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07-04-2014, 02:48 PM
http://infopub.sgx.com/FileOpen/Frasers%...leID=20041
I did further research on FCL on the pending listing of Fraser Hospitality Trust. On page 59 of the maiden annual report, the net book value of hospitality assets are worth in excess of S$1.6bn. The entire division chalked up EBIT of $70m possibly implying an unleveraged yield of around 4.3%.
Based on previous media speculation of the float size, it appears that the intended hospitality trust could have a very healthy pipeline of assets (currently FCL already has more than 3 times the speculated float value) in the years ahead once the relatively immatured assets are being nurtured to maturity. The pipeline may be enhanced with the indicated participation of unlisted parent TCC Assets.
Other catalysts for FCL going forward includes:
i) further asset light strategies on its retail mall assets - speculated next up to be 50% owned Changi City Point
ii) interim dividends payable based on its track record of unlisted entity. FCL paid an adjusted 6.9 cents DPS last years - a 50% payout ratio
iii) streamlining of F&N and FCL holdings between TCC and Inter Bev (Thai Bev)
iv) eventual improvement in free float of FCL that will enhance institutional participation and potential inclusion in major stock indices.
Vested
GG
I did further research on FCL on the pending listing of Fraser Hospitality Trust. On page 59 of the maiden annual report, the net book value of hospitality assets are worth in excess of S$1.6bn. The entire division chalked up EBIT of $70m possibly implying an unleveraged yield of around 4.3%.
Based on previous media speculation of the float size, it appears that the intended hospitality trust could have a very healthy pipeline of assets (currently FCL already has more than 3 times the speculated float value) in the years ahead once the relatively immatured assets are being nurtured to maturity. The pipeline may be enhanced with the indicated participation of unlisted parent TCC Assets.
Other catalysts for FCL going forward includes:
i) further asset light strategies on its retail mall assets - speculated next up to be 50% owned Changi City Point
ii) interim dividends payable based on its track record of unlisted entity. FCL paid an adjusted 6.9 cents DPS last years - a 50% payout ratio
iii) streamlining of F&N and FCL holdings between TCC and Inter Bev (Thai Bev)
iv) eventual improvement in free float of FCL that will enhance institutional participation and potential inclusion in major stock indices.
Vested
GG
(31-03-2014, 10:26 PM)greengiraffe Wrote: Recap:
http://infopub.sgx.com/Apps?A=COW_CorpAn...7700387B4B
6 Feb 14 - "Thai tycoon Charoens FCL eyes $473 mln hospitality REIT in Q2 sources".
http://infopub.sgx.com/FileOpen/FCL-Tham...eID=286023
12 Mar 14 - RECEIPT OF ELIGIBILITY-TO-LIST FOR PROPOSED REIT LISTING
http://infopub.sgx.com/FileOpen/Frasers_...eID=288920
31 Mar 14 - Marking Sweet 16 with 92
Facts: PBIT for Hospitality S$69.7m or 12% of total group PBIT for year ending 30 Sept 2013.
With financial engineering for the floating of REIT and with the potential participation of TCC Group, it appears that another platform for value creation will soon be established.
Vested
GG