Posted by ks55 > 2015-05-21 12:27 | Report Abuse

You must be joking to put up such an analyst report. Increase in revenue is on existing properties excluding PS. Dividend 1.88 sen already paid earlier before new units were issued. With balance 0.201 sen being the "goodwill" given to boost Q2 distribution for the new owner.


KAF Investment Bank Berhad
Independent Advice Circular
25 February 2015
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1883793

## The Proposed Acquisition is expected to dilute the average gross rate of return and average net rate of return of QCT as the gross rate of return on the Property of 6.64% and net rate of return of 5.46%, based on its recurring revenue and recurring net property income as at 31 December 2013, are lower than the average gross rate of return of QCT of 8.35% and average net rate of return of QCT of 6.44%, based on QCT’s revenue and net property income as at 31 December 2013, respectively.
The aggregate cost of debt funding and required rate of return on equity for the Proposed Acquisition is higher than the return in which the Property generates, which could imply a negative return to the non-interested Unitholders in respect of the
Proposed Acquisition. ##

Who say PS acquisition is earning accretive. Bullshit. Transaction is not done at arms length. QCT has become an ATM for interested parties.