This document provides a portfolio update for global REITs as of February 12, 2020. It includes the following key points:
- Geography and sector allocations for the total portfolio as of 5:15pm on February 12th. The largest geographic exposures are to the US, Australia, and Singapore. The largest sector exposures are to Industrial, Retail, and Cell Towers.
- A summary of transactions made in the last week, which included purchases of various REITs in the US, Canada, Europe, and Japan, as well as one sale each in the UK and Japan.
- Performance charts for various countries/regions showing local currency and US dollar returns. The US, Australia,
This document summarizes performance data for various South African equity funds against benchmarks like the ALSI and SWIX. It provides annual performance figures for several active equity managers from 1995 to 2014, showing the percentage of managers outperforming the benchmarks each year. It also provides asset and return information for Satrix's smart beta funds focusing on factors like momentum, dividends, and equal weighting from 2003 to 2013. Overall it analyzes the performance of active and passive equity strategies in South Africa.
This document provides an overview of Prescient Limited, a South African investment management firm, and its subsidiaries, investment teams, funds, and performance. Some key points:
- Prescient Limited has various subsidiaries that provide financial services including investment management, life insurance, and securities.
- The firm has a global presence with offices in South Africa, Namibia, Ireland, and China.
- It offers a range of actively managed solution funds targeting different risk and return objectives, such as income, capital preservation, and long-term growth.
- Performance charts are shown for some of their flagship funds such as the Income Provider, Positive Return, and Africa funds, demonstrating strong returns above benchmarks.
Venus Remedies took another step on its R&D journey with its first market authorisation deal with a pharma major in South Africa. The company also launched a key R&D product, Elores, in India, which it expects to become a Rs2bn product in the next 5 yrs. We believe Venus is beginning to show results from its R&D program. With Venus’ intent on monetising its R&D pipeline, there is strong likelihood of continued positive news flow, which should lend buoyancy to the stock price.
Corporate Income Taxation and Firm EfficiencyGRAPE
This study tests empirically the hypothesis that corporate income taxes are neutral for firm efficiency. We exploit the fact that the tax definition of cost does not overlap fully with an accounting definition of cost and develop an instrument for taxation which relies on exogenous variation in this overlap. Our sample consists of firm-level data for roughly 20 million firms from over 40 countries over the period of two decades. We show that OLS estimates are strongly biased, yielding a positive correlation between taxation and output/efficiency. Accounting for the endogeneity via instrumenting yields robust negative estimates of the effects of taxation on firm output and efficiency. The results do not depend of firm characteristics, but are heterogeneous across countries: strong negative effects in some countries are accompanied by negligible or zero effects in others.
This document provides an overview of the IDFC Focused Equity Fund. The fund is an open-ended equity scheme that invests in a concentrated portfolio of a maximum of 30 stocks with a multi-cap focus. It aims to invest in companies with superior quality and growth characteristics. The fund manager believes returns are driven by identifying the right stocks and allocating sufficiently to them. Currently, the fund is overweight in sectors such as information technology, telecom, and healthcare.
The document discusses Shell's valuation and upcoming changes to its weighting in various stock indices due to the unification of Royal Dutch Petroleum and Shell Transport and Trading. It finds:
1) Shell is set to become the largest constituent of the FTSE 100, with a weighting of around 9.8% compared to its current weighting of 3.9%.
2) Shell's stock price may see a short-term rally in the weeks leading up to the index change as fund managers adjust their portfolios, but longer term fundamentals will determine valuation.
3) Academic studies show stock prices see only modest abnormal returns in the months following inclusion in or exclusion from major indices.
4) Investors in
United Phosphorus reported 8.6% year-over-year sales growth to Rs. 1,257 crore for the second quarter of fiscal year 2011, which was below analyst estimates. EBITDA margin was 18.5%, in line with the previous year. PAT grew 13.4% to Rs. 131 crore. Revenue growth was impacted by unfavorable exchange rates and lower sales in North America and Europe due to adverse weather. The company maintained its full-year revenue growth guidance of 8-10% and EBITDA margin expansion target. Analysts maintained an 'Accumulate' rating with a target price of Rs. 228.
This document summarizes performance data for various South African equity funds against benchmarks like the ALSI and SWIX. It provides annual performance figures for several active equity managers from 1995 to 2014, showing the percentage of managers outperforming the benchmarks each year. It also provides asset and return information for Satrix's smart beta funds focusing on factors like momentum, dividends, and equal weighting from 2003 to 2013. Overall it analyzes the performance of active and passive equity strategies in South Africa.
This document provides an overview of Prescient Limited, a South African investment management firm, and its subsidiaries, investment teams, funds, and performance. Some key points:
- Prescient Limited has various subsidiaries that provide financial services including investment management, life insurance, and securities.
- The firm has a global presence with offices in South Africa, Namibia, Ireland, and China.
- It offers a range of actively managed solution funds targeting different risk and return objectives, such as income, capital preservation, and long-term growth.
- Performance charts are shown for some of their flagship funds such as the Income Provider, Positive Return, and Africa funds, demonstrating strong returns above benchmarks.
Venus Remedies took another step on its R&D journey with its first market authorisation deal with a pharma major in South Africa. The company also launched a key R&D product, Elores, in India, which it expects to become a Rs2bn product in the next 5 yrs. We believe Venus is beginning to show results from its R&D program. With Venus’ intent on monetising its R&D pipeline, there is strong likelihood of continued positive news flow, which should lend buoyancy to the stock price.
Corporate Income Taxation and Firm EfficiencyGRAPE
This study tests empirically the hypothesis that corporate income taxes are neutral for firm efficiency. We exploit the fact that the tax definition of cost does not overlap fully with an accounting definition of cost and develop an instrument for taxation which relies on exogenous variation in this overlap. Our sample consists of firm-level data for roughly 20 million firms from over 40 countries over the period of two decades. We show that OLS estimates are strongly biased, yielding a positive correlation between taxation and output/efficiency. Accounting for the endogeneity via instrumenting yields robust negative estimates of the effects of taxation on firm output and efficiency. The results do not depend of firm characteristics, but are heterogeneous across countries: strong negative effects in some countries are accompanied by negligible or zero effects in others.
This document provides an overview of the IDFC Focused Equity Fund. The fund is an open-ended equity scheme that invests in a concentrated portfolio of a maximum of 30 stocks with a multi-cap focus. It aims to invest in companies with superior quality and growth characteristics. The fund manager believes returns are driven by identifying the right stocks and allocating sufficiently to them. Currently, the fund is overweight in sectors such as information technology, telecom, and healthcare.
The document discusses Shell's valuation and upcoming changes to its weighting in various stock indices due to the unification of Royal Dutch Petroleum and Shell Transport and Trading. It finds:
1) Shell is set to become the largest constituent of the FTSE 100, with a weighting of around 9.8% compared to its current weighting of 3.9%.
2) Shell's stock price may see a short-term rally in the weeks leading up to the index change as fund managers adjust their portfolios, but longer term fundamentals will determine valuation.
3) Academic studies show stock prices see only modest abnormal returns in the months following inclusion in or exclusion from major indices.
4) Investors in
United Phosphorus reported 8.6% year-over-year sales growth to Rs. 1,257 crore for the second quarter of fiscal year 2011, which was below analyst estimates. EBITDA margin was 18.5%, in line with the previous year. PAT grew 13.4% to Rs. 131 crore. Revenue growth was impacted by unfavorable exchange rates and lower sales in North America and Europe due to adverse weather. The company maintained its full-year revenue growth guidance of 8-10% and EBITDA margin expansion target. Analysts maintained an 'Accumulate' rating with a target price of Rs. 228.
FTSE is a leading global index provider that was acquired by LSEG. It generates revenues from index data subscriptions and licensing indices for financial products. Adding FTSE accelerates LSEG's growth by expanding its global reach and diversifying revenues across geographies. Many opportunities exist to support continued FTSE growth, such as increasing ETF assets linked to FTSE indices, adopting FTSE in North America, opening the China market, and developing multi-price fixed income indices.
The document outlines an industrial plan presentation for Finmeccanica given by the CEO and CFO. It includes an agenda covering assessing inputs to the plan, strengthening the industrial plan, developing a strategic plan and conclusions. Under each section, there are details on Finmeccanica's past unsatisfactory performance, market analyses, and plans to improve profitability, cash generation, and portfolio focus through cost cutting and strategic assessments.
This document outlines an industrial plan presentation for Finmeccanica. The agenda includes assessing inputs to the plan, strengthening the industrial plan, and developing strategic plans and conclusions. The CEO and CFO will discuss key messages, reviewing performance, the market environment, and guidance. The plan aims to improve profitability, cut costs, rationalize investments and working capital, and balance the capital structure. Actions include exiting non-core businesses, restoring profitability, and focusing the portfolio on aerospace, defense and security.
This document summarizes a presentation given by Dr. Anthony De Francesco of Colonial First State on real estate investment trusts (REITs) in the Asia Pacific region. It provides an overview of the evolution and growth of REIT markets globally and within Asia over time. As of June 2006, Asian REITs accounted for 9% of the total $500 billion global REIT market capitalization and 22% of the 303 total REITs worldwide. The document outlines some of the key features and trends of REIT markets in countries like Australia, Japan, and Singapore.
Smurfit Kappa Group is a focused market leader in the paper packaging industry with an improving outlook. It has transformed its business through acquisitions and divestments, creating a simplified structure and becoming the European market leader. Management has delivered on IPO milestones and objectives, with industry-leading margins and ongoing debt repayment. The outlook is for continued earnings growth due to robust industry fundamentals of demand increases and capacity discipline.
The document discusses investing in large cap stocks through the IDFC Large Cap Fund. It notes that large caps provide upside return potential with relatively low volatility compared to mid and small caps. The fund aims to invest predominantly in sector leaders for their strong growth potential, good quality business and management, and robust fundamentals. It takes a blended top-down and bottom-up approach to identify opportunities in sectors expected to perform well. The fund may also opportunistically invest up to 20% in mid and small caps for additional alpha. Currently, it is overweight in healthcare and telecom and underweight in financials, energy, and utilities.
The document discusses why large cap stocks are preferable for investment in the IDFC Large Cap Fund. It notes that large caps have potential for upside returns with relatively low volatility compared to mid and small caps. Large caps tend to have strong customer bases, high liquidity, good corporate governance and experienced management which allows them to better withstand difficult market conditions. The fund employs a strategy of investing in the right sectors, sector leaders, and opportunistically in mid/small caps. It is currently overweight in healthcare and telecom and underweight in financials, energy and utilities. The document promotes the IDFC Large Cap Fund as benefiting from predominantly investing in leading large cap companies while having an active management approach.
Milwaukee Growth Fund-February Client Meeting MaterialsAlexander D. Sagal
The Milwaukee Growth Fund seeks to outperform its benchmark, the Russell 3000 Growth Index, through long-term capital appreciation by investing primarily in equity securities of companies positioned for growth. It utilizes a bottom-up fundamental analysis approach combined with macroeconomic and thematic overlays to identify high-quality companies with exceptional growth potential. The portfolio is actively managed through weekly reviews and formal reviews of holdings. Since its inception in October 2010, the fund has produced a total return of 67.81%, outperforming its benchmark by 2.58%.
Klöckner & Co - German & Austrian Corporate Conference 2009Klöckner & Co SE
Klöckner & Co SE is a leading multi-metal distributor with a network of around 250 distribution locations in Europe and North America. In Q2 2009, Klöckner reported an EBITDA loss of €31 million, an improvement from Q1, as volumes stabilized at low levels and gross profit per ton increased. While market conditions are improving with destocking ending and demand stabilizing, Klöckner expects subdued volumes in H2 2009 and has implemented strict cost cutting measures to offset losses from H1 2009.
Welcome to the latest edition of our Weekly Engineering Market Research Update – Edition 501. This document aims to provide a comprehensive overview of the current trends, developments, and opportunities in the engineering industry. Our team of expert analysts has gathered valuable data and insights to keep you informed and empower you to make well-informed decisions in this rapidly evolving market.
Market Trends:
China’s dominance as an economic powerhouse continues to be reinforced by the slide in commodity prices as a result of slower than expected economic advancements still as a result of the post covid pandemic world.
In the past week, several noteworthy trends have emerged in the engineering sector. One significant trend is the increasing adoption of sustainable engineering practices. As environmental concerns continue to grow, companies are prioritizing eco-friendly solutions, such as renewable energy projects, green infrastructure, and circular economy initiatives. This presents an array of opportunities for businesses specializing in sustainable engineering services and products.
Another prominent trend is the integration of artificial intelligence and machine learning in engineering processes. From design optimization to predictive maintenance, AI is revolutionizing the way engineers approach complex challenges. Companies investing in AI technologies gain a competitive edge, streamlining operations, and enhancing productivity.
Opportunities and Challenges:
The current market landscape offers promising opportunities, particularly in the fields of urban development, smart infrastructure, and digital transformation. Additionally, government initiatives and increased funding for infrastructure projects are stimulating growth in the engineering sector.
However, it is essential to address the challenges too. Supply chain disruptions, skilled labor shortages, and fluctuating raw material prices pose potential hurdles for companies. Strategic planning and adaptability are crucial to navigate these uncertainties successfully.
Klöckner & Co AG reported strong results for Q1 2008, with sales up 7.1% and EBITDA increasing 18.3% compared to Q1 2007. The company benefited from price increases and further expanded through acquisitions. Klöckner expects continued profitable growth in 2008, supported by a favorable steel market environment and contributions from acquisitions and optimization programs. Management raised full-year 2008 guidance and now expects results to exceed 2007 levels.
Financial Analysis: Kraft Foods Inc. (KFT)Yaw Ofosu
This document provides an analysis of Kraft Foods Inc. (KFT) including its background, financial ratios, projections, financing, capital structure, dividend policy, stock value, analyst opinions, and recommendation. Kraft is the largest food company in the US and world's 2nd largest, with $49.21B in revenue and operations in over 75 countries. The analysis finds KFT has a low risk capital structure and cost of capital of 6.15%. While the current stock price is $31.16, the dividend discount and total corporate value models value the stock at $83.95 and $36.99 respectively. Based on Kraft's strengths and growth opportunities, the recommendation is to buy the stock.
This document summarizes the full year 2008 results and Q4 2008 results of Klöckner & Co SE, a leading multi-metal distributor. It discusses the company's financial highlights, including a 7.6% increase in revenues to €6.7 billion and a 62% increase in reported EBITDA to €600 million. However, Q4 2008 saw a decline in volumes and sales. The document also addresses the current state of the steel market, with weak demand and high stock levels dominating the outlook. It outlines the company's actions taken to manage costs and liquidity in response to the market conditions.
The document discusses how CPFL Energia has grown and created value since its IPO in 2004. Some key points:
- The IPO provided funds to expand generation capacity through new hydro plants and entering renewable energy. Generation capacity increased 285% by 2014.
- The distribution segment remains the core business and grew through acquisitions of new distributors. Number of customers increased 21% annually.
- The commercialization segment maintained revenue and margins despite increased competition in the free market.
Special report by epic research of 08 december 2017Epic Research
Epic Research is leading financial advisory company, We provide a daily special report on each segment of share market that helps traders to get a better overview of the market. It also improves return on investment
The title of the Williams Foundation Seminar held on October 24, 2019 was “the requirements for fifth generation manoeuvre.” But those presentations which dealt with the industry and the government-industry relationship highlighted that the legacy approach to setting requirements which not deliver effectively fifth-generation manoeuvre capabilities.
The industrial-government eco system is evolving and that evolution needs to deliver cross-domain integration which requires government and industry to work together more effectively. And moving passed stove-piped platform acquisition and finding ways to shape Australian defense architectures which can subsume systems bought abroad within a more integrated Australian set of capabilities are two of the key tasks facing the Australian defense system.
The Deputy Secretary of the Capability Acquisition and Sustainment Group provided his perspective in his presentation to the Seminar.
This document summarizes the performance of a student managed fund from October to April. The original strategy involved creating a well-diversified portfolio across asset classes. The portfolio returned 8.51% outperforming the S&P 500's return of 10.11%. A buy and hold strategy from October to March returned 10.72% compared to the S&P 500's 7%. However, a partial strategy shift in March involving trades of leveraged ETFs led to higher trading fees and less returns than sticking to the original buy and hold approach.
This investment research presentation recommends holding STAG Industrial (STAG) stock. The target price is $29.01 based on a weighted average of various valuation methods, representing an upside of 11.9% from the current price. STAG is well-positioned for growth due to strategic acquisitions expanding its diversified portfolio and advantages exposure to the growing automotive industry. However, risks include potential liquidity issues and interest rate hikes affecting property acquisitions.
Valuetronics reported strong financial results for FY2014, with revenue increasing 10.1% and net profit rising 24.9%. The company has a large cash position of $478M and generated $303M in operating cash flow. The analyst upgrades their rating to "Buy" and sets a target price of $0.605, citing earnings outperformance, excess cash, and an attractive 8% dividend yield. The analyst expects continued revenue growth from the consumer electronics and industrial/commercial segments as those industries benefit from trends like LED lighting adoption and manufacturing outsourcing.
1) The document discusses strategies for investing in Singapore's small and mid cap stocks, focusing on stocks that offer both earnings growth potential and dividend payments.
2) Key recommendations include looking for stocks with clear earnings growth catalysts over the next two years, such as BreadTalk, Cityneon, mm2 Asia, and Riverstone. It also recommends dividend-paying stocks that can provide downside protection, such as Chip Eng Seng, Hong Leong Finance, Riverstone, Sheng Siong, Sunningdale, and UMS.
3) The document also identifies stocks trading at attractive valuations and that are poised for an earnings turnaround, such as Delfi, Roxy Pacific, River
FTSE is a leading global index provider that was acquired by LSEG. It generates revenues from index data subscriptions and licensing indices for financial products. Adding FTSE accelerates LSEG's growth by expanding its global reach and diversifying revenues across geographies. Many opportunities exist to support continued FTSE growth, such as increasing ETF assets linked to FTSE indices, adopting FTSE in North America, opening the China market, and developing multi-price fixed income indices.
The document outlines an industrial plan presentation for Finmeccanica given by the CEO and CFO. It includes an agenda covering assessing inputs to the plan, strengthening the industrial plan, developing a strategic plan and conclusions. Under each section, there are details on Finmeccanica's past unsatisfactory performance, market analyses, and plans to improve profitability, cash generation, and portfolio focus through cost cutting and strategic assessments.
This document outlines an industrial plan presentation for Finmeccanica. The agenda includes assessing inputs to the plan, strengthening the industrial plan, and developing strategic plans and conclusions. The CEO and CFO will discuss key messages, reviewing performance, the market environment, and guidance. The plan aims to improve profitability, cut costs, rationalize investments and working capital, and balance the capital structure. Actions include exiting non-core businesses, restoring profitability, and focusing the portfolio on aerospace, defense and security.
This document summarizes a presentation given by Dr. Anthony De Francesco of Colonial First State on real estate investment trusts (REITs) in the Asia Pacific region. It provides an overview of the evolution and growth of REIT markets globally and within Asia over time. As of June 2006, Asian REITs accounted for 9% of the total $500 billion global REIT market capitalization and 22% of the 303 total REITs worldwide. The document outlines some of the key features and trends of REIT markets in countries like Australia, Japan, and Singapore.
Smurfit Kappa Group is a focused market leader in the paper packaging industry with an improving outlook. It has transformed its business through acquisitions and divestments, creating a simplified structure and becoming the European market leader. Management has delivered on IPO milestones and objectives, with industry-leading margins and ongoing debt repayment. The outlook is for continued earnings growth due to robust industry fundamentals of demand increases and capacity discipline.
The document discusses investing in large cap stocks through the IDFC Large Cap Fund. It notes that large caps provide upside return potential with relatively low volatility compared to mid and small caps. The fund aims to invest predominantly in sector leaders for their strong growth potential, good quality business and management, and robust fundamentals. It takes a blended top-down and bottom-up approach to identify opportunities in sectors expected to perform well. The fund may also opportunistically invest up to 20% in mid and small caps for additional alpha. Currently, it is overweight in healthcare and telecom and underweight in financials, energy, and utilities.
The document discusses why large cap stocks are preferable for investment in the IDFC Large Cap Fund. It notes that large caps have potential for upside returns with relatively low volatility compared to mid and small caps. Large caps tend to have strong customer bases, high liquidity, good corporate governance and experienced management which allows them to better withstand difficult market conditions. The fund employs a strategy of investing in the right sectors, sector leaders, and opportunistically in mid/small caps. It is currently overweight in healthcare and telecom and underweight in financials, energy and utilities. The document promotes the IDFC Large Cap Fund as benefiting from predominantly investing in leading large cap companies while having an active management approach.
Milwaukee Growth Fund-February Client Meeting MaterialsAlexander D. Sagal
The Milwaukee Growth Fund seeks to outperform its benchmark, the Russell 3000 Growth Index, through long-term capital appreciation by investing primarily in equity securities of companies positioned for growth. It utilizes a bottom-up fundamental analysis approach combined with macroeconomic and thematic overlays to identify high-quality companies with exceptional growth potential. The portfolio is actively managed through weekly reviews and formal reviews of holdings. Since its inception in October 2010, the fund has produced a total return of 67.81%, outperforming its benchmark by 2.58%.
Klöckner & Co - German & Austrian Corporate Conference 2009Klöckner & Co SE
Klöckner & Co SE is a leading multi-metal distributor with a network of around 250 distribution locations in Europe and North America. In Q2 2009, Klöckner reported an EBITDA loss of €31 million, an improvement from Q1, as volumes stabilized at low levels and gross profit per ton increased. While market conditions are improving with destocking ending and demand stabilizing, Klöckner expects subdued volumes in H2 2009 and has implemented strict cost cutting measures to offset losses from H1 2009.
Welcome to the latest edition of our Weekly Engineering Market Research Update – Edition 501. This document aims to provide a comprehensive overview of the current trends, developments, and opportunities in the engineering industry. Our team of expert analysts has gathered valuable data and insights to keep you informed and empower you to make well-informed decisions in this rapidly evolving market.
Market Trends:
China’s dominance as an economic powerhouse continues to be reinforced by the slide in commodity prices as a result of slower than expected economic advancements still as a result of the post covid pandemic world.
In the past week, several noteworthy trends have emerged in the engineering sector. One significant trend is the increasing adoption of sustainable engineering practices. As environmental concerns continue to grow, companies are prioritizing eco-friendly solutions, such as renewable energy projects, green infrastructure, and circular economy initiatives. This presents an array of opportunities for businesses specializing in sustainable engineering services and products.
Another prominent trend is the integration of artificial intelligence and machine learning in engineering processes. From design optimization to predictive maintenance, AI is revolutionizing the way engineers approach complex challenges. Companies investing in AI technologies gain a competitive edge, streamlining operations, and enhancing productivity.
Opportunities and Challenges:
The current market landscape offers promising opportunities, particularly in the fields of urban development, smart infrastructure, and digital transformation. Additionally, government initiatives and increased funding for infrastructure projects are stimulating growth in the engineering sector.
However, it is essential to address the challenges too. Supply chain disruptions, skilled labor shortages, and fluctuating raw material prices pose potential hurdles for companies. Strategic planning and adaptability are crucial to navigate these uncertainties successfully.
Klöckner & Co AG reported strong results for Q1 2008, with sales up 7.1% and EBITDA increasing 18.3% compared to Q1 2007. The company benefited from price increases and further expanded through acquisitions. Klöckner expects continued profitable growth in 2008, supported by a favorable steel market environment and contributions from acquisitions and optimization programs. Management raised full-year 2008 guidance and now expects results to exceed 2007 levels.
Financial Analysis: Kraft Foods Inc. (KFT)Yaw Ofosu
This document provides an analysis of Kraft Foods Inc. (KFT) including its background, financial ratios, projections, financing, capital structure, dividend policy, stock value, analyst opinions, and recommendation. Kraft is the largest food company in the US and world's 2nd largest, with $49.21B in revenue and operations in over 75 countries. The analysis finds KFT has a low risk capital structure and cost of capital of 6.15%. While the current stock price is $31.16, the dividend discount and total corporate value models value the stock at $83.95 and $36.99 respectively. Based on Kraft's strengths and growth opportunities, the recommendation is to buy the stock.
This document summarizes the full year 2008 results and Q4 2008 results of Klöckner & Co SE, a leading multi-metal distributor. It discusses the company's financial highlights, including a 7.6% increase in revenues to €6.7 billion and a 62% increase in reported EBITDA to €600 million. However, Q4 2008 saw a decline in volumes and sales. The document also addresses the current state of the steel market, with weak demand and high stock levels dominating the outlook. It outlines the company's actions taken to manage costs and liquidity in response to the market conditions.
The document discusses how CPFL Energia has grown and created value since its IPO in 2004. Some key points:
- The IPO provided funds to expand generation capacity through new hydro plants and entering renewable energy. Generation capacity increased 285% by 2014.
- The distribution segment remains the core business and grew through acquisitions of new distributors. Number of customers increased 21% annually.
- The commercialization segment maintained revenue and margins despite increased competition in the free market.
Special report by epic research of 08 december 2017Epic Research
Epic Research is leading financial advisory company, We provide a daily special report on each segment of share market that helps traders to get a better overview of the market. It also improves return on investment
The title of the Williams Foundation Seminar held on October 24, 2019 was “the requirements for fifth generation manoeuvre.” But those presentations which dealt with the industry and the government-industry relationship highlighted that the legacy approach to setting requirements which not deliver effectively fifth-generation manoeuvre capabilities.
The industrial-government eco system is evolving and that evolution needs to deliver cross-domain integration which requires government and industry to work together more effectively. And moving passed stove-piped platform acquisition and finding ways to shape Australian defense architectures which can subsume systems bought abroad within a more integrated Australian set of capabilities are two of the key tasks facing the Australian defense system.
The Deputy Secretary of the Capability Acquisition and Sustainment Group provided his perspective in his presentation to the Seminar.
This document summarizes the performance of a student managed fund from October to April. The original strategy involved creating a well-diversified portfolio across asset classes. The portfolio returned 8.51% outperforming the S&P 500's return of 10.11%. A buy and hold strategy from October to March returned 10.72% compared to the S&P 500's 7%. However, a partial strategy shift in March involving trades of leveraged ETFs led to higher trading fees and less returns than sticking to the original buy and hold approach.
This investment research presentation recommends holding STAG Industrial (STAG) stock. The target price is $29.01 based on a weighted average of various valuation methods, representing an upside of 11.9% from the current price. STAG is well-positioned for growth due to strategic acquisitions expanding its diversified portfolio and advantages exposure to the growing automotive industry. However, risks include potential liquidity issues and interest rate hikes affecting property acquisitions.
Valuetronics reported strong financial results for FY2014, with revenue increasing 10.1% and net profit rising 24.9%. The company has a large cash position of $478M and generated $303M in operating cash flow. The analyst upgrades their rating to "Buy" and sets a target price of $0.605, citing earnings outperformance, excess cash, and an attractive 8% dividend yield. The analyst expects continued revenue growth from the consumer electronics and industrial/commercial segments as those industries benefit from trends like LED lighting adoption and manufacturing outsourcing.
1) The document discusses strategies for investing in Singapore's small and mid cap stocks, focusing on stocks that offer both earnings growth potential and dividend payments.
2) Key recommendations include looking for stocks with clear earnings growth catalysts over the next two years, such as BreadTalk, Cityneon, mm2 Asia, and Riverstone. It also recommends dividend-paying stocks that can provide downside protection, such as Chip Eng Seng, Hong Leong Finance, Riverstone, Sheng Siong, Sunningdale, and UMS.
3) The document also identifies stocks trading at attractive valuations and that are poised for an earnings turnaround, such as Delfi, Roxy Pacific, River
The document provides an analysis of The Trade Desk (TTD) and recommends a neutral stance. It summarizes TTD's business model as a self-service platform for digital advertising and cites growth catalysts like digital transformation and a partnership with Walmart. However, it concludes that while TTD is fundamentally solid, its current valuation is unattractive compared to peers, making the risk/reward profile unfavorable. It recommends waiting for a 30%+ price pullback before increasing positions in TTD.
Tony Tang from the University of Hong Kong achieved first place trading scores. He has a master's degree in computer science and 1 year experience trading retail. He currently interns at a high frequency trading firm and enjoys analyzing patterns in large data sets. His trading strategy involves identifying momentum stocks on Reddit, accumulating shares at low prices, and selling when prices rise due to increased attention. He allocates capital equally across 1-3 stocks and uses risk management techniques like stop losses and hedging.
1) The document discusses momentum trading strategies, including stock selection criteria focusing on earnings acceleration, net profit growth, and price momentum.
2) Key aspects of the strategy are determining formal buy points based on volume changes and support levels, and setting stop losses to limit risk on each trade.
3) Position sizing and risk management techniques are emphasized to avoid large losses and compound gains over time. The strategy aims for high win rates with controlled risk per trade.
Cheng On Tsun from HKU had the 4th highest trading score. His portfolio consisted of 3 US stocks - Tesla (TSLA), Futu Holdings (FUTU), and GameStop (GME). He employed swing trading and momentum trading strategies, rebalancing his portfolio weekly. While his portfolio emphasized short-term growth, he aimed to mitigate risks through diversification across industries and markets.
Lui Ho Yin from Lancaster University ranked 5th in the trading competition with a portfolio return of 34.29% (HKD 171.4K). His portfolio had the lowest maximum drawdown of -5.05% and a high Sharpe ratio of 4.81, ranking 4th. He employed a strategy of swing trading and news trading highly volatile US stocks and ETFs across different sectors like healthcare, technology, and cryptocurrencies. Risk management techniques included taking profits at resistance levels and using strict stop-losses.
Michael Lai, a student at HKUST, placed 3rd in a trading competition. His portfolio evaluation showed a top-down, patient trading strategy. His scores in the competition were 3.3 and 3.4.
Daniel Lui from Lancaster University ranked 5th in the portfolio competition. His portfolio achieved a 34.29% return and had the lowest maximum drawdown of -5.05%. He traded 46 times on average 2.3 times per day, focusing on high volatility US stocks and ETFs in industries like healthcare, technology, and blockchain. Daniel utilized a combination of swing trading and news trading strategies, employing risk management techniques like setting stop losses and diversifying across different asset classes.
Invbots training materials 20210113 - Portfolio ManagementInvbots Limited
The document discusses portfolio management and backtesting. It outlines various ways to achieve high returns such as through leverage, investing in high beta stocks, and risky assets. However, it notes that risk is also an important factor and discusses risk mitigation strategies like risk transfer through options, risk acceptance by diversifying holdings, and risk reduction techniques like cash levels, rebalancing and hedging. It provides examples of these concepts and concludes with mentioning other portfolio management techniques.
Invbots training materials 20210108 - TechnicalInvbots Limited
This document summarizes a technical analysis presentation on trading strategies. It introduces common technical indicators like volume, moving averages, MACD, and RSI. It then discusses specific patterns like parallel channels, pennants, and golden crosses. The presentation cautions that technical analysis alone can be misleading and advocates using multiple indicators to make trading decisions. It also provides examples of screening for trading opportunities and discussing individual stock technicals.
This document provides an overview of fundamental analysis and stock valuation. It discusses possible metrics for analysis such as margins, earnings growth, and valuations. It also covers identifying undervalued stocks, conducting market and company analysis, and ensuring catalysts are not already priced in. Examples of fundamental analysis of specific companies are presented, including analysis of earnings, shareholder information, analyst price targets, and different valuation approaches and ratios.
Traders Academy Training Session - Macro StrategyInvbots Limited
The document discusses macroeconomic strategy and trends that may impact global equity markets in 2021. It notes that 2020 was a difficult year but 2021 is expected to be better. It then examines various macro factors that could influence market performance such as interest rates, currency exchange rates, commodity prices, quantitative easing programs, and economic stimulus measures. Specific global macro views and asset allocation strategies are also presented.
Invbots training materials 20210104 - Macro StrategyInvbots Limited
1) 2021 will see key events that could impact global equity market performance such as US elections, central bank meetings, and earnings seasons.
2) A global macro strategy bases holdings on overall economic and political views, using combinations of strategies across asset classes like currencies, interest rates, and stock indexes.
3) Factors like market cap, sectors, currencies, and macroeconomic data influence different equity indexes differently and studying these relationships is important for understanding market moves.
The document outlines details of an investment competition organized by Traders Academy, including timelines, rules, and resources for participants. The competition includes rounds for both experienced and beginner traders running from December 2020 to February 2021. Top performers in the final rounds will win prize money and internship opportunities. The document provides guidelines on allowable securities, position requirements, and scoring metrics to evaluate traders' performance. Additional resources include a training website with market analysis, trading guides, and a demo for using the Interactive Brokers platform.
Visa facilitates electronic funds transfers and earns revenue from card issuers and acquirers. It operates debit cards, credit cards, Visa Checkout, and Visa Direct. Visa has a large market share and is the most recognized global financial brand. It is engaging in strategic partnerships and has low credit risk. However, it is heavily dependent on relationships with clients and merchants, and merchants are pushing for lower acceptance costs. Visa sees opportunities in expanding cross-border volume following its acquisition of Visa Europe and in cashless economies, but faces competition and risks from network failure.
Visa reported earnings that beat analyst expectations for the 3rd quarter of 2019. Year-over-year growth remained strong at 12% for gross dollar volume and 11% for net revenue. Operating expenses decreased at a mid-single digit rate. The company's full-year outlook for revenue growth and operating expenses remained unchanged. Visa's cross-border transaction growth of 7% was lower than Mastercard's 16% growth, but Visa still maintains a dominant market position in North America and an unchallengeable duopolistic position globally with Mastercard. The analyst recommends a long-term buy on Visa with a price target of $204 due to its stable profits and dominant market position, though notes there may be short
The document summarizes perspectives from a UBS mid-year forum on the Greater Bay Area. It outlines that trade tensions could slow Asia's export recovery in 2019 unless a US-China deal is reached. UBS predicts China will grow at 6.2% and Asia at 5.8% without further tariffs. The presentation recommends overweighting defensive sectors and bonds in China and Southeast Asia. It highlights opportunities in technology, smart cities, and real estate development across Hong Kong, Shenzhen, and Guangzhou as these cities integrate their economies under the Greater Bay Area initiative.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
4. 4
Geography
US 23.09%
AU 10.84%
SG 9.10%
HK 5.78%
JP 4.67%
UK 3.05%
EU 3.65%
CA 3.76%
Total 63.94%
Sector
Industrial 15.75%
Retail 11.88%
Cell Tower 7.22%
Healthcare 5.98%
Residential 9.00%
Specialty 4.86%
Diversified 4.01%
Hotel 0.00%
Office 5.24%
Total 63.94%
Portfolio Position as of
5:15pm, 12 Feb, 2020
5. 5
Summary of transaction in last week
● Bought 50 share of SAFE (US Speciality)
● Bought 100 share of SMU (CA Industrial)
● Bought 50 share of MI (CA Office)
● Bought 30 share of XIOR (EU Residential)
● Bought 100 share of SGRO (UK Industrial)
● Bought 1 share of 8787 (JP Office)
● Sold 300 share of BBOX(UK Industrial)
● Sold 1 share of 8985 (JP Hotel)
7. 7
Country Currency/Fundamental view
Country Outlook Currency Fundamental Rationale
United States Bullish Appreciate Bullish
Japan Bullish Appreciate Neutral Supply-demand in the office sector remains tight, but rent rises are not accelerating, pace
of rent rises is likely to slow further towards the end of 2021
Australia Bullish Appreciate Neutral Continued demand for Industrial assets, expect Office market to outperform given limited
new supply and very strong demand for assets
Europe Bullish Depreciate Bullish Strong industrial and residential market due to potential rate cut, cautious on retail
Singapore Bearish Depreciate Bearish Retail and Hospitality sectors widely affected by close down of borders to Mainland
Chinese visitors
United Kingdom Bullish Appreciate Neutral Bright outlook towards London office market, limited supply and high pre-leasing: just
28% of developments currently hit the market speculatively, city rents are expected to
rise, post-trade uncertainties linger
Canada Bullish Appreciate Bullish
Hong Kong Bearish Appreciate Bearish Wuhan Pneumonie - retail sales expected to decline by 30% YoY in Jan, not expecting
recovery due to ongoing social unrest, narrowing price differentials between China/HK
and macro uncertainties
Source: Invbots analysis
8. 8
Allocation Updates
Country Outlook Market Cap (USD) Current
Allocation
% stock/cash
United States Bullish 1,337,343,183,818 35%
Japan Bullish 156,477,133,890 15%
Australia Bullish 104,301,083,558 15%
Europe Bullish 141,396,332,188 15%
Singapore Bearish 80,709,388,924 5%
United
Kingdom
Bullish 87,966,851,538 15%
Canada Bullish 62,282,769,175 5%
Hong Kong Bearish 35,121,369,455 5%
Source: Invbots analysis
19. 19
Ticker Name Industry Reasons
INA Ingenia Communities Group Residential - Housing market is rebounding due to rate cut. Melbourne & Sydney house price
reaching all time high
- Rather resilient to coronavirus compared to other commercial properties
CHC Charter Hall Group Diversified - Diversified between Office, Industrial, and Retail with strong FFO growth
CIP Centuria Industrial REIT Industrial - E-commerce demand is resilient to coronavirus (if not benefited) and remains
strong
- GMG targets mega-size properties and focuses on international expansion
- CIP targets mid to small-size properties and located near metropolitan areas in
Australia
GMG Goodman Group Industrial
ARF Arena REIT Healthcare - Early Learning (85%), Healthcare (15%), strong momentum recently
- WALE of 14.1yrs and Occupancy of 100%
Source: Invbots analysis
Model Portfolio: Growth Portfolio
21. 21
Ticker Name Industry Reasons
LEP ALE Property Group Specialised - Increasing HY rental revenue and profits
- None of the properties damaged by bushfires
SCP Shopping Centres
Australasia Property Group
Retail - Cuts rental costs to fill in vacancies
- Portfolio sale: loses money on one asset but does well for the other four
GOZ Growthpoint Properties Diversified - High occupancy rate (98%), office and industrial REIT (Good prospects)
VCX Vicinity Centres Retail - Improving rental revenue and profits
CLW Charter Hall Long WALE
REIT
Diversified - Benefitted from $1.4b acquisitions, increasing the portfolio's average lease expiry
Source: Invbots analysis
Model Portfolio: Dividend Portfolio
28. 28Source: Invbots analysis
Model Portfolio: Growth Portfolio
Ticker Name Industry Reasons
YGGC.MC General de Galeries
Comerciales SOCIMI
Retail Will look into fundamentals and make further updates next week
WDPP.BR Warehouses de Pauw
Comm VA
Industrial
COFB.BR Cofinimmo SA Diversified
XIOR.BR Xior Student Housing Residential
FLYP.PA Societe Fonciere
Lyonnaise SA
Office
30. 30
Ticker Name Industry Reasons
COFB.BR Cofinimmo NV/SA Diversified Selected due to statistics, criteria including:
- Market cap > 1b euro
- Gearing ratio < 100%
- Dividend yield > 3%
- Total return outperformed EU-REITs average in 1M, 3M, 6M, 1Y
Will look into fundamentals and make further updates next week
FLYP.PA Societe Fonciere
Lyonnaise SA
Office
S76.F STORE Capital
Corporation
Diversified
GFCP.PA Gecina SA Diversified
PRODr.AT Prontea Ependyseon S
Aknt Prs AE
Diversified
Source: Invbots analysis
Model Portfolio: Dividend Portfolio
36. 36
Growth Portfolio
Ticker Name Industry Reasons
ME8U Mapletree Industrial Trust Industrial ● Potential inorganic growth strategy in the US coupled with a focus on redevelopments in
Singapore - Manager’s well-timed acquisitions and completions/initiations of new
development projects underpin a steady growth profile
● Improvements in operating metrics and conductive cost of capital exhibit visible acquistion
path - redevelopment of its “landbank” of older flatted factories like Kolam Ayer cluster
should drive medium-term growth
C2PU Parkwaylife REIT Health Care ● Expect positive outcome from extension of lease
● Resilient due to its long WALE of 6.5 years
AJBU Keppel DC REIT Specialized
(Data Centre)
● Strong proxy to growing demand for data centre space
● Improvement in occupancy rate to 94.9% (there’s still room for improvement)
● Overall WALE of 8.6 years remains healthy
K71U Keppel REIT Office ● Downside mitigated by strong positive rental reversions with new signing rents in 4Q19
higher than current Grade A core CBD rents
● Divestment of Bugis Junction Tower has generated some buffer in terms of lowering
overall cost of debt and offering higher capital distributions
A17U Ascendas Trust Industrial ● Rental growth momentum supporting DPU recovery
● Revenue rose 5.9%, mainly by contributions from 28 new US and 2 SG business parks
Model Portfolio: Growth Portfolio
Source: Invbots analysis
37. 37
Growth Portfolio
Ticker Name Weighting Market Cap
(US$ mn)
PE ratio Yield Beta
ME8U Mapletree Industrial Trust 25% 4,541 21.62 4.60% 0.28
C2PU Parkwaylife REIT 25% 1,553 26.18 3.85% 0.31
AJBU Keppel DC REIT 15% 2,862 25.31 3.70% 0.22
K71U Keppel REIT 25% 3,122 28.11 4.57% 0.51
A17U Ascendas Trust 10% 8,509 20.15 4.95% 0.41
Portfolio Average 4,118 24.27 4.34% 0.34
Market Cap Weighted Average 22.85 4.56% 0.35
Model Portfolio: Growth Portfolio
Source: Invbots analysis
38. 38
Dividend Portfolio
Ticker Name Industry Reasons
HMN Ascott Residence Trust Residential ● Steady increase in DPU.
● Has limited exposure to the coronavirus.
● Refinanced debt at lower rates
● Strong balance sheet (improving profit and revenues)
J91U ESR REIT Industrial ● Steady increase in DPU
● Tenant retention rate: 69.6%, WALE is 3.8 years
● Higher than average occupancy rate (90.6%)
CNNU Cromwell Europe Industrial ● Increase in DPU over the past year
● Recent acquisitions of 3 German assets
● 39.2% increase in distributable income
T82U Suntec REIT Office ● Expecting firm rental reversions Singapore office portfolio in 2020
● City Mall has also exhibited resilience despite retail headwinds
● Increased exposure to Australia also provides it with a more diversified income
stream
Model Portfolio: Dividend Portfolio
Source: Invbots analysis
39. 39
Dividend Portfolio
Ticker Name Weighting Market Cap
(US$ mn)
PE ratio Yield Beta
HMN Ascott Residence Trust 30% 2,825 19.45 6.06% 0.25
J91U ESR REIT 20% 1,371 14.82 7.30% 0.37
CNNU Cromwell Europe 20% 1,585 14.93 6.84% 0.36
T82U Suntec REIT 30% 3,691 23.97 5.28% 0.58
Portfolio Average 1,894 18.29 6.36% 0.39
Market Cap Weighted Average 19.78 6.06% 0.41
Model Portfolio: Dividend Portfolio
Source: Invbots analysis
41. 41
J-REIT Review and Strategy
● J-REITs 0.5% , slightly underperformed 0.94% of TOPIX due to 1) Rumoured completion of the vaccines for Coronavirus in US 2)
investment sentiments in US / Japan propelled by the strong US Employment figures (Beat by 65k) 3) Yet, The recent measures
proposed by Japan Government to combat against the virus maintain tail risk.
● Outperforming factors:
○ High market cap (0-25%)
○ Mid Yield (50%-75%)
○ High PE (0%-25%)
○ Mid Beta (25-50%)
○ Industrial Sector
● Underperforming factors:
○ High Beta (0-25%)
○ High Yield (>75%)
○ Hotel & Resort Sector
● Proposed strategy: Long large cap and Industrial REIT on increasing production scale of medical equipments/medicals products
(Facemask)
44. 44
Growth Portfolio
Ticker Name Industry Reasons
8961 Mori Trust Sogo REIT Inc Office REITs Owned 15 properties in different major spots in Japan(80% in Tokyo), maintained 99.9% Occupancy rate on the
overall portfolio
3292 Aeon REIT Investment Corp Retail REITs 100% Occupancy rate, Stable DPU and Operating Revenue, trend, 3rd largest Retail REIT in JP
8987 Japan Excellent Inc Office REITs DPU growth reached a 5Y CAGR of 2.67%, major tenants are large corp. (Toshiba, Hitachi etc), 50% of the
buildings are in Area I, with occupancy rate 99.4%
8967 Japan Logistics Fund Inc Industrial REITs AA Rating from the Japan Credit Rating Agency, 99%+ occupancy rate since last year, DPU growth reached a
5Y CAGR of 2.37%
3466 LaSalle Logiport REIT Industrial REITs AA- Rating from the Japan Credit Rating Agency, maintained 98%+ occupancy rate since 2018, held 16
properties in Tokyo and Osaka,
Model Portfolio: Growth Portfolio
45. 45
Growth Portfolio
Ticker Name Weighting Market Cap
(US$ mn)
PE ratio Yield Beta
8961 Mori Trust Sogo REIT Inc 20% 259,380 26.6 3.79% -0.01
3292 Aeon REIT Investment Corp 20% 271,069 23.8 4.25% 0.12
8987 Japan Excellent Inc 20% 263,131 35.0 2.98% -0.06
8967 Japan Logistics Fund Inc 20% 260,480 29.4 3.38% -0.06
3466 LaSalle Logiport REIT 20% 242,887 31.1 3.58% -0.13
Portfolio Average
1,296,947 29.2 3.60% 0.02
Market Cap Weighted Average
29.1 3.60% 0.03
Model Portfolio: Growth Portfolio
46. 46
Dividend Portfolio
Ticker Name Industry Reasons
8984 Daiwa House Reit Investment
Corp
Diversified REITs Largest residential reit in JP, stable and healthy in DPU, Net Income and total assets, LTV kept ~40%
3466 LaSalle Logiport REIT Industrial REITs AA- Rating from the Japan Credit Rating Agency, maintained 98%+ occupancy rate since 2018, held 16
properties in Tokyo and Osaka,
3281 GLP J-REIT Industrial REITs AA Rating from the Japan Credit Rating Agency, DPU growth reached a 5Y CAGR of 2.29%, has been
expanding the portfolio from 62 properties in 2017 to 75 in 2019
3296 Nippon REIT Diversified REITs Diversified resilient portfolio in office, residential and retail, portfolio occupancy rate maintained at ~99%, Long-
term issuer rating: A
3249 Industrial & Infrastructure Fund
Investment Corp
Industrial REITs AA Rating from the Japan Credit Rating Agency, Held 72 properties with occupancy rate 100%, healthy DPU
growth,
Model Portfolio: Dividend Portfolio
47. 47
Dividend Portfolio
Ticker Name Weighting Market Cap
(US$ mn)
PE ratio Yield Beta
8984 Daiwa House Reit Investment Corp 20% 604,862 32.8 3.91% 0.00
3466 LaSalle Logiport REIT 25% 242,887 31.1 3.58% -0.13
3281 GLP J-REIT 20% 575,013 30.8 3.45% -0.38
3296 Nippon REIT 15% 221,366 27.1 3.57% -0.17
3249 Industrial & Infrastructure Fund
Investment Corp
20% 324,867 30.2 3.48% 0.06
Portfolio Average
1,968,995 30.6 3.60% 0.01
Market Cap Weighted Average
30.9 3.62% 0.01
Model Portfolio: Dividend Portfolio
52. 52
Growth Portfolio
Ticker Name Industry Reasons
BBOXT.L Tritax Big Box REIT PLC Industrial E-commerce basket
GPOR.L Great Portland Estates
PLC
Office London-focused → experience high demand for its enviably-located portfolio of West End
commercial properties
LAND.L Land Securities Group Plc
Ord
Diversified Landsec’s £3bn pipeline of development opportunities will shift its emphasis further towards the
office market. It continues to experience high demand – particularly in London.
CSH.L Civitas Social Housing
PLC
Residential Acquired 9 new properties within the latest three-month period. Investment opportunities remains
robust and schemes and properties brought by Civitas directly(active management)
SOHO.L Triple Point Social
Housing REIT PLC
Residential Growing business: Acquired 18 Properties in Oct 2019. Bought 40 Care Properties in Sep 2019.
Bought 5 Properties in July 2019.
SGRO.L SEGRO plc Industrial Owns range of warehouses in UK. Bet on UK E-commerce penetration rate (+19% Y-o-Y in 2019).
Structural uptrend of e-commerce will continue benefit SGRO. NPI +8% yoy in last two years.
DLN.L Derwent London Plc Office Subsided tail risk of Brexit after election. Top Quality Management constantly delivering market
outperformance. Recent acquisition of the Brixton's Blue Star (38.1m Pound Sterlings). Bet on
significant rebound of London office market and NAV Growth.
Implied Yield of 4%.
Model Portfolio: Growth Portfolio
53. 53
Growth Portfolio
Ticker Name Weighting Market Cap
(US$ mn)
PE ratio Yield Beta
BBOX.L Tritax Big Box REIT PLC 15% 2,441 10.2 4.84% 0.52
GPOR.L Great Portland Estates PLC 10% 2,361 41.5 1.35% 0.17
LAND.L Land Securities Group Plc Ord 15% 7,074 N.A. 4.86% 0.76
CSH.L Civitas Social Housing PLC 10% 608 22.9 5.41% 0.02
SOHO.L Triple Point Social Housing REIT PLC 10% 340 11.9 5.25% 0.10
SGRO.L SEGRO plc 20% 10,119 10.65 2.15% 0.55
DLN.L Derwent London Plc 20% 4,668 21.2 1.62% 0.65
Portfolio Average 27,612 17.6 3.58% 0.43
Market Cap Weighted Average 16.9 3.03% 0.57
Model Portfolio: Growth Portfolio
54. 54
Dividend Portfolio
Ticker Name Industry Description
BLND.L British Land Company PLC ORD Retail 5.5% dividend (sustainable), forward P/E ratio of 16.7
HMSO Hammerson PLC Retail Purely Yield and Value Play; Deep discount since 2H 2019;
Investors worrying the tail risk of the Brexit on Retail Portfolio; Yet,
the ongoing Sell-off of non-core assets; Consolidation of
resources refine focus on core business
PHP.L Primary Health Properties PLC Healthcare Large Market cap, stable business growth: squeezed £100mln out
to develop new healthcare premises in Ireland and the UK.
BBOXT.L Tritax Big Box REIT PLC Industrial Benefiting from a shift towards online shopping
AGR.L Assura PLC Healthcare Large Market cap, leader in primary care real estate, strong
balance sheet
Model Portfolio: Dividend Portfolio
55. 55
Dividend Portfolio
Ticker Name Weighting Market Cap
(US$ mn)
PE ratio Yield Beta
BLND.L British Land Company PLC ORD 20% 5,317 N.A. 5.56% 1.08
HMSO.L Hammerson PLC 20% 1,723 N.A. 11.50% 1.76
PHP.L Primary Health Properties PLC 20% 1,946 N.A. 3.68% 0.13
BBOX.L Tritax Big Box REIT PLC 20% 2,441 10.2 4.79% 0.52
AGR.L Assura PLC 20% 1,923 22.9 3.45% -0.16
Portfolio Average 13,350 16.6 5.80% 0.70
Market Cap Weighted Average 15.8 5.61% 0.77
Model Portfolio: Dividend Portfolio
60. 60
Growth Portfolio
Ticker Name Industry Reasons
APR.UN Automotive Properties Real Estate
Investment Trust
Specialized revenues expected to grow by 36% over the next
couple of years
BEI.UN Boardwalk REIT Residential High affo/ffo growths rate and rental growth
NWH.UN NorthWest Healthcare Properties
REIT
Healthcare Nice sector to be included with healthcare expense
growing faster than GDP, keep expanding new
markets (e.g. US)
D.UN Dream Office REIT Office Good fundamental, debt to assets lower than 40%
by selling off non core assets, ability to grow further
NVU.UN Northview Apartment REIT Residential using both strategic acquisitions and development
projects to grow the bottom line. Good fundamental
Model Portfolio: Growth Portfolio
61. 61
Growth Portfolio
Ticker Name Weighting Market Cap
(US$ mn)
PE ratio Yield Beta
APR.UN Automotive Properties Real Estate
Investment Trust
20% 459 71.0 6.47% 0.93
BEI.UN Boardwalk REIT 10% 2,452 15.5 2.11% 0.43
NWH.UN NorthWest Healthcare Properties REIT 30% 1,882 15.3 6.56% 0.76
D.UN Dream Office REIT 20% 1,839 16.3 3.07% 0.93
NVU.UN Northview Apartment REIT 20% 2,144 5.1 5.31% 1.01
Portfolio Average 8,776 24.6 5.15% 0.85
Market Cap Weighted Average 16.0 4.28% 0.77
Model Portfolio: Growth Portfolio
62. 62
Dividend Portfolio
Ticker Name Industry Reasons
GRT.UN Granite Real Estate
Investment Trust
Diversified Stable and well-diversified: Industrial, warehouse
and logistics. Focused in North America and Europe
REI.UN RioCan Real Estate
Investment Trust
retail Increasing mixed-use properties. Focused in
Canada six major cities, GTA (Toronto). Low debt-
to-assets ratio (below 45%)
HR.UN H&R Real Estate
Investment Trust
Diversified Undergoing several reallocation in 2019, need to be
monitored, office retail changing to residential in US,
stable cash flow
DIR.UN Dream Industrial Real
Estate Investment Trust
industrial Increased liquidity and reduced debt. Focused on
Canada and US.
NWH.UN Northwest Healthcare
Properties REIT
Speciality Worldwide owner including medical office, retirement
houses and hospitals + stable growth for the industry
Model Portfolio: Dividend Portfolio
63. 63
Dividend Portfolio
Ticker Name Weighting Market Cap
(US$ mn)
PE ratio Yield Beta
GRT.UN Granite Real Estate Investment Trust 20% 3,928 9.5 4.06% 0.51
REI.UN RioCan Real Estate Investment Trust 30% 8,599 10.7 5.30% 0.54
HR.UN H&R Real Estate Investment Trust 10% 6,087 25.6 6.45% 0.64
DIR.UN Dream Industrial Real Estate
Investment Trust
15% 1,862 12.1 5.01% 0.83
NWH.UN Northwest Healthcare Properties REIT 25% 1,882 15.3 6.56% 0.76
Portfolio Average 22,358 13.3 5.44% 0.64
Market Cap Weighted Average 15.0 5.48% 0.60
Model Portfolio: Dividend Portfolio
70. 70
US-REIT model portfolio
Growth portfolio Dividend portfolio
Name Stock code Name Stock code
American Tower AMT CoreCivic CXW
Wellltower WELL Realty Income Corporation O
Equinix EQIX Kimco Realty Corporation KIM
OUTFRONT MEDIA/d OUT Tanger Factory Outlet Centers, Inc. SKT
QTS Realty Trust, Inc QTS Taubman Centers, Inc. TCO
Prologis Inc PLD Newtek Business Services Corp. NEWT
Equity Lifestyle ELS AGNC Investment Corp AGNC
71. 71
Growth portfolio
Ticker Name Industry Reasons
AMT American Tower Corp Tower Benefitting from 5G, diversified portfolio(global presence in US,EMEA,Asia, Latin America),
moat(barriers to entry by law, first mover advantage), limited land supply
PLD Prologis Inc Industrial Benefitting from the shift from traditional retail to e-commerce, strong tenant
base(Amazon,DHL,FedEx,UPS), M&A deals(Active Management), Expanding to
EQIX Equinix Data Center Largest data center in the world (economic of scale and the advantage of network effect),
moat(high barry to entry, first mover advantage), benefitting from many kind of advancement in
technology(big data, IoT, 5g, etc)
ELS Equity Lifestyle Residential One of the highest growth industry, still many room for growth, limited supply in a certain
extend, high growth of FFO
QTS QTS Realty Trust, Inc Data Center DIfferent focus from EQIX(interconnection), QTS focus on colocation, active management,
expanding to different countries, track record of growth in leasing rate
WELL Welltower Inc Healthcare Increase in the population of elderly + good economy→ increase the spending in healthcare
sector, well diversified portfolio
OUT Outfront Media Billboard Limited supply( near zero-rate of growth) and consistent demand, significant regulatory barriers
to entry, steady growth in ffo
Model Portfolio: Growth Portfolio
72. 72
Growth portfolio
Ticker Name Weighting Market Cap
(US$ mn)
PE ratio Yield Beta
AMT American Tower Corp 20% 105750 52.28 1.7% 0.42
PLD Prologis Inc 20% 68810 37.81 2.28% 1.10
EQIX Equinix 15% 51680 77.21 1.63% 0.65
ELS Equity Lifestyle 15% 13270 53.05 1.68% 0.23
QTS QTS Realty Trust, Inc 10% 3400 265 3.01% 0.72
WELL Welltower Inc 10% 34090 49.97 4.11% 0.22
OUT Outfront Media 10% 4440 23.91 4.69% 1.10
Portfolio Average 281,440 71.45 2.47% 0.64
Market Cap Weighted Average 55.20 2.18% 0.61
Model Portfolio: Growth Portfolio
73. 73
Dividend portfolio
Ticker Name Industry Reasons
CXW CoreCivic Prison Very unique and special sector, slow market size growth but very stable, getting more
deals from the govt. since last year.
O Realty Income Corporation Retail Realty Income (O) is a benchmark in the real estate investment trust (REIT) space
with its monthly dividends and steady performance
KIM Kimco Realty Corporation Retail Kimco has been one of the most innovative Retail REITs successfully managing the
challenges posed by brick-and-mortar real estate. The stock has recovered since its multi-year
low last year and seems fairly valued at the moment.
SKT Tanger Factory Outlet
Centers
Retail No department store exposure
High occupancy always above 95%
Low occupancy cost compared to malls
TCO Taubman Centers Retail Being acquired
NEWT Newtek Business Services
Corp.
BDC Newtek Business Services is a generous and consistent dividend payer, and its stock price
has jumped 30% in 2019. NewTek is a rising star with a unique business model, and despite
its size, has garnered increasing positive attention from investors.
AGNC AGNC Investment Corp Mortgage Their profit is a function of their cost of debt, relative to the performance of the assets they
hold. Since their cost of debt is very closely related to the Federal Funds rate, when the
Federal Reserve cuts the rate, they benefit.
Model Portfolio: Dividend Portfolio
74. 74
Dividend portfolio
Ticker Name Weighting Market Cap
(US$ mn)
PE ratio Yield Beta
CXW CoreCivic 20% 1998 10.6 10.5% 0.64
O Realty Income Corporation 13.3% 26099 62.3 3.48% 0.22
KIM Kimco Realty Corporation 13.3% 8507 24.6 5.69% 0.82
SKT Tanger Factory Outlet Centers 13.3% 1277 14.82 10.4% 0.55
TCO Taubman Centers
NEWT Newtek Business Services Corp. 20% 422 - 10.1% 0.97
AGNC AGNC Investment Corp 20% 10293 16.5 10.1% 0.42
Portfolio Average 8100 18.95 8.74% 0.62
Market Cap Weighted Average 42.01 5.80% 0.40
Model Portfolio: Dividend Portfolio
79. 79
Growth portfolio
Ticker Name Industry Reasons
823 Link REIT Diversified Recently stepped into Foreign market, room for growth
Highest level of growth rate in DPU for consecutive 5 years
Decrease the geographical risk
778 Fortune REIT Retail It holds the mall mainly located in middle-class, which imply a
higher level of growth
Model Portfolio: Growth Portfolio
80. 80
Growth portfolio
Ticker Name Weighting Market
Cap (US$
mn)
PE ratio Yield Beta
823 Link REIT 80% 21,019 26.0 3.90% 0.49
778 Fortune REIT 20% 2,213 17.7 5.80% 0.41
Portfolio Average 89,929 24.6 4.28% 0.47
Market Cap Weighted Average 25.2 4.08% 0.48
Model Portfolio: Growth Portfolio
81. 81
Dividend portfolio
Ticker Name Industry Reasons
778 Fortune REIT Retail Track record in growth of dividend, high payout
ratio, defensive portfolio
2778 Champion REITs Diversified Stable dividend, good properties location
435 Sunlight REITs Diversified Relatively High yield, diversified portfolio
405 Yue Xiu REITs Retail Relatively High yield, stable dividend with growth
Model Portfolio: Dividend Portfolio
82. 82
Dividend portfolio
Ticker Name Weighting Market Cap
(US$ mn)
PE ratio Yield Beta
778 Fortune REIT 35% 2213 17.67 5.8% 0.41
2778 Champion REITs 35% 3538 17.54 5.53% 0.73
435 Sunlight REITs 15% 1035 18.22 5.8% 0.47
405 Yue Xiu REITs 15% 2079 20.74 6.24% 0.42
Portfolio Average 1805 74.17 5.77% 0.53
Market Cap Weighted Average ??? 5.80% 0.55
Model Portfolio: Dividend Portfolio
84. 84
Tritax Big Box (BBOX) - Intro
- UK’s pre-eminent owner of larger scale logistics real estate, with a portfolio unmatched in quality in
the UK quoted real estate sector.
- Invest in and manage income-producing Big Box assets and Pre-Let Forward Funded Developments.
- acquire land suitable for logistics use (Pre-let Forward Funded Development and a limited amount of
speculative development)
- Customers: logistics, manufacturing, consumer products, retail and automotive
Source: BBOX Interim report 2019
86. 86
Portfolio
- well diversified by size, geography and tenant
- Diverse customer base
- Valuations mainly from foundation assets
Source: BBOX Interim report 2019
87. 87
Financial Highlights
- Low vacancy rate (1%)
- target profit on cost: 30%
Key Performance Indicator
1. Total Return: 0.42%
2. Weighted average unexpired lease term (WAULT): 14.3years
Source: BBOX Interim report 2019
90. 90
SafeHold Inc (Ground Lease REIT) - Intro
- Ground lease: agreement in which a tenant is permitted to develop a piece of property
during the lease period, after which the land and all improvements are turned over to
the property owner
- The only Ground-Lease focused REIT in US
- Diversified Tenors of Properties: multifamily, office, industrial, hospitality and mixed-
use properties in major markets
- Outperforming for 3 months, with 47.9% Return
- Last month, 22.19% Return
91. 91
Benefit of Ground Lease
For SafeHold For Tenants
Much Lower Capital Requirement of Developing Properties
(Only Need to Buy The Land)
Avoids the large upfront capital expenditure of buying land.
The tenant is responsible for paying property taxes,
insurance, and maintenance expenses
The lease is typically for several decades at a minimum
(Predictable and fixed cost)
The lease is typically for several decades at a minimum
(Stable Income)
Reduced lease payments, as opposed to leasing both land
and a building.
After the lease expires, any buildings or other property
improvements belong to the landlord
(Significantly Higher Value of Property after lease)
94. 94
Recent Movement:
- 23 Dec 2019 Closes $180 Million Ground Lease In New York City
- 12 Dec 2019 Closes A New $285 Million Ground Lease In New York City
- 2 Dec 2019 Closes Approximately $620 Million Ground In New York City
- 7 Nov 2019 Closes $275 Million Manhattan Ground Lease In New York City
→ Total: $1.35B of Contracts Signed in Q4
Source: JLL Report Released Oct 2019
Source: Commercial Real Estate
Development Association
95. 95
Key Financial Comparison (Till latest Report Q3)
- Repositioning since 2018, unrecognized
- Sounding Annual Report of 2018 (Released Feb 2019)→ Price soar since
- “Safety, Income & Growth Inc.” Rebrands as “Safehold Inc” in Feb 2019
96. 96
Stock Movement - wait for the consolidation to enter
- Attention:
Earnings Call on
13/2/2020
Before Market
98. 98
GLP J-REIT (TSE 3281)
● Industrial REITs
● Top 5 outperformer (5
days, 1 month, 3 month)
in proprietary model
● 15 years experiences of
investing in logistics
facilities
● Focuses on Modern
Logistics Facilities (MLF)
Source: Report
102. 102
Opportunities ● Steady growth in Japanese
3PL(third party logistics) and
E-Commerce Market
● Limited supply of modern
logistics facilities
Source: Official Website
104. 104
Storage REITs - Unique Features
● Operating efficiency and relative simplicity
● Properties can breakeven at sub-50% occupancy rates with low management
● Leases are typically short-term (one year), but nearly half of renters lease their
space for more than two years
● 70% of customers are residential, with the other 30% split between businesses
106. 106
Demand and Supply
● New supply is added in a furious rate because of the good business
● Storage demand correlates closely with job growth and multifamily fundamentals,
which continues to exceed expectations
● Strong demand from renter households and businesses has kept rents and
occupancy generally flat in the face of ample supply
107. 107
Self storage trend
● rent growth and
underlying fundamentals
have stabilized over the
last several quarters
● PPI, historical correlation
with same-store rent
growth has signaled
positive momentum for
the sector since early 2018
Source: XXX
109. 109
Downside
● Too much supply growth may bring a impact to the sector
● Low pricing power and rent may see flat
● Storage needs may change in future years by technology