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KLSE: SUNREIT       SUNWAY REAL ESTATE INVESTMENT TRUST
Last Price Avg Target Price   Upside/Downside Price Call
1.84 1.75     -0.09 (4.89%)
* Average Target Price, Price Call and Upside/Downside are derived from Price Targets in the past 6 months.
** Price Targets are adjusted for Bonus Issue, Shares Split & Shares Consolidation (where applicable).
Date Open Price Target Price Upside/Downside Price Call Source News
15/04/2019 1.88 1.76 -0.12 (6.38%) HOLD HLG Price Target News
29/03/2019 1.80 1.85 +0.05 (2.78%) HOLD KENANGA Price Target News
18/03/2019 1.75 1.75 0.00 (0.00%) HOLD AmInvest Price Target News
15/02/2019 1.75 1.93 +0.18 (10.29%) BUY MIDF Price Target News
15/02/2019 1.75 1.65 -0.10 (5.71%) HOLD KENANGA Price Target News
15/02/2019 1.75 1.70 -0.05 (2.86%) HOLD HLG Price Target News
15/02/2019 1.75 1.69 -0.06 (3.43%) HOLD AmInvest Price Target News
15/02/2019 1.75 1.95 +0.20 (11.43%) BUY Affin Hwang Capital Price Target News
26/12/2018 1.64 1.65 +0.01 (0.61%) HOLD KENANGA Price Target News
26/12/2018 1.64 1.70 +0.06 (3.66%) HOLD HLG Price Target News
26/12/2018 1.64 1.95 +0.31 (18.90%) BUY Affin Hwang Capital Price Target News
14/11/2018 1.66 1.68 +0.02 (1.20%) HOLD AmInvest Price Target News
02/11/2018 1.69 1.93 +0.24 (14.20%) BUY MIDF Price Target News
02/11/2018 1.69 1.60 -0.09 (5.33%) HOLD KENANGA Price Target News
02/11/2018 1.69 1.66 -0.03 (1.78%) HOLD HLG Price Target News
02/11/2018 1.69 1.68 -0.01 (0.59%) HOLD AmInvest Price Target News
02/11/2018 1.69 1.95 +0.26 (15.38%) BUY Affin Hwang Capital Price Target News


Price Target Research Article/News (past 6 months)
15/04/2019  HLG Sunway REIT - Proposed RM10bn Perpetual Bonds
29/03/2019  KENANGA Sunway REIT - DPU Accretion Is Paramount
18/03/2019  AmInvest Sunway REIT - Resilient in a challenging market
15/02/2019  MIDF Sunway REIT - 1HFY19 earnings in-line
15/02/2019  KENANGA Sunway REIT - 1H19 Within Expectations
15/02/2019  HLG Sunway REIT - Soft Hotel Segment
15/02/2019  AmInvest Sunway REIT - Flat 1HFY19 NPI growth, distributable income down 5.9%
15/02/2019  Affin Hwang Capital Sunway REIT - Diversified Assets Mitigate Weak Hotel Earnings
26/12/2018  KENANGA Sunway REIT - Acquiring Education Assets
26/12/2018  HLG Sunway REIT - Acquisition of Sunway University Property
26/12/2018  Affin Hwang Capital Sunway REIT - Acquiring academic buildings
14/11/2018  AmInvest Property - Retail properties seen resilient; affordable housing stays in focus
02/11/2018  MIDF Sunway REIT - Results in-line
02/11/2018  KENANGA Sunway REIT - 1Q19 Within Expectations
02/11/2018  HLG Sunway REIT - Soft start due to high finance costs
02/11/2018  AmInvest Sunway REIT - Revenue up 1.8% YoY, NPI down 0.4% in 1QFY19
02/11/2018  Affin Hwang Capital Sunway REIT - A Humble Start to a New Financial Year



  7 people like this.
 
deMusangking yes, play mahjong!
13/10/2018 9:41 PM
Dragon88 Dividend payout is better than you keep money in the bank. A good counter to invest for long term based on current price
17/10/2018 11:18 AM
Loh19 Thanks for your advice, Dragon88.
17/10/2018 10:51 PM
Loh19 Can I know normally how REIT pay the dividend to its shareholder, e.g. in cash term or stock share? Thanks.
27/10/2018 11:08 PM
Wong SaiHoe https://bursakiller.blogspot.com/2018/10/uncle-aunty-stop-gamble-on-toto-magnum.html
28/10/2018 5:07 PM
lim7722 ady bought more
15/11/2018 10:35 AM
Tan Yeang Cong top up another 5000 unit at rm 1.65.
slow but steady.
17/11/2018 8:15 AM
godlycan Hi Loh19, minimum unit is 100 each unit 1.68 total up is Rm168.
25/11/2018 4:55 PM
bose00 Malaysians likes to go shopping mall ... buy buy buy
14/12/2018 3:43 PM
signalmw Buy other reit cheaper
14/12/2018 3:45 PM
akupolitikkk sunwayreit beli sunway university. fuyo
24/12/2018 5:51 PM
armadasaxon Can buy?...last year got windows dressing...fly to 1.90
27/12/2018 10:12 AM
Bursa999 fly to 1.9 next day drop back trap money only
27/12/2018 1:56 PM
armadasaxon correct..of coz u muz prepare this round la.
27/12/2018 5:03 PM
ling Overall sunreit for the last three years had been expanded with their footprint and business very well with good dividend pay quarterly. However the stock price movement only around flat at 1.6 averagely. Looking at the expansion of the biz will sooner or later reflect into the stock price.
27/12/2018 5:08 PM
stocking Going to touch 1.90 before year is out :)
28/12/2018 9:03 AM
armadasaxon hopefully,its moving..hehehe
28/12/2018 10:14 AM
maclin72 If the windows dressing happen again in this year end, maybe it can close at 1.90. This is for seller and not for buyer.
28/12/2018 4:25 PM
armadasaxon i think dis year max is 1.80..
28/12/2018 4:39 PM
peanut2019 no window dressing today?
31/12/2018 12:22 PM
armadasaxon oredi did..juz less power...
last year 1.73 jump to 1.90
this year 1.62 jump 1.77
31/12/2018 4:46 PM
moonlove99 haha 1.73 no magic show
31/12/2018 5:17 PM
葉維強 奇怪今天为何这么多人买入
03/01/2019 5:20 PM
James Ng https://klse.i3investor.com/blogs/general/188737.jsp
[转贴] [Facebook live:浅谈Sunway Real Estate Investment Trust (Sunreit)] - James的股票投资James Share Investing
04/01/2019 9:34 AM
ling wow....ASB bought 5 million Sunreit shares
08/01/2019 9:09 AM
armadasaxon so what.
11/01/2019 4:22 PM
葉維強 这几天都有好大的量买进
25/01/2019 5:23 PM
ejtic Kma
03/02/2019 11:46 AM
bestreturn when will dividend be declared?
14/02/2019 11:00 AM
iceiscool if i buy this stock today, am i entitle to dividend?
14/02/2019 4:56 PM
Aries As long as you buy before the ex date, you are entitled for the dividend.
15/02/2019 1:17 PM
sg999 wow get dividen oledi!
14/03/2019 10:12 PM
iceiscool am using Rakuten. Probably need to wait another 2-3 days.
17/03/2019 11:04 PM
葉維強 产拖又飙一轮
22/03/2019 5:18 PM
LATO' SELI SUNREIT all time high, sell first; next week collect again
26/03/2019 1:32 PM
kalteh https://www.theedgemarkets.com/article/sunway-reit-sets-rm10b-perpetual-note-programme
01/04/2019 4:07 PM
iceiscool hi kalteh, whats the correlation between above news with its share price
01/04/2019 11:09 PM
kalteh On the surface, management will have access to greater capital to pursue further asset growth. And this is partly how management get paid. A small % on total asset.

However, I recommend reading the excellent article by Insider Asia in The Edge Weekly for March end on their views with regards to the above perpetual securities.
04/04/2019 2:27 PM
newbie8080 A growing number of Malaysian companies using perpetual bonds to raise funds

Creative accounting with innovative financing methods have no limits, and perpetual bonds are certainly growing as an avenue of choice for companies to raise funds in Malaysia.

Malaysian Rating Corporation’s (MARC) assistant vice president for ratings, Taufiq Kamal, notes that perpetual bonds have a long history in the global financial markets, and are often issued by banks to support their capital structure.

This class of debt has grown in popularity today and its avenue for fund-raising is not just limited to financial institutions nowadays.

“Increasingly, we are seeing corporates issuing perpetual bonds in Malaysia,” Taufiq says.

This class of debt gives flexibility to companies to raise funds and at the same time keep their gearing levels under control without the necessary dilution in equity base.

Perpetual securities are usually classified as a kind of equity under the international financing reporting standard and increases shareholders’ funds of the issuer group.

It also reduces gearing ratios by taking these extra liabilities off the balance sheet and lowers perceived debt levels to allow for companies to take on new projects.

This class of securities are often listed on three exchanges in this part of the world, at the London Stock Exchange, the Hong Kong Stock Exchange and the Singapore Stock Exchange.

Analysts have not been alarmed by this development and are cautiously monitoring this emerging development among Malaysian companies.

RAM Ratings head of structured finance ratings Siew Suet Ming tells StarBizWeek that perpetual bonds are a hybrid instrument that has characteristics of both debt and equity where it pays a fixed coupon but has an indefinite maturity.

“However, it often includes step-up rates to incentivise borrowers to (fully) redeem the bonds,” Siew says.

She notes that RAM would evaluate the nature and terms of the perpetual security to see if it is more ‘debt-like’ or ‘equity-like’ and accord the appropriate treatment in its credit assessment.

“If it is structured to behave more equity-like, perpetual instruments can be used as a means to reduce gearing,” Siew says.

Taufiq says that perpetual bonds provide benefit to both issuers and investors alike.

Taufiq: Increasingly, we are seeing corporates issuing perpetual bonds in Malaysia.

He notes that perpetual bonds are ranked with very much less importance (deeply subordinated) to senior debts given that these instruments provide a higher yield than seniors bonds through a series of interest payments.

“We believe this class of securities issuance adds to the diversity of funding sources available to issuers.

“Given the absence of repayment schedule as would be the case for typical bond issuance, it affords better liquidity management over the medium term,” Taufiq says.

He however notes that from an accounting perspective, these class of securities are treated fully as equity which allows companies to enlarge its “equity” but with no dilution in their equity base.

“This allows companies to manage their gearing levels.

However, it does not mean that only highly geared companies resort to issuing perpetual bonds,” he says.

While from an accounting perspective perpetual were considered as equity, Taufiq notes that the same does not necessarily hold true from a rating agency’s perspective.

“The key factors we consider are the length of time before a redemption can be made (non-call period), ability of the issuer to defer coupon payments, and interest step-up period and rates,” he says.

“For the perps that we have rated, issued by Sime Darby Plantation Sdn Bhd and DRB-Hicom Bhd, the equity credit given was 50%.

“The ratings on the perpetual securities were two notches below the rating of the senior unsecured debt obligations of the companies to reflect the deep subordination,” he adds.

He also says that given perpetual securities’ ratings are anchored to the senior debt rating, companies that intend to issue these class of securities would need to have a sound senior credit rating.

“Otherwise, interest payments would need to be higher, making the issuance of perpetual bonds a non-viable funding source,” Taufiq says.

RAM’s Siew says most corporate perpetual bonds are structured to with a call date, with the coupon payment repriced or stepped-up beyond the call date.

She notes that the step-up in coupon payments are often steep enough to incentivise borrowers to redeem at the call date, which effectively gives the corporate or investors a certain perspective on its maturity horizon.

“Typically, investors would already factor its expectations for additional duration risk in return for higher returns in the pricing for the perpetual security,” Siew says.

Meanwhile, Taufiq notes that the wide acceptance of perpetual securities indicates that both issuers and investors are aware of risks involved.

“For investors, a typical
04/04/2019 2:43 PM
newbie8080 Continued:

“For investors, a typical characteristic of it is that the dividend pusher and dividend stopper provides a safeguard to investors’ interest payments,” he says.

While the growing appetite for such type of securities may highlight the generally low interest rate economies are in today, it would be key to watch how would companies with high gearing cope when and if interest rates move upwards.

The low interest rate environment is a sweet spot for both borrowers or issuers of perpetual debt, who will appreciate the low interest or coupon payments while investors would appreciate a slightly higher than usual yield for higher returns.

“Investors will always look out for any opportunities for yield pick-up.

“Likewise, borrowers will be on the look-out for cheaper fund-raising alternatives – this will be true in such an interest rate environment,” Siew says.
04/04/2019 2:45 PM
shpg22 Hyflux saga should be taken as a lesson for company venturing into perpetual note/bond on the danger of over leveraging. Although accounting wise its treated as equity, it is actually a long term debt.
06/04/2019 2:57 PM
freddiehero fly together... all be rich rich tis year!
06/04/2019 3:01 PM
shpg22 Shareholder will have to bear the long term risk of high gearing while the manager get to take higher bonus almost immediately.
06/04/2019 3:40 PM
beso https://www.theedgemarkets.com/article/sunway-reits-proposed-rm10b-perpetual-notes-poison-chalice-unitholders
sell immediately
07/04/2019 5:57 PM
Heavenly PUNTER PUNTER thinks that taking on so much debt at these times is not a good idea!
09/04/2019 7:45 AM
witchjaz Sunway REIT gets shareholders’ nod for RM550 mil Sunway University land acquisition

https://www.theedgemarkets.com/article/sunway-reit-gets-shareholders-nod-rm550-mil-sunway-university-land-acquisition
09/04/2019 10:44 AM
beso similar to the default of a Singapore-based water infrastructure solutions provider, Hyflux Ltd. will soon happen here in bolehland on sunreit due to using perpetual bond to raise large sum of fund.
09/04/2019 12:24 PM
Letsrock accordingly to the theory above, everyone who take on hire purchase will go bankrupt cos % of bankruptcy majority
contributed by hire purchase.
09/04/2019 12:32 PM
gforce2 1. They're not going to issue RM10b perpetual bonds all at once! That's absurd!
2. Most of the acquisitions will probably come from matured Sunway assets, with decent yields above 6% p.a.
3. Sunway & the Cheah family still have skin in the game, owning over 40% of SunREIT.
4. You can't compare SunREIT to Hyflux, as the business cashflow is different. Operational cashflow is positive, as it is primarily a rental income business. SunREIT's perpetual bonds will be used primarily to fund future asset purchases. Net gearing is about 39%.
On the other hand, Hyflux issued perpetual bonds to roll over maturing debt; in fact, when they issued the bond in 2016, they had NEGATIVE cashflow from operations and net debt to equity ratio of 0.98 (98% gearing!).
09/04/2019 2:38 PM
akupolitikkk so many skl here... lai i wan buy cheap sunreit
09/04/2019 6:15 PM


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