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Ascendas India Trust
29-09-2012, 09:44 AM.
Post: #11
RE: Ascendas India Trust
(29-09-2012, 02:24 AM)Muck Wrote: Agree with Nick that inflation and currency exchange rates can be a damper on this stock. Was vested since 2008 but have since let everything go a couple of weeks back.

Good timing!

I used to be vested but looking at how the semi-annual DPU payout seems to be declining since it peaked in Mar-09 + Yield no longer look attractive, I decided to hands-off. DPU from my records,

Mar-12 : 2.96ct
Sep-11 : 3.04ct
Mar-11 : 3.22ct
Sep-10 : 3.36ct
Mar-10 : 3.64ct
Sep-09 : 3.91ct
Mar-09 : 4.07ct

Latest cumulative DPU = 2.5ct (till date of issue of new placement shares) shows the decline continues (not sure when they started 90% payout, I think from now).

For those who wants to target the same Placement Price = $0.72, they ought to add the 2.5ct => $0.745 as a target "fair" price ie. to be on par with the placees. Still, I don't see the current Yield of ~6%+ as very attractive.

For Future Reference, Close = $0.765, -5.5ct ; Range = $0.74 to $0.765 ; Vol = 7,180,000
=========== Signature ===========
Luck & Fortune Favours those who are Prepared & Decisive when Opportunity Knocks
------------ 知己知彼 ,百战不殆 ;不知彼 ,不知己 ,每战必殆 ------------

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29-09-2012, 09:55 AM.
Post: #12
RE: Ascendas India Trust
Vested due to:
#1. Philip Yeo
#2. balanced my heavily lopsided SGP equity
#3. right price (as compare to many pioneer investor, current price is a steal)

http://web.singnet.com.sg/~chialc88
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29-09-2012, 10:27 AM.
Post: #13
RE: Ascendas India Trust
(29-09-2012, 09:55 AM)chialc Wrote: #3. right price (as compare to many pioneer investor, current price is a steal)

At IPO,
Price = $1.18 ; NAV = $1.01
Premium = 16.83%

At latest close,
Price = $0.765 ; NAV = $0.59
Premium = 29.66%

Based on NAV, it doesn't look like a steal as we'd have to pay a higher premium on current prices. Like what 'Nick' mentioned, it's due to the strong S$ vs INR.

Perhaps you're comparing to the Yield by IPO Investors? It's a steal compared to the Yield = 4.476% (FY08) and 5.805% (FY09) for IPO investors @ $1.18 back then?
=========== Signature ===========
Luck & Fortune Favours those who are Prepared & Decisive when Opportunity Knocks
------------ 知己知彼 ,百战不殆 ;不知彼 ,不知己 ,每战必殆 ------------

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29-09-2012, 12:14 PM.
Post: #14
RE: Ascendas India Trust
I find it interesting that the 10 year India Govt bond yield is > 8% now.

http://in.reuters.com/article/2012/09/28...2B20120928
=========== Signature ===========
Disclaimer: Please feel free to correct any error in my post. I am not liable for anything. Do your own research and analysis. I do NOT give buy or sell calls and stock tips. Buy and sell at your risk. I am not a qualified financial adviser so I do not give any advice. The postings reflects my own personal thoughts which may or may not be accurate.

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29-09-2012, 02:24 PM.
Post: #15
RE: Ascendas India Trust
kat,
Numbers means a lot but I seldom makes my decision based on numbers.

For AIT, I think like this:
1. NAV - since IPO till now, did AIT really losing so much of their value/asset? or did they increasingly beef up their holdings?
2. exchange rate - This does not bother me as majority of my assets are in Sing$. It will be interesting to see when the tidal wave change.

Nick highlighted the benchmark for AIT. In my mind, I picture Philip Yeo crunching his fist and fighting hard to meet the tall order...
Of course, I wish him luck but if he can not do it, doesn't matters, at least he tried....

http://web.singnet.com.sg/~chialc88
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30-09-2012, 01:35 AM.
Post: #16
RE: Ascendas India Trust
Hi Chialc, Philip Yeo is not holding an executive position in AIT.

Hi Kopikat, it was just pure luck and not any intended timing on my end =)
When I first got in, the yield was still reasonable and the debt was low. Now it has little debt headroom left and forex has worked against it despite wat I feel are good efforts to grow the distributable income in INR terms. Alas, my outlook is pessimistic for the next 12 mths, and I suspect Reits with high debts will start issuing new equity a la 2008. So thot I'd take the minor capital loss and add to my cash pile first. Who'd have guessed AIT would do a placement this soon...

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27-04-2013, 01:28 PM.
Post: #17
RE: Ascendas India Trust
Ascendas India Trust recorded a distribution per unit (income available for distribution) of 1.15 Singapore cents for the fourth quarter ended March, down 21 per cent year-on-year.

DPU (income to be distributed) however, was 1.04 Singapore cents, following the trustee-manager Ascendas Property Fund Trustee's decision to retain 10 per cent of distributable income.

This is 29 per cent lower than the 1.46 Singapore cents recorded a year ago.

In conjunction with a private placement of new units on Oct 9, an advance distribution for the period Oct 1-8 was paid out.

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27-04-2013, 02:42 PM.
Post: #18
RE: Ascendas India Trust
Just to add in the latest DPUs from my previous post,

Mar-13 : 2.25ct (90% Payout)
Sep-12 : 2.40ct (90% Payout)
Mar-12 : 2.96ct
Sep-11 : 3.04ct
Mar-11 : 3.22ct
Sep-10 : 3.36ct
Mar-10 : 3.64ct
Sep-09 : 3.91ct
Mar-09 : 4.07ct

INR/S$ looks stable for the past 3-4 Qs (pg9 of Presentations). Latest decline in DPU is likely due to 90% Payout + Dilution due to Placement. Perhaps we'll see an increase in DPU in the coming Qs assuming INR/S$ remains stable?

For future Reference : Closed @ $0.86 on Friday
=========== Signature ===========
Luck & Fortune Favours those who are Prepared & Decisive when Opportunity Knocks
------------ 知己知彼 ,百战不殆 ;不知彼 ,不知己 ,每战必殆 ------------

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28-04-2020, 08:56 AM.
Post: #19
C19 adverse impact on AIT
27 Apr 2020 AIT released 1Q20 Business update
https://links.sgx.com/FileOpen/1Q%20FY20...eID=608106
(click for SGX announcement)

Extracted on the impact of C19:
With the extension of the lockdown in India till 3 May 2020, we expect adverse impact on our business. The situation continues to evolve and due to the lockdown, there is insufficient information available at this juncture to allow for the assessment (and disclosure) of the financial impact of Covid19 with certainty.

The weak economic conditions brought about by COVID-19 could reduce demand for office space, resulting in lower occupancies, softening of rents and potentially higher bad debt provisions. Adrop in interest income from forward purchases may be possible. 
The impact on our retail tenants at Park Square Mall will be high due to the mall closure since14 March 2020. Retail comprised 1.4% of net property income in FY2019.

Stay home, stay healthy!

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29-07-2020, 08:28 AM.
Post: #20
Rainbow  P:orfolio Ascendas India Trust
for those who love to crunch numbers:
https://links.sgx.com/FileOpen/4.%20a-iT...eID=625300


Stay home and stay healthy, everyone
Heart

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