GuocoLand: Co may float 2 Reits worth S$6b-8b, one office and the other retail, with assets in Spore, China, Msia and possibly Vietnam - potentially worth about S$6-8b in total. Float will be over medium term (3-5 yrs) as portfolio is not completed, and even if completed, time will be needed for yields to stabilize…
Co has several invt properties in the region, totaling about 4m sq ft gfa for offices (more than the office space at MBFC) and about 4.6m sqft retail space as well as some 5k car-park lots all expected to be completed within 3-5 yrs…
Price has appreciated 20.1% since end 2009 and traded at $2.55 yday. Currently trades at trailing P/E of 1.12x, avg of 1.28x. Other developers’ trailing P/E, Capitaland at 1.17x, Keppel Land at 1.94x and Allgreen at 0.78x
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