Wednesday, 2 October 2019

My Investment Portfolio (End Sep 2019)




No transactions were made in Sep 2019.

I applied for 50,000 units of Lendlease Global Commercial Reit’s (Lendlease Reit) IPO. If I am lucky, I could get 12,000 units (or less) depending on the ballot result and how oversubscribed it is. If I am unlucky, I will get 0 units and incur the application fee of $2. Whatever the case, the refund amount will be in time for Keppel DC’s preferential offering. What great timing.
(ps: I just found out that I got 5,200 units! Lucky me. )

Many people have written comprehensive reviews on Lendlease Reit IPO so I shall not go into those. While Lendlease Reit IPO is not fantastic, my other main reasons for buying are because (i) marjority of its business is in Singapore and (ii) its the yield and P/NAV is slightly better than those tier 1 Reits (i.e. lower P/NAV and higher yield). It has been a long time since there is a Reit IPO with marjority of its businesss in the local market. The last was Keppel DC Reit if I remember correctly and that was a few years back! In the event, Lendlease Reit underperforms, its valuation and price could be benchmarked against tier 2 Reits such as Starhill Global which is trading below NAV and has a yield of around 7%. Adding Lendlease Reit will diversify my Reit portfolio since I currently have only 1 commercial reit, which is Mapletree Commercial Trust.

Keppel DC Reit preferential offering is in early October. Its share price has rose up on the news of the acquisition which would boost the dividends and the fact that data centres industry valuations are highly due to the projected demand in data centres.

Mapletree Commercial Trust has also announced plans for private placement and preferential offering to acquire Mapletree Business City (Phase 2) (MBC II). This would mean that Mapletree Commercial will own the entire development of Mapletree Business City Development. The acquisition will provide accretion of 4% and 2.2% to the distribution per unit and net asset value.

Dividends received* in Sep 2019: $175.57 (Keppel DC)

Total dividends received in 2019: $6,080.64



Average dividends per month: $506.72


Total Portfolio Market Value: $184,454


Notes:
Dividends are recognised after ex-dividend (xd) date.
Average dividends per month is calculated by dividing the dividends received by 12 months regardless of the month.
Portfolio excludes Singapore Savings Bonds.

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