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Buy @ $4.05, $4.04, $4.03
With STI -27.74 @ 3220.92, SPH close @ $4.03, -7ct. Sellers' CP were Goldman Sachs & JP Morgan. The sell orders were in hundreds of lots, possibly foreign funds. Perhaps foreign funds moving out of Singapore? From news, Euro is showing signs of recovery from their 18-mths long recession…
Try for short term but worst case, keep for longer term for the FY13 (Aug) results expected in mid-Oct (17ct div last year). 😀
Buy @ $4.32
The big surprise yesterday was, in a tiny SGX Annc at 12:30pm on Book Closure, this was actually for the 18ct Special Dividend that was promised and previously approved in an EGM, tied to the successful IPO of SPH REIT. If not for someone posting in VB, I'd have also missed that… I was expecting this Special Dividend to be declared together with the FY (Aug) results. SPH share price even closed -2ct @ $4.30!
It seems very surprising to me that the market had not reacted to the Special Dividend announcement. Either it's already been factored into the share price or there's a chance that they have missed it! Possible? Market is supposed to be efficient… especially for index stocks which ought to be very well monitored by all..
I'm betting that market may have missed it. When it opened at $4.32, +2ct, I decided to add more to my holdings. After a few hours, I gave up monitoring as it even touched a low of $4.31…. The pleasant surprise in the afternoon was seeing it hit a high of $4.37 and closing at $4.35. I'm hoping it'll move towards $4.4x as it approaches xd. But, not so important as I'll likely hold till FY (Aug) which is expected to be announced in mid-Oct. Anything above $4.5x, I'll consider to sell… 😀
Buy @ $4.32, $4.31
SPH REIT was listed at 2pm and opened at $0.98, hitting a high of $1 and closing at $0.985. With SPH holding at least a 70% stake, my estimate is,
Every 1ct of SPH REIT equates to a value of $17.5Mil or 1.1ct / share for SPH. Using 90ct issue price as a reference, the closing price of $0.985 means an increase in value of $148.8Mil or 9.3ct / share.
But, as someone pointed out in VB forum, their 70% controlling stake means, SPH REIT accounts will be consolidated into SPH Group accounts ie. we won't see any Fair Value Gains due to valuations (of the SPH REIT shares), except for those of the Investment Properties (Paragon & Clementi Mall). Still, if SPH were to sell any of their SPH REIT shares, they'll recognise a realised profit. This is assuming SPH REIT share price stays above the 90ct IPO Price.
FY13 (Aug) results will be out in mid-Oct. We ought to see the 18ct Special Dividend that was promised for SPH REIT being IPOed + Final Dividend ~17ct (last year). Total 35ct, when compared to the current Share Price makes it less unattractive. In the longer run, SPH has the option to issue SPH REIT as Dividend-in-Specie (same as KepCorp issuing KepREIT units). I'll likely buy more if it drops further. 😀
Sell @ $4.31
My last lots. Also sold my balance odd lots @ $4.28. Left some odd lots in TY's acct. 😀
Closed @ $4.31, +14ct. This is thanks to their SGX Annc yesterday (Sun) on a possible REIT of their Malls. I have considered this possibility before, but was expecting that to happen at least only after they'd completed building their Seletar Mall. Anyway, left only a few lots, decided to just take profit and move on. Current Yield = 5.755% does appear attractive as there're very few alternatives, what with the run-up in share price of Yield Stocks.