Cityspring Infrastructure Trust

[Nick]

Basslink Update:

http://info.sgx.com/webcoranncatth.nsf/V...6007F8C74/$file/Basslink_Update_2Jan13.pdf?openelement

Looks like a legal battle looms ahead for Basslink.

(Not Vested)

[kayhian]

7% dividend yield. Backed by Temasek.

Sometimes, I wonder why people rather risk their money with Olam.

[Nick]

7% dividend yield. Backed by Temasek.

Sometimes, I wonder why people rather risk their money with Olam.

I believe Cityspring is far more leveraged than Olam.

[CityFarmer]

7% dividend yield. Backed by Temasek.

Sometimes, I wonder why people rather risk their money with Olam.

I believe Cityspring is far more leveraged than Olam.

To illustrate with numbers

Cityspring: debt S$1325 mil with net asset (equity) of S$346 mil, gearing 3.8

Olam: debt S$8836 mil with net asset (equity) of S$3503 mil, gearing 2.5

which is more risky?

[kayhian]

7% dividend yield. Backed by Temasek.

Sometimes, I wonder why people rather risk their money with Olam.

I believe Cityspring is far more leveraged than Olam.

To illustrate with numbers

Cityspring: debt S$1325 mil with net asset (equity) of S$346 mil, gearing 3.8

Olam: debt S$8836 mil with net asset (equity) of S$3503 mil, gearing 2.5

which is more risky?

oic

[Nick]

CITYSPRING INFRASTRUCTURE TRUST RESULTS FOR THE QUARTER ENDED 30 SEPTEMBER 2013

http://infopub.sgx.com/FileOpen/Press_Re...eID=262607 [Press Release]

What caught my eye was -

The Group is in discussion with banks to re-finance the corporate loan and the City Gas loan totalling S$270.3 million which will expire within the next 12 months.

In preparation for the refinancing of the Basslink bonds of A$486 million due in August 2015, Basslink has appointed a financial adviser. In order to provide for capital management flexibility at Basslink, no cash distribution has been or will be received from Basslink for FY14.

The above refinancing plans have no impact on the target annual distribution of 3.28 Singapore cents per unit for FY14.

(Not Vested)

[money]

This trust is far from a value play. My guess as to why it is trading at 48 cents now is probably a rights issue is coming soon. woohoo!!!

[Nick]

CITYNET WELCOMES IDA APPROVAL

http://infopub.sgx.com/FileOpen/CityNet_...eID=265384

This is probably one of the best (if not the best) income stream Cityspring has ie recurring management fee from Netlink Trust. I guess this can be read in tandem with the Singtel thread in this forum. Not sure if this will impact Cityspring positively ?

(Not Vested)

[CityFarmer]

CITYNET WELCOMES IDA APPROVAL

http://infopub.sgx.com/FileOpen/CityNet_...eID=265384

This is probably one of the best (if not the best) income stream Cityspring has ie recurring management fee from Netlink Trust. I guess this can be read in tandem with the Singtel thread in this forum. Not sure if this will impact Cityspring positively ?

(Not Vested)

There is positive impact, but minimum, IMO

CityNet has been paid $2.1 mil as management fee, since NetLink established. The OpenNet deal will add additional $2 mil into its income statement. The impact of extra $2 mil on its PBT of $25+ mil, should be minimum.

Ref: http://infopub.sgx.com/FileOpen/Proposed...eID=253407

[shuoyanz]

Hello, I had bought Cityspring quite some time ago, before I knew what is called value investing. Anyway, now that I know a little bit, I am trying to decide whether to hold or sell Cityspring off.

I read their annual report, and noted that:

1) They have a huge accumulated loss. In years that they make a profit, they have very thin margins.

2) There is not much information on their loan. Anyone have details about it?

3) There is no NAV quoted for it?

Anyway, would be happy to hear anyone's view on Cityspring! (And why it chionged on Friday)

Thanks!