Croesus Retail Trust

[BeDisciplined]

copy paste -- NAV below

http://mystocksinvesting.com/singapore-s...rospectus/

Fundamental Summary

IPO Price = $0.93
Projected DPU Yield = 8% (2014)
Net assets attributable to Unit Holders = JPY 30,266,962,000
Number of Units = 248,015,000
NAV = JPY 122.03 (S$1.52) –> IPO price is 38% discount to the NAV. Benchmark with Saizen REIT (27% discount). See Saizen REIT data here.
Risks (Personal View):
Depreciation of Japanese Yen –> will affect the DPU if Japenese Yen depreciate further due to Abenomics.
Japan economy has been on deflation for the past 2 decades.–> Cause fallen asset price.
Natural disaster – Any Earth quakes or Tsunami will hit the DPU.
Gearing Ratio = 48%

I don't think the NAV is S$1.52. The debt and liabilities have to be deducted. The 4 properties are valued at 52,470,000,000 but there is a loan of 25,220,000,000. The net asset is only 30,266,962,000 which translate to S$0.90/unit....

Is my calculation correct?