Saizen REIT

[tanjm]

Its not as straightforward as all that. Loose monetary policies may result in weak yen, but it could also promote asset inflation with the most visible targets in big assets like infrastructure, property etc. The FX risk for Saizen Reit is already priced into the share price - I believe Japanese REITs yield an average of 5%.

I also just found this article. http://online.wsj.com/article/SB10001424...34938.html

[ngcheeki]

While the lower JPY could offset some of Japanese real estate's asset-value rerating for Singapore plays under the BOJ's easing measures, the net impact may be positive due to lower debt costs, Credit Suisse says.

http://www.theedgesingapore.com/the-dail...state.html

By the way, Kin Chan has been selling lately. The latest is

Date: 04-Apr-2013
Disposal of 1,000,000 shares (1000 lots)
Total value: S$190,300

http://info.sgx.com/webcoranncatth.nsf/V...700340BE9/$file/FORM1_Final.pdf?openelement

[tanjm]

just to note that in Feb, Saizen sold a small property at 52 million yen versus valuation of 40 million.

[KopiKat]

By the way, Kin Chan has been selling lately. The latest is

Date: 04-Apr-2013
Disposal of 1,000,000 shares (1000 lots)
Total value: S$190,300

http://info.sgx.com/webcoranncatth.nsf/V...700340BE9/$file/FORM1_Final.pdf?openelement

If you scroll down that SGX Annc further, the latest is,

Date: 05-Apr-2013
Disposal of 3,240,000 shares (3240 lots)
Total value: S$651,240

[tanjm]

Indeed. To more fully report it, he started with about 183 million shares in March and now has 178 million. circa 2.7% of his interests. Its not a big part of his portfolio - you should observe his continuing sales (if any).

[opmi]

Indeed. To more fully report it, he started with about 183 million shares in March and now has 178 million. circa 2.7% of his interests. Its not a big part of his portfolio - you should observe his continuing sales (if any).

Kin Chan not very successful in his recent deals. i.e FNN and Unifiber.

But still have his long term track record intact..

[KopiKat]

Indeed. To more fully report it, he started with about 183 million shares in March and now has 178 million. circa 2.7% of his interests. Its not a big part of his portfolio - you should observe his continuing sales (if any).

9-Apr : 8,564,000 @ $0.2169
10-Apr : 8,000,000 @ $0.2159
11-Apr : 2,829,000 @ $0.2097

They were willing to sell @ $0.1903 on 4-Apr, so, not surprising to see their continued selling... How sad and ironic...Perhaps they know better...

Note : For those tracking the major shareholders, Kin Chan & V-Nee Yeh has a huge overlap in their holdings via the ASM funds which they are running. Can check the latest Annual Report for more info.

<Vested>

[newyorkcityboy]

Surprised that Kin is selling now. But he has probably doubled his money on this trade.

Is Saizen expensive now? NAV is c. S$0.25. Whilst yield seems compressed and DPU could be impacted by a weakened Yen, expect full year contribution from the new acquisitions to provided uplift to DPU.

Cheers!

[opmi]

When u own more than 5%, should get out when the market let u.

[KopiKat]

When u own more than 5%, should get out when the market let u.

The problem is, they also happened to be the REIT Mgr. It can be quite unsettling to see the Captain of the boat seemingly making continuous preprations to desert the ship....

PS. Their stake is also not that high, only 13.65% for V-Nee Yeh as of 10-Apr. Kin Chan holds a smaller 10.98% as of 11-Apr but the bulk overlaps with V-Nee Yeh via their ASM funds (only a small independent % via his spouse).