Singapore Press Holdings (SPH)

[KopiKat]

If growth is expected to come from property, then dividends MUST be cut as some money must be saved up to buy new investment property/land. Currently, almost all earnings from SPH is declared as dividends which is not sustainable if the company wants to grow via the property segment

The growing of property segment is not a new venture, started long ago with Paragon, then Clementi mall, now Seletar mall. The book value of investment property had grown from 1.1 billion in FY08 to 2.1 billion in FY12.

Dividend paid stayed more and less the same during the period. So i guess the property growth is not funded by cutting dividend, instead by retained earning.

Yup! For those with such concerns, it may be a good idea to look at their Cash Flow Statement - full year ones as it'd essentially capture all the dividends paid.

Perhaps can be more kia-su, subtract the 'Interest Paid' under 'CASH FLOWS FROM FINANCING ACTIVITIES' from 'Net cash from operating activities' to see how much cash flow is left???

[Boon]

Singapore Press Holdings Limited (the “Company”) wishes to announce that it is currently exploring the establishment of a real estate investment trust (“REIT”) to be listed on the Main Board of Singapore Exchange Securities Trading Limited (the “SGX-ST”).

http://info.sgx.com/webcoranncatth.nsf/V...A00355466/$file/ProjRFinal10Mar2013.pdf?openelement

[pianist]

this whole island is full of reits - one day is gg to rob many of us of affordable living.

[Musicwhiz]

So what does it say when a certain asset class becomes so popular?

[RBM]

Singapore Press Holdings Limited (the “Company”) wishes to announce that it is currently exploring the establishment of a real estate investment trust (“REIT”) to be listed on the Main Board of Singapore Exchange Securities Trading Limited (the “SGX-ST”).

http://info.sgx.com/webcoranncatth.nsf/V...A00355466/$file/ProjRFinal10Mar2013.pdf?openelement

Having seen the mania associated with the MGCR last week and some of the current share prices of Singapore listed REIT's............. I believe that the BoD of almost every mainboard STI component company should be asking themselves "what real estate assets can they hive off into a REIT and get it listed?". Not to do so is almost tantamount to dereliction of the BoD's duty.

IMHO, the whole REIT valuation scene is a "bit potty".

[pianist]

went H&M orchard turn today - can't believe all made in china or blangadesh low quality cloth - one typical piece can cost S$30-40++.

is there something wrong with the price tag?

[kelvesy]

this whole island is full of reits - one day is gg to rob many of us of affordable living.

Exactly. REITS are constantly under pressure to perform for shareholders by raising rentals. Bad for tenants, bad for us.

[LionFlyer]

There is only that two major yield generating property right? Clementi Mall and Paragon.

[CY09]

went H&M orchard turn today - can't believe all made in china or blangadesh low quality cloth - one typical piece can cost S$30-40++.

is there something wrong with the price tag?

Nope nothing wrong with the price tag, just something is wrong with the consumers' head to pay so much until these retailers get high GP margins
Lionflyer: Yup, but they are opening seletar mall by 2014

[CityFarmer]

Review to establish a REIT is already a topic since last AGM. Will the announcement make the REIT more real?

IMO, it seems timing is not right to list its properties. Let's see...