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Alfred1007

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- Alfred1007Alfred1007
  ·2023-12-07
  Just hope for the best
  Manulife US REIT Has Proposed a Recapitalisation Plan: Should Unitholders Vote Yes or No?
  The beleaguered REIT is attempting to address a covenant breach from its lenders.
  Manulife US REIT Has Proposed a Recapitalisation Plan: Should Unitholders Vote Yes or No?
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- Alfred1007Alfred1007
  ·2023-11-10
  Great to see this[Happy]
  Sorry, this post has been deleted
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- Alfred1007Alfred1007
  ·2023-10-27
  As usual
  Sorry, this post has been deleted
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- Alfred1007Alfred1007
  ·2023-04-19
  Very strong performance!
  Intuitive Surgical Beats First-Quarter Sales on Higher Procedure Volumes
  Intuitive Surgical Inc beat estimates for first-quarter sales on Tuesday as the surgical robot maker
  Intuitive Surgical Beats First-Quarter Sales on Higher Procedure Volumes
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- Alfred1007Alfred1007
  ·2023-04-17
  Seems like only a few can get Disney shares
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- Alfred1007Alfred1007
  ·2023-04-16
  [Great] [Sad] [Glance] [What] [Glance] [Facepalm] [Grin] [LOL] [Glance] [Duh]
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- Alfred1007Alfred1007
  ·2023-04-15
  Have a good weekend everyone
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- Alfred1007Alfred1007
  ·2023-04-14
  It is Friday...enjoy the weekend
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- Alfred1007Alfred1007
  ·2023-04-13
  Happy Thursday! Yoyo
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- Alfred1007Alfred1007
  ·2023-04-12
  Back again...lets play
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hope for the best","listText":"Just hope for the best","text":"Just hope for the best","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/249326161412328","repostId":"2389774874","repostType":4,"repost":{"id":"2389774874","pubTimestamp":1701828286,"share":"https://ttm.financial/m/news/2389774874?lang=&edition=fundamental","pubTime":"2023-12-06 10:04","market":"sg","language":"en","title":"Manulife US REIT Has Proposed a Recapitalisation Plan: Should Unitholders Vote Yes or No?","url":"https://stock-news.laohu8.com/highlight/detail?id=2389774874","media":"The Smart Investor","summary":"The beleaguered REIT is attempting to address a covenant breach from its lenders.","content":"<html><head></head><body><p><strong>Manulife US REIT</strong> (SGX: BTOU), or MUST, is caught in a bind.</p><p>Back in July, the US office REIT reported that the valuation of its property portfolio had declined by 14.6% to US$1.63 billion.</p><p>As a result of this fall, aggregate leverage shot up to around 57% while a financial covenant with its lenders was breached.</p><p>MUST also ended up halting distributions when it reported its first half of 2023 (1H 2023) earnings back in August 2023 as it worked with its lenders to address this breach.</p><p>Just last week, the manager of MUST released a comprehensive recapitalisation plan to revitalise the REIT and help it get back on its feet.</p><p>Should unitholders support or reject this plan?</p><h2 id=\"id_2883848794\">Details of the plan</h2><p>The recapitalisation plan involves two key components – revitalise and reinforce.</p><p>For the revitalise portion, a total of US$285 million will be raised to pay off each lender.</p><p>MUST will divest its Park Place property to its sponsor, Manulife Financial, at US$98.7 million, which is the higher of the two independent valuations sought.</p><p>At the same time, the REIT will obtain a six-year unsecured sponsor-lender loan of US$137 million at an interest rate of 7.25%.</p><p>Finally, MUST needs to tap on US$50 million of its cash balance to fulfil this portion of the deal.</p><p>Meanwhile, the “reinforce” section seeks to reposition MUST’s portfolio and strengthen its balance sheet.</p><p>The office REIT will sell assets to raise US$328.7 million with properties prioritised according to their total return potential and capital expenditure (capex) requirements.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/571c793f4c86811c6cff5a76a780144e\" tg-width=\"1435\" tg-height=\"788\"/></p><p>Source: Manulife US REIT Presentation Slides</p><p>The slide above shows how MUST’s portfolio will be divided into three tranches to determine which assets to sell off first.</p><p>The priority is to divest the Tranche 1 assets that make up 28.4% of the portfolio as they have high occupancy risk with lower total return potential.</p><p>As such, half-yearly distributions will remain suspended until the end of 2025 but may resume if certain conditions are met.</p><p>With the “reinforce” segment, the manager intends to repay maturing debt, fund future capex, and optimise the portfolio to enable the REIT to grow again.</p><h2 id=\"id_552591502\">Other options were considered</h2><p>This plan was proposed after the manager considered numerous options for the REIT.</p><p>The problem is that the US office sector continues to face headwinds with post-COVID remote work patterns negatively impacting leasing demand.</p><p>The NCREIF Office Index has declined by 21.1% year-to-date, showcasing the challenging conditions within the sector.</p><p>Coupled with the high interest rate environment and MUST’s high aggregate leverage, this means that debt financing options are severely limited.</p><p>The REIT had considered the gradual disposal of its properties to raise cash but with buyers having limited access to credit, this was not a good option.</p><p>An equity fundraising exercise was also out of the question as MUST’s unit price had declined to an all-time low with banks unable to underwrite any preferential offer as the sponsor’s unitholding is mandated to be capped at 9.8%.</p><p>Mergers also come with heightened risk in the current environment while new loans and credit facilities were not available.</p><p>In light of the above, the manager of MUST has come up with a recapitalisation plan which it believes will help to cure the breach and put the REIT back on track for growth.</p><h2 id=\"id_4247754475\">Benefits of the transaction</h2><p>Assuming the recapitalisation plan is approved, MUST’s lenders will initiate a waiver of past and existing breaches and allow a temporary relaxation of financial covenants till 31 December 2025.</p><p>The lenders need to do so as MUST’s unencumbered gearing ratio will touch 80% after the recapitalisation plan while its interest coverage ratio will be reduced from the current two times to just 1.5 times.</p><p>MUST has around 19 months to effect the asset dispositions and the lenders have agreed to extend the loan maturities of all facilities by one year.</p><p>Assuming the recapitalisation plan goes through, the sponsor-lender loan is taken up and the tranche 1 assets are disposed of, MUST’s aggregate leverage is projected to fall to 49.4%.</p><p>This will bring the gearing level a whisker under the maximum 50% limit as mandated by Singapore’s central bank but also allow the REIT to have breathing room and a longer runway to withstand the US office sector headwinds.</p><h2 id=\"id_1832240993\">Get Smart: An all-or-nothing decision</h2><p>An extraordinary meeting (EGM) will be convened by MUST on 14 December to vote on three resolutions.</p><p>These three resolutions involve the “revitalise” transactions mentioned above along with the approval for the disposition mandate to accelerate the sale of the tranche 1 properties to raise more cash.</p><p>The manager has communicated that these three resolutions are inter-conditional, meaning that if any of them are not approved, then all three cannot go ahead.</p><p>Given the lack of alternatives for unitholders as mentioned above, it seems voting for these resolutions would be in their best interests.</p><p>Should the US office sector conditions improve or the REIT enjoys a favourable outcome for its dispositions, there is a possibility that distributions may be resumed before the end of 2025.</p></body></html>","source":"thesmartinvestor_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Manulife US REIT Has Proposed a Recapitalisation Plan: Should Unitholders Vote Yes or No?</title>\n<style 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nManulife US REIT Has Proposed a Recapitalisation Plan: Should Unitholders Vote Yes or No?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-12-06 10:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://thesmartinvestor.com.sg/manulife-us-reit-has-proposed-a-recapitalisation-plan-should-unitholders-vote-yes-or-no/><strong>The Smart Investor</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Manulife US REIT (SGX: BTOU), or MUST, is caught in a bind.Back in July, the US office REIT reported that the valuation of its property portfolio had declined by 14.6% to US$1.63 billion.As a result ...</p>\n\n<a href=\"https://thesmartinvestor.com.sg/manulife-us-reit-has-proposed-a-recapitalisation-plan-should-unitholders-vote-yes-or-no/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BTOU.SI":"宏利美国房地产投资信托","BK6132":"办公室房地产信托","BK4162":"人寿与健康保险","BK6099":"办公房地产投资信托","BK6512":"房地产股"},"source_url":"https://thesmartinvestor.com.sg/manulife-us-reit-has-proposed-a-recapitalisation-plan-should-unitholders-vote-yes-or-no/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2389774874","content_text":"Manulife US REIT (SGX: BTOU), or MUST, is caught in a bind.Back in July, the US office REIT reported that the valuation of its property portfolio had declined by 14.6% to US$1.63 billion.As a result of this fall, aggregate leverage shot up to around 57% while a financial covenant with its lenders was breached.MUST also ended up halting distributions when it reported its first half of 2023 (1H 2023) earnings back in August 2023 as it worked with its lenders to address this breach.Just last week, the manager of MUST released a comprehensive recapitalisation plan to revitalise the REIT and help it get back on its feet.Should unitholders support or reject this plan?Details of the planThe recapitalisation plan involves two key components – revitalise and reinforce.For the revitalise portion, a total of US$285 million will be raised to pay off each lender.MUST will divest its Park Place property to its sponsor, Manulife Financial, at US$98.7 million, which is the higher of the two independent valuations sought.At the same time, the REIT will obtain a six-year unsecured sponsor-lender loan of US$137 million at an interest rate of 7.25%.Finally, MUST needs to tap on US$50 million of its cash balance to fulfil this portion of the deal.Meanwhile, the “reinforce” section seeks to reposition MUST’s portfolio and strengthen its balance sheet.The office REIT will sell assets to raise US$328.7 million with properties prioritised according to their total return potential and capital expenditure (capex) requirements.Source: Manulife US REIT Presentation SlidesThe slide above shows how MUST’s portfolio will be divided into three tranches to determine which assets to sell off first.The priority is to divest the Tranche 1 assets that make up 28.4% of the portfolio as they have high occupancy risk with lower total return potential.As such, half-yearly distributions will remain suspended until the end of 2025 but may resume if certain conditions are met.With the “reinforce” segment, the manager intends to repay maturing debt, fund future capex, and optimise the portfolio to enable the REIT to grow again.Other options were consideredThis plan was proposed after the manager considered numerous options for the REIT.The problem is that the US office sector continues to face headwinds with post-COVID remote work patterns negatively impacting leasing demand.The NCREIF Office Index has declined by 21.1% year-to-date, showcasing the challenging conditions within the sector.Coupled with the high interest rate environment and MUST’s high aggregate leverage, this means that debt financing options are severely limited.The REIT had considered the gradual disposal of its properties to raise cash but with buyers having limited access to credit, this was not a good option.An equity fundraising exercise was also out of the question as MUST’s unit price had declined to an all-time low with banks unable to underwrite any preferential offer as the sponsor’s unitholding is mandated to be capped at 9.8%.Mergers also come with heightened risk in the current environment while new loans and credit facilities were not available.In light of the above, the manager of MUST has come up with a recapitalisation plan which it believes will help to cure the breach and put the REIT back on track for growth.Benefits of the transactionAssuming the recapitalisation plan is approved, MUST’s lenders will initiate a waiver of past and existing breaches and allow a temporary relaxation of financial covenants till 31 December 2025.The lenders need to do so as MUST’s unencumbered gearing ratio will touch 80% after the recapitalisation plan while its interest coverage ratio will be reduced from the current two times to just 1.5 times.MUST has around 19 months to effect the asset dispositions and the lenders have agreed to extend the loan maturities of all facilities by one year.Assuming the recapitalisation plan goes through, the sponsor-lender loan is taken up and the tranche 1 assets are disposed of, MUST’s aggregate leverage is projected to fall to 49.4%.This will bring the gearing level a whisker under the maximum 50% limit as mandated by Singapore’s central bank but also allow the REIT to have breathing room and a longer runway to withstand the US office sector headwinds.Get Smart: An all-or-nothing decisionAn extraordinary meeting (EGM) will be convened by MUST on 14 December to vote on three resolutions.These three resolutions involve the “revitalise” transactions mentioned above along with the approval for the disposition mandate to accelerate the sale of the tranche 1 properties to raise more cash.The manager has communicated that these three resolutions are inter-conditional, meaning that if any of them are not approved, then all three cannot go ahead.Given the lack of alternatives for unitholders as mentioned above, it seems voting for these resolutions would be in their best interests.Should the US office sector conditions improve or the REIT enjoys a favourable outcome for its dispositions, there is a possibility that distributions may be resumed before the end of 2025.","news_type":1},"isVote":1,"tweetType":1,"viewCount":397,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":239789418504312,"gmtCreate":1699579097150,"gmtModify":1699579101733,"author":{"id":"3570656625926041","authorId":"3570656625926041","name":"Alfred1007","avatar":"https://static.tigerbbs.com/81d8406380cbc0525927f00a9510f2fa","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570656625926041","authorIdStr":"3570656625926041"},"themes":[],"htmlText":"Great to see this[Happy]&nbsp;&nbsp;","listText":"Great to see this[Happy]&nbsp;&nbsp;","text":"Great to see this[Happy]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/239789418504312","repostId":"1142249617","repostType":4,"isVote":1,"tweetType":1,"viewCount":170,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":234895811854464,"gmtCreate":1698369105516,"gmtModify":1698369110523,"author":{"id":"3570656625926041","authorId":"3570656625926041","name":"Alfred1007","avatar":"https://static.tigerbbs.com/81d8406380cbc0525927f00a9510f2fa","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570656625926041","authorIdStr":"3570656625926041"},"themes":[],"htmlText":"As usual","listText":"As usual","text":"As 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performance!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9944219628","repostId":"2328498247","repostType":4,"repost":{"id":"2328498247","pubTimestamp":1681860011,"share":"https://ttm.financial/m/news/2328498247?lang=&edition=fundamental","pubTime":"2023-04-19 07:20","market":"us","language":"en","title":"Intuitive Surgical Beats First-Quarter Sales on Higher Procedure Volumes","url":"https://stock-news.laohu8.com/highlight/detail?id=2328498247","media":"Reuters","summary":"Intuitive Surgical Inc beat estimates for first-quarter sales on Tuesday as the surgical robot maker","content":"<html><head></head><body><p>Intuitive Surgical Inc beat estimates for first-quarter sales on Tuesday as the surgical robot maker recorded a rise in total procedure volumes.</p><p>Shares of the Sunnyvale, California-based company rose 9.18% to $294, after the bell.</p><p>The company reported quarterly sales of $1.70 billion, beating analysts&#39; estimates of $1.60 billion, according to IBES Refinitiv data.</p><p>As pandemic-induced staffing shortages ease, the healthcare industry sees a recovery in medical procedures that could help boost the demand of surgical devices in the United States.</p><p>The medical device maker posted a 26% growth in procedure volumes of its surgical robot da Vinci in the first quarter through March from a year earlier.</p><p>Intuitive has been a market leader, while larger rival Medtronic Plc attempts to compete in the space, with its robotic surgical system Hugo, which is currently in clinical trials in the U.S.</p><p>&#34;For many high-volume surgeons especially within the U.S. and Europe, the switching costs will be too immense initially as Intuitive continues to enhance its ecosystem&#34;, BTIG analyst Ryan Zimmerman told Reuters ahead of earnings.</p><p>Investors are eyeing the launch of company&#39;s new multiport surgical robot, which could be a potential near-term catalyst, analysts said after Intuitive in January told its next generation system is not expected to be launched this year.</p><p>&#34;When they come out with the system, directionally I think it&#39;s going to have a big digital footprint - it could be a new form factor for something they already have and then it will definitely drive total addressable market expansion,&#34; RBC Capital Markets analyst Shagun Singh told Reuters.</p><p>Excluding items, Intuitive earned $1.23 per share in the first quarter, above analysts&#39; average estimate of $1.20 per share, according to IBES data from Refinitiv.</p></body></html>","source":"yahoofinance_sg","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" 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sales on Tuesday as the surgical robot maker recorded a rise in total procedure volumes.Shares of the Sunnyvale, California-based company rose ...</p>\n\n<a href=\"https://finance.yahoo.com/news/intuitive-surgical-beats-first-quarter-215930083.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://finance.yahoo.com/news/intuitive-surgical-beats-first-quarter-215930083.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2328498247","content_text":"Intuitive Surgical Inc beat estimates for first-quarter sales on Tuesday as the surgical robot maker recorded a rise in total procedure volumes.Shares of the Sunnyvale, California-based company rose 9.18% to $294, after the bell.The company reported quarterly sales of $1.70 billion, beating analysts' estimates of $1.60 billion, according to IBES Refinitiv data.As pandemic-induced staffing shortages ease, the healthcare industry sees a recovery in medical procedures that could help boost the demand of surgical devices in the United States.The medical device maker posted a 26% growth in procedure volumes of its surgical robot da Vinci in the first quarter through March from a year earlier.Intuitive has been a market leader, while larger rival Medtronic Plc attempts to compete in the space, with its robotic surgical system Hugo, which is currently in clinical trials in the U.S.\"For many high-volume surgeons especially within the U.S. and Europe, the switching costs will be too immense initially as Intuitive continues to enhance its ecosystem\", BTIG analyst Ryan Zimmerman told Reuters ahead of earnings.Investors are eyeing the launch of company's new multiport surgical robot, which could be a potential near-term catalyst, analysts said after Intuitive in January told its next generation system is not expected to be launched this year.\"When they come out with the system, directionally I think it's going to have a big digital footprint - it could be a new form factor for something they already have and then it will definitely drive total addressable market expansion,\" RBC Capital Markets analyst Shagun Singh told Reuters.Excluding items, Intuitive earned $1.23 per share in the first quarter, above analysts' average estimate of $1.20 per share, according to IBES data from Refinitiv.","news_type":1},"isVote":1,"tweetType":1,"viewCount":608,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9944374216,"gmtCreate":1681730467635,"gmtModify":1681730471406,"author":{"id":"3570656625926041","authorId":"3570656625926041","name":"Alfred1007","avatar":"https://static.tigerbbs.com/81d8406380cbc0525927f00a9510f2fa","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570656625926041","authorIdStr":"3570656625926041"},"themes":[],"htmlText":"Seems like only a few can get Disney shares","listText":"Seems like only a few can get Disney shares","text":"Seems like only a few can get Disney 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[Grin] [LOL] [Glance] [Duh]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9944084052","isVote":1,"tweetType":1,"viewCount":421,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9945447131,"gmtCreate":1681571321823,"gmtModify":1681571325570,"author":{"id":"3570656625926041","authorId":"3570656625926041","name":"Alfred1007","avatar":"https://static.tigerbbs.com/81d8406380cbc0525927f00a9510f2fa","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570656625926041","authorIdStr":"3570656625926041"},"themes":[],"htmlText":"Have a good weekend everyone","listText":"Have a good weekend everyone","text":"Have a good weekend everyone","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9945447131","isVote":1,"tweetType":1,"viewCount":455,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9945209916,"gmtCreate":1681474970435,"gmtModify":1681474974092,"author":{"id":"3570656625926041","authorId":"3570656625926041","name":"Alfred1007","avatar":"https://static.tigerbbs.com/81d8406380cbc0525927f00a9510f2fa","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3570656625926041","authorIdStr":"3570656625926041"},"themes":[],"htmlText":"It is Friday...enjoy the weekend","listText":"It is Friday...enjoy the weekend","text":"It is Friday...enjoy the 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