*Official* MasterLeong Thread

[Takodoro]

Based on 13 Dec Closing Price


Suntec REIT

Closing: $1.725

NAV: $2.10

17.9% undervalued


CapitaLand Commercial Trust

Closing: $1.54

NAV: $1.72

10.5% undervalued


Frasers Centrepoint Trust

Closing: $1.92

NAV: $1.93

Fairly-valued


CapitaLand Mall Trust

Closing: $1.945

NAV: $1.86

4.7% overvalued


Mapletree Commercial Trust

Closing: $1.42

NAV: $1.32

7.5% overvalued


Ascendas REIT

Closing: $2.39

NAV: $2.03

17.7% overvalued

How times have changed for CCT....I remembered few months then 1.4xx was considered way high....it even dropped to 1.3xx when noble drop out and it goes in STI. Then it lingered at 1.3xx for a long time.

 

[Layers]

key risk to reits: interest rates increase.

i wont be expecting to hold reits for long term as US normalize rates.

Sent from 穷小子 using GAGT

It will take 2 to 3 yrs. Current reits loan lock in fix rate.

2 to 3 yr anything can happen including a crash.

Sent from Sony E6853 using GAGT

 

[Asphodeli]

Holding REITs is like being ARA, managing a portfolio of listed REITs. In fact, you will fare better than ARA because ARA has to share some of its earnings as dividends with its shareholders. If you are managing a portfolio of REITs by yourself, you get to 'have your cake and eat it too'.

Did a rough calculation. If I did not fully divest CMT (which was one of my very first counters I bought in 2009), my total returns (capital appreciation + distributions) will make CMT almost 'freehold' status for me by now. Regretting it now.

Please learn from my mistake. Let my experience be a cautionary tale for you all. Time in market really beats timing the market.

My holdings in FCOT will become freehold in May/June 2017 based on dividend payout alone, assuming DPU doesn't vary much

 

[Takodoro]

means can kio CCT and SUN now?

I don't like SUNTEC......when is the last time you visited SUNTEC? And do you really shop at SUNTEC?

 

[Dividends Warrior]

means can kio CCT and SUN now?

Means based on Master Leong's 'dun buy REITs at a premium' mantra, we should focus firepower on CCT and Suntec.

Looking at their valuations, Suntec REIT and CapitaLand Commercial Trust have significant 'upside potential' since they seem to be grossly undervalued. Personally, I am not touching Mapletree Commercial Trust and Ascendas REIT for now as they have more room to fall as the Fed starts to normalise interest rates.

(All comments made are purely my own views and analysis, they may be wrong and readers are wiser to do their own due diligence. I am not held responsible for any losses incurred, at the end of the day its your own money your own decisions.)

 

[akwl88]

I don't like SUNTEC......when is the last time you visited SUNTEC? And do you really shop at SUNTEC?

went suntec makan dinner during friday a few times

the fnb outlets are packed

but there are more room for improvements in terms of foot traffic

feel that its not as crowded as vivo

 

[Dividends Warrior]

My holdings in FCOT will become freehold in May/June 2017 based on dividend payout alone, assuming DPU doesn't vary much

My heart-felt congrats to you for staying on the right path.

 

[Layers]

How times have changed for CCT....I remembered few months then 1.4xx was considered way high....it even dropped to 1.3xx when noble drop out and it goes in STI. Then it lingered at 1.3xx for a long time.

That's 1 yr ago when I hoot ny first cct shares

Sent from Sony E6853 using GAGT

 

[Layers]

I don't like SUNTEC......when is the last time you visited SUNTEC? And do you really shop at SUNTEC?

Only go convention center.

To big to walk now

Sent from Sony E6853 using GAGT

 

[Dividends Warrior]

Just curious, if that is the case, then why are you still adopting FIFO/trading?

Do you intend to go 60-20-20 eventually? 60% core, 20% FIFO, 20% spare?

Because once I turned to the 'dark side', there is no going back. Besides, I am doing a hybrid. Do FIFO. But FIFO mostly credible counters. At least will not give me heart attack.

 

[MasterLeong]

My holdings in FCOT will become freehold in May/June 2017 based on dividend payout alone, assuming DPU doesn't vary much

wow FCOT u hold how long liao

nice one man

 

[MasterLeong]

I don't like SUNTEC......when is the last time you visited SUNTEC? And do you really shop at SUNTEC?

suntec weekdays mostly is the office ppl who eat and shop there

weekends is got the convention/events


not as populated as the past anymore

 

[MasterLeong]

Sheng Siong outgunned in supermarket wars. Is it a worry?
By Gwyneth Yeo / theedgemarkets.com.sg | December 14, 2016 : 12:58 PM MYT
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Translated by Google Translator:
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SINGAPORE (Dec 14): Maybank Kim Eng has downgraded Sheng Siong Group from a “hold” rating to a “sell” rating after the supermarket operator failed to secure any new supermarket sites in December.

Maybank Kim Eng analyst Gregory Yap noted that there was a repeat of the competitive bids seen in October, with the winning bids achieving prices of above $20 psf. Sheng Siong’s bids were closer to $16 psf.

The two HDB supermarket sites up for tender in December were won by small operators - Yes Supermarket and an individual linked to U Stars Supermarket - who each operate about three or four other sites.

As Yap explains it, if Yes and U Stars continue to secure new sites in this fashion, there will be an increased risk of aggressive bids coming from larger supermarket operators NTUC and Cold Storage when the latter find themselves unable to secure any new sites.

That throws a spanner in Sheng Siong’s own expansion plans. “This is critical because new stores drive sales growth much more than old stores,” wrote Yap in a note on Wednesday.

What’s more, Yap added that there will be no supermarket sites coming up for bidding in the next 6 months for Woodlands, where the group needs to replace its 41,400 sf store that is scheduled to close in June 2017. The group also needs to replace its 45,000 sf store in The Verge which is expected to close in early 2017.

That said, Sheng Siong’s management indicated that it remains in the running for a closed-bid site that is “fairly sizeable”, and has a “promising” location that caters to old and new estates and future new HDB developments.

“However, if it again fails to clinch this site, there is a potential risk that its new store opening plans could be jeopardised,” concludes Yap.

To that end, Yap recommends buying Jumbo Group.

Shares of Sheng Siong and Jumbo are trading at 96 cents and 2.5 cents on Wednesday.

 

[MasterLeong]

http://sgwealthbuilder.com/2016/12/singtel-increased-investment-moats-aggressively/

Singtel increased investment moats aggressively

 

[mcsane]

Because once I turned to the 'dark side', there is no going back. Besides, I am doing a hybrid. Do FIFO. But FIFO mostly credible counters. At least will not give me heart attack.

Dk + dw + sb FTW.

 

[TheIntelligentInvestor]

http://forums.hardwarezone.com.sg/s...ino-grandness-sgx-t4b-*official*-5384647.html

example of why s chip cannot touch

Rule 1: never buy S chip
Rule 2: see rule 1

I learnt my lesson...unifood!

 

[MasterLeong]

Dk + dw + sb FTW.

I more towards buy and hold

dont really like FIFO hahahahaha


but sometimes I do put a portion of portfolio into cyclical stocks for trading

maybe max 5-20%


like this year GLP FCL SCI KC


now is purely just park and collect dividends, while hoping to ride a bull market

 

[MasterLeong]

https://sg.finance.yahoo.com/echarts?s=T4B.SI#symbol=T4B.SI;range=6m

dangers of S chip

 

[sgdividends]

Means based on Master Leong's 'dun buy REITs at a premium' mantra, we should focus firepower on CCT and Suntec.

Looking at their valuations, Suntec REIT and CapitaLand Commercial Trust have significant 'upside potential' since they seem to be grossly undervalued. Personally, I am not touching Mapletree Commercial Trust and Ascendas REIT for now as they have more room to fall as the Fed starts to normalise interest rates.

(All comments made are purely my own views and analysis, they may be wrong and readers are wiser to do their own due diligence. I am not held responsible for any losses incurred, at the end of the day its your own money your own decisions.)

Actually based on interest coverage, IReit has the higher of 8X and its dividend yield is 8.6% and it holds freehold properties only in germany. So, interms of defense against interest rates rise IReit seems good.

However, its NAV is below its trade price and its gearing is 42%, one of its highest among the Singapore REITS. If you are in the excess rights game, this counter seems ok,

Tong Jin Quan entered it quite recently

 

[MasterLeong]

Actually based on interest coverage, IReit has the higher of 8X and its dividend yield is 8.6% and it holds freehold properties only in germany. So, interms of defense against interest rates rise IReit seems good.

However, its NAV is below its trade price and its gearing is 42%. If you are in the excess rights game, this counter seems ok

Ireit I wonder how they make their DPU so high sia.... a bit dont understand this reit that's why i avoid gao gao

http://ireitglobal.listedcompany.com/newsroom/20161114_195658_UD1U_5L6QRPDDQ8WWUWNH.2.pdf

leverage seems very high at 42.5% , think rights issue will come for sure ba

their tenant mix is quite high risk, if u look at slide 16

DT alone makes up HALF their rents