【产业投资信托(REIT)交流区】

jingxianho

在这动荡的行情，抓着REIT的确是不错的选择

更多看这里： http://klsehotnews.blogspot.com/ ... rbulent-market.html

REITs attractive in turbulent market
KUALA LUMPUR: As market volatility drive investors toward defensive stocks, real estate investment trusts (REITs) have come under renewed interest as investors look to reduce risk of capital loss and seek stable returns.

Among the Malaysian REITs that have seen better days since the global market selldown in early August are Sunway REIT (SunREIT), Axis REIT and CapitaMalls Malaysia Trust (CMMT).

The three REITs have seen higher volumes traded since late July with their respective unit prices hitting their peak in August, while still maintaining high level of interests recently.
This appears to coincide with the weak and volatile sentiment in markets worldwide that drove investors to the sidelines.

macbook

財經 21/10/2011 20:59
（吉隆坡21日訊）Pavilion產托擬將于12月7日馬股掛牌，首發股將發行7億9000萬 ...
icy97 发表于 21-10-2011 10:26 PM

   几时ＩＰＯ？

icy97

几时ＩＰＯ？
macbook 发表于 22-10-2011 12:27 AM

目前只有初步招股书，上市期为十二月七号，至于投标开始&截至日期有待马股行揭晓。。相信不久了。。

icy97

3利好支撐‧大馬產託可抗風暴衝擊

行業快門  2011-11-25 19:06
（吉隆坡25日訊）儘管歐債危機的一再拖延或導致未來經濟成長走緩，進而加劇國內生產總值成長預測的下探風險，區域及國內利率或保持不變，甚至是下調，但分析員相信，大馬投資產業信托（REIT）的表現仍然堅挺，因產業信托普遍上仍然財務穩健、低負債及產業價值強韌。

他們也表示，根據過去的金融風暴經驗，儘管產業信托的單位價格在2008/09金融風暴期間下滑，但大部份產業投資信托皆脫穎而出，或至少與整體市場表現一致。

興業研究看好零售產業投資信托，主要因大馬消費開銷對國內生產總值成長的變動所受衝擊不比出口或工業活動來得大；此外，比較其他產業領域，零售產業的租金上調或更高。

“我們認為，零售產業仍然有機會展開進一步的資產收購，在有利的融資環境下有助壯大其規模。”

興業對大馬產業投資信托保持中和評估；賀達產業信托（HEKTAR，5121，主板產業投資信托組）強韌及較優渥回酬率，惟基於游資的隱憂，投資者或選擇嘉德商托（CMMT，5180，主板產業投資信托組）及雙威產業信托（SUNREIT，5176，主板產業投資信托組）。

大馬的投資產業信托的平均負債為0.3倍，比規定水平的0.5倍來得低，當中以莫實得回教信托（BSDREIT，5124，主板產業投資信托組）的負債為最高，達0.45倍籌資及再融資的風險不高。

擁有短期貸款期限的產業投資信托已成功商洽再融資，反映產業投資信托在市場仍然可取得融資。

柏威年產托上市引購興
柏威年產業投資信托（PAVILION REIT）上市引起市場強烈購興，興業認為，這或許因市場欠缺綜合多重優質元素的投資選擇，包括其規模（根據招股書估計達35億令吉）、資產素質、游資、單位價格的強韌及溫和的回酬率，以及涉足零售產業。

根據產業投資信托過去的表現紀錄，產業投資信托單位價格下滑，主要因市場擔憂產業資產價值或下挫，進而可能觸及債務抵押的門檻，儘管如此，產業投資信托的產業資產價值如AXIS產業信托（AXREIT，5106，主板產業投資信托組）及產業控股公司如KLCC產業（KLCCP，5089，主板產業組）在最新一輪的風暴仍然企穩。

銀行同業拆息率續下滑
大馬產託回酬率或上調
與此同時，12個月吉隆坡銀行同業拆息率（KLIBOR）及新加坡銀行同業拆息率（SIBOR）在全球經濟展望利空下持續走下坡，KLIBOR至今年10月底已敗退5個基點至3.44%，比較6月底為3.49%，SIBOR的跌勢更慘烈，至10月底敗跌16個基點至0.60%，比較6月底為0.76%。

歐債危機或導致未來經濟成長步伐更蹣跚，進而加劇國內生產總值成長下探風險，區域及國內利率或保持不變，甚至是下調，從印尼最近降息就可端倪。

興業考量KLIBOR可能下調而重新探討大馬產業投資信托目標回酬率，稍微調整2012財政年的每股股息預估，即嘉德商托從8.6仙稍調高至8.8仙，主要考量其最新的新單位配售計劃之數量比預期低；以及AXIS產業信托的每股股息也從20.4仙調低至17.4仙，因配售計劃下即將上市的20%新單位數量比預期高。

興業指出，國際金融市場的動盪不靖及全球經濟成長或放慢，或表示未來的利率呆滯或下滑，進而影響大馬產業投資信托借貸成本。

大部份大馬產業投資信托貸款屬於長期貸款，平均為5年至期滿，靠近貸款期滿的包括賀達產業信托、桂嘉資產管理（QCAPITA，5123，主板產業投資信托組）及雙威產業信托，它們最近已成功取得再融資，表示產業投資信托在市場仍可取得融資。（星洲日報／財經）

louiswaw6363

各位认为新加坡reits如何？ 会比大马的reits好吗？在回酬方面？

macbook

如果买新加坡REITS，要注意以下风险。
1）投资风险
2）汇率风险

macbook

投资REITs也要注意经常搞 right issue 的管理层。

The Reit myth busted
Whatever Reits pay out in dividends, they will take back a few years later in the form of rights issues
By TEH HOOI LING
SENIOR CORRESPONDENT

THE high yields of real estate investment trusts (Reits) are tempting. And indeed, they have been touted as a relatively safe and stable instrument to own if one is looking for a steady stream of income. As such, many investors see Reits as a good asset class to have in one's retirement accounts.


But you know what? That Reits are good income-yielding instruments is but a myth. The thing is, whatever they pay out in dividends, they will take back - all and more - a few years later in the form of rights issues.
Here's what I found. Of the 17 Reits which have a listing history of at least four years on the Singapore Exchange, only three have not had any cash calls or secondary equity raising. The remaining 13 have had cash calls, and many had raised cash multiple times. One had a few rounds of private placement of new units which diluted the stake of existing unitholders somewhat.
For many of these Reits, the cash called back far exceeded the cash received. So, the myth of Reits as almost comparable to a fixed income instrument is really busted.

Take CapitaMall Trust (CMT) which was listed in July 2002. Assuming that Ms Retiree bought one lot or 1,000 units at the initial public offering (IPO) for a total sum of $960. For the whole of 2003, she received $57 in dividends. However in that year, CMT also had a one-for-10 rights issue. To subscribe for her entitlement, Ms Retiree would have to cough out $107.
In 2004, she would received $89 for the total number of CMT units she owned. That year, CMT had another rights issue, also one-for-10. The exercise price was higher at $1.62. To subscribe, Ms Retiree would have to fork out $178.
In 2005, CMT again had another fund raising exercise via rights issue. Ms R would pocket $124 in dividends but in that same year, had to return $282 back to the Reit.
In the next three years - 2006 to 2008 - Ms Retiree felt rich and happy. She merrily banked in her quarterly distributions which amounted to $404 for her holdings of CMT. Her one lot, after three rights issues, had grown to 1,331 units.
In the following year, another $175 was distributed. But CMT wasn't going to let Ms R be happy for long. It launched a big one - a 9-for10 rights issue. To fully subscribe for her entitlement, Ms R had to empty her bank account of a whopping $982.
And you know what, the cash call came in March 2009, when the Straits Times Index fell below 1,600 points, and many retirees were dismayed to see their investment portfolios plunge by half or more. Many fret if they would have enough left in the pot to sustain their lifestyle. Having to cough up more money for a Reit was the last thing that they wanted to do!
Negative cash flow
And here's the final tally. Since its IPO until today, a holder of one lot of CMT would have received $1,264 in cash distributions. However, in all, he or she had to return $1,549 back to the Reit so as to subscribe to their entitlement of new issues. That's a net outflow of $284 per lot.
It's the same story with K-Reit Asia, Capitacommercial Trust, Frasers Commercial Trust, Mapletree Logistics, First Reit, Lippo Malls Indo Retail Trust, AIMS AMP CAP and Saizen REIT in that what was taken back from investors was more than what was given out.
K-Reit has been one of the most aggressive fund raising Reits. Had you started with just one lot when it was listed in April 2006, you would have to dish out $8,399 to subscribe to your rights issue. Distributions amounted to $1,110, resulting in a net outflow of $7,289.
For Reits with at least four years of track record, only Fraser Centrepoint, Parkway Life and CapitaRetail China have not had any cash calls.
Instead of a rights issue, Suntec Reit raised funds by issuing new units to some institutional investors at a slight discount. Existing unitholders don't have to cough out additional cash, but they would have their share of earnings diluted somewhat.
Misalignment of interests
Reits are managed by managers, and managers are paid based on the size of the portfolio that they manage. So the incentive is for the managers to continue to raise money and expand the portfolio size. Sometimes this is not done in the best interest of unitholders.
The most recent controversy was over K-Reit's purchase of Ocean Financial Centre (OFC) from its sponsor Keppel Land. K-Reit has launched a 17-for-20 rights issue to pay for the purchase which was deemed by the market to be expensive at a time of uncertain outlook and when office rental is expected to ease.
BT reader Bobby Jayaraman argued that rather than be compensated based on factors such as the value of assets, net property income and acquisition fees, Reit managers should be paid based on a combination of growth in distribution per unit and market valuation of the Reit.
'If Reit managers were paid on the basis of distribution per unit and market valuation growth, would K-Reit have bulldozed its way through the OFC acquisition like they have done?
'The day K-Reit announced the OFC acquisition, its stock price fell close to 10 per cent and has continued sliding. Yet, its Reit manager will take home significantly increased management fees while shareholders would have lost a good chunk of their capital even as they bear significantly more risk in the form of higher leverage and potential property devaluations given the uncertain environment,' he wrote to BT.
Misalignment of interests aside, there are also unitholders who clamour for growth.
But while Reits may not be the perfect income yielding instrument that they are made out to be, they have proven their capacity for capital appreciation. Relative to the capital ploughed in, CapitaMall Trust has rewarded its unitholders with a return of 127 per cent. Most Reits have yielded positive total returns.
Instead of buying Reits for yields, some savvy investors only buy them when they see those with good quality assets trade at sharp discounts to their book value. For example in the first half of 2009, CMT was trading at 50 per cent its book value. Today, it is not as cheap. At $1.755, CMT is now trading at 13 per cent premium to its net asset value of $1.55.
Hence, valuation metrics which apply to a typical asset heavy stock would apply to Reits as well.
Source from: http://www.businesstimes.com.sg/sub/premiumstory/0,4574,467038,00.html?

平平安安

回复 234# icy97


    请问Axis是号码是什么？我看来看去只有AXIATA而已。谢谢！！

icy97

回复  icy97


    请问Axis是号码是什么？我看来看去只有AXIATA而已。谢谢！！
平平安安 发表于 1-12-2011 09:31 PM

STOCK CODE NAME REF HIGH LOW LAST CHANGE VOLUME ('00) 5106 AXREIT 2.560 2.570 2.560 2.560 - 1,617

josephooi

弱弱的問一下，什麼是right issue...

SurveyPlayer

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icy97 发表于 1-12-2011 10:55 PM

大大近期买得进吗？

takiz

有消息说IGB会把旗下midvalley和garden推REIT上市， 蛮期待下， midvalley是我最喜欢的商场之一

G.O.D.

看来我要到MidValley再逛一逛，仔细研究一番！

珊珊^^

一上场就大量购买。。。。上场了麻烦通知我

icy97

有消息说IGB会把旗下midvalley和garden推REIT上市， 蛮期待下， midvalley是我最喜欢的商场之一
takiz 发表于 8-1-2012 04:06 PM

資產規模40億‧或派47仙特別息‧怡保花園料打造最大產託
（吉隆坡22日訊）怡保花園（IGB,1597,主板產業組）預料將把旗下產業資產注入產業投資信托（REIT），分析員估計，它將有望成為馬股規模最大的產托計劃，將有助該集團釋放真正的價值。

分析員預料，一旦怡保花園把旗下的KRIS資產（KASSETS,6653,主板產業組）的持股從75%減少至51%，預料股東有希望獲得每股47仙的特別股息。

據知該集團已聘請投資銀行策劃一項零售產業投資信托計劃，包括涉及KRIS資產旗下的谷中城Megamall及Gardens購物廣場，預料資產規模可達40億令吉，或等於每平方尺1千545令吉（比柏威年及城中城陽光折價55%至65%）。
。。。。。
【IGB 1597 交流专区】怡保花园

icy97

比10年期公债更诱人 产托净回酬料达6.8%

财经新闻 财经  2012-01-08 17:17
（吉隆坡8日讯）去年表现超越新加坡市场的大马产业投资信托（REIT），料在2012年平均取得6.8%净回酬率，比回酬达3.7%的10年大马政府债券更诱人。

马银行投资银行分析员表示，由于投资环境不明确，大部分投资者选择抗跌股，大马产托因而会继续赢得更多市场的兴趣。

他说：“相对于新加坡产托，大马产托被视为比较安全的抗跌型投资，因为大马产托多专注在国内的产业投资，而且融资风险和外资持股权都很低。”

全球股市充满风险，加上柏威年产托（PAVREIT，5212，主板产业信托股）于去年12月8日上市，大马产托的表现因而超越了新加坡产托。

城中城产业转产托？
去年底，大马和新加坡产托的回酬差距收窄了很多，即从10月份的119基点，在12月中缩小至29基点。

分析员称：“这领域的评估会被上修，因Kriss资产（KAssets，6653，主板产业股）有可能将谷中城购物广场和Gardens广场纳入产托，从而进一步带动大马产托的投资吸引力。”

此外，他也不排除城中城产业（KLCCP，5089，主板产业股）转为产托的可能性，因柏威年产托上市，已吸走前者的不少购兴。

“柏威年产托提供更诱人的回酬之际，只需支付10%的预扣税（股息派发率至少90%），而城中城产业则需支付25%企业税。”

不过，他认为城中城产业不会在近期内转为产托，因为该公司仍需重新发展Dayabumi大楼及发展Lot D（新土地）。

“但如果将资产分为成熟产业（如国油双峰塔，吉隆坡阳光广场）和发展中资产（如Lot D），城中城产业是可能短期内推出产托的。”

业界负债率低于0.4倍
目前，大部分大马产托的负债率低于0.4倍（证监会的负债率最高限制为0.5倍）；Axis投资（Axreit，5106，主板产业信托股）和嘉德产托（CMMT，5180，主板产业信托股）在完成私下配售活动后，负债率更会减少至0.24至0.3倍左右。

另外，鉴于拥有活跃的资本管理（偏爱长期债务，而非短期债务），大马产托在未来1年内，也面对很低的融资风险；强稳的资本负债表更允许它们在无需筹集股票基金的情况下发展业务。

分析员补充，能否保留租户，是部分本地产托的关键问题；特别是有大批租赁合约将于今年更新的桂嘉信托（QCapita，5123，主板产业信托股），这占其净租用面积的38%，接着则是嘉德产托（32%）。

保住租户关键
整体上，他预计大马产托2012年的平均净回酬率为6.8%，而他所观察的本地产托，总回酬预计介于6.3%至7.8%。

由于对办公室供应过剩问题感到不安，分析员建议避免投资办公室相关产托。

同时，他看好以工业产业为主的产托（因工业产业的供应有限，和拥有长期租赁协议），以及在策略地点设有零售广场的产托，例如柏威年产托的吉隆坡Pavilion广场，以及双威产托

（Sunreit，5176，主板产业信托股）的双威金字塔广场。

他建议“增持”大马产托，也维持大部分股项的评级，除了股价已大幅跃升的嘉德产托。[NanYang
]

smurfs

刚刚爬完这帖十一页

想知道 :
1 : REIT 除了10%tax charges还有其他的charges吗？
2 : 开cds户口有说需要放最少多少钱吗？
3 : 要trade股票/REIT 你的CDS户口一定要有钱对吗？

如果问题太笨请原谅 毕竟是新手，想多了解才进场。。各位大大多多指教

british2010

我想问个位大大，为什么我找不到amfrist reit 的年报呢？我想了解关于这reit 的资料。

british2010

在报纸看到的周息率， 是已扣了税算出的吗？

icy97

我想问个位大大，为什么我找不到amfrist reit 的年报呢？我想了解关于这reit 的资料。
british2010 发表于 28-1-2012 02:21 PM

提供些网站参考：
http://announcements.bursamalaysia.com/EDMS%5Csubweb.nsf/dfDisplayForm?Openform&Count=-1&form=dfDisplayForm&viewname=LsvARAll&category=AMFIRST+REAL+ESTATE+INVESTMENT+TRUST+

http://www.amfirstreit.com.my/

http://mreit.reitdata.com/