【OUE HT SK7 交流专区】华联企业的酒店信托 OUE HOSPITALITY TRUST

icy97

华联企业的房地产投资信托获新交所给予上市资格
http://www.sharesinv.com/zh/articles/39487/

2013年06月06日
华联企业(Overseas Union Enterprise)宣布，其款待与零售房地产投资信托(REIT)已获新交所给予上市资格。公司在宣布此消息前，在昨天暂停交易，并已委任了雅诗阁(The Ascott)的前总裁钟奇雄为该REIT的总裁。汤森路透在报告中表示，该REIT将在今年7月初敲定招股价，并在7月中旬挂牌上市。尽管首次公开售股(IPO)的规模仍未确定，但媒体预期，其价值将介于7亿至8亿美元之间。若此预测属实，这个IPO将成为新交所今年的第三大IPO，居于丰树大中华商业信托(Mapletree Greater China Commercial Trust)和亚洲付费信托(Asian Pay Television Trust)之后。华联企业表示，该REIT的招股前筹备工作定于6月10日展开。公司也在5月公布，其款待业资产中的新加坡文华大酒店(Mandarin Orchard Singapore)和文华购物廊(Mandarin Gallery)将被注入REIT中。

启示：该REIT的上市资格有效期为三个月。华联企业今天上午11时的股价回落至2.97元，比暂停交易前的3.02元低了0.05元。股东们在短期内或许应该谨慎交易。


OUE to begin pre-marketing for US$800 mil Reit IPO
http://www.theedgesingapore.com/the-daily-edge/business/44198-oue-to-begin-pre-marketing-for-us800-mil-reit-ipo-sources.html

Wed, 5 Jun 18:37  
Singapore-listed property firm Overseas Union Enterprise plans to begin pre-marketing for a real estate investment trust next Monday in a deal that could raise up to US$800 million ($998 million), two sources said.

The hospitality Reit, which will hold its hotels, will be priced in early July and the listing is planned for around mid-July, one source familiar with the deal told Reuters.

"The deal is between US$700 million to US$800 million," said the source.

Sources declined to be identified because the details of the planned offering are not public.

Earlier on Wednesday, the company halted trade in its shares pending an announcement.

Credit Suisse, Goldman Sachs and Standard Chartered are advising the company on the IPO, sources had told Reuters earlier.

icy97

OUE to raise up to $614 mil through trust listing
http://www.theedgesingapore.com/the-daily-edge/business/44629-oue-to-raise-up-to-614-mil-through-trust-listing.html

Wed, 10 Jul 21:30
Overseas Union Enterprise is planning to raise $614 million by listing OUE Hospitality Trust, a business and property trust. The offer price is expected to be between 88 cents and 90 cents per stapled security.

OUE will offer 434.6 million of these securities to the public and institutions. About 51.1 million will be set aside the retail investors. Another 247.2 million will be placed to cornerstone investors.

The property developer lodged a preliminary prospectus for the initial public offering of OUE Hospitality Trust with the Monetary Authority of Singapore today.

The initial portfolio of the REIT will be made up of two assets, namely, the Mandarin Orchard hotel and the Mandarin Gallery mall along Orchard Road.

icy97

华联企业酒店信托拟通过首次公开售股集资6亿1,360万元
http://www.sharesinv.com/zh/articles/40258/

2013年07月11日
华联企业的酒店信托OUE Hospitality Trust拟在首次公开售股(IPO)活动中发售6亿8,180万股合订证券，以集资6亿1,360万元。发股价将介于0.88元至0.90元之间。基石投资者计有瑞士信贷(Credit Suisse)、投资基金Splendid Asia Macro Fund以及新海逸(SingHaiYi)的非执行董事唐逸刚，他们将认购2亿4,720万股合订单位。公司在招股书内表示，按发股价计算，FY13的股息获益率将介于6.99%至7.15%之间。公司也说：“我们的组合将包含酒店及零售资产，并将能从新加坡文华大酒店(Mandarin Orchard Singapore)的增长潜能中受惠，同时从文华购物廊(Mandarin Gallery)取得稳定的租金收入。”文华大酒店的每客房收入及文华购物廊的租金收入料将在FY12-FY14分别以2.7%和5.4%的年复合增长率(CAGR)增长。

启示：展望未来，公司计划主要在新加坡建立起包含款待业和相关资产的投资组合。公司也打算把其FY13和FY14的应课税收入的至少90%派作股息。

icy97

OUE Hospitality Trust raises $600 mil in Singapore offering
http://www.theedgesingapore.com/the-daily-edge/business/44746-oue-hospitality-trust-raises-600-mil-in-singapore-offering-update.html

Thu, 18 Jul 16:02  
Overseas Union Enterprise, which is buying California’s tallest building, raised $600 million in a Singapore initial public offering of its hospitality and retail assets.

OUE Hospitality Trust sold 681.8 million units at 88 cents, the low end of the range of 88 cents to 90 cents at which they were offered, according to a prospectus filed today in the city-state.

OUE follows an IPO of retail assets owned by Singapore Press Holdings, which raised $504 million after pricing at the top of the marketed range yesterday. REITs and business trusts were the biggest fundraisers in Singapore’s initial public offering market in the past year, accounting for US$4.16 billion ($5.27 billion) of the US$6.2 billion of stock priced, according to data compiled by Bloomberg.

At 88 cents, OUE Hospitality Trust is offering a yield of 7.46% based on fiscal 2014 projections, according to a prospectus filed in Singapore last week. SPH’s yield is projected at 5.79% for 2014, based on the 90 cents IPO price set on Tuesday.

Shares of OUE fell 1.4% at 3:16 p.m. in Singapore trading, the most in two weeks, while Singapore Press’s shares were unchanged. The benchmark Straits Times Index rose 0.3%.

A business hotel next to the Singapore airport and two hospitality assets in China, may be offered to OUE Hospitality Trust, according to the IPO prospectus. The properties, which have a total valuation of $413 million as at Dec. 31, could potentially double the number of hotel rooms owned by the trust, according to the document.

OUE is controlled by Executive Chairman Stephen Riady, a son of Mochtar Riady, who controls Indonesia’s Lippo Group. Lippo’s businesses include real estate, financial services and food across Asia. The company said earlier this year it’s buying the U.S. Bank Tower in Los Angeles, the tallest in the West Coast state, for US$367.5 million.

The share sale was managed by Credit Suisse Group AG, Goldman Sachs Group Inc. and Standard Chartered Plc.

icy97

新股(IPO)上场：华联酒店信托(OUE Hospitality Trust)
http://www.sharesinv.com/zh/articles/40495/

文： IPO先生 （译：麦美莹） 2013年07月22日 新股

华联酒店信托(OUE Hospitality Trust)终于把招股价定在询价圈购区间的低端，即0.88元。

公司将会献售4亿3,459万8,000万个单位，其中3亿8,346万2,000个为配售单位，而供公众认购的单位为5,113万6,000个。

保荐人将会获得6亿2,678万2,000个单位，而基石投资者将会认购2亿4,722万个单位。公司的市值将会是17亿3,800万元。超额配售的单位为6,818万2,000个。

重要时间表
2013年7月18日: 开放给公众认购
2013年7月23日中午12时: 公众认购截止
2013年7月25日下午2时: 开始在新交所交易

创始组合
公司的创始组合包含新加坡文华酒店(Mandarin Orchard Singapore)及文华购物廊(Mandarin Gallery)。这两个物业均位于乌节路，并拥有99年期租约(从1957年7月1日起计算)。

可分派收入组成部分
以下图表显示可分配收入的来源，大部分贡献是来自文华酒店，并受到长期大型租约的支持，为单位持有者带来稳定。可变动租金部分让公司可从酒店业的好景中受惠。

预估财务数字

未来可能注入的资产
保荐人让公司对其脱售的资产拥有优先认购权，情况与远东酒店信托(Far East Hospitality Trust)类似。未来可能注入公司的资产包括樟宜机场皇冠假日酒店、海南文华大酒店及汕头君华大酒店。

基石投资者

• 瑞士信贷
• Goldhill
• 唐逸刚(Gordan Tang)
• 新加坡投资公司Lucille Holdings
• 投资基金Spendid Asia Macro Fund
  

我认为基石投资者的阵容不算强大，主要是包含高净值人士及对冲基金。

预测收益率
基于零售商场的大型及长期租约，单位持有人保证最低限度可以获得4.5%收益率，任何涨升将来自其酒店业务。

我喜欢华联酒店信托的地方

• 有机会投资于乌节路的文华酒店及文华购物廊。
• 合订收入，长期大型租约对下滑风险带来保护作用。
• 保荐人脱售的资产，公司拥有优先认购权。
• 拥有能干及经验丰富的总裁。
  

我的忧虑
产业的租约期相对来说较短。

同行估值
华联酒店信托的预估收益率为7.36%、股价与账面值比为0.97倍，而负债比为33.8%。

腾飞酒店信托(Ascendas Hospitality Trust)以8.6%收益率、1.04倍股价与账面值比及35%负债比交易。

城市酒店信托(CDL Hospitality Trust) 以6.4%收益率、1.07倍股价与账面值比及28%负债比交易。

远东酒店信托(Far East Hospitality Trust) 以5.9%收益率、0.97倍股价与账面值比及29%负债比交易。

IPO先生的意见及评级
鉴于同行的估值不可以相比，我认为公司的定价合理。我直觉认为这只股可能在6.8%至7.5%的收益率范围内交易，因此，它将会在86分至95分之间交易，以招股价来计算，它的上涨空间不多。

坦白说，我不明白为什么华联酒店信托选择在新加坡报业控股房地产投资信托(SPH REIT)截止售股后的一天也截止售股。投资者因此要被逼作出选择，把他们的现金申请分半，但这对华联酒店信托不大有利，鉴于SPH REIT受到热烈需求，把招股价定在高端。

我也是给予华联酒店信托一个辣椒评级，但如果你要我作比较，我认为在上市后，SPH REIT的表现会比华联酒店信托稍胜一筹。

我并没有获得华联酒店信托的配售股，接下来我会考虑是否申请这只股。

希望你也作出明智的决定！ ^_^ 但请不要叫我帮你作出决定。

icy97

OUE Hospitality rises in IPO debut on yield: Update
http://www.theedgesingapore.com/the-daily-edge/business/44851-oue-hospitality-rises-in-ipo-debut-on-yield-update.html

Thu, 25 Jul 18:21   
OUE Hospitality Trust, which owns a Singapore downtown hotel and shopping mall, opened higher on its first day of trading in the island-state, supported by returns that exceed those of comparable properties.

The shares opened at 88.5 cents at 2 p.m. local time, 0.6% higher than the initial stock offering price of 88 cents apiece. The closed unchanged after swinging between gains and losses in the first 10 minutes of trading. The benchmark Straits Times Index fell 1.2%. Hospitality Trust sold 681.8 million units at the lower end of its price range.

Overseas Union Enterprise, which is buying California’s tallest building, raised $600 million in the initial public offering of its hospitality and retail assets. OUE follows an IPO of retail assets owned by Singapore Press Holdings Ltd., which raised $554 million after pricing at the top of the marketed range. SPH REIT jumped 9.4% in its trading debut yesterday and was unchanged today.

“Valuations are attractive,” Vikrant Pandey, a Singapore- based analyst at UOB Kay Hian said.

REITs and business trusts were the biggest fundraisers in Singapore’s initial public offering market in the past year, accounting for US$4.16 billion ($5.3 billion) of the US$6.2 billion of stock priced, according to data compiled by Bloomberg.

At 88 cents, OUE Hospitality Trust is offering a yield of 7.46% based on fiscal 2014 projections, according to a prospectus filed in Singapore. SPH’s yield is projected at 5.79% for 2014, based on the 90 cents IPO price.

AIRPORT HOTEL
A business hotel next to the Singapore airport and two hospitality assets in China, may be offered to OUE Hospitality Trust, according to the IPO prospectus. The properties, which have a total valuation of $413 million as at Dec. 31, could potentially double the number of hotel rooms owned by the trust, according to the document.

OUE is controlled by Executive Chairman Stephen Riady, a son of Mochtar Riady, who controls Indonesia’s Lippo Group. Lippo’s businesses include real estate, financial services and food across Asia. The company said earlier this year it’s buying the U.S. Bank Tower in Los Angeles, the tallest in the West Coast state, for US$367.5 million.

The share sale was managed by Credit Suisse Group AG, Goldman Sachs Group Inc. and Standard Chartered Plc.

icy97

Name of Announcer *	GOLDMAN SACHS (SINGAPORE) PTE
Company Registration No.	198602165W
Announcement submitted on behalf of	OUE HOSPITALITY TRUST
Announcement is submitted with respect to *	OUE HOSPITALITY TRUST
Announcement is submitted by *	Arpan Harit
Designation *	Executive Director
Date & Time of Broadcast	15-Aug-2013 09:05:35
Announcement No.	00020

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

Announcement Title *

STABILISATION ANNOUNCEMENT

Description

STABILISATION ANNOUNCEMENT

Attachments

STABILISATIONANNOUNCEMENT.pdf

icy97

Name of Announcer *	GOLDMAN SACHS (SINGAPORE) PTE
Company Registration No.	198602165W
Announcement submitted on behalf of	OUE HOSPITALITY TRUST
Announcement is submitted with respect to *	OUE HOSPITALITY TRUST
Announcement is submitted by *	Arpan Harit
Designation *	Executive Director
Date & Time of Broadcast	20-Aug-2013 17:52:29
Announcement No.	00095

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

Announcement Title *

STABILISATION ANNOUNCEMENT

Description

STABILISATION ANNOUNCEMENT

Attachments

STABILISATIONANNOUNCEMENT.pdf

icy97

Name of Announcer *	GOLDMAN SACHS (SINGAPORE) PTE
Company Registration No.	198602165W
Announcement submitted on behalf of	OUE HOSPITALITY TRUST
Announcement is submitted with respect to *	OUE HOSPITALITY TRUST
Announcement is submitted by *	Arpan Harit
Designation *	Executive Director
Date & Time of Broadcast	22-Aug-2013 18:25:57
Announcement No.	00131

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

Announcement Title *

STABILISATION ANNOUNCEMENT

Description

STABILISATION ANNOUNCEMENT

Attachments

STABILISATIONANNOUNCEMENT.pdf

icy97

Name of Announcer *	GOLDMAN SACHS (SINGAPORE) PTE
Company Registration No.	198602165W
Announcement submitted on behalf of	OUE HOSPITALITY TRUST
Announcement is submitted with respect to *	OUE HOSPITALITY TRUST
Announcement is submitted by *	Michelle Ling
Designation *	Executive Director
Date & Time of Broadcast	23-Aug-2013 18:22:40
Announcement No.	00146

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

Announcement Title *

STABILISATION ANNOUNCEMENT

Description

STABILISATION ANNOUNCEMENT

Attachments

Cessation_of_Stabilisation_Final.pdf

Announcement Title *

STABILISATION ANNOUNCEMENT

Description

STABILISATION ANNOUNCEMENT

Attachments

STABILISATIONANNOUNCEMENT.pdf

icy97

OUE Hospitality Trust achieves higher distributable income and DPU than forecast
Source: The Edge   |   Publish date: Tue, 5 Nov 22:20
http://www.theedgesingapore.com/the-daily-edge/business/46163-oue-hospitality-trust-achieves-higher-distributable-income-and-dpu-than-forecast.html

OUE Hospitality Trust (OUE H-Trust) said it has achieved S$16.3 million distributable income for the period from 25 July to 30 September 2013.

This is 2.7% higher than the forecast for the same period. Distribution per Stapled Security (DPS) for the period is 1.24 cents, 2.5% higher than the forecast of 1.21 cents.

OUE H-Trust is a stapled group comprising OUE Hospitality Real Estate Investment Trust (OUE H-REIT) and OUE Hospitality Business Trust (OUE H-BT) listed on 25 July 2013 on the Mainboard of the SGX.

There is no distribution declared for the period as OUE H-Trust’s first distribution after listing will be for the period from 25 July to 31 December 2013 and will be paid on or before 31 March 2014, as disclosed in the prospectus.

OUE H-REIT’s initial asset portfolio comprising the 1,065-room Mandarin Orchard Singapore and the adjoining Mandarin Gallery, has a total asset value of $1.76 billion. 14 new guest rooms were added to Mandarin Orchard Singapore after the listing of OUE Hospitality Trust, thereby increasing the number of rooms from 1,051 to 1,065. OUE H-BT is dormant.

Chong Kee Hiong, CEO of OUE Hospitality REIT Management, said: “Mandarin Orchard achieved a Revenue per Available Room (RevPAR) of $261, outperforming the forecast RevPAR of $253. This translated into higher lease revenue from the hotel. For Mandarin Gallery, the leasing of advertising space and short term leasing of outdoor areas contributed to higher rental income. Distributable income was 2.7% higher than forecast as a result of lower trust expenses.”

For Mandarin Gallery, higher revenue was recognised from the leasing of advertising panels and short term leasing of outdoor space. This also includes S$0.37 million from straight-lining of rental income.

Net property income recorded was 2.6% higher than the forecast. This was due to higher revenue recorded and higher net property income margin as a result of lower marketing and utility expenses from Mandarin Gallery.

icy97

文： 2014年02月26日 每日头条
http://www.sharesinv.com/zh/articles/45087/

华联酒店信托(OUE Hospitality Trust)介于2013年7月25日至12月31日之间的首份财报显示，其收入为5,060万元，比其招股书所提供的预测高出1.3%，主要由于文华大酒店(Mandarin Orchard Hotel)的表现提高。可分配收入总额及每单位派息分别为3,820万元和0.029元，比预测高出2.4%和2.1%。

icy97

投资者角落 | 2014年03月20日
http://www.sharesinv.com/zh/articles/45480/

文 : 陈挚文

华联酒店信托(OUE Hospitality Trust)
股价 – $0.84
目标 – $0.82

公司的FY13业绩与我们及市场的预期相符。从其在2013年7月25日上市直至12月31日，其总收入比管理层在首次公开售股的预测提高了1.3%，由于新加坡文华大酒店的表现比预期来得佳。可分配收入比预测调高了2.4%，为3,820万元。每单位派息(DPU)为0.029元，比预测提高2.1%。在报告期内，酒店增加了26个客房，而32个翻新后的房间，房租提高了约15%。酒店的430个客房将会在2014年及2015年分阶段进行翻新工程。其文华购物廊已全面出租，而90%的租约包含一个加租机制，每年的租金将会增加约4.7%。无论如何，由于附近有3家酒店即将开张营业，文华酒店从2Q14开始将会遇到更大的竞争。

维持持守。 – 华侨银行投资 (3月17日)

icy97

华联酒店信托: 值得信赖?
Tradeable | 2014年04月30日
文 : 梁兆诚（译：麦美莹）
http://www.sharesinv.com/zh/articles/46562/

1. 华联酒店信托不断努力把利率攀高将会带来的冲击减到最低，它是利用利率掉期来对冲利率风险。
2. 成立一个10亿美元的终期票据计划(欧元)，让其有足够的债务空间来进行再融资。
3. 目前的产业组合表现良好，并可能会收购樟宜机场皇宫假日酒店，为未来增长未雨绸缪。

华联酒店信托(OUE Hospitality Trust，以下简称OUEHT) 是很努力把利率攀升可能会带来的冲击减到最低的信托。利率风险受到围护，因为OUEHT把其所有债务通过利率掉期来固定利率。这个信托也把负债尽量减低，其杠杆比率维持在32%的低水平。

可是，事实上，其一半的债务将需要在2016年7月再融资。根据美国联邦储备局给予的暗示，利率很可能在2015年中攀高，换句话说，当OUEHT把债务再融资时，它的债务成本将会提高，因此，其获益率可能会受到一点压力。



由于其杠杆比率偏低，OUEHT 可以选择提早进行再融资。如果OUEHT获得信贷评级(杠杆限制: 没有评级为35%；获得评级为 60%)，它可能会在2015年中之前发行债券，并受惠于目前的低利率。

今个月初， OUEHT 宣布成立一个10亿美元的担保欧元中期票据计划，这个设施让OUEHT有足够的债务空间来进行再融资及收购其他产业。 有消息指出，OUEHT可能会从其保荐商华联企业(OUE Limited)购入樟宜机场皇冠假日酒店(Crowne Plaza Changi Airport)，后者的最新估值为2亿9,100万元，入住率达到88.4%。

随着政府计划扩展樟宜机场，皇冠假日酒店的入住率预期将会提高。为作好准备，华联企业计划扩大酒店，添加多200间客房。如果收购落实，OUEHT的估值预期将会提高。

OUEHT目前的产业一直表现良好。文华购物廊(Mandarin Gallery)全面出租，而文华大酒店(Mandarin Orchard Hotel)的出租率也达到90%。

OUEHT 的FY13每单位可分配收入 (DPU) 为0.0662元，意味着获益率为7.52% (基于0.88元的招股价计算)，这比招股书的7.36%预测来得高。

7.52%的获益率让OUEHT成为酒店信托类别中的佼佼者。

总的来说，如果投资者对收益股感兴趣，OUEHT不失为房地产投资信托中的不错选择。其素质甚高的产业将可以提供稳定的收益，而管理层的资本管理策略将可以减轻利率即将攀高的风险。