The Realty Singapore:110Robinson Road up for sale,share buybacks/insider buying pick up

类别:行业研究 机构:德意志银行 研究员:Joy Wang,Chien-Fie Man 日期:2016-06-30

In today's edition .

    Office building at 110 Robinson Road up for sale Office building at 110 Robinson Road up for sale Market is efficient on one hand - Singapore REITs were up 1.4% yesterday, but not so efficient on the other hand - stocks with UK exposures were all over the place with price dislocation. This, in our view, could continue in the near term and could provide some opportunities in the medium term. For now, CDL is a stand-out. Yes, M&C is listed in the UK. However, M&C only contributes to c.40% of CDL's assets on a consolidated basis and less than 20% of M&C's business is based in UK with additional 10% in EU. Share buybacks/Insider buyings have increased over the last day or two with GLP, UOL, Suntec and Oxley all saw buying activities.

    Office building at 110 Robinson Road up for sale

    The Straits Times reported that a freehold commercial building at 110 Robinson Road owned by OCBC Bank was put for sale on 27 June with an indicative price of S$45m. According to Cushman & Wakefield, this translates to S$3,161 psf based on its NLA of 14,233 sqft. The 12-storey building comprises 11 office floors and a retail unit on the ground floor. Currently, it is around 75% occupied, mostly by small and medium-sized companies. The tender will close at 3PM on 26 July.

    Share buybacks pick up

    Share buybacks and insider purchases saw an increase yesterday, according to SGX filings. Raffles Investment increased its stake in Suntec by 1.68m shares, or 0.07%, increasing its take to 11.2%. Meanwhile, Oxley’s CEO purchased 19k shares, in addition to a 350k share buyback from the company. GLP also conducted a 2.5m share buyback, bringing the total to 3.137% under its share buyback scheme. Finally, UOL’s Low Weng Keong purchased 5,000 shares in UOL.

    SGX to build on REIT strengths

    The Business Times reports that the SGX will look to build on its stregnths in the REIT and business trust listings, and will look to attract more listings in the consumer, healthcare and digital companies in its ecosystem. The SGX notes that the exchange is reaching out to Asian families controlling conglomerates in South-East Asia for potential asset securitization, whil bringing in more Catalist sponsors.

    Keppel Corp divests subsidiary in China

    Keppel Corporation announced that it has divested its entire 95% interest in Jiangyin Yangtze International Country Club Co Ltd to Changzhou Wan Bang Qi Che Xiao Shou Fu Wu Co Ltd for RMB52.6m. The subsidiary owns and operates the Jiangyin Yangtze International Country Club in Jiangsu Province, China. As at February 2016, the sold interest had a book value of negative S$832,000.

    GLP leases 214,000 sqm in Japan

    Global Logistics Properties announced that it has signed 214,000 sqm of new leases with four leading companies in Japan, including ASKUL, Locondo, and Kato Sangyo. The new leases were driven by the demand from e-commerce and food industries. In June, GLP has announced four batches of new leases totaling 364,000 sqm across Japan, China, the US, and Brazil.

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