Buy @ $1.59
A bottomless pit! Went to read all the past 1-2 years' SGX Annc but didn't find any reason for the continued sell-down…
In fact, Q1 (Mar) is going to see good contributions (1% Acquisition Fees of Below) from 3 acquisitions at Hui Xian REIT, Fortune REIT & CLT, estimated at aro' S$12Mil+/- vs S$1.77Mil (Q114). The 1st two acquisitions are the bigger ones, with Hui Xian REIT announcement on it's completion only yesterday…
- 9-Jan-15 : FortuneREIT – HK$1,918.5Mil
- 27-Feb-15 : CLT – A$70Mil
- 2-Mar-15 : Hui Xian REIT : RMB3,910Mil
In addition, the acquisitions will add to the AUM (fm the completion date onwards), which means improved Mgmt Base Fee (0.3% of AUM)…
The Mgmt Fee provides a regular stream of predictable Revenue while the Fees from Acquisition, Divestment & Performance provides the "bonus", The Mgmt Fee vs Acquisition, Divestment & Performance Fees,
- FY14 : $125.517Mil / $22,932Mil (Includes S$16.1Mil Performance Fee fm Harmony Fund)
- Q414 : $32.577Mil / $4.744Mil
- Q314 : $31.956Mil / $16.261Mil
- Q214 : $31.300Mil / $0.157Mil
- Q114 : $29.684Mil / $1.770Mil
- FY13 : $114.003Mil / $11.120Mil
- Q413 : $29.973Mil / $10.568Mil
- Q313 : $27.875Mil / $0
- Q213 : $29.481Mil / $0.552Mil
- Q113 : $26.674Mil / $0
- FY12 : $102.615Mil / $5.325Mil
In addition, for Q2, the expected Revenue fm Divestment Fee (0.5% of Below),
- FortuneREIT – HK$648Mil
Further, according to an analyst's report, the winding down of ADF (Asia Dragon Fund) will also result in a huge Performance Fee, likely to be paid this year. So, what hv I missed?? …. 😀