【SuntecReit T82U 交流专区】新达信托 SUNTEC REAL ESTATE INV TRUST

icy97

Maybank upgrades Suntec REIT to 'buy'
http://www.theedgesingapore.com/the-daily-edge/business/40385-maybank-upgrades-suntec-reit-to-buy.html

Mon, 8 Oct 12:06
Maybank Kim Eng upgraded Suntec Real Estate Investment Trust to ‘buy’ from ‘hold’ and raised its target price to $1.66 from $1.42, citing strong occupancy at its office assets and good progress in the upgrading works for its shopping mall and convention centre.

Units of Suntec REIT were up 0.3% at $1.535, and have surged 42.9% since the start of the year, compared to the FTSE ST Real Estate Investment Trust’s 32% rise.

Suntec is one of the few Singapore-listed REITs that offers yields of more than 6% but are trading at discounts to book value, Maybank said.

It also noted that against a backdrop of an office supply glut and high vacancy rates, Suntec has secured 100% occupancy for its office assets in Suntec and Park Mall, One Raffles Quay and 99.5% for Marina Bay Financial Centre Tower 1.   

“With all its assets and income contribution from Singapore, we believe investors will continue to favour Suntec in the absence of forex risk, highly-liquid S-REIT counters and investable alternatives,” said Maybank in a note.

The brokerage is confident that Suntec REIT will be able to pay out distribution per unit of at least 2.15 cents for the third quarter and at least 9% cents for the full year.

icy97

Suntec REIT keeps 'buy' call from Maybank-Kim Eng
http://www.theedgesingapore.com/the-daily-edge/business/41884-suntec-reit-keeps-buy-call-from-maybank-kim-eng.html

Mon, 10 Dec 16:04
Analyst Ong Kian Lin of Maybank Kim Eng views the acquisition by DBS of a 30% equity stake in Marina Bay Financial Centre Tower 3 for $1.035 billion ($2,555 psf) as a positive for Suntec REIT as it removes the worrying possibility of equity fund raising if MBFC Twr 3 were to be injected into the REIT.

Ong says Suntec REIT can henceforth focus more on its organic Asset Enhancement Initiative on Suntec City. In addition, Suntec REIT has, over the weekend, also appointed the CEO of APM Property Management as its Deputy CEO with effect from Jan 1 2013.

DBS is the anchor tenant at MBFC Twr 3, occupying over 600,000 sq ft or 18 floors. Both parties also entered into a conditional put option agreement for DBS to take up Choicewide’s remaining 3.33% equity stake and its associated loan for an estimated aggregate price of $115 million. The remaining stake on MBFC Twr 3 (66.66%) is held by Hong Kong Land and Keppel Land.

“We think this shows Suntec REIT's commitment to making the Suntec City revamp a success,” says Ong.

Maybank-Kim Eng is maintaining a “buy” rating for Suntec REIT. Its target price of $1.70 is unchanged for now, although “we believe there is upside potential after FY12 results as pre-commitments for phase 1 Suntec City Mall (complete by 2Q12) are likely to be secured above Suntec’s post-AEI target of $12.59 psf/mth.”

icy97

OCBC raises Suntec REIT target price
http://www.theedgesingapore.com/the-daily-edge/business/42400-ocbc-raises-suntec-reit-target-price.html

Wed, 23 Jan 13:20
OCBC Investment Research raised its target price for Suntec Real Estate Investment Trust, which operates
commercial properties, to $1.94 from $1.70 and kept its ‘buy’ rating, to factor in better-than-expected fourth quarter results and divestment gains.

As of 11:20 a.m., Suntec REIT units dipped 0.9% at $1.72. They have gained 2.7% since the start of the year, compared with the FTSE ST Real Estate Industrial Trust’s  3.4% gain.

Suntec REIT posted a 5.3% fall in its distributable income to $52.4 million, mainly due to the closure of its properties Suntec Singapore and Suntec City Mall for upgrading work.

However, this was above OCBC’s expectations, noting that Suntec REIT’s office segment continued to perform, with a 11.1% growth in revenue and high occupancy of 99.7%. This helped to cushion a 27.6% decline in revenue from its retail segment.

Suntec City’s upgrading work is on track for completion and based on the timeline, OCBC said, adding that the second quarter may face the largest impact on its rental income.

OCBC expects Suntec REIT to pay out $10 million in distribution from the divestment proceeds in 2013 due to the better-than-expected results.


新达信托的4Q12每单位派息下降6.2%至2.326分
http://www.sharesinv.com/zh/articles/36979/

2013年01月23日
新达信托(Suntec REIT)报4Q12的每单位派息(DPU)下降6.2%至2.326分。供分配收入则下跌5.3%至5,240万元，主要由于新达新加坡国际会展中心(Suntec Singapore)和新达城广场(Suntec City Mall)(第1期)因进行提升工程而关闭，以及脱售赞美(CHIJMES)。全年的DPU下降4.5%至9.49分，可分配收入下跌3.5%至2亿1,310万元。截至2012年12月31日，公司的零售及办公楼组合的总体承诺租用率分别为98.1%和99.7%。

启示：新达城广场第1期将在2Q13末开始营业，并以取得约83%的预租租约。另外，公司将在今年3月展开第2期的资产提升工程，相关的可出租面积已有37%被预租。

icy97

新达信托的每单位派息下跌9.2%至2.228分
http://www.sharesinv.com/zh/articles/38558/

2013年04月26日
新达信托(Suntec Real Estate Investment Trust)宣布，其1Q13每单位派息(DPU)年比下滑9.2%至2.228分，去年同期为2.453分。其1Q13可分配收入年比下降8.4%至5,030万元，主因是有一部分的新达城广场和新达新加坡国际会展中心(Suntec Singapore)因进行提升工程而关闭。1Q13总收入减低32.2%至4,970万元。新达信托的管理机构总裁Yeo See Kiat说：“在2013年3月，我们进一步关闭靠近宝龙坊地铁站的新达城广场部分，以执行第二期的提升工程。尽管有一部分的新达城广场关闭，但在1Q13的5,030万元可分配收入中，只有来自赞美广场(Chijmes)的270万元脱售收益为资本分配。”

启示：新达信托截至2013年3月31日的办公室组合整体预租率为99.7%。它目前将专注于开放第一期翻新完成的新达城部分、确保随后进行的提升工程顺利执行，以及积极提高租用率。

icy97

Name of Announcer *	ARA TRUST MANAGEMENT (SUNTEC) LIMITED AS MANAGER OF SUNTEC REIT
Company Registration No.	200410976R
Announcement submitted on behalf of	SUNTEC REAL ESTATE INV TRUST
Announcement is submitted with respect to *	SUNTEC REAL ESTATE INV TRUST
Announcement is submitted by *	Yeo See Kiat
Designation *	Director
Date & Time of Broadcast	15-Aug-2013 22:33:33
Announcement No.	00169

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

Announcement Title *

ESTABLISHMENT OF US$1,500,000,000 EURO MEDIUM TERM NOTE PROGRAMME

Description

Please see attached.

Attachments

Suntec-EstbEMTN.pdf

icy97

新达信托的3Q13每单位派息下降2.6%
2013年10月25日
http://www.sharesinv.com/zh/articles/42325/

新达信托(Suntec REIT)的3Q13每单位派息为2.289分，比去年同期高出约2.6%。3Q13的净产业收入及毛收入分别增加4.7%至4,030万元和5.3%至6,590万元。信托的管理公司ARA Trust Management的总裁Yeo See Kiat表示，正在进行翻新的新达城第二期部份已取得83.8%的预租率。

启示：截至今年9月底，新达信托的零售空间的总体承诺租用率为98.3%，而写字楼的总体承诺租用率为99.8%。在3Q13签订的新租约和续约合同合共占约16万平方英尺。仅余下1.7%的写字楼租约是在今年到期。预期写字楼的表现将会比上个财年来得好。

icy97

Suntec REIT acquires landmark office tower in North Sydney Central Business District
Source: The Edge   |   Publish date: Fri, 15 Nov 22:48  
http://www.theedgesingapore.com/the-daily-edge/business/46350-suntec-reit-acquires-landmark-office-tower-in-north-sydney-central-business-district.html

The manager of Suntec Real Estate Investment Trust (Suntec REIT) ha agreed to acquire a 100% interest in 177-199 Pacific Highway, a freehold land and property to be developed for a consideration of A$413.19 million ($481.8 million).

The property is a 31-storey A grade commercial tower which is targeted for completion in early 2016. With an net lettable area (NLA) of 423,915 sq ft, the property is located in one of the most prominent sites in North Sydney Central Business District at the junction of Pacific Highway and Berry Street.

The property is 100% pre-committed with the Leighton Group, one of Australia’s largest building, contracting and property development group taking a head lease of 76% of the net lettable area. The average weighted average lease expiry of Leighton Holdings’ lease (“WALE”) is 10 years. The property will be home to Leighton Holdings’ corporate headquarters. Leighton Holdings will also provide a rental guarantee for four years for any vacant space on completion.

Yeo See Kiat, Chief Executive Officer of the manager, said: “The transaction will improve earnings and boost distribution income to unitholders as there will be coupon payments of 6.32% per annum payable to Suntec REIT during the construction. In addition, unitholders will enjoy income certainty and stability through the long lease terms with annual rental escalations.”

Designed by award winning architecture firm Bates Smart, the new building will feature state of the art design elements and will set a new benchmark for office buildings in North Sydney.

The transaction will be fully funded by a $500 million 5-year unsecured loan facility provided by Commonwealth Bank of Australia, DBS Bank and Standard Chartered Bank. Standard Chartered Bank acted as the financial advisor to the Transaction.

icy97

新达信托收购北悉尼商业区内的地标性办公楼
2013年11月18日
http://www.sharesinv.com/zh/articles/42703/

新达信托(Suntec REIT)通过其信托人汇丰机构信托服务(新)(HSBC Institutional Trust Services (S))签订了协议，以4亿1,320万澳元全面收购一个澳洲地产。该产业位于北悉尼中央商业区Berry街及太平洋高速公路(Pacific Highway)的交界处，地址为太平洋高速公路177-199号，并且属于永久地契。它是一座31层楼高的甲级办公楼，可出租净面积约为40万平方英尺。该产业的建筑工程定于2016年初完工，其76%的可出租净面积已由Leighton集团所预租。后者是一家从事建筑、承包及产业发展的澳洲企业，它将把该产业用作企业总部。Leighton集团的加权平均租期约为10年，它也为产业完工后的任何空置面积提供四年的租金保证。新达信托将以价值5亿元的无担保贷款来支付收购额。贷款偿还期为五年。

启示：上述收购将有助提高新达信托的盈利及可分配收入，因在该产业的建筑期间，新达信托将获得每年6.3%的利息收入。

icy97

新达信托的FY13每单位派息下跌1.7%
2014年01月24日
http://www.sharesinv.com/zh/articles/44289/

新达信托(SuntecReit)在截至2013年12月31日的FY13录得净产业收入从1亿6,340万元下跌9%至1亿4,870万元，由于新达城广场(Suntec City Mall)局部关闭，以进行资产提升工程，所以收入减少。

公司在FY13蒙8,540万元的产业开支，比上个财年的9,850万元少了13.2%，主要是因新达城广场局部关闭。

缺少了莱佛士码头1号(One Raffles Quay)带来的收入令其他收入项目减少1,640万元，可分配收入微跌约1%至2亿1,120万元。

启示：上述的可分配收入总额意味着，每单位派息为0.09328元，比FY12低了1.7%。办公楼组合的总体租用率为偏高的99.6%，加上在2014年到期的办公楼租约仅仅为12.5%，因此办公楼组合的表现料将保持正面。

icy97

Suntec REIT starts construction at 177 Pacific Highway in Sydney
Source: The Edge   |   Publish date: Thu, 13 Feb 20:09
http://www.theedgesingapore.com/the-daily-edge/business/47244-suntec-reit-starts-construction-at-177-pacific-highway-in-sydney.html

ARA Trust Management (Suntec), the manager of Suntec REIT, announced that construction at 177 Pacific Highway in Australia had commenced.

The A$413.19 million ($469.8 million), 31-storey A-grade is expected to complete in early 2016.

Once completed, it will be North Sydney’s first new commercial tower in six years.

The building at 177 Pacific Highway is located at the junction of Pacific Highway and Berry Street, in North Sydney’s CBD, and will have an estimated net lettable area of 423,915 sq ft.

It is 100% pre-committed, with the Leighton Group taking a head lease of 76% of the total NLA. The building will be Leighton Group’s new global hub and will house its New South Wales workforce of 2,500 people and its purpose-built headquarters.

icy97

每日头条 | 2014年03月19日
http://www.sharesinv.com/zh/articles/45474/

新达信托(Suntec REIT)配售了2亿1,810万股新股来集资3亿4,140万元净收益。这笔资金将用于偿还债务，进而把负债比从截至2013年12月31日的38%降低至33.8%。公司将拥有更大的财务空间来在增长良机出现时好好把握。

icy97

新达信托—你可能不知道的事
企业摘要 | 2014年04月04日
文 : 吴文青（译：杨佳文）
http://www.sharesinv.com/zh/articles/45901/

大家应该都知道，共有五层楼的新达城(Suntec City)位于政府大厦一带和平纪念碑的斜对面，其外墙上有一个大型显示屏。从其名字我们就能推断，这座建筑物的业主是新达信托(Suntec REIT)。

然而，一些投资者可能对新达信托的认识不多，比方说，除了新达城之外，它还拥有另外一些物业。也有传闻说，新达城的建筑设计纳入了风水的考量，能够汇聚财富。

滨海湾金融中心

新达信托因为收购了BFC Development的股份而拥有滨海湾金融中心三分之一的权益。你可能会问：滨海湾金融中心不是属于吉宝房地产信托(Keppel REIT)的吗？



其实，滨海湾金融中心是由新达信托、吉宝房地产信托和香港置地(Hongkong Land)共同拥有，因为这是它们合作发展的项目。

滨海湾金融中心分两期发展，新达信托拥有第一期发展项目的权益，这些物业包括滨海湾金融中心第一和第二塔楼，以及滨海湾联通广场(Marina Bay Link Mall)，但滨海湾居(Marina Bay Residences)并不包括在内。这是因为新达信托持有的是商用物业(商场和办公楼)，住宅不在其投资范围内。

柏利广场

柏利广场(Park Mall)给人的印象是一座售卖高档家具的广场，与凯德商用新加坡信托(CapitaMall Trust)旗下的狮城大厦(Plaza Singapura)相比，人潮相对不多。

然而，这座商场的表现并不差。它在2012年和2013年带来的净产业收入分别为1,710万元和1,790万元。



新达信托之前是以2亿4,510万元买下柏利广场，其租金收益率为7%，它是为新达信托带来最高投资回报的物业。

另外，新达信托以1,510万元向新加坡政府购买了槟榔路的两幅地段，预料它所进行的资产增值计划将使其单位派息增加。

可转换债券

提到可转换债券，既有投资者关注的自然是转换价格和单位价格是否会被稀释。新达信托发行了2亿8,000万元的可转换债券，转换价为每股2.111元，高于其截至2014年4月2日的1.67元闭市价。

这批债券的获益率为1.4%，低于新达信托的2.7%平均借贷成本，因此是成本较低的融资方式。

优点

公司之前收购的物业都使收入增加
办公室租金开始稳定下来，而供应量吃紧的情况对公司有利
每单位派息保持稳定
投资风险

莱佛士码头一号(One Raffles Quay)和滨海湾金融中心的租户主要为银行服务业者，较为单一
杠杆水平为38%，高于其他办公室和零售产业投资信托
它所收购的Pacific Highway 177号物业要在2016年才会开始带来收入
《股市资讯》的观点

购买一家公司的股票，实际上就是成为公司的其中一名老板(无论你买入的股票是多少)。

下一回，当你在买入一只股票时，不妨把自己当作是企业的经营者来思考。这样一来，你就会深入思考公司的优缺点。最后送上投资大师彼得·林奇(Peter Lynch)的一句话：“投资不做研究，就像玩扑克不看牌。”

备注：作者本身有投资于新达信托和凯德商用新加坡信托

icy97

投资者角落 | 2014年04月30日
文 : 吴灵安
http://www.sharesinv.com/zh/articles/46534/

新达信托(Suntec REIT)
股价 – $1.74
目标 – $1.85

公司的1Q14业绩大幅回升，其净产业收入和可派发收入年比分别提高42.7%和7%至4,380万元和5,090万元，主要因新达城(Suntec City)第一期翻新后重新开业以及在悉尼收购的物业带来190万元收入。新达城在租约管理方面继续取得进展。办公楼方面，在2014年到期的租约中，占逾10万平方英尺的楼面已更新租约，仅剩9.6%的办公楼面的租约将在余年到期。新达城办公楼的平均租金持续提高，达到每个月每平方英尺8.97元(4Q13：8.65元)。在资金管理方面，公司取得了总额8亿元的5年期无抵押贷款，以为其2014和2015年到期的11亿元借贷的余款再融资。在最近私下配股并提前偿还在2015年到期的3亿5,000万元债务后，公司直到2016年都不需要进行再融资。维持买入。华侨银行投资研究(4月25日)