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 ...
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 ...
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 ...
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 ...
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. ...
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 ...
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. According to analyst Tata ...
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 ...
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. (See also: Ascott REIT launches 91.9 cents/share rights to fund Singapore and Germany acquisitions) Based on estimates from ...
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) CCT’s 4Q16 results came in line with Religare’s estimates, with the full year’s revenue and DPU accounting for ...