Net tangible asset per share
Earnings per share
Change in EPS for the past few years?
Issue price: $1.96 per share
I was told that the prospectus contained over 100 pages, and is quite difficult to read. If this is the case (and I stand corrected), why are retail investors encouraged to subscribe to the IPO through the ATM, based on just blind trust? I don't know if this information was provided in the mainstream media previously. I might have overlooked it.
Tan Kin Lian
Contribution by DareToAct
What i found: data are all Pro Forma
NTA of listed entity is USD 6.2 billion, or USD 1.38 per share, or SGD 1.81 per share (USDSGD=1.31). At S$1.96 per share, the IPO is about 1.09X book.
EPS for year ending Mar 08, 09, 2010 are +12.79 US cents, -6.4 cents, -3.47 cents. ---> 3 month ending June2010 is +10.87 cents.
Here are two pages containing the key financial information, extracted from the prospectus of Global Logistics Property that is now being offered to the public. The full propectus can be obtained from the MAS website.I do not think looking at the data has much meaning (not to me at least) as the company has been on the asset accumulation phase from 08 till 2010. its a different animal every year.
www.tankinlian.com/latest.aspx
4 comments:
The IPO prospectus is too long to digest (558 pages). It is in the MAS OPERA.
http://masnet.mas.gov.sg/opera/sdrprosp.nsf/936bad13609791c948256b3e001ed49f/B9D70DB5EF430A4E482577B90014EF1D/$File/2.2.01%20Global%20Logistic%20Properties%20Limited%20Prospectus%20dated%2011%20Oct%202010%20(Clean).PDF
As I posted previously, I note the following :-
(a) 80% of properties in Japan.
(b) 20% in China (majority in Suzhou and Shanghai)
(c) Capital intensive and income returns should be more from rentals.
(d) the declared dilution is 29.2%. Worst scenario after IPO share is a consolidation in price by this much. As what one anaylst advised - not good to take up IPO in bullist market. I still remain cautious. Just like Singtel, better follow the aunties to sell if initial price do shoot up after IPO.
(e) EPS abt 18 cts ... so PE about 10...If take 10 years to recoup ... rather long-term investment. We should note the explosure to Japanese property mkt and the uniqueness of their property mkt...took 14 years to recover with bubble resulting much within commercial properties...and nearly dragged down their whole banking system.
(f) H/E there is no declared dividend policy. It is not positive to just rely on rental returns. Perhaps I would prefer the explosure to be at least 50:50 on China mkt. The China bubble is more contained within the resi sector...and both domestic demand & export will push up demand for logistic properties...So I do not foresee good dividends in the near future.
Abstract from Prospectus.
Q
"Our NAV per Share as of June 30, 2010 (and after adjustments for the Share Split and the issuance of Reorganization Shares) was S$1.077 per Share. The Offering Price of S$1.96 per Offering Share exceeds the pro forma NAV of S$1.804 per Share as at June 30, 2010 (after adjusting for the Share Split, the issuance of the Reorganization Shares, the issuance of the Issue Shares in the Offering and the sale of the Cornerstone Shares)by approximately 8.7%. Since the Offering Price per Share exceeds the NAV per Share after the
Offering, there is an immediate and substantial dilution to investors in the Offering."
UQ
What I advise if not sure better stay away from GLP.
Both GLP and Mapletree Logistic price it too high. Better buy it after IPO, might able to get it at a lower price.
My stockbroker told me that the market is keen on this IPO and advised me to take it up. I may do so, for a short term speculation!
Sold GLP at 2.16 and 2.21. I am not sure how this stock can generate good returns to shareholders as there are no dividend policy.
Sold MIT at 1.16 as I find the yield too low. Other reits are giving much higher yields.
Post a Comment