Category: Fundamental Analysis

REIT analysis series: Far East Hospitality Trust

Far East Hospitality Trust Far East Hospitality Trust (“FEHT”) is a pure play Singapore hospitality REIT that owns 9 hotels and 4 service residences as at 31 December 2018. FEHT IPO at 2012 with much fanfare as one of the first hospitality trust to be listed in the Singapore Exchange backed no less by the

REIT analysis series: Suntec REIT (31 December 2018)

1. Snapshot Property Property Valuation (million) Gross Revenue (million) Net Property Income (million) NPI yield NPI yield on market Suntec City                             5,436.60 313.3 209.1 67% 3.8% ORQ                             1,273.00                                    54.2 28.8 53% 2.3% MBFC                               1,693.0 69.1 53.6 78% 3.2% Pacific Highway 605.5 40.9 35.4 87% 5.8% Southgate Complex 173.9 7.2 7.3 101%

Property happenings – week ending 13 January 2019

Oxley – Sale of hotel asset The more significant happenings this week is the news that Oxley Holdings has accepted a letter of intent to sell its Mecure and Novotel hotels along Stevens Road for S$950 million. Oxley was the accumulated significant investments in the en bloc wave that hit the Singapore market in 2017/2018

Dissecting BreadTalk’s property and F&B business

Following my earlier post on BreadTalk, it is evident that the BreadTalk’s investments in various property interests has begun to bear fruit. In this blog post, I aim to find out what is the intrinsic value of BreadTalk’s property interest and thereafter evaluate the valuation of the BreadTalk F&B business. The main reason why the

BreadTalk: The enhancement of real estate through good brands

“What is the business of McDonalds? Selling hamburgers and french fries? Actually, McDonalds is earning substantially from the real estate through owning the real estate which it operates from.” I am not sure how many of you have heard the above quote. We have in our midst a local F&B company, BreadTalk who was able

Insights on UOL Third Quarter Financial Results

Insights on UOL Third Quarter Financial Results One of the most significant item that is presented in UOL’s Third Quarter Results is the other gain recognised of about $527 million resulting from negative goodwill on acquisition of a subsidiary and loss on derecognition of associated and joint venture companies. The gain arises from a share

Guocoland Beach Road foray

On 29 September Guocoland nets a top bid of $1.62 billion for a 2 ha site at Beach Road or $1,706 per sqft per plot ratio. My immediate thoughts or more aptly action: “jaw dropping”. To put it in perspective, the market capitalisation for Guocoland is about $2.5 billion and this bid price on land

Goodland Group Limited

Value analysis on property development company – Goodland Group Limited 1.      Balance sheet analysis Key value indicator: Net current assets: $176,768k Do note that out of the net asset of $236,880k, equity attributable to shareholders of the Group is 190,748 arising from its non-wholly owned subsidiaries in Malaysia (Banyan Housing Development Sdn Bhd and T-City Sdn

Price vs Value

http://www.straitstimes.com/business/companies-markets/more-upside-ahead-for-developers-analysts On 4 September 2017, Straits Times published an article highlighting “more upside ahead for developers. As real estate companies are typically heavy on their balance sheet, I did a back testing on the historical book value compared to share price of the companies highlighted in the article. The financial data is based on the