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【OUE Com Reit TS0U 交流专区】华联商业房地产投资信托 OUE COMMERCIAL REIT

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发表于 8-1-2014 04:00 AM | 显示全部楼层 |阅读模式
OUE Commercial Trust said to plan 6.8% yield in $400 mil IPO
Source: Bloomberg   |   Publish date: Thu, 9 Jan 11:04
http://www.theedgesingapore.com/the-daily-edge/business/46849-oue-commercial-trust-said-to-plan-68-yield-in-400-mil-ipo.html

OUE Commercial Trust, a spinoff from Singapore’s OUE, plans to offer a 6.8% yield for its about $400 million initial public offering, according to two people with knowledge of the matter.

The trust, which will be backed by properties including the OUE Bayfront office tower in downtown Singapore, intends to start marketing the deal next week, said the people, who asked not to be named as the process is private. It plans to sell the units at 80 Singapore cents each, they said.

OUE Commercial Trust intends to offer a dividend yield of 6.8% for this year and 6.9% for fiscal 2015, according to the people. Two calls to OUE Ltd.’s head office in Singapore seeking comment went unanswered.

The offering will be the second trust OUE has listed in the past six months. OUE Hospitality Trust, which owns a hotel and mall in the city’s Orchard Road shopping district, raised S$600 million from an IPO in July last year. Units of OUE Hospitality Trust are unchanged since they started trading.

OUE agreed to buy the U.S. Bank Tower in Los Angeles, California’s tallest building, for US$367.5 million ($467.7 million) last year. It is controlled by Executive Chairman Stephen Riady, the son of Lippo Group founder Mochtar Riady. Indonesia-based Lippo Group’s businesses include real estate, financial services and food across Asia.
本帖最后由 icy97 于 2-2-2014 06:09 PM 编辑

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 楼主| 发表于 23-1-2014 02:38 AM | 显示全部楼层
新股(IPO )上场:华联商业房地产投资信托(OUE Commercial REIT)
文: IPO先生 (译:麦美莹) 2014年01月21日 新股
http://www.sharesinv.com/zh/articles/44248/

华联商业房地产投资信托(OUE Commercial REIT) 以每单位0.80元首次公开售股 。招股书在这里。 IPO将会在2014年1月23日正午12时截止。
公司将会发行2亿零800万个单位,其中1亿5,175万个单位为配售股,而供公众购买的数量为5,625万个单位。基于招股价,公司的市值为13亿9,000万元。

初期组合

初期组合将包括在新加坡的华联海湾大厦(OUE Bayfront Property)及在上海的力宝广场(Lippo Plaza)。

华联海湾大厦为99年期(从2007年起计算),但力宝广场的年期只有55年(从1994年起算)。

此外,公司也对以下的华联企业(OUE Ltd)资产享有优先认购权:
1. 莱佛士坊1号(One Raffles Place)
2. OUE Downtown 2 及Downtown Gallery
3. 美国联邦银行大厦(US Bank Tower)

股东

公司的基石投资者全部来自中国,包括长峰集团的创办人;以及新海逸(Singhaiyi)的夫妻档唐逸刚和陈怀丹。在上市后,华联企业将继续持有公司的45.2%股权,而公众的持股权为28.8%。

获益率

这是另一家房地产投资信托(REIT),即属于收益股,因此,若你对其资产及分别为6.8%及6.89%的FY14及FY15收益率感到满意,才好进场。请注意,如果缺乏收入支撑,收益率可能会分别跌至5.56%及5.75%。

公司将会每半年派发股息一次,大约是在6月尾及12月尾的90天内。

同行估值

以下是截至上周五的同行估值列表。从中你可以看到,如果公司缺乏收入支撑,其收益率在同行中属于低端。但以0.76倍的账面值来算,它是属于估值“比较佳”的REIT,尽管华联企业是以0.73倍股价与账面值比交易。

公司的优点
其中一个优点是你有机会以低于“市值”拥有位于滨海湾的物业。从招股书得悉,基于招股价计算,折扣率大约为23.9%。
1. 强大的保荐人 (力宝集团)及享有优先购买权
2. 租金具潜在涨升空间 (但这个优势被偏低收入抵消)
3. 租约期不是在同一个时间届满

我的顾虑
1. 收入难维持年比增长
2. 鉴于其负债比高达42.3%,它可能会受到联储局缩减购债及提高利率影响
3. 中国产业的年期短
4. 之前上市的华联酒店信托(OUE Hospitality Trust)仍徘徊在招股价附近

我的评级

在分析这只股时,我差不多要睡着了。对我来说,这只不过是另一个REIT,因此不会感到兴奋。我个人对这个REIT不感兴趣,但鉴于它的估值比大部分同行来得佳,走低的可能性受限(可是它也不会产生什么火花),我会给予它1条辣椒评级。如果你喜欢公司的资产及希望组合中拥有收益股,才好进场,但小心一旦利息升高时,它的借贷成本会很高。
本帖最后由 icy97 于 23-1-2014 02:40 AM 编辑

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发表于 27-1-2014 05:36 PM | 显示全部楼层
== 一开盘就遇到这种行情...真TMD.
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发表于 27-1-2014 05:37 PM | 显示全部楼层
招股书写的天上有地下无!
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 楼主| 发表于 2-2-2014 06:12 PM | 显示全部楼层
OUE Commercial Trust falls in debut trading
Source: Bloomberg   |   Publish date: Mon, 27 Jan 15:05
http://www.theedgesingapore.com/the-daily-edge/business/47075-oue-commercial-trust-falls-in-debut-trading.html

OUE Commercial Trust, the second trust Singapore developer OUE has listed in the past six months, fell on its first day of trading amid concerns that the yield and credit rating are lower than its peers.

The units slid as much as 3.8% to 77 cents before trading at 78 cents at 2:20 p.m. local time. The stock was sold at 80 cents each in its initial public offering. The REIT raised $346.4 million, offering 208 million units to the public and selling an additional 225 million units to cornerstone investors.

The trust has a provisional rating of Ba1 from Moody’s Investors Service, one level lower than investment grade. The rating is in a range that’s speculative and subject to substantial credit risk, according to its prospectus. OUE Commercial plans to offer a dividend yield of 6.8% for this year with income support from OUE; without the support, the yield is 5.56%, it said.

“The yield without income support isn’t that attractive,” said Vikrant Pandey, an analyst at UOB Kay Hian Pte in Singapore. “That coupled with a credit rating that is below investment grade is also affecting the sentiment.”

OUE Commercial will be backed by the OUE Bayfront office tower in downtown Singapore and the Lippo Plaza property in Shanghai, according to the prospectus.

OUE Hospitality Trust, which owns a hotel and mall in the city’s Orchard Road shopping district, raised $600 million from an IPO in July last year. The stock rose 0.6% to 88 cents. In the past six months, the stock has fallen 1.7%, compared with the 6.2% decline in the Singapore benchmark Straits Times Index.

OUE bought the U.S. Bank Tower in Los Angeles, California’s tallest building, for US$367.5 million ($468.9 million) last year. It is controlled by Executive Chairman Stephen Riady, the son of Lippo Group founder Mochtar Riady. Indonesia-based Lippo Group’s businesses include real estate, financial services and food across Asia.
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 楼主| 发表于 19-5-2014 02:10 AM | 显示全部楼层
每日头条 | 2014年05月09日
http://www.sharesinv.com/zh/articles/46746/

华联商业房地产投资信托(OUE Commercial REIT)首次公布业绩。其总收入及净产业收入分别为1,380万元和1,030万元,分别比预测高出1%和1.4%。可分配收入为860万元,比预测高出30万元(3.6%)。公司宣布派发每单位0.01元的股息。
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