Asian Pay TV Trust *Official* (SGX:S7OU)
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w1rbelw1nd
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Rafflesian
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Rafflesian
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Gentlemen, welcome back to yet another round of REIT discussion for 2013.
Here's my take on APTT:
At $0.62, MacqIntInfra is now offering a yield of 8.9% based on FY2011 distributions. Should the 3 cents special dividend be ignored for HY2012, annualised yield too remains consistent at 8.9%.
It would be interesting to see whether this is a listing that give meat back to existing major stakeholders or new suscribers of this IPO.
Given the uncertainty looming in global markets, any greedy pricing resulting in unattractive yield lower than 8.9% (pegging to current yield for MacqIntInfra) is strongly discouraged.
We shall see. For now, I'll give my thumbs down until they seduce me with very sexy double-digit yields.
Here's my take on APTT:
At $0.62, MacqIntInfra is now offering a yield of 8.9% based on FY2011 distributions. Should the 3 cents special dividend be ignored for HY2012, annualised yield too remains consistent at 8.9%.
It would be interesting to see whether this is a listing that give meat back to existing major stakeholders or new suscribers of this IPO.
Given the uncertainty looming in global markets, any greedy pricing resulting in unattractive yield lower than 8.9% (pegging to current yield for MacqIntInfra) is strongly discouraged.
We shall see. For now, I'll give my thumbs down until they seduce me with very sexy double-digit yields.
Lost_Found
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The mgt is a letdown
w1rbelw1nd
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Pretty optimistic as I may be able to cash out with a gain when I stag the IPO. I got in at a low price for miif hahaha
princessreiko
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I wonder why they wanna IPO here, why not in Taiwan?
Garlic & Butter
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SGX likes to welcome all sorts of listings. some companies chose SGX becos its requirements is slightly lower. HPH trust, F1 etc. and all these companies dont operate in singapore. oh, how about all those S-chips? Religare trust?
Man U initially chose SGX but here dun allow dual class of shares
Man U initially chose SGX but here dun allow dual class of shares
Dividends Warrior
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Rafflesian
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Foreign assets liven up SGX
IFR Asia - April 20, 2013 | By Daniel Stanton
The Singapore Exchange is shaking off its reputation as a home for only plain vanilla, conservative property-related stocks, with three unusual business trusts sounding out investors this month.
Premarketing started last week for the US$1bn IPO of Asian Pay Television Trust, which holds the cable television business of Taiwan Broadband Communications; and the US$350m–$450m IPO of Investec Aviation Trust, which stands to become Asia’s first listing of an aviation-leasing business.
Traditionally, investors in Singapore have been reluctant to invest in primary equity other than in the property sector. “They are only keen on something they can touch,” said one regional ECM head.
However, the new deals will offer some welcome diversity to the SGX. The two IPOs are uncharted territory for the region, with no obvious comparable stocks or benchmarks in Asia.
Investec Aviation Trust and Asian Pay Television Trust are expected to pay yields in the regions of 8%–9% and 8%, respectively, according to early feedback.
This would represent a decent pick-up over the last trust IPO in Singapore, in which Mapletree Greater China Commercial Trust, a retail and office REIT, offered a forecast 5.6% yield for the first year.
Taiwan Broadband Communications is the sole operator in each of the regions where it operates, and the industry is relatively mature, providing fairly stable, predictable cash flow.
The size of the Investec trust IPO is smaller than the US$800m rumoured when the deal was talked about last year. According to pre-deal research, the initial portfolio will comprise 26 aircraft, most of which are based in the Asia-Pacific region. The trust will be denominated in US dollars.
“Singapore is probably the most favourable regime for aircraft leasing in the world – even more than Ireland,” said one banker. “There are quite a few mega-portfolios that could come here.”
Bank of China International has a large portfolio, and GE Commercial Aviation Services has sounded out Singapore investors for a US$700m IPO of Aircraft Capital Trust.
Additionally, Croesus Retail Trust, which, last year, deferred a planned S$800m (US$648m) Singapore business trust IPO of Japanese shopping centres, is planning to begin premarketing late this week for a resized offering of S$400m, taking advantage of the huge rise in demand for Japanese property stocks recently.
Business trusts, a structure not available in Japan, give more flexibility to pay out income without deducting depreciation costs, differing from a straight J-REIT listing. The initial portfolio will comprise four developed properties.
Investec Aviation Trust, Asian Pay Television Trust and Croesus Retail Trust will all have foreign sponsors, and no direct connections to Singapore state investors Temasek or GIC, underlining the appeal of the SGX’s business trust structure.
JP Morgan and Macquarie are joint global co-ordinators on the IPO of Asian Pay Television Trust and are joint bookrunners with CIMB and DBS.
Bank of America Merrill Lynch and Credit Suisse are joint global co-ordinators on the Investec deal, and HSBC and OCBC have joined as joint bookrunners.
Citigroup and DBS are the joint global co-ordinators for Croesus.
IFR Asia - April 20, 2013 | By Daniel Stanton
The Singapore Exchange is shaking off its reputation as a home for only plain vanilla, conservative property-related stocks, with three unusual business trusts sounding out investors this month.
Premarketing started last week for the US$1bn IPO of Asian Pay Television Trust, which holds the cable television business of Taiwan Broadband Communications; and the US$350m–$450m IPO of Investec Aviation Trust, which stands to become Asia’s first listing of an aviation-leasing business.
Traditionally, investors in Singapore have been reluctant to invest in primary equity other than in the property sector. “They are only keen on something they can touch,” said one regional ECM head.
However, the new deals will offer some welcome diversity to the SGX. The two IPOs are uncharted territory for the region, with no obvious comparable stocks or benchmarks in Asia.
Investec Aviation Trust and Asian Pay Television Trust are expected to pay yields in the regions of 8%–9% and 8%, respectively, according to early feedback.
This would represent a decent pick-up over the last trust IPO in Singapore, in which Mapletree Greater China Commercial Trust, a retail and office REIT, offered a forecast 5.6% yield for the first year.
Taiwan Broadband Communications is the sole operator in each of the regions where it operates, and the industry is relatively mature, providing fairly stable, predictable cash flow.
The size of the Investec trust IPO is smaller than the US$800m rumoured when the deal was talked about last year. According to pre-deal research, the initial portfolio will comprise 26 aircraft, most of which are based in the Asia-Pacific region. The trust will be denominated in US dollars.
“Singapore is probably the most favourable regime for aircraft leasing in the world – even more than Ireland,” said one banker. “There are quite a few mega-portfolios that could come here.”
Bank of China International has a large portfolio, and GE Commercial Aviation Services has sounded out Singapore investors for a US$700m IPO of Aircraft Capital Trust.
Additionally, Croesus Retail Trust, which, last year, deferred a planned S$800m (US$648m) Singapore business trust IPO of Japanese shopping centres, is planning to begin premarketing late this week for a resized offering of S$400m, taking advantage of the huge rise in demand for Japanese property stocks recently.
Business trusts, a structure not available in Japan, give more flexibility to pay out income without deducting depreciation costs, differing from a straight J-REIT listing. The initial portfolio will comprise four developed properties.
Investec Aviation Trust, Asian Pay Television Trust and Croesus Retail Trust will all have foreign sponsors, and no direct connections to Singapore state investors Temasek or GIC, underlining the appeal of the SGX’s business trust structure.
JP Morgan and Macquarie are joint global co-ordinators on the IPO of Asian Pay Television Trust and are joint bookrunners with CIMB and DBS.
Bank of America Merrill Lynch and Credit Suisse are joint global co-ordinators on the Investec deal, and HSBC and OCBC have joined as joint bookrunners.
Citigroup and DBS are the joint global co-ordinators for Croesus.
Rafflesian
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Taiwan Pay-TV Operator Attracts IPO Investors
ASIA MARKETS Updated May 1, 2013, 10:45 a.m. ET
By P.R. VENKAT
SINGAPORE—Asian Pay Television Trust, an investment vehicle for one of Taiwan's biggest pay-TV operators, has secured commitments from as many as eight cornerstone investors to take up nearly a third of its planned Singapore initial public offering, people with knowledge of the deal said Wednesday.
The cornerstone investors include insurance companies, long-only funds and hedge funds, the people said, but declined to name them. Cornerstone investors commit to holding a significant stake for a certain length of time, demonstrating their confidence in the shares.
The company is expecting to raise 1.4 billion Singapore dollars (US$1.1 billion).
Asian Pay Television Trust is an investment vehicle of Taiwan Broadband Communications, which is owned by two funds managed by Australia's Macquarie Group Ltd. MQG.AU +1.07% —the Macquarie International Infrastructure Fund, M41.SG -3.20% or MIIF, and Macquarie Korea Opportunities Fund. Both funds plan to sell their stakes in the company to Asian Pay Television Trust.
The trust hopes to pay a yield of 8.25% to 9.0% in 2014, one of the people said.
A Macquarie spokeswoman declined to comment on the cornerstone investors.
The investors' commitments set the stage for what would be Singapore's second-biggest IPO this year, amid a hot start to 2013 for Southeast Asian markets and deals. The stock market in the Philippines is up 20%, Indonesia's benchmark has gained 17%, and Thailand index has jumped more than 13%. At the same time, Thailand and Singapore ranked among the top 10 globally in IPOs by deal value as recently as last month.
Topping Singapore's IPO list this year is Mapletree Investments Pte. Ltd.—a unit of Singaporean state-investment firm Temasek Holdings Pte.—which raised US$1.3 billion in an IPO of a China-focused real-estate investment trust in March. Last month in Thailand, BTS Group Holdings PCL BTS.TH -1.66% raised US$2.13 billion in an offering of its skytrain business. In Indonesia, private-equity firm CVC Capital Partners raised US$1.3 billion in March by selling part of its stake in PT Matahari Department Store LPPF.JK +0.78% .
The successful offerings have prompted a number of companies to recently consider fresh equity fundraising and even revive once-stalled IPOs. In Singapore, a hub for trust listings, IPOs totaling nearly US$2 billion are either in the market or being planned for this year.
Japanese real-estate fund Croesus is now taking orders from institutional investors for an IPO of Croesus Retail Trust in Singapore that is expected to raise nearly US$300 million; Croesus pulled the deal last year due to weak markets.
Meanwhile, property developer Overseas Union Enterprise Ltd. LJ3.SG +0.96% has announced plans for an IPO of hospitality assets in Singapore that could raise around US$800 million, according to people with knowledge of the deal.
Asian Pay Television is likely to start taking orders from institutional investors this week with the goal of listing in Singapore by the end of May, people with knowledge of the deal said.
Established in 1999, Taiwan Broadband Communications has an interest in five cable-television networks in northern and central Taiwan, reaching more than one million homes. It also offers broadband Internet access.
Singapore-listed MIIF has said it plans to inject its 47.5% stake in Taiwan Broadband Communications into Asian Pay Television Trust for a minimum of S$469.5 million. Shareholders approved the sale Tuesday. MIIF's shareholders stand to receive at least S$0.408 a share if the sale is completed. As of Dec. 31, Taiwan Broadband Communications accounted for 61% of MIIF's portfolio value.
MIIF bought a 20% stake in Taiwan Broadband Communications in July 2007 and has spent S$479.2 million to more than double that, it said on its website. Macquarie Korea Opportunities Fund acquired a 60% stake in June 2008 for 392 million Australian dollars (US$407 million), and later sold part of its interest.
J.P. Morgan Chase JPM -2.04% & Co., DBS Group Holdings Ltd., D05.SG +4.53% CIMB Group Holdings Bhd. 1023.KU -0.26% and Macquarie are joint lead managers.
ASIA MARKETS Updated May 1, 2013, 10:45 a.m. ET
By P.R. VENKAT
SINGAPORE—Asian Pay Television Trust, an investment vehicle for one of Taiwan's biggest pay-TV operators, has secured commitments from as many as eight cornerstone investors to take up nearly a third of its planned Singapore initial public offering, people with knowledge of the deal said Wednesday.
The cornerstone investors include insurance companies, long-only funds and hedge funds, the people said, but declined to name them. Cornerstone investors commit to holding a significant stake for a certain length of time, demonstrating their confidence in the shares.
The company is expecting to raise 1.4 billion Singapore dollars (US$1.1 billion).
Asian Pay Television Trust is an investment vehicle of Taiwan Broadband Communications, which is owned by two funds managed by Australia's Macquarie Group Ltd. MQG.AU +1.07% —the Macquarie International Infrastructure Fund, M41.SG -3.20% or MIIF, and Macquarie Korea Opportunities Fund. Both funds plan to sell their stakes in the company to Asian Pay Television Trust.
The trust hopes to pay a yield of 8.25% to 9.0% in 2014, one of the people said.
A Macquarie spokeswoman declined to comment on the cornerstone investors.
The investors' commitments set the stage for what would be Singapore's second-biggest IPO this year, amid a hot start to 2013 for Southeast Asian markets and deals. The stock market in the Philippines is up 20%, Indonesia's benchmark has gained 17%, and Thailand index has jumped more than 13%. At the same time, Thailand and Singapore ranked among the top 10 globally in IPOs by deal value as recently as last month.
Topping Singapore's IPO list this year is Mapletree Investments Pte. Ltd.—a unit of Singaporean state-investment firm Temasek Holdings Pte.—which raised US$1.3 billion in an IPO of a China-focused real-estate investment trust in March. Last month in Thailand, BTS Group Holdings PCL BTS.TH -1.66% raised US$2.13 billion in an offering of its skytrain business. In Indonesia, private-equity firm CVC Capital Partners raised US$1.3 billion in March by selling part of its stake in PT Matahari Department Store LPPF.JK +0.78% .
The successful offerings have prompted a number of companies to recently consider fresh equity fundraising and even revive once-stalled IPOs. In Singapore, a hub for trust listings, IPOs totaling nearly US$2 billion are either in the market or being planned for this year.
Japanese real-estate fund Croesus is now taking orders from institutional investors for an IPO of Croesus Retail Trust in Singapore that is expected to raise nearly US$300 million; Croesus pulled the deal last year due to weak markets.
Meanwhile, property developer Overseas Union Enterprise Ltd. LJ3.SG +0.96% has announced plans for an IPO of hospitality assets in Singapore that could raise around US$800 million, according to people with knowledge of the deal.
Asian Pay Television is likely to start taking orders from institutional investors this week with the goal of listing in Singapore by the end of May, people with knowledge of the deal said.
Established in 1999, Taiwan Broadband Communications has an interest in five cable-television networks in northern and central Taiwan, reaching more than one million homes. It also offers broadband Internet access.
Singapore-listed MIIF has said it plans to inject its 47.5% stake in Taiwan Broadband Communications into Asian Pay Television Trust for a minimum of S$469.5 million. Shareholders approved the sale Tuesday. MIIF's shareholders stand to receive at least S$0.408 a share if the sale is completed. As of Dec. 31, Taiwan Broadband Communications accounted for 61% of MIIF's portfolio value.
MIIF bought a 20% stake in Taiwan Broadband Communications in July 2007 and has spent S$479.2 million to more than double that, it said on its website. Macquarie Korea Opportunities Fund acquired a 60% stake in June 2008 for 392 million Australian dollars (US$407 million), and later sold part of its interest.
J.P. Morgan Chase JPM -2.04% & Co., DBS Group Holdings Ltd., D05.SG +4.53% CIMB Group Holdings Bhd. 1023.KU -0.26% and Macquarie are joint lead managers.
Rafflesian
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PROJECTED YIELDS BASED ON MAXIMUM OFFERING PRICE
(ref pg 154)
Based on Maximum Offering Price S$1.00
Forecast Year 2013
=========================================
Distribution to Unitholders attributable to the year from
1 January to 31 December: S$104,721,000
Number of Units (millions) 1,436.8
DPU (Singapore cents) 7.29
DPU yield (%) 7.29%
=========================================
Projection Year 2014
=========================================
Distribution to Unitholders attributable to the year from
1 January to 31 December: S$118,536,000
Number of Units (millions) 1,436.8
DPU (Singapore cents) 8.25
DPU yield (%) 8.25%
=========================================
(ref pg 154)
Based on Maximum Offering Price S$1.00
Forecast Year 2013
=========================================
Distribution to Unitholders attributable to the year from
1 January to 31 December: S$104,721,000
Number of Units (millions) 1,436.8
DPU (Singapore cents) 7.29
DPU yield (%) 7.29%
=========================================
Projection Year 2014
=========================================
Distribution to Unitholders attributable to the year from
1 January to 31 December: S$118,536,000
Number of Units (millions) 1,436.8
DPU (Singapore cents) 8.25
DPU yield (%) 8.25%
=========================================
dreamer75
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What were the reasons that Religare health trust tanked on first day?
Mad_Stranger
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Any MIIF unit holders here? Are you guys opting for cash or APPT units?
w1rbelw1nd
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Indian yield play does badly in Singapore in general. Probably that's why market sentiment for it is poor...
w1rbelw1nd
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Currently leaning towards getting APPT units. Have to look at the listing price first and market sentiments.
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