Croesus Retail Trust

[BeDisciplined]

If properties valued at $662m and maximum total oustanding units 445m, value per unit is $1.48. IPO price per unit is only 93 cts? Have I done my sums correct? Or what exactly is the NAV per unit?

Cannot find its prospectus at SGX? Has the IPO application been opened?

[weijian]

If properties valued at $662m and maximum total oustanding units 445m, value per unit is $1.48. IPO price per unit is only 93 cts? Have I done my sums correct? Or what exactly is the NAV per unit?

Cannot find its prospectus at SGX? Has the IPO application been opened?

Hi,
The prospectus can be found here:
http://masnet.mas.gov.sg/opera/sdrprosp....O?OpenView

As for your question, my quick guess is that 662mil valuation does not include debt. So NAV should be much lower than 1.48sgd.

(i have not gone through the prospectus)

[memphisb]

copy paste -- NAV below

http://mystocksinvesting.com/singapore-s...rospectus/

Fundamental Summary

IPO Price = $0.93
Projected DPU Yield = 8% (2014)
Net assets attributable to Unit Holders = JPY 30,266,962,000
Number of Units = 248,015,000
NAV = JPY 122.03 (S$1.52) –> IPO price is 38% discount to the NAV. Benchmark with Saizen REIT (27% discount). See Saizen REIT data here.
Risks (Personal View):
Depreciation of Japanese Yen –> will affect the DPU if Japenese Yen depreciate further due to Abenomics.
Japan economy has been on deflation for the past 2 decades.–> Cause fallen asset price.
Natural disaster – Any Earth quakes or Tsunami will hit the DPU.
Gearing Ratio = 48%

[AlphaQuant]

personally i think 2 bigger questions need to be asked; FX is not that big an issue:

1) Who are the trustee-managers and how competent are they?
2) What will Abenomics do to the inflation in Japan? If they are successful, then the ability to raise rentals should make this an interesting proposition. If deflation continues to anchor, then its hard to see organic growth that you see in the singapore malls.

[BeDisciplined]

copy paste -- NAV below

http://mystocksinvesting.com/singapore-s...rospectus/

Fundamental Summary

IPO Price = $0.93
Projected DPU Yield = 8% (2014)
Net assets attributable to Unit Holders = JPY 30,266,962,000
Number of Units = 248,015,000
NAV = JPY 122.03 (S$1.52) –> IPO price is 38% discount to the NAV. Benchmark with Saizen REIT (27% discount). See Saizen REIT data here.
Risks (Personal View):
Depreciation of Japanese Yen –> will affect the DPU if Japenese Yen depreciate further due to Abenomics.
Japan economy has been on deflation for the past 2 decades.–> Cause fallen asset price.
Natural disaster – Any Earth quakes or Tsunami will hit the DPU.
Gearing Ratio = 48%

I don't think the NAV is S$1.52. The debt and liabilities have to be deducted. The 4 properties are valued at 52,470,000,000 but there is a loan of 25,220,000,000. The net asset is only 30,266,962,000 which translate to S$0.90/unit....

Is my calculation correct?

[KopiKat]

copy paste -- NAV below

http://mystocksinvesting.com/singapore-s...rospectus/

Fundamental Summary

IPO Price = $0.93
Projected DPU Yield = 8% (2014)
Net assets attributable to Unit Holders = JPY 30,266,962,000
Number of Units = 248,015,000
NAV = JPY 122.03 (S$1.52) –> IPO price is 38% discount to the NAV. Benchmark with Saizen REIT (27% discount). See Saizen REIT data here.
Risks (Personal View):
Depreciation of Japanese Yen –> will affect the DPU if Japenese Yen depreciate further due to Abenomics.
Japan economy has been on deflation for the past 2 decades.–> Cause fallen asset price.
Natural disaster – Any Earth quakes or Tsunami will hit the DPU.
Gearing Ratio = 48%

I don't think the NAV is S$1.52. The debt and liabilities have to be deducted. The 4 properties are valued at 52,470,000,000 but there is a loan of 25,220,000,000. The net asset is only 30,266,962,000 which translate to S$0.90/unit....

Is my calculation correct?

I got NAV similar to yours. The No. of Units Issued is wrong for the ones in 'memphisb' post. It should be 430,178,000 (see pg 40 of IPO Prospectus).

Some other minor points. Projected Yield has been rounded up to 1 decimal place. If you use their projected DPU = 7.39ct (FY14) & 7.49ct (FY15), the Yield = 7.946% (FY14) & 8.054% (FY15).

Further, it looks like there's a min. 5% witholding tax for Dividends if certain conditions are met (see pg58 & pg17) for Singapore tax residents.

[felixleong]

I calculated and also got 90c NAV
with the ipo priced at 93, its a 3c premium to NAV
was really hoping for a discount
but in the current bull market, discounts are hard to find hehe

[pianist]

how to apply this through internet banking? i dun think all local banks provide this access rite?

[BeDisciplined]

If you have DBS accounts, ATM machine or DBS interent can apply

[pianist]

i see thanks