Short term still at risk as chart may be forming expanding triangle pattern , unless break above 1.75. If drop below 1.65, likely will head downwards(~1.50) to complete last correction leg of expanding triangle. Mid to long term uptrend remains intact.
Mgt badly advised by inv bankers simply dying for biz. Doing a REIT on their warehouses sucks. Look at land-scarce Singapore...their listed REIT (industrial) are dying...REITs in Msia will never take off like Singapore.
TNLogis has been wanting to list their warehousing asset on REIT since yr 2012. Now is the best timing to do so, judging from the overall environment conditions.
Furthermore, I have consulted my friend who is an experienced investor in Sg. Industrial REITs in Sg are doing well and their annual returns have been consistently maintaining at ard 7% pa.
Share price of TNLOGIS has been controlled lately. Once the application has been submitted by the end of this month, it's price is expected to soar. Street consensus target price is at least RM2.
2018 ONLY REITs COME OUT...THATS ONLY PROPOSAL...KENCING KUAT!!!!
A Potential REIT-play? Management has expressed their intentions of disposing 31 warehouses (RM665m in value) into a REIT. Cash from the disposal will be used to pay off related debts of RM246m - arriving to a net cash impact of RM310m, after taking into account TNLOGIS’ suggested stake of 26%. Guided target yield is at c.6%. Comparatively, our in-house valuations have given its closest peer AXREIT a target yield of 5.45%. However, we reckon that it may only be finalised in late-FY18, given that it is still at early valuation stage. Thus, we have excluded it from our current valuation. Nonetheless, any substantial materialisation on the REIT would serve as a major re-rating catalyst. Our post-REIT hypothetical valuation gives a fair value of RM2.08 (32.0 sen premium to current fair value), after adjusting for logistics and warehousing earnings to exclude the warehouses, while including the net-cash impact from the REIT-spinoff into the valuation.
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Posted by Molek Nan Fang > 2016-09-24 03:40 | Report Abuse
若不计算凭单转换成母股,以现有股数计算, Target price达RM2.74!!