【SPHREIT SK6U 交流专区】SPH REIT

icy97

SPH REIT to raise up to $504mil in IPO
http://www.theedgesingapore.com/the-daily-edge/business/44617-sph-reit-to-raise-up-to-504mil-in-ipo.html

Tue, 9 Jul 18:38  
Singapore Press Holdings, the newspaper publisher that owns the Paragon mall along the city’s shopping belt, is seeking to raise as much as $504 million in an initial stock sale of its retail assets.

The real estate investment trust is offering 559.9 million shares at between 85 cents to 90 cents, according to a preliminary prospectus filed today with the city-state’s regulator. The offer includes an allotment of 251 million units to cornerstone investors including Great Eastern Life Assurance Co. and Morgan Stanley Investment Management Co., according to the document.

SPH REIT plans to offer a yield of as much as 6% based on fiscal 2014 projections for the two malls, which have a combined value of $3.07 billion, it said. Singapore Press said in May it will hold about 70% of the REIT after it goes public, and the proceeds will fund the group’s growth and a special dividend.

“The manager will take an active role in managing and enhancing SPH REIT’s properties,” SPH REIT said in the prospectus, adding that it will “assess acquisition opportunities in line with SPH REIT’s investment objective.”

There is an over-allotment option of 56 million units, it said.

Singapore’s property trusts, Asia’s second-worst performers this year, are well-positioned to weather an increase in interest rates as they diversify their funding sources, said Australia & New Zealand Banking Group. The average debt maturity of Singapore REITs has risen to four to five years from three years, Rohit Mohindra, the head of real estate for Southeast Asia at ANZ, said in an interview in Singapore on June 27.

Singapore’s FTSE Strait Times Real Estate Investment Trust Index lost 5.1% this year, compared with the 0.4% gain in the city’s benchmark Straits Times Index.

Credit Suisse Group AG is the sole global coordinator for the Singapore Press REIT offer, and the underwriters are DBS Group Holdings and Oversea-Chinese Banking Corp.

icy97

报业控股REIT拟首次公开售股集资逾5亿元
http://www.sharesinv.com/zh/articles/40241/

2013年07月10日
报业控股房地产投资信托(SPH REIT)公布了初步招股书，表示将以介于0.85元和0.90元之间的价格发售约3亿零890万个信托单位，并附带5,600万个单位的超额配售选择权。上市开支将由公司的信贷设施提供资金，其杠杆比估计将介于27.3%至31.3%之间。首次公开售股(IPO)将筹得约10亿元的净现金收益，并将主要用于向报业控股(Singapore Press Holdings)收购两个总值约31亿元的产业。报业控股就此表示，它将把脱售收益用于充当营运资本来扩大业务，以及派发每股18分的特别股息。SPH REIT的获益率估计为5.4-5.5%，这是不包括其中一个产业金文泰广场(Clementi Mall)的任何收入。

启示：供公众认购的股数预计约为8,400万个单位，而供国际配售的股数估计约为2亿2,490万个单位。0.85元至0.90元之间的招股价属合理，并符合报业控股早前希望集资5亿4,000万元的计划。

icy97

UOBKH: SPH REIT : Initial Highlights
http://sgx.i3investor.com/servlets/fdnews/43780.jsp

Publish date: Thu, 11 Jul 14:43
SPH REIT : Initial Highlights

Good morning, SPH REIT filed their preliminary prospectus yesterday evening. Below are some initial highlights from the prospectus.

The full document can be accessed at http://masnet.mas.gov.sg/opera/sdrprosp.nsf/e4607bcf096b71f748256b660010c4a4/C7452394C7C3A7AF48257BA300321A5C/$File/SPH%20REIT%20Preliminary%20Prospectus%20(9%20July%202013).pdf

ISSUE STATISTICS

Offer Size: 308.884m new shares (assuming over-allotment is not exercised)
Public Tranche - 83.982m shares
Placement Tranche -224.902m shares
Offering Price: S$0.85 - S$0.90
NAV per share (post IPO): S$0.89
Market Cap (post-IPO): S$2,250.9m (based on Maximum Offer Price S$0.90)
Lead Manager: Credit Suisse, DBS, OCBC Bank
Co-leads: CIMB, Nomura

Key Highlights:

Portfolio: Paragon (81%), an upscale retail mall and medical suite/office property on Orchard Road (99-year leasehold carved from freehold title) and Clementi Mall (19%), a mid-market suburban mall in Clementi that is connected to the Clementi MRT (99-year leasehold).

ROFR: Right of First Refusal (ROFR) over sponsor's (SPH) income-producing retail properties. Initial ROFR property is The Seletar Mall, which is due to complete in December 2014.

Cornerstone Investors: Great Eastern Life, Hong Leong Asset Management, Morgan Stanley Investment Management, Newton Investment Management and Norges Bank.

Income support: Initial income support to ensure Clementi Mall achieves a Net Property Income (NPI) of S$31m annually through an initial top-up of S$20m. Projected income support of S$4.7m in FY14 represents 18% of NPI for Clementi Mall or about 3% of SPH REIT's FY14 NPI.

Projected Initial/Forward Yields: 5.6%-5.8% in FY2013 and 5.8-6.0% in FY2014.

Management: CEO : Ms Susan Leng - Former GM of Capitol Investment Holdings, which won the tender to redevelop Capitol Theatre, Capitol Building and Stamford House into an integrated mixed-use development. From 1997-2004, Ms Leng was the GM at O290, an indirect wholly-owned subsidiary of the sponsor, where she was responsible for the profitability and growth of Paragon.

Initial Gearing: 27.3% - 31.3%. This compares with average 34% for retail S-REITs.

Summary of Initial Portfolio:

Initial Portfolio summary as at 28 February 2013	Paragon	Clementi Mall	Initial Portfolio
Property Type	Retail and medical suite/office	Retail	Retail and medical suite/office
GFA (sq ft)	1,017,707	289,877	1,307,584
NLA (sq ft)	706,690	192,089	898,779
Number of tenants	285	146	431
Committed Occupancy (%)	100.0	100.0	100.0
2012 annual retail sales (S$m)(2)	738	228	966
Sales per sq ft retail NLA per month (S$)	130	114	125
Projection Year FY2014 Net Property Income (S$m)	120.4	31.0	151.4
Average independent valuation (S$m)	2,500.0	570.5	3,070.5
Net Property Income yield (%)	4.8	5.4	4.9

Source: SPH REIT prospectus

Initial Yield:

Based on offering price of S$0.90-0.85	2HFY13F	FY2014F
DPU (S cents)	2.46	5.10
With income support (%)	5.58% (S$0.90) 5.79% (S$0.85)	5.79% (S$0.90) 6.00% (S$0.85)
Without income support (%)	5.35% (S$0.90) 5.54% (S$0.85)	5.58% (S$0.90) 5.78% (S$0.85)

Source: SPH REIT prospectus

Sources and Use of Funds:

Sources	S$m	Applications	S$m
Offering	310.1	Acquisition of the properties	3,070.5
Consideration Units	1,602.4	Transaction costs	29.6
Cornerstone Units	213.4	Plant and equipment	0.8
Loan Facility	975.0
Total	3,100.8	Total	3,100.8

Source: SPH REIT prospectus

Principal Unitholders Upon Completion of the Offering
Source: SPH REIT prospectus, UOB Kay Hian

Peer Comparison
Source: Bloomberg, UOB Kay Hian, SPH REIT prospectus

icy97

新股(IPO)上场：报业控股房地产投资信托(SPH REIT)
http://www.sharesinv.com/zh/articles/40351/

文： IPO先生 （译：麦美莹） 2013年07月15日 新股

报业控股房地产投资信托(SPH REIT)向新加坡金融管理局提交了初步的招股书。你可以点击此处查看招股书草案。报业控股提供了8,398万2,000股供公众认购，而配售股部份为2亿2,490万2,000股。圈购价为0.85元至0.90元，如果获超额认购，公司可选择发售多5,598万8,000股。市值大约为31亿零100万元。我从经纪取得的投资条款书列出的暂定时间表如下：
机构询价圈购:7月10日至16日
定价及配股: 7月17日下午
新加坡公开售股: 7月17日至22日 (中午12点)
上市: 7月24日
承销商：华侨银行、瑞士信贷及星展集团

主要业务
在亚太区投资于可带来收入的零售产业。

始创组合

1. 百利宫(Paragon Mall)，99年租赁产业。(请注意，这个产业实质上是拥有永久地契，但在99年后，业权将归回报业控股) 。租赁年期从上市当天起计算。

2. 金文泰广场，99年租赁产业。租赁期从2010年8月31日起计算。
详情如下：

财务规划

派息率
第一期派息是从上市当天至2013年11月30日，之后每个季度将会派息。每个季度的截止日期是：8月31日、11月30日、2月28日及5月31日。

股东及基石投资者

基石投资者将持有10%，他们分别是:
1. 大东方人寿保险
2. 丰隆资产管理
3. 摩根士丹利投资管理
4. 牛顿投资管理(Newton Investment Management)
5. 挪威银行(Norges Bank)

这些股东没有什么特别或令人感到惊讶，而且它们所持的股票没有“锁定期”。我宁愿其中包括多一些保险公司，因为它们需要高获益率来达到保单的要求，但无论如何，这些要求也是不足取。

我喜欢 SPH REIT的地方
o 有机会拥有百利宫，它所在的地点优越，是乌节 路的“地标”建筑物。
o 假设所有超额配股均售出，报业控股依然持有SPH REIT 70%股权，意味着公司的利益将会比较一致。
o 卖方为金文泰广场提供收入援助，如果其年收入低于3,100万元，可获补贴，为期5年或顶限为2,000万元。
o 它是以简单的REIT结构运作。

我的顾虑
o 出租率达到100%。除非容积率得以提高，或SPH REIT对资产作出一些古怪的提升，否则进步空间欠奉。
o 以高于净资产值(NAV)交易(我想这是因为获得收入补助)。
o 收益率比较上“缺乏吸引力”。

同行估值
图表是由摩根大通(JP Morgan)提供。我不知道为什么升禧环球信托(Starhill Global REIT)没有包含在表内？可能是它的资产比SPH REIT 更多样化。

我会把SPH REIT与嘉茂商产信托(CapitalMall Trust)及升禧环球信托作比较。基于第一季资本，升禧环球信托目前是以大约6.5% 交易，而股价与账面值比是0.94倍；嘉茂商产信托则以5.05%交易，而股价与账面值比是1.2倍。如果基于上述的逻辑，嘉茂商产信托及SPH REIT的投资者应该转而投资升禧环球信托。^_^

假设SPH REIT是在嘉茂商产信托及升禧环球信托的估值尺度内交易，它的交易范围将会是：
0.77元至 0.99元 (基于5% 至 6.5%收益率) 及
0.85元至 1.08元(基于0.94倍至 1.2倍股价与账面值比)。

我的合理值
假设收益率为5.5% 至6% ，而股价与账面值比为1.0倍至 1.1倍, SPH REIT的交易范围很可能是82分至99 分。

当定价公布后，并视乎未来几个星期其他REIT的表现，我将会给予我的辣椒评级。

icy97

SPH REIT said to raise $504m in initial offering
http://www.theedgesingapore.com/the-daily-edge/business/44711-sph-reit-said-to-raise-504m-in-initial-offeringupdate.html

Tue, 16 Jul 20:58  
Singapore Press Holdings., the newspaper publisher that owns the Paragon mall along the city’s shopping belt, raised $504 million in an initial public offering of its retail assets, according to two people with knowledge of the matter.

SPH REIT sold 559.9 million units at 90 cents, the high end of a marketed range of 85 Singapore cents to 90 cents, the people said, asking not to be named as the information is private. The sale can be increased by as much as 56 million units, according to a prospectus filed last week.

The real estate investment trust is competing for investors with an offering by property company Overseas Union Enterprise that includes a downtown Singapore hotel and mall. With investors seeking high-yielding assets, trusts have been the most active fundraisers in Singapore in the past year.

At 90 cents a unit, SPH REIT is offering a yield of 5.79% based on fiscal 2014 projections, according to the prospectus. The company had commitments from investors including Great Eastern Life Assurance Co. and Morgan Stanley Investment Management Co. for nearly half the shares sold, it said in the document.

SPH said in an emailed statement that it is unable to comment on the REIT pricing.

Overseas Union, which is seeking as much as $614 million for its REIT, will offer a yield of as much as 7.5% based on earnings projections for 2014, it said last week. The FTSE Strait Times RE Invest Trust Index tracking 28 REITs in Singapore offers a 4.8% dividend yield.

Overseas Union plans to set a price for its sale this week.

Singapore Press said in May it will hold about 70% of the REIT after it goes public, and the proceeds will fund the group’s growth and a special dividend.

Credit Suisse Group AG, DBS Group Holdings and Oversea-Chinese Banking Corp. managed the sale.

icy97

SPH REIT: 机构投资者认购踊跃，潜在涨升空间有限
http://www.sharesinv.com/zh/articles/40451/

文： IPO先生 （译：麦美莹） 2013年07月18日 新股

新加坡报业控股房地产投资信托(SPH Reit)以每单位0.90元首次公开售股(IPO)，属于询价圈购的顶端，而配售部分获42倍超额认购，机构投资者的热烈追捧真的令我感到有点意外，但收益率及潜在涨升空间却因此被压下去。

发股详情
配售部分: 2亿2,490万2000 单位
供公众认购部分: 8,398万2,000单位
基石投资者: 2亿5,100万单位
申请截止日期: 2013年7月22日中午12点
上市日期: 2013年7月24日下午2时
首次派息日期: 2014年2月27日或之前

收益率预测
以每股0.90元招股价计算，预测2H13及FY14的年度收益率分别为5.58%及5.79%。

我喜欢SPH REIT的地方

• 在乌节路心脏地带拥有大型优质零售商场。
• 报业控股(SPH)继续持有公司70%股权，意味着公司的利益将会比较一致。
• 百利宫(Paragon)的租赁年期重新计算为99年，而金文泰广场(Clementi Mall)的租赁年期接近99年。
• 百利宫的医疗中心可得益于抗压力强的医疗保健业。
• 获优先权购买报业控股的资产。
• 负债比为27.3%。
  

我不大喜欢的地方

• 招股价稍微高于净资产值(NAV)。
• 报业控股为金文泰广场提供收入援助。
  

同行估值 (截至2013年7月17日)

• 升禧环球信托(Starhill Global REIT)以大约5.67%收益率及0.88倍股价与账面值比交易(负债比为30%)。
• 嘉茂商产信托(CapitalMall Trust)以大约5.03%收益率及1.21倍股价与账面值比交易(负债比为35%)。
• 星狮地产信托(Frasers Centrepoint Trust)以大约5.60%收益率及1.24倍股价与账面值比交易(负债比为30%)。
• 新达信托(Suntec REIT) 以大约5.76%收益率及0.77倍股价与账面值比交易(负债比为36%)。
  

IPO先生的观点
从同行估值来看，SPH REIT的收益率似乎介于嘉茂商产信托的5%及新达信托的5.7%；而其股价与账面值比则介于新达的0.77倍及嘉茂商产信托的1.24倍之间。我不会利用股价与账面值比作为衡量，因为它的范围太大。

假设收益率为5%至5.7%之间，交易范围将会在0.88元至0.99元之间

不要对这只股的期望过高，因为它的定价合理。机构投资者的踊跃认购及超额配售将只可能给予SPH REIT一点潜在涨升空间。

我会给予这只股1个辣椒评级。如果它的定价是0.85元，我会给予较高的评级。投资者或许买入报业控股的股份比较划算，因为你等于投资于REIT及出版业(我没有在这方面做过功课，或许大家尝试计算一下，把结果告诉我)。

祝大家好运，我会投资一些配售股。

F3LiCi@_婷婷

有人买这个ipo吗？
好像冷淡酱。。
今天在atm 又在看到uncle 买这个的ipo。。
有什么意见吗？

icy97

SPH REIT rises in IPO debut on yield attraction
http://www.theedgesingapore.com/the-daily-edge/business/44833-sph-reit-rises-in-ipo-debut-on-yield-attraction-update.html

Wed, 24 Jul 18:03  
SPH REIT, the owner of the Paragon mall along Singapore’s shopping belt, gained on its first day of trading as investors were attracted by returns higher than those of comparable properties.

The shares jumped 9.4% to 98.5 cents at the close of trading. The stock was offered at 90 cents apiece, the top end of its price range. They started trading at 2 p.m. Singapore time and were 37 times subscribed.

“It was super oversubscribed as bond yields have stabilized a bit of late, which helped investor interest pick up,” Vikrant Pandey, a Singapore-based analyst at UOB Kay Hian Pte said. “Also retail assets are considered more of a defensive play so thats helped generate interest too.”

Shares of the real estate investment trust were offered with a yield of 5.79% based on fiscal 2014 projections. That’s higher than the measure tracking REITs in Singapore, which trades with a yield of 4.76%, according to data compiled by Bloomberg.

Singapore Press Holdings, the city’s biggest publisher, raised $554 million in the initial public offering of its retail assets through the REIT. SPH REIT sold 615.8 million units, offered at 85 Singapore cents to 90 cents each.

The REIT was competing for funds with an offering by property company Overseas Union Enterprise that includes a downtown Singapore hotel and mall. Both offerings were subscribed as investors sought high-yielding assets, where trusts have been the most active fundraisers in Singapore in the past year. REITs and business trusts raised $4.16 billion, or 67%, of the $6.2 billion of stock priced, according to data compiled by Bloomberg.

HIGHER YIELD
Overseas Union, which sought as much as $614 million for its REIT and business trust, will offer a yield of as much as 7.5% based on earnings projections for 2014, it said this month. OUE Hospitality Trust will start trading tomorrow.

SPH REIT sold units to key investors including Great Eastern Life Assurance Co. and Morgan Stanley Investment Management Co., it said in its prospectus.

The Paragon mall counts Prada, Gucci and Jimmy Choo among its tenants. The trust also holds the Clementi Mall in a western Singapore suburb.

Singapore Press said in May it will hold about 70% of SPH REIT after it goes public, and the proceeds will fund the group’s growth and a special dividend.

Credit Suisse Group AG, DBS Group Holdings and Oversea-Chinese Banking Corp. managed the sale.


报业控股房地产投资信托首日登场升高9.4%
http://www.sharesinv.com/zh/articles/40561/

2013年07月25日
报业控股房地产投资信托(SPH REIT)在昨天首日登场，并从其0.90元的招股价上升了9.4%至0.985元闭市。公司的初步组合包含百利宫(Paragon)和金文泰广场(Clementi Mall)，其2H13的年度化股息获益率为5.6%。下个财年的获益率预估为5.8%。在蓝筹股报业控股(Singapore Press Holdings)作为保荐人的优势下，公司的首次公开售股活动备受瞩目，尤其吸引了机构投资者的目光。配售给机构投资者的股票被超额认购约41倍，供公众认购的股票则被超额认购24倍。包括报业控股房地产投资信托在内，在新交所挂牌的房地产投资信托(REIT)及产业信托共有33个，市值达600亿元。而在10年前，也是新交所推出REIT市场的一年后，仅有3个REIT挂牌交易，总市值为12亿元。报业控股房地产投资信托今天以0.99元开盘，升了0.005元或0.5%。

启示：大华继显(UOB-Kay Hian)的分析师表示，由于债券获益率在最近回稳，所以投资者的购兴也重现，尤其是对属于防御型的零售业REIT。因此，在各个市场均起伏不定的情况下，报业控股房地产投资信托成为诱人的投资，因为在零售产业与其他资产类别相比下，前者的“租金与资产价格之间的差距”是最小的。

janly04

F3LiCi@_婷婷 发表于 18-7-2013 11:35 PM
有人买这个ipo吗？
好像冷淡酱。。
今天在atm 又在看到uncle 买这个的ipo。。

我有买,这是好股,收股息就够了.

F3LiCi@_婷婷

janly04 发表于 25-7-2013 11:16 AM
我有买,这是好股,收股息就够了.

。。
谢谢你。。。
这股票区还真是冷清。。。
你有买到ipo吗？
它的股息通常怎么派发给我这种小江鱼仔的啊？

WilsonWoon

我也买了，希望这是好股，SPH的股也不会差到那里吧～

bluevgo

icy97大大我想知道那里可以看到新家皮派股息的资料日期。有什么网可以查看的？？

bluevgo

bluevgo 发表于 26-9-2013 10:02 AM
icy97大大我想知道那里可以看到新家皮派股息的资料日期。有什么网可以查看的？？

icy97大大你给的网页是很好。。可是我还是一直找不到哪里看派股息的资料。 我想知道那些新加坡reits 一年派4次股息的。那些只是派2次。谢谢

icy97

报业控股房地产信托首次派息1.86分，比预测高出2.2%
2014年01月10日
http://www.sharesinv.com/zh/articles/43925/

虽然报业控股房地产信托(SPH REIT)在截至2013年11月30日的季度里录得比预测来得低的7,040万元毛收入，但其净产业收入为5,140万元，比5,050万元的预估高出1.8%。

毛收入比预测低主要是由于百利宫(Paragon)带来的租金毛收入减少，而金文泰广场(Clementi Mall)的租金毛收入只是保持不变而已。产业营运开支为1,900万元，比预测低了3.9%，由于水电费、产业税及营销和其他开支均减低，但因维修成本提高而部份被抵消。

可分配收入为4,650万元，比预测高出1.9%。每单位派息为1.86分。

启示：公司把其债务偿还期分散开来，加权平均还款期为4.8年。公司直至2016年都没有再融资的需要，负债比也保持在健康的26.7%。加上截至2013年11月30日的平均债务成本为2.3%，公司已为贷款利率将在日后提高做好准备。利率上调可能会严重影响房地产投资信托(REIT)业。

icy97

每日头条 | 2014年04月09日
http://www.sharesinv.com/zh/articles/46041/

报业控股房地产信托(SPH REIT)在截至2014年2月28日的2Q14录得5,100万元毛收入，比其在招股书内的预估高出4.8%，由于其产业带来的租金收入增加。加上公用事业开支减少，可分配收入为3,490万元，比预估高出9.4%。本季度的每单位派息为0.0139元，比招股书内的预测高4.5%。本年迄今的每单位派息为0.0325元，比预估多了3.2%。