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IGBREIT (5227) : IGB REAL ESTATE INVESTMENT TRUST
Brian9818
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Posts: 245
Joined: Sep 2012		 27 May 2013, 11:31 AMPost #1
IGBReit($0.35) downtrend continue, may re-visit $0.31 soon?
Erik
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Posts: 28
Joined: Jul 2012		 05 Feb 2014, 05:57 PMPost #2
IGB REit was listed at an offer price of RM1.25 where 469 million units were offered to Malaysian and overseas institutional investors.

The public subscription of 34 million units was oversubscibed many times.

To date the public and institutional investors, if they have kept their allotment until now, would have received a total of 5.2 sen gross/unit.

At the last traded price of RM1.19 (CD of 3.61 sen/unit) they would still have incurred a loss of about 1sen/unit.

From the above scenario, I believe the downside is very much limited. The only shortcoming for now is that most of the REITS including retail ones fall out of favour of investing public.

Unlike PAV Reit, at its IPO price of 88 sen/unit the original investors are still enjoying a hefty profit at the last closing price of RM1.26.
ILoveDividend
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Posts: 521
Joined: Dec 2011		 06 Feb 2014, 09:53 AMPost #3
IGB REit was listed at an offer price of RM1.25 where 469 million units were offered to Malaysian an...Erik @ 05 Feb 2014, 05:57 PM

Hi Erik,

Thanks for sharing. I think the DY is a bit low at the current price. What do you think about sunreit?
Erik
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Posts: 28
Joined: Jul 2012		 06 Feb 2014, 11:47 PMPost #4


Hi Erik,

Thanks for sharing. I think the DY is a bit low at the current price. What ...ILoveDividend @ 06 Feb 2014, 09:53 AM

There are some encouraging news from the CEO of Sunreit Datuk Jeffrey Ng that despite the ongoing refurbishment work in Sunway Putra Mall and its attendant loss/reduced income the management shall at least maintain the distribution per unit (DPU) for FY13 and FY14 by implementing organic growth initiatives to cushion the adverse impact.

(Read the write-up in Sunbiz p. 18 August 7, 2013)

Sunreit has reserved capex over the next 2 to 3 years in excess of RM500m for asset enhancement initiatives (AEI), the bulk of which is allocated for the Sunway Putra Place.

I believe the AEI for the Sunway Pyramid shopping mall under Oasis Boulevard Phase 5, in which H & M is located should be completed by now.

A double-digit (upward) rental reversion exercise is also under way for this FY14.

Upon the implementation of its strategic plans including the completion of refurbishment of Sunway Putra Place in 2015, any increase in DPU will be a bonus/reward for all you patient investors.smile
Brian9818
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Posts: 245
Joined: Sep 2012		 19 Jul 2014, 04:30 PMPost #5
IGBReit had touched all time low $1.12 earlier this year.
The trend had reversed and looked promising now in-line with
few other Reit counters : Pavreit, Hektar, QCapital
Brian9818
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Posts: 245
Joined: Sep 2012		 25 Jul 2014, 04:56 PMPost #6
Period 2Q14/1H14

Actual vs. Expectations 1H14 realised net income (RNI) of RM116.2m came in within expectations, making up 53% of street and our estimates.

Dividends 1H14 GDPU of 3.89 sen (+13% YoY) was declared, which includes a 0.08 sen non-taxable portion. It is on track as it made up 53% of our FY14E GDPU of 7.34 sen (5.8% yield).

Key Results Highlights QoQ, topline growth was unexciting (+1%) on minimal rental reversions in 1H14, which resulted in marginally higher RNI (+1%) due to flattish cost.

YoY, topline growth was strong, increasing by 8% to RM115.5m due to the double-digit rental reversions in FY13 on 27% and 54% of occupied NLA for MV and TGM. NPI margins improved by 2.2ppt on better cost management efforts which allowed NPI to increase by 11% to RM78.7m. The strong topline growth was sufficient to offset the increase in expenditure (+6%), allowing RNI to increase by 15%.

YoY-YTD, topline growth was strong, increasing by 10% to RM229.6m due to similar reasons mentioned above. The slight increase in interest income (+27%), and marginal decrease in financing cost (-1%) was sufficient to negate the increase in expenditure (+7%) in 1H14. As a result, RNI increase by 16%, while RNI margins also improved by 2.6ppt.

Note that the company no longer provides MV and TGM segmental breakdown.

Outlook Previously, management was guiding strong reversions of 10%-15% on leases up for expiry in FY14E, which is substantial as 37% and 31% of NLA for MV and TGM will be expiring. We expect the bulk of FY14 rental reversions to be felt in 2H14.

The asset acquisition environment remains challenging due to the low cap rate environment of 5%-6% at present while we believe IGBREIT is unlikely to make any acquisitions in the near-term, albeit their low gearing level of 0.24x.

Change to Forecasts We make no changes to our FY14E and FY15E RNI.

Rating Maintain OUTPERFORM

Valuation Our call is sector-driven as we expect MREITs to benefit from near term compression in the 10-yr MGS which has been gradually declining from 4.00% to 3.89% since early July-14 in anticipation of a potential European QE. We like IGBREIT for its strong rental reversion opportunities. No changes to our TP of RM1.35 based on FY15E target gross dividend yield of 5.6% (net: 5.0%) or a +1.8ppt spread to the 10-yr MGS of 3.80%.

Risks to Our Call Bond yield expansion or compression vs. our target 10-yr MGS. Weaker-than-expected rental reversions.

Source: Kenanga
Brian9818
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Posts: 245
Joined: Sep 2012		 27 Jan 2015, 05:41 PMPost #7
Still not too bad, Dividend growth 10% (yoy). haha
omightycap
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Posts: 63
Joined: Sep 2015		 10 Sep 2015, 02:16 PMPost #8
O'Mighty loves IGBREIT maybe because of shopping...

See Why on our FB page
https://www.facebook.com/omightycap/photos/a.516884705141868.1073741828.516880861808919/525489534281385/?type=1
omightycap
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Posts: 63
Joined: Sep 2015		 05 Nov 2015, 01:59 PMPost #9
One of O'Mighty's follower asked about REIT Valuations

Read our comments from
https://www.facebook.com/omightycap/photos/a.516884705141868.1073741828.516880861808919/543083465855325/?type=3
Brian9818
Member Star
Posts: 245
Joined: Sep 2012		 10 Dec 2015, 03:57 PMPost #10
Today (10/12/15) IGBReit is trading at $1.28.

（吉隆坡9日訊）產托業績雖符合預測，惟美國升息在即，將導致大馬政府債券收益率走高，分析員因此下調產托股目標價。

MIDF研究表示，產托領域最新的業績顯示，4家產托股業績符合預測，另外兩家則超越預期。

業績超越預期為怡保花園產托（IGBREIT，5227，主板產業投資信托組）及KLCC產托（KLCC，5235SS，主板產業投資信托組）。符合預期的為AXIS產業信托（AXREIT，5106，主板產業投資信托組）、凱德商托（CMMT，5180，主板產業投資信托組）、柏威年產業信托（PAVREIT，5212，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）。
雖然產托領域的業績表現不錯，惟預期美國將會在12月中將利率調高25基點，屆時許多資金將可能撤離大馬，政府債券的收益率預料可推高至4.45%，因此上述的產托股目標價皆無法逃過被調低的厄運。
不過，目標價的降幅度介於1.9%至2.5%。
MIDF研究說，過往政府債券收益率波動時，怡保花園產托的股價影響最低，主要是該公司獲取淨利能力也較強。該公司2014財政年的核心淨利成長達12.4%至2億3千300萬令吉，是產托領域最高的一家。
該行認為怡保花園產托及凱德商托週息率達6%，加上旗下資產租金可調升，因此給予“買進”評級”。
（星洲日報／財經‧報導：謝汪潮)
Brian9818
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Posts: 245
Joined: Sep 2012		 24 Apr 2018, 08:44 AMPost #11

Suprise ! div at Q1, last close at $1.51
jpthedarkknight
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Posts: 8
Joined: Aug 2017		 03 Jan 2020, 12:46 PMPost #12

please visit https://www.mykayaplus.com/igbreit/ for our analysis on IGBREIT
lipkarlock
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Posts: 57
Joined: Nov 2019		 16 Apr 2020, 08:13 PMPost #13

[REIT Index Rebounded] Buying opportunity for REIT.

https://malaysiainvestment88.blogspot.com/2020/04/covid-19-latest-updates-klse-index.html
whytwocare
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Posts: 82
Joined: May 2018		 13 Aug 2021, 01:15 AMPost #14

[KLSE STOCK SERIES] Check out the latest analysis for

1. IGB REIT

2. SUNREIT

3. YTL REIT

4. TOP GLOVE

https://www.youtube.com/watch?v=bZjOZYjCpTA 
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yeah doh drool lol mad notworthy question rant rolleyes sad shutup shy smile star sweat thumbup wub cry

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