Religare Capital Markets

Roxy Pacific’s latest River Valley condo expected to follow Martin Modern’s pricing strategy: Religare

SINGAPORE (Aug 8): Roxy Pacific’s pricing strategy for its latest planned River Valley freehold condo should follow Martin Modern, says Religare Capital Markets.

Only a 10-min walk away, Guocoland’s luxury project is now selling at $2,000-$2,500 psf and sold 15% out of 450 units when launched on July 22.

In a Monday night filing, Roxy Pacific announced it plans to redevelop a freehold plot in River Valley Road which it has acquired for $110 million, into an apartment block of at least 18 stories with more than 100 units.

ESR-REIT and Sabana REIT to create bigger, more liquid and investable entity: Religare

SINGAPORE (Aug 8): Religare Capital Markets says the amalgamation of ESR-REIT and Sabana REIT will create a bigger, more liquid and investable REIT.

ESR, the sponsor of ESR-REIT, also holds a 5% stake in Sabana REIT units.

“We note that Warburg Pincus -- which owns ESR -- also owns ARA Asset Management, the manager behind Cache Logistics as well, for potential future consolidation, if this one goes through,” says analyst Tata Goeyardi.

Here’s why Religare expects Suntec REIT’s DPU to remain stable

SINGAPORE (July 26): Religare Capital Markets says Suntec REIT’s 2Q results are in line with expectations, with revenue and distribution per unit (DPU) accounting for 25.7% and 24.8% of its full-year estimates, respectively.

Suntec REIT on Wednesday posted a marginal 0.3% decline in DPU of 2.493 cents for the second quarter ended June, mainly due to an enlarged units base.

Gross revenue for the quarter grew 10.6% to $87.3 million on the back of an increase in office revenue from the opening of 177 Pacific Highway, a grade ‘A’ commercial tower in Sydney.

Viva Industrial’s DPS likely to keep growing after ‘stellar’ 2Q

SINGAPORE (July 26): Religare Capital Markets says Viva Industrial Trust (VIT) is likely to see continued growth ahead, following “another stellar quarter” with multiple growth avenues.

Viva Industrial Trust on Wednesday morning posted a 6.3% increase in distribution per stapled security (DPS) to 1.861 cents for the second quarter ended June

Gross revenue grew 18.0% to $27.6 million in 2Q, from $23.4 million a year ago.

Mapletree Industrial Trust kept at ‘buy’ with $1.90 target on positive outlook, undemanding valuation

SINGAPORE (July 26): Religare Capital Markets is maintaining its “buy” on Mapletree Industrial Trust (MINT) with an unchanged target price of $1.90, given its positive outlook and undemanding valuation.

In a Wednesday report, analyst Tata Goeyardi expects MINT’s full growth drivers to materialise in FY18/19 via several upcoming projects while supported by a strong balance sheet. Currently, MINT is offering a FY18 dividend yield of 6.6% versus its immediate peers’ average of 6%.

Golden Shoe to cause short-term bruising for CapitaLand Commercial Trust

SINGAPORE (July 14): CapitaLand Commercial Trust’s redevelopment plan for Golden Shoe Carpark though exciting in the long run, is expected to put pressure to near-term DPU, particularly after factoring in the recent sales of properties, says Religare.

CCT will embark on a JV with CapitaLand and Mitsubishi Estate (MEC) to redevelop GSCP. CCT and CL will each own a 45% stake in the JV while MEC will own a 10% stake.

The new development will have a NLA of 635,000 sf of office space, 12,000 sf of ancillary retail, 299 rooms of serviced apartments and 44,000 of food centre.

Gordon Tang of Singhaiyi becomes substantial unitholder in OUE C-REIT

SINGAPORE (March 20): Chinese tycoon Gordon Tang has emerged as a substantial shareholder in OUE Commercial REIT (OUE C-REIT).

Tang, who heads property developer Singhaiyi Group, now owns 7.68% of OUE C-REIT, up from his previous holding of 4.88%, following a private placement.

Tang was a cornerstone investor in OUE Commercial REIT when it was listed in 2014.

OUE Commercial REIT to raise $150 mil to pay down debt

SINGAPORE (March 9): OUE Commercial REIT has launched a placement exercise to issue 233.3 million units at 64.3 cents each to raise gross proceeds of $150 million.

The issuance price represents 8.1% discount to the VWAP of 69.93 cents for the full market day on Wednesday.

The manager of the REIT says it will use the proceeds of $148.5 million to pay down debt.

On completion of the exercise, OUECT’s leverage will be reduced from 39.8% to 35.1%.

Rights issue ‘dilutive to yield and NAV’ for Ascott REIT: Religare

SINGAPORE (March 7): The rights issue by Ascott Residence Trust to raise $442.7 million for the purchase of three properties in Germany and Singapore will be dilutive to both yield and net asset value (NAV) of the REIT, according to a note by Religare Capital Markets.

CapitaGreen saves the day for CCT

SINGAPORE (Jan 18): It was CapitaGreen that saved the day for CapitaLand Commercial Trust (CCT) in a softening market outlook, says Religare Capital Markets.

(See also: CapitaLand Commercial Trust reports 10.1% rise in 4Q DPU to 2.39 cents on CapitaGreen’s contribution)

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