till 2013, the mgt has mentioned that the dividend for the next half year (payable March 2013) will also same at 27.5 cts.
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cheongsl
Master |
19-Aug-2012 08:47
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I compare it with Reits market, as the operation is same as Reits, but the way it manage funds and distribution is not the same. Reits which fly alots, which result in many of the Reits return drop to around 5%, but the Reits need to payout 90% of their earning, thus it return is not really actractive compare to current MIIF, as MIIF payment out currently is very low compare to their actual earning. | ||||
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cheongsl
Master |
19-Aug-2012 08:35
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Yes, it is not a Reits as it is not paying out at least 90% of the earning, and currently it is paying out less then 50%, thus there are lots of room for improvement, as the business is similar to reits which are collecting the fees for usuage of their facilities. That is why the company see the benefits of continuing share buy-back at current price.
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Hunter2011
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18-Aug-2012 10:10
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MIIF 10% yield sustainable ? Only time will tell ....!! DBSV: Yield may not be sustainable (source: http://kfc1973-stock.blogspot.sg/2012/08/miifyield-may-not-be-sustainable-dbsv.html ) AM : 10% yield, makes MIIF an attractive play in the current market climate (source: http://kfc1973-stock.blogspot.sg/2012/08/macquarie-intl-infrastructure-fund.html ) |
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oldflyingfox
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17-Aug-2012 17:38
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This should be consider as Business Trust instead of Reits, although it is the quite similar in nature to me.
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cheongsl
Master |
16-Aug-2012 20:59
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Just be patient, all others Reits have fly, but only this one did not really increase, which make it very attractive compare to other Reits. The company also know it attactiveness, thus they have been continously purchasing.
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oldflyingfox
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16-Aug-2012 16:55
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With share buy back everyday, I wonder who are those sellers? | ||||
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oldflyingfox
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13-Aug-2012 16:11
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The company resumed share buy back last Friday, the last time it brough was end of May. It will likely to continue for a few weeks base on the past record. |
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oldflyingfox
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13-Aug-2012 11:13
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just brought @0.55 as yield is 10% |
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oldflyingfox
Master |
13-Aug-2012 10:28
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I agreed that it was attractive, buy when the market didn't value it. | ||||
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cheongsl
Master |
13-Aug-2012 08:51
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To be truefully speaking, I doubt Vickers report on the downgraded. As why the dividend is unsustainable? Lets take a look at historical value, consider current 1H 2012 the EBITDA calculated and converted is 93.5M, I take the 1H 2008 where their divident is 4.25cts (half yearly), the total EBITDA is only 75.4M. Thus the conclusion is the earning is more then sustainable. Thus if based on the same proportion for the EBITDA you might expecting a 5.25cts type of dividend half yearly. The share rose 1.9%, that is not true, the share drop from the high of 59.5cts and currently trade at 55cts. The 2.75cts (half yearly) dividend which give a yield of 10% which is much higher then most of the Reits available in the market. 20% for the year of 2012 and 30% decline in 2013 is without ground, as MIIF sing the song of 25% decline in huanan earning, which might result in 15% decline in this year earning and 25% in 2013. As per previous posting I am doubtful with the 25% decline, as the toll rate reduce is only 20%, and with a cheaper toll, the demand should increase. Thus based on the 1H 2012 report my estimate effect on Hua Nan is only 12% for the toll change. Which will result in the 7% decrease in 2012 and 12% decrease in 2013. Based on the EBITDA of 2012 1H and last year 1H, the total contribution have decrease from 39% to 37%. but the overall EBITDA still remain at 93.5M. Thus the decline in HuaNan is being cover by other portfolio.
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1419242
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13-Aug-2012 03:25
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Time to buy more~~ DBS Vickers downgraded Macquarie International Infrastructure Fund Ltd (MIIF) to 'hold' from 'buy' and cut its target price to S$0.58 from S$0.62, citing unsustainable dividends beyond 2013. By 0349 GMT, MIFF shares rose 1.9 percent to S$0.55, and have gained 3.8 percent since the start of the year. MIIF declared dividends of 2.75 Singapore cents for the first half and guided for a similar payout in the second half, which DBS said was unsustainable as income from its asset Hua Nan Expressway (HNE) is set to reduce substantially. DBS also revised down its valuation for HNE to account for potential loss of revenue from a recently proposed regulation which will allow free use of toll roads during major public holidays in China, thus reducing its earnings. As a result, DBS expects HNE's earnings to decline by 20 percent this year and 30 percent in 2013. For related statement click 1156 (0356 GMT) (Reporting by Charmian Kok in Singapore charmian.kok@thomsonreuters.com)
************************************************************ 10:12 STOCKS NEWS SINGAPORE-Maybank raises Ezion target price Maybank Kim Eng raised its target price for offshore services firm Ezion Holdings to S$1.42 from S$1.38 and kept its 'buy' rating, on expectations of a stronger performance in the second half due to deployment of more rigs and contribution from a LNG project. By 0203 GMT, Ezion shares were up 2.5 percent, and have jumped 53 percent so far this year, compared to the FT ST Oil & Gas Index's 26.3 percent gain. Maybank expects Ezion's earnings to grow by a compounded rate of 36 percent a year over the next three years, boosted by strong project pipelines. Ezion also has the financial resources to fund its current projects, as it established a S$500 million debt issuance programme earlier this year, Maybank said. Although this would increase Ezion's net gearing up to nearly 100 percent by the end of the year, Maybank expects the company to see positive free cashflow by 2014. To read a statement, click 1006 (0206 GMT) |
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oldflyingfox
Master |
10-Aug-2012 17:12
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Oh, should be 2.75cts... I think I'm too tired.
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oldflyingfox
Master |
10-Aug-2012 17:10
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Sorry, typo error. Half year dividend should be 27.5cts. | ||||
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cheongsl
Master |
09-Aug-2012 23:05
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The devident should be 2.75cts. Still can't see the 20~25% reduction in hua nan result which MIIF claim in various report. 1Q is 137.2 million RMB, 1H is 268.5miilion RMB. Thus the 2Q revenue is 131.3million RMB. New toll rate implement is from June, thus average monthly for 1Q is 45.7. Using 1Q to predict first 2 month of the 2Q, thus the June revenue is estimate to be 39.9million.Thus for the reduction which is (45.7-39.9)/45.7 which is only around 12.7% reduction for the month of June. Thus it is predicted that the toll rate change compare to the actual MIIF predict is much lower.
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