Buy @ $0.77
A new addition to my portfolio. Newly listed (4-Nov 2pm) @ $0.78. An Industrial REIT with major shareholders (Summit 63.45% ; HLGT 10.79% ; CEL 5.395% ; UE 5%) holding 84.64%. HLGT provides the units for over-allotment which Stabilising Manager will use for Stabilization, so, current holdings is 8.63%.
Altho' the projected yield of close to 9% looks fantastic, it's mainly supported by Income Support from the Sponsors. Without this, Yield is 5-6%. The other negatives are the high Gearing = 40.9% and premium to NAV = $0.74.
My bet is on short term as the low Free Float of 15.36% + Stabilising Action would give a high probability of price support. Still, I'll have to monitor the Stabilising Qty closely…