Frasers Property (formerly: Frasers Cpt (FCL))

http://business.asiaone.com/news/new-con...ttle-cheer

I guess the sales in Australia will boost its revenue in the last quarter, though Singapore's sales is a little disappointing last quarter.

Vested!

The low singapore's sales clearly reflected weak fundamental of the earning relative to property price. A case where price ran up too fast.

Frasers Centrepoint Limited sells Beijing mall cum office for $77 million

SINGAPORE (Jan 21): Frasers Centrepoint Limited ( Financial Dashboard) said Sinomax International, an indirect wholly-owned subsidiary of the company, has entered into a conditional agreement to sell its entire shareholding interest in Beijing Sin Hua Yan Real Estate Development Co. to Beijing Haina Junan Investment Co.

Incorporated in China, BJSHY owns a retail mall-cum-office building with a net lettable area of 156,336 square feet known as Crosspoint located along the Second Ring Road in Beijing.

The consideration for the sale of Sinomax’s entire shareholding interest in BJSHY is RMB357.4 million ($76.6 million) and will be settled in cash.

Frasers Centrepoint said the divestment is in line with the strategy of the group of streamlining and divesting its non-core business to focus on the main activities of the group.

Frasers Centrepoint closed down 0.6% at $1.66.

http://www.theedgemarkets.com/sg/article...77-million

(22-01-2015, 09:26 AM)ahyeh Wrote: Frasers Centrepoint Limited sells Beijing mall cum office for $77 million

SINGAPORE (Jan 21): Frasers Centrepoint Limited ( Financial Dashboard) said Sinomax International, an indirect wholly-owned subsidiary of the company, has entered into a conditional agreement to sell its entire shareholding interest in Beijing Sin Hua Yan Real Estate Development Co. to Beijing Haina Junan Investment Co.

Incorporated in China, BJSHY owns a retail mall-cum-office building with a net lettable area of 156,336 square feet known as Crosspoint located along the Second Ring Road in Beijing.

The consideration for the sale of Sinomax’s entire shareholding interest in BJSHY is RMB357.4 million ($76.6 million) and will be settled in cash.

Frasers Centrepoint said the divestment is in line with the strategy of the group of streamlining and divesting its non-core business to focus on the main activities of the group.

Frasers Centrepoint closed down 0.6% at $1.66.

http://www.theedgemarkets.com/sg/article...77-million

not bad... it is valued @ about 53mil .... it is sold at a 43% (23mil) premium to valuation

doing 1.72 now... any idea why the price moved? Hope it is sustainable

Just following the trend of the bullish general market today perhaps! Wait for the quarter report

Poor quarter result? What was said during the Meeting? Share drop to 1.720 sia!

Vested

I attended the agm. Notes as below. I am sorry if some numbers not be the most accurate, my shorthand is no good and some of the speech are rather fast. For accuracy, piggo's recording would help.

Notes in no order of sequence:
- On 5 year plans (CEO)
FCL had already achieved last 5 year plan through acquisition of Australand. Key reason for Australand purchase is to tap on their expertise in AU. Moving forward, focus on SG, AU, CN.
- On Scrip Div (CFO)
Board will consider at suitable time.
- JV with Capitaland (CEO)
We are always open to opportunities if it's all right (to much laughter from board and audience)
- Any injection of TCC assets in Thailand? (CEO)
Will consider partnerships with TCC. (FCL previously had JV with another partner but that partner did not possess sufficient financial resources that FCL need to execute their strategy)
- On Development to Recurring Income ratio (CEO)
Not fixed. However, a guide is 50:50, leaning to one side or another depending on stage of property cycle.
- On China
Assets are around $1B. It is extremely difficult to secure approvals in China due to people/officials come and go, China is difficult to have central authority and enforcement. Spent many years in Songjiang (7-10?) trying to sell units. Recently after getting a good JV partner, able to sell up to 3000 units.
- Concerns on gearing. (CEO)
Mgmt highlight historical records, no right issue raised during gfc, property is capital-intensive business. Gave example, post GFC FCL was 1.1X debt gearing. Prior to Australand acquisition, gearing was 0.4X. In between, unlike other companies, FCL did not issue rights issue.
- Questions on australand being asked. (CEO)
Management thinks the overall revenue from australand will be quite good.
AU has around 150-200K housing development/year. In AU, the inner city is where a lot of developers go into, FCL consider it a shallow (small portion) of the market. FCL wants to target the mid-tier outer region of housing development (mid market) where the market is deeper and Australand able to sell more units.
Australand has been taking land bank options with partners for efficient use of capital (pay a small portion to assess the viability/profitability of project before proceeding with heavier investment later)
- Regarding Segment Information (AR section 13, page 146-147)
Corporate & Other exceptional items - due to Premium payment for F&N bonds
AUstraland loss - but to Transaction costs (payment of Australand stocks and bonds etc).


- an individual eric started a personal agenda over property dispute (i think is related to centrepoint mall property development) right after the agm ended. Very unclassy.
- this was one of the worse agm where people flocked to swipe plates and plates of food. can't believe that people who invested in the thousands are still so greedy to eat.


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(30-01-2015, 05:43 PM)I_love_girls Wrote: Poor quarter result? What was said during the Meeting? Share drop to 1.720 sia!

Vested

30 Jan '15 FCL EGM

Just a quick summary of the top of my head.

The exceptional items (i.e one off in nature) of FCL in 2014 is due to (1) Redemption of US$ denominated bonds issued by Australand (2) Listing expenses of hospitality REIT (3) Acquisition expense for Australand.

FCL will be looking to develop in China around 2-3 years from now with potential local JV partners. Opportunities are also being sought with TCC in Thailand. They are also quite positive about UK and hospitality sector in general.

Australand (expect ~300m PBIT contribution) does not compete much with the new foreign developers in Australia as it is mainly vested in low-medium density land as opposed to inner city high density land. They have also been reducing capital outlay on landbanks (instead opting for joint developments, options etc.).

Future dividend payout of 50% expected. Short term target of 50/50 recurrent/development income.

Will diversify ownership of the company in the short-medium term depending on valuation

Exploring opportunities to extend Australand's logistic expertise through other regions of the company (i.e SEA).

$300 million this quarter? haha

(30-01-2015, 06:41 PM)piggo Wrote:

(30-01-2015, 05:43 PM)I_love_girls Wrote: Poor quarter result? What was said during the Meeting? Share drop to 1.720 sia!

Vested

30 Jan '15 FCL EGM

Just a quick summary of the top of my head.

The exceptional items (i.e one off in nature) of FCL in 2014 is due to (1) Redemption of US$ denominated bonds issued by Australand (2) Listing expenses of hospitality REIT (3) Acquisition expense for Australand.

FCL will be looking to develop in China around 2-3 years from now with potential local JV partners. Opportunities are also being sought with TCC in Thailand. They are also quite positive about UK and hospitality sector in general.

Australand (expect ~300m PBIT contribution) does not compete much with the new foreign developers in Australia as it is mainly vested in low-medium density land as opposed to inner city high density land. They have also been reducing capital outlay on landbanks (instead opting for joint developments, options etc.).

Future dividend payout of 50% expected. Short term target of 50/50 recurrent/development income.

Will diversify ownership of the company in the short-medium term depending on valuation

Exploring opportunities to extend Australand's logistic expertise through other regions of the company (i.e SEA).