Yet another of my stock bites the dust. Fourth delisting! Not so long after internalization of the manager, someone decides to buy over the whole thing. It was around 20% premium to NAV, which I thought to be quite reasonable, so I sold it immediately at offer price. I'm fine with forfeiting the dividends as time is money. I'm left with a grand total of 1 share from DRP. Don't worry guys, I'll vote no to help with the headcount condition (lol)
I actually wanted to put the proceeds into Dasin Retail Trust, another business trust holding retail assets. With the latest acquisition of Shiqi Metro Mall at a huge discount to market value, the pro-forma NAV blows up to around $1.48, giving us a PB ratio of about 0.54! Even without the income support, the yield might be worth it. Then I thought, the shares were too illiquid and I don't really know how Zhongshan will develop... I still don't understand why the sponsor sold the property at such a big discount? I'll bank on my domestic bias and buy Capitaland Mall Trust instead. I have been wanting to buy it for a while but it was always too pricey. Seldom buy REITs at price above book but I really like their properties...
I actually wanted to put the proceeds into Dasin Retail Trust, another business trust holding retail assets. With the latest acquisition of Shiqi Metro Mall at a huge discount to market value, the pro-forma NAV blows up to around $1.48, giving us a PB ratio of about 0.54! Even without the income support, the yield might be worth it. Then I thought, the shares were too illiquid and I don't really know how Zhongshan will develop... I still don't understand why the sponsor sold the property at such a big discount? I'll bank on my domestic bias and buy Capitaland Mall Trust instead. I have been wanting to buy it for a while but it was always too pricey. Seldom buy REITs at price above book but I really like their properties...
