SUNTEC Updated Target Price following Q1 2011 result release

SUNTEC Updated Target Price following Q1 2011 result release:

Brokerage	Recommendation	Target Price (S$)	Date
DMG	BUY	1.76	25/04/11
CIMB	NEUTRAL	1.61	25/04/11
OCBC	HOLD	1.59	25/04/11

Latest updates at Stock Target Price.

Related Posts

• SUNTEC Reit Q1 2011 Quarterly Earnings Report

SUNTEC Reit Q1 2011 Quarterly Earnings Report

SUNTEC Reit Q1 2011 Quarterly Earnings Report:

Financial Statements

KPMG Review

Press Release

Presentation Slides

Key Points

• The distribution per unit for the quarter amounted to 2.388 Singapore cents. This translates to an annualised distribution yield of 6.4% based on the unit price of S$1.52 as at 20 April 2011.
• Gross office revenue contribution for the quarter was S$28.9 million from Suntec City Office Towers and Park Mall office. 
• Gross retail revenue contribution for the quarter was S$32.1 million from Suntec City Mall, Park Mall and Chijmes. For 1Q FY11, the revenue contribution from Suntec REIT’s office and retail portfolio amounted to 47% and 53% of total revenue respectively.
• The committed occupancy of Suntec City office as at 31 March 2011 improved further to 99.5%, whilst Park Mall office achieved full occupancy.
• On the retail front, the committed occupancy of Suntec City Mall remained stable at 97.9% as at 31 March 2011, whilst Park Mall and Chijmes achieved committed occupancy of 100% and 97.8% respectively.
• For the jointly controlled entities, One Raffles Quay continued to be fully occupied whilst the committed occupancy for MBFC Properties stood at 97.4% as at 31 March 2011. Taking this into account, the overall committed occupancy for Suntec REIT’s office and retail portfolio strengthened to 99.7% and 98.2% respectively as at 31 March 2011.
• Suntec REIT’s Aggregate Leverage Ratio as at 31 Mar 2011 was 40.3%. 
• NAV per unit of S$1.796 as at 31 March 2011.
• The Books will close from 5pm on 3 May 2011 for the purpose of determining Unitholders’ entitlement to the distribution. 
• The distribution will be paid on 30 May 2011.

Author's Note

The DPU of 2.388 cents for the reporting quarter will be paid on 30 May 2011. Book closure is on 3 May 2011.

The DPU was 2.316 cents in the previous quarter.

Related Posts

• Results Release 
• DPU History 
• SUNTEC Reit Q3 2010 Quarterly Earnings Report 
• SUNTEC Reit Q4 2010 Quarterly Earnings Report

First Reit, SUNTEC Reit, Plife - Date of Result Release for Q1 2011

Updated date of Result Release for Q1 2011:
First Reit Apr 20
SUNTEC Reit APR 21
Plife May 5

Latest Update at Results Release.

SUNTEC Reit Q4 2010 Quarterly Earnings Report

SUNTEC Reit Q4 2010 Quarterly Earnings Report:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• The distribution per unit for 4Q FY10 amounted to 2.316 Singapore cents, which comprises an advanced distribution of 1.723 cents for the period from 1 October 2010 to 8 December 2010 paid on 5 January 2011, and 0.593 cents for the period from 9 December 2010 to 31 December 2010 payable on 28 February 2011.
• With the completion of the acquisition of a one-third interest in Marina Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall, Suntec REIT’s assets under management have grown to approximately S$7.0 billion with a market capitalisation of approximately S$3.3 billion.
• The committed occupancy of Suntec City office as at 31 December 2010 improved further to 99.1% compared to last quarter. Park Mall office achieved full occupancy as at 31 December 2010. The committed occupancy of Suntec City Mall stood at 97.9% as at 31 December 2010, whilst the Park Mall and Chijmes achieved committed occupancy of 100% and 99.5% respectively.
• For the jointly-controlled entities, One Raffles Quay achieved full committed occupancy, whilst the committed occupancy for the MBFC Properties stood at 96.5% as at 31 December 2010. Taking this into account, the overall committed occupancy for Suntec REIT’s office and retail portfolio strengthened to 98.8% and 98.0% respectively as at 31 December 2010.
• The Books will close from 5pm on 31 January 2011 for the purpose of determining Unitholders’ entitlement to the distribution. 
• The distribution will be paid on 28 February 2011.
• Suntec REIT’s Aggregate Leverage Ratio as at 31 December 2010 was 40.4%.

Author's Note
The DPU for the reporting quarter is 2.316 cents. There was already an advanced distribution of 1.723 cents for the period from 1 October 2010 to 8 December 2010 paid on 5 January 2011.The balance of 0.593 cents for the period from 9 December 2010 to 31 December 2010 will be paid on 28 February 2011. Books closure is on 31 Jan 2011.

The DPU was 2.502 cents in the previous quarter.

The DPU of 2.316 cents for the reporting quarter is considerably lower than the DPU of 2.502 cents in the previous quarter due to the issue of new units for the private placement exercise during the last quarter of 2010. The purpose of the private placement exercise was to raise funds for the acqusition of one-third interest in MBFC Towers 1 and 2, and the Marina bay Link Mall, which was completed on 9 Dec 2010.

Related Posts

• Results Release 
• DPU Information Page  
• SUNTEC Reit Q3 2010 Quarterly Earnings Report 
• SUNTEC Reit completes acquisition of a one-third interest in MBFC Towers 1 and 2, and the Marina bay Link Mall - 9 DEC 2010
• SUNTEC Reit issues 313,000,000 new units for Private Placement - 9 DEC 2010
• Suntec Reit successfully raised S$428.8 million through private placement - 29 NOV 2010
• SUNTEC Reit - Circular to shareholders in relation to proposed acquisition of a one-third stake in MBFC 1 - 8 NOV 2010
• SUNTEC Reit proposed acquisition of a one-third interest in Marina Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall - 26 OCT 2010

SUNTEC, CacheLog - Date of Result Release for Q4 2010

Updated date of Result Release for Q4 2010:

SUNTEC  JAN 21
CacheLog  JAN 27

Latest Update at Results Release.

Ascott, FCT, Starhill, First Reit, Suntec, Plife, CDL H-Trust - Updated Target Price

Updated Target Price:

REIT	Brokerage	Recommendation	Target Price (S$)	Date
AscottReit	DBS Vickers	BUY	1.380	07/01/11
FrasersCT	OCBC	HOLD	1.580	11/01/11
Starhill Gbl	Kim Eng	BUY	0.800	11/01/11
First Reit	OCBC	BUY	0.840	07/01/11
Suntec	OCBC	HOLD	1.550	06/01/11
PLife	CIMB	OUTPERFORM	1.960	05/01/11
CDL H-Trust	Phillip Securities	BUY	2.380	05/01/11

Latest updates at Stock Target Price.

Moody’s rating for Suntec Reit - 15 DEC 2010

Moody’s rating for Suntec Reit:

• Press Release 
• Moody's Statement

Key Points

• Moody's Investors Service has downgraded Suntec Real Estate Investment Trust's ("Suntec") corporate family rating to Baa2 from Baa1 and the senior unsecured ratings to Baa3 from Baa2. 
• The outlook for both ratings is stable.
• Moody’s recent rating review was initiated subsequent to the announcement of the acquisition of a one-third interest in the Marina Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall (the “Acquisition”), which has been completed with partial funding by a S$1,105 million term loan facility, and the remainder funded by S$417.9 million of net proceeds derived from the private placement of 313,000,000 new units in Suntec REIT.
• The downgrade reflects the substantially debt-funded acquisition of the one-third stake in MBFC, which will weaken Suntec's financial profile to levels more appropriately positioned at Baa2.
• The final funding structure, with approximately 71% of the acquisition debt-funded, is expected to increase the trust's Debt/Total Assets to between 38-40% from 33%, after taking into account the use of the proceeds from the repayment of a shareholder's loan from One Raffles Quay Pte Ltd to reduce existing borrowings. 
• On the other hand, Moody's recognizes that the transaction has long-term strategic benefits, and provides Suntec with a larger exposure to Grade A properties in Singapore. The acquisition will also enable greater income diversification, with net property income contribution from Suntec City Mall and Suntec City Towers estimated to reduce from 75.9% to 58.9%. The benefits of the acquisition to Suntec's business profile are thus significant.
• Suntec's Baa2 corporate family rating is underpinned by the trust's stable and recurring cash flow streams derived from its quality properties. Although Suntec's assets are highly concentrated -- with an estimated 59% of its net property income coming from Suntec City after the acquisition of MBFC -- the situation is mitigated by its well-diversified and good quality tenants.
• The stable outlook reflects Moody's expectation of continued stable cash flow generation from its portfolio, supported by high occupancy and rental revenues. It also includes the assumption of further long-term acquisitive growth, which affords Suntec greater flexibility at its current rating level.

Related Posts

• SUNTEC Reit completes acquisition of a one-third interest in MBFC Towers 1 and 2, and the Marina bay Link Mall - 9 DEC 2010
• SUNTEC Reit issues 313,000,000 new units for Private Placement - 9 DEC 2010
• Suntec Reit successfully raised S$428.8 million through private placement - 29 NOV 2010
• SUNTEC Reit - Circular to shareholders in relation to proposed acquisition of a one-third stake in MBFC 1 - 8 NOV 2010
• SUNTEC Reit proposed acquisition of a one-third interest in Marina Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall - 26 OCT 2010

Updated Target Price by OCBC for various Reits

Updated Target Price by OCBC:

REIT	Recommendation	Target Price (S$)	Date
AscendasReit	HOLD	2.210	10/12/10
AscottReit	BUY	1.380	10/12/10
CapitaComm	HOLD	1.520	10/12/10
CapitaMall	HOLD	2.050	10/12/10
FrasersComm	BUY	0.180	10/12/10
FrasersCT	HOLD	1.500	10/12/10
LippoMapleTrust	BUY	0.590	10/12/10
MapleTreeLog	BUY	1.000	10/12/10
Starhill Gbl	BUY	0.660	10/12/10
Suntec	HOLD	1.500	10/12/10

 
Latest updates at Stock Target Price.

Singapore commercial property rents to rise 15-20% next year: CBRE

Singapore commercial property rents to rise 15-20% next year: CBRE:

Source of News

Singapore's commercial property sector will likely see a 15-20 per cent increase in rental values next year, after a 22 per cent growth this year, according to CBRE.

This will be driven by strong occupier demand for office space in Singapore despite plenty of supply coming on stream.

CBRE points to the Marina Bay Financial Centre (MBFC) as one example of strong demand. The first phase of MBFC was fully let out by the time its doors opened this year.

The property consultant said the supply pipeline is reasonable next year, with over 5 million square feet of office space currently under construction in the central business district. Half of the supply has already found tenants.

"From a relative standpoint, Singapore is quite competitive in terms of office occupation costs... Hong Kong office space is commanding almost double the rents Singapore is currently set at, so I think there is room for rental growth in Singapore, without it becoming uncompetitive," said Moray Armstrong, Executive Director, Office Services, CBRE.

Related Posts

• K-Reit's proposed acquisition of a one-third stake in MBFC phase 1 and proposed divestment of KTGE - 11 OCT 2010 
• SUNTEC Reit completes acquisition of a one-third interest in MBFC Towers 1 and 2, and the Marina bay Link Mall - 9 DEC 2010
• SUNTEC Reit proposed acquisition of a one-third interest in Marina Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall - 26 OCT 2010

SUNTEC Reit completes acquisition of a one-third interest in MBFC Towers 1 and 2, and the Marina bay Link Mall - 9 DEC 2010

SUNTEC Reit completes acquisition of a one-third interest in MBFC Towers 1 and 2, and the Marina bay Link Mall:

• Press Release
• Use of Proceeds Announcement

Key Points

• SUNTEC Reit completes acquisition of a one-third interest in MBFC Towers 1 and 2, and the Marina bay Link Mall on 9 DEC 2010.
• The Acquisition was partly financed with a S$1,105 million term loan facility entered into with Citibank, DBS Bank and Standard Chartered Bank, and partly financed with S$417.9 million of net proceeds derived from the private placement of 313,000,000 new units in Suntec REIT (“New Units”) at an issue price of S$1.37 per New Unit.
• With this acquisition:
• Suntec REIT’s office portfolio NLA has increased from approximately 1.9 million sq ft to approximately 2.4 million sq ft.
• further strengthened its foothold in the Marina Bay precinct.
• the value of Suntec REIT’s assets under management has increased to approximately S$6.8 billion.

Related Posts 

• SUNTEC Reit issues 313,000,000 new units for Private Placement - 9 DEC 2010
• Suntec Reit successfully raised S$428.8 million through private placement - 29 NOV 2010
• SUNTEC Reit - Circular to shareholders in relation to proposed acquisition of a one-third stake in MBFC 1 - 8 NOV 2010
• SUNTEC Reit proposed acquisition of a one-third interest in Marina Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall - 26 OCT 2010

SUNTEC Reit issues final tranche of 34,500,360 deferred units - 9 DEC 2010

SUNTEC Reit issues final tranche of 34,500,360 deferred units.

• Press Release

Key Points

• 34,500,360 units in Suntec REIT (the “Deferred Units”) has been issued to Suntec City Development Pte Ltd, the last of six instalments of deferred units in Suntec REIT in part satisfaction of the purchase consideration for Suntec REIT’s initial portfolio of properties in its initial public offering.
• With this issue of Deferred Units, together with the private placement of 313,000,000 new units in Suntec REIT (the “New Units”) issued at an issue price of S$1.37 per New Unit (the “Private Placement”) today, the total number of units in Suntec REIT (“Units”) in issue is 2,194,862,143.
• The Deferred Units and New Units will commence trading on the Main Board of Singapore Exchange Securities Trading Limited (the “SGX-ST”) at 2.00 p.m. today.

Related Posts

• Suntec Reit successfully raised S$428.8 million through private placement - 29 NOV 2010
• About a Reit - SUNTEC Reit and its deferred units

SUNTEC Reit issues 313,000,000 new units for Private Placement - 9 DEC 2010

SUNTEC Reit issues 313,000,000 new units for Private Placement.

• Press Release

Key Points

• Further to its announcements dated 29 November 2010 in relation to the private placement of 313,000,000 new units (“New Units”) in Suntec REIT at an issue price of S$1.37 per New Unit (the “Private Placement”), the Board of Directors of ARA Trust Management (Suntec) Limited, in its capacity as manager of Suntec REIT (the “Manager”), wishes to announce that the Manager has today issued the New Units. The New Units will commence trading on the Main Board of Singapore Exchange Securities Trading Limited
  (the “SGX-ST”) at 2.00 p.m. today.
• The New Units issued pursuant to the Private Placement will, upon issue, rank pari passu in all respects with the Suntec REIT units in issue immediately prior to the issue of the New Units (“Existing Units”), other than in respect of the Advanced Distribution (as defined herein).

Related Posts

• Suntec Reit successfully raised S$428.8 million through private placement - 29 NOV 2010

SUNTEC Reit Updated Target Price following Completion of Private Placement

SUNTEC Reit Updated Target Price following Completion of Private Placement:

CIMB	OUTPERFORM	1.630	30/11/10
Phillip Securities	HOLD	1.370	01/12/10

Latest updates at Stock Target Price.

Related Posts

• Suntec Reit successfully raised S$428.8 million through private placement - 29 NOV 2010

Suntec Reit successfully raised S$428.8 million through private placement - 29 NOV 2010

Suntec Reit successfully raised S$428.8 million through private placement:

• Press Release
• Announcement

Key Points

• Private placement of 313 million new units in Suntec REIT have been fully subscribed at an issue price of S$1.37 per New Unit. 
• The Issue Price represents a discount of 4.02% to the volume weighted average price of S$1.4274 per unit in Suntec REIT and 2.88% to the adjusted volume weighted average price of S$1.4106 per Unit for trades done for the full market day on 26 November 2010.
• The net proceeds from the Private Placement which amount to approximately S$417.9 million will be used to partially finance the acquisition of a one-third interest in Marina Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall. 
• The Manager has on 26 November 2010 obtained the approval of unitholders of Suntec REIT at an extraordinary general meeting for the Acquisition.
• In connection with the Private Placement, existing Unitholders will be entitled to receive a distribution income for the period from 1 October 2010 to the day immediately prior to 9 December 2010, being the expected date on which the New Units are issued pursuant to the Private Placement. 
• The New Units are not entitled to the Advanced Distribution. 

Author's Note
The book closure for the advanced distribution will be at 5.00 p.m. on 8 December 2010. The actual quantum of the distribution per Unit under the Advanced Distribution will be announced at a later date. The next distribution thereafter will comprise Suntec REIT’s distributable income for the period from the day the New Units are issued (9 December 2010) to 31 December 2010. Quarterly distributions will resume thereafter.

Earlier part of the day the manager has announced the private placement with the range of issue price between S$1.34 and S$1.38 per New Unit. The final issue price S$1.37 is towards the top of the range. The Private Placement was 3.1 times oversubscribed.

Related Posts

• SUNTEC Reit - Circular to shareholders in relation to proposed acquisition of a one-third stake in MBFC 1 - 8 NOV 2010
• SUNTEC Reit proposed acquisition of a one-third interest in Marina Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall - 26 OCT 2010

FrasersComm, SUNTEC Updated Target Price

FrasersComm, SUNTEC Updated Target Price:

FrasersComm	OCBC	BUY	0.170	23/11/10
Suntec	OCBC	BUY	1.630	19/11/10

Latest updates at Stock Target Price.

SUNTEC Reit - Circular to shareholders in relation to proposed acquisition of a one-third stake in MBFC 1 - 8 NOV 2010

SUNTEC Reit - Circular to shareholders in relation to proposed acquisition of a one-third stake in MBFC 1. See Circular.

This Circular follows the previously announced proposed acquisition of one-third stake in MBFC dated 26 Oct 2010. More details of the financing are provided in the circular.

Key Points

• The $1495.8m ($1548.2m total cost) purchase of MBFC would be financed by a $1105m loan facility and a $428.2m private placement of new units. 
• Pricing of the new units will be revealed at a later date. 
• After the acquisition, the gearing will rise from 33% to 41.5% but will fall to 37.3% with the intended repayment of shareholders' loan from ORQ.

Related Posts
SUNTEC Reit proposed acquisition of a one-third interest in Marina Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall - 26 OCT 2010

SUNTEC Reit Updated Target Price following Q3 2010 result release

SUNTEC Reit Updated Target Price following Q3 2010 result release and announcement of acquisition of one third interest in MBFC.

Phillip Securities	HOLD	S$1.34	27/10/10
CIMB	OUTPERFORM	S$1.63	27/10/10
DBS Vickers	BUY	S$1.66	27/10/10
OCBC	BUY	S$1.63	28/10/10
DMG	BUY	S$1.71	28/10/10

Latest updates at Stock Target Price.

Related Posts

• SUNTEC Reit proposed acquisition of a one-third interest in Marina Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall - 26 OCT 2010 
• SUNTEC Reit Q3 2010 Quarterly Earnings Report

SUNTEC Reit proposed acquisition of a one-third interest in Marina Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall - 26 OCT 2010

SUNTEC Reit proposed acquisition of a one-third interest in Marina Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall.

• Press Release 
• Announcement 
• Presentation Slides

Key Points

• Suntec REIT, has entered into a conditional share purchase agreement with Choicewide Group Limited, Cavell Limited and Hutchison Whampoa Properties Limited to acquire a one-third interest in Marina Bay Financial Centre Towers 1 and 2, the Marina Bay Link Mall and 695 car park lots (the “MBFC Property”) through the acquisition of one-third of the issued share capital of BFC Development Pte. Ltd.
• The agreed consideration for the one-third interest in the MBFC Property is S$1,495.8 million, inclusive of income support of S$113.9 million (inclusive of GST) payable over 60 months to be provided by the Vendor.
• Acquisition will increase Suntec REIT’s office portfolio net lettable area from approximately 1.9 million sq ft to approximately 2.4 million sq ft.
• The Manager is currently reviewing various financing options for the Acquisition to determine an optimal capital structure for the Acquisition.
• The Acquisition is expected to improve the earnings and distributions for Unitholders, and is targeted for completion by the last quarter of FY 2010. 
• Upon completion, Suntec REIT’s total assets under management would increase to approximately S$6.821billion.
  
  
  

SUNTEC Reit Q3 2010 Quarterly Earnings Report

Q3 2010 results for SUNTEC Reit:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• DPU for the reporting quarter is 2.502 cents.
• This is an annualised yield of 6.6% based on closing unit price of S$1.51 on 30 September 2010.
• The committed occupancy for the overall office portfolio strengthened further to 98.5%.
• Gearing level of 32.9% as at 30 September 2010.
• Net asset value per unit of S$1.828 as at 30 September 2010.
• The Books will close from 5pm on 3 November 2010 for the purpose of determining Unitholders’ entitlement to the distribution. 
• The distribution will be paid on 29 November 2010. 

Author's Note
The DPU of 2.502 cents will be paid on 29 Nov 2010. Books closure is on 3 Nov 2010.

DPU was 2.528 cents in the previous quarter.

CCT, AIMSAMPIReit,SUNTEC - Date of Result Release for Q3 2010

Updated date of Result Release for Q3 2010:
SUNTEC    OCT 26
CCT    OCT 21 (AM)  
AIMSAMPIReit  OCT 29

Latest Update at Results Release.