Croesus Retail Trust (CRT) IPO Prospectus

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About Croesus Retail Trust (CRT)

CRT is the first Asia-Pacific retail trust with an initial portfolio located in Japan to be listed on the SGX-ST. CRT’s principal investment strategy is to invest in a diversified portfolio of predominantly retail real estate assets located in the Asia-Pacific region and real estate-related assets relating to the foregoing. 

 

Time Table:

  • Roadshow: 25 April 2013, Thursday – 30 April 2013,  Tuesday
  •  Singapore Public Offer: 03 May 2013 (9am) – 08 May 2013 (12 noon) 
  •  Expected listing: 10 May 2013, Friday (2pm)

 

Disclaimer: Reading the prospectus is really a pain. I just did a quick scan and extract key information in my analysis. The calculation may not be accurate but good enough for me to have an opinion on Croesus Retain REIT to make my investment decision. Feel free to point out if there is any mistake in my calculation.

Fundamental Summary

  • IPO Price = $0.93
  • Projected DPU Yield = 8% (2014)
  • Net assets attributable to Unit Holders = JPY 30,266,962,000 (Page 41 of CRT Prospectus)
  • Number of Units = 430,178,000 (Page 40 of CRT Prospectus)
  • NAV = JPY 70.36 (S$0.897) –> IPO price is 3.6% Premium to the NAV. Benchmark with Saizen REIT (27% discount). See Saizen REIT data here. Exchange Rate used (JPY78.39 =S$1.00) from Page V.
  • Risks (Personal View):
    • Depreciation of Japanese Yen –> will affect the DPU if Japanese Yen depreciates further due to Abenomics.
    • Japan economy has been on deflation for the past 2 decades.–> Cause fallen asset price.
    • Natural disaster –> Any Earth quakes or Tsunami will hit the DPU.
  • Gearing Ratio = 48%

 

Portfolio

Portfolio SummaryPortfolio1Portfolio2

 

Operation Highlight

Operation Highligt

See detail Croesus Retail Trust Prospectus.

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Lippo Malls Indo Retail Trust (LMIR) Fundamental & Technical Analysis

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Lippo Malls Indo Retail Trust (LMIR) broke out from Ascending Triangle with huge volumn after reporting 30% increase in DPU compare to the same quarter in the previous year. The price target of this breakout is about $0.60. The stock is currently on clear uptrend and 5% undervalue to NAV of $0.57. Current price is $0.535.

LMIR May3-2013

Fundamental Data (From 1Q, 2013 Earning Result Presentation)

  • NAV = $0.57
  • DPU (1Q, 2012) = 0.63 cents
  • DPU (1Q, 2013) = 0.89 cents (+30%)
  • Distribution Yield (Annualised) = 6.9% (base on $0.515)
  • Gearing Ratio = 24.3%
  • Lease Expiry: More than 70% expire beyond 2015.

Fundamentally LMIR is undervalue and have very good prospect of further increase in DPU base on their growth strategy (S$4 Billion portfolio in 3-5 years) with low gearing ratio. Technically LMIR is on clear uptrend.

See comparison table of other Singapore REIT.

Past analysis on Lippo Mall Indonesia Retail Trust which posted one year ago.

 

 

 

Continue ReadingLippo Malls Indo Retail Trust (LMIR) Fundamental & Technical Analysis

Keppel Corp: Rebound from here?

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Keppel Corp is technically bearish and on down trend after breaking the 200D SMA support. The stock is currently on down trend but will be testing the the Big Rising Wedge support. This support is quite a reliable support which tested past 3 times. Watch this support closely and wait for the reversal candlestick pattern (Inverted Hammer, Hammer, Morning Star, Bullish Engulfing, Three Inside Up, etc) to long. Alternatively, KepCorp will continue to fall if this support is broken with price target of $9.00.

Note: 20D SMA looks like quite a reliable support and resistance.

20013May3-KepCorp-740x480

See past analysis on Keppel Corp.

 

Continue ReadingKeppel Corp: Rebound from here?