Creo Medical Share Discussion Threads

[kimboy2] 13/12/2010 09:34

The news looks OK to me and a positive reaction from the market.

[gucci101] 09/12/2010 12:35

Note some big news today. Trading temporarily suspended.

[eddie1980] 30/11/2010 10:06

New loan approved for Beijing logistics park. 170M RMB so not massive, but all helps I guess.

Announcement also states portfolio committed occupancy up to 90.1% from 86% in recent results.

[eddie1980] 25/11/2010 10:59

Article on expansion plans into 2nd tier cities in eastern and central China, focusing on retail buildings.

Good in my eyes as a certain amount of diversification in locations and building type reduces risk, and hopefully potential for higher yields in these less commercially developed cities.

[gucci101] 15/11/2010 10:10

What a farce.

[longsight] 10/11/2010 19:20

Flip - liquidity isn't great yet. That will probably put IIs off if they can't get the stock. I think if your time horizon is not short term then the share price will start to reflect the value & yield here - in particular if they get involved with retail developments in Shaanxi.

[longsight] 09/11/2010 21:16

Flip - they are going to have to sell something to do something in Shangdong & Shaanxi. I think Treasury Bg might be the first to go. I like the emphasis in the RNS on retail property - the quoted figures for yield on Shaanxi comm prop & the almost 20% yoy retail consumption growth look v good. Shaanxi is a boom province.

[flip101] 09/11/2010 20:18

What I suppose irritates me is that all the positive news flow would have probably lead to a share price closer to £7-8 if still London listed. Instead we are listed in a place where the investor audience really does not understand TCT's business model. All they are looking for is a yield rather than considering the capital values of the assets.

Let's see TCT sell an asset, therefore demonstrate the underlying NAV of 4.00SGD/share and then invest the proceeds in these new JV's and maybe a share buyback.

[flip101] 09/11/2010 18:13

I think TCT are going down the correct route in expanding into the second tier retail market. Yields are high because prices are low so there is significant scope for capital appreciation.

Still no proper institutional buying since the large order a few months ago. I hope TCT announce soon how they plan to fund these JV's.

[longsight] 09/11/2010 08:43

Good RNS on the new JV in Shaanxi.

I think TCT is doing all the right things & that the share price will start to reflect that sometime soon.

[flip101] 04/11/2010 19:17

True although it would be nice to be able to see a bit more strength on the bid. It doesn't appear to be institutional size yet.

Ex-divi next week.

[longsight] 04/11/2010 09:30

Another day of decent liquidity. I think TCT is starting to come on the radar.

[flip101] 03/11/2010 16:16

Lonsight - agree and I just wonder what price the stock would be trading at on AIM. Operationally things have improved considerably with occupancy back up and refinancing risks addressed.

I'm not sure TCT does have scope to borrow since the CC development loan increases debt-to-assets towards the 45% limit. I think they'll either have to sell Central Plaza or they will have to issue equity.

At this kind of discount to NAV though I'd vote against any equity raise, even if it improved the company's profile and liquidity in Singapore.

[longsight] 03/11/2010 16:01

Flip - I agree that Edison are paid to produce the note but notwithstanding that I think the note is well balanced. In comparison the figures in the JPM note made no sense.

On transactions, TCT have scope to borrow to some extent - the Banks clearly like what they see to offer loans at such lo interest rates. More substantially, TCT cd sell Treasury Building or maybe Central Plaza to fund acquisitions / developments.

The news flow since listing has been impressive.

[flip101] 03/11/2010 15:17

A good note although it is essentially a marketing document for TCT as it is paid research by the company.

Interest has picked up and I would guess a fair amount of stock will come out around this level as the low 170's is break-even on the listing.

I would also be interested to know what Richard David plans with regards to "transactions" before year end. They don't have significant cash balances so hard to see how they will go about doing this.

[longsight] 03/11/2010 14:44

Edison note is now up on TCT website. Worth a read, imo.

[longsight] 03/11/2010 09:17

Great to see liquidity improving. Looks like there is a bit more interest.

[gucci101] 02/11/2010 13:36

Time to sell it?

[longsight] 02/11/2010 10:41

02/11/10 Treasury China Trust
(a business trust registered in the Republic of Singapore)
(managed by Treasury Holdings Real Estate Pte. Ltd.)

Treasury China Trust Re-launches Central Plaza with 97% Occupancy
MetLife Commits to Double Office Space Requirements
Treasury Holdings Real Estate Pte Ltd, as Trustee Manager of Treasury China Trust ("TCT"), wishes to announce that Central Plaza, a 22 storey office building with 3 level retail podium, was re-launched in downtown Shanghai with 97% occupancy following the recent completion of its comprehensive refurbishment.

The committed occupancy for the property now stands at 97% following the decision by US insurer Metlife to increase its office space from 3,093 square metres to 6,634 square metres. In addition, two further tenancies in the retail podium totalling 1,147sqm have been secured.

TCT acquired Central Plaza in July 2007 with a firm plan to undertake a comprehensive refurbishment and to reposition the asset as a high quality commercial property to more appropriately reflect its premium location in the heart of the Shanghai CBD. This vision has now been realised and has been indisputably recognised by the market with near full occupation within 3 months of its completion at rent levels that are above the market average, demonstrating the positive impact of TCT's proactive asset management, one of its' key strengths relative to its peers.

Of equal importance is the quality of the rent roll featuring strong tenant covenants in the form of Metlife Insurance, Prudential Insurance, Boston Consulting Group, Hennes and Mauritz (H&M), Rohde & Schwartz, Grohe, Tristate and White Horse Advertising which collectively equates to more than 50% of the building's office space.

In the recent officiating ceremony held at Central Plaza, Mr. Zhou Wei, Mayor of Huangpu Government, highly praised Central Plaza and defined it as one of the iconic buildings that has immensely contributed to the development of Huangpu district in its plan to become a commercial and financial centre of Shanghai.



Officiating Ceremony of Central Plaza
(From Left to Right: Mr. Richard David, CEO of TCT; Ms. Guo Fang, Deputy Mayor of Huangpu Government; Mr. Conor O'Riordan, the Irish Counslate to Shanghai; Mr. Zhou Wei, Mayor of Huangpu Government; Mr. Richard Barrett, Chairman of TCT; Mr. Huang Feng, Deputy Director-General, Shanghai Municipal Commission of Commerce; Mr. Rory Williams, Director of TCT; Mr. Simon Harding-Roots, COO of TCT)

The renewed and enlarged commitment of MetLife is also a testament to the resurgence in demand seen from multinational companies to expand and upgrade their office space requirements in Shanghai throughout 2010. For the third quarter of 2010, average Grade A office rents in Puxi recorded their fastest pace of growth since 2005, at 5.1% to RMB7.0 per sqm per day and this momentum is expected to continue fuelled by the strong demand for quality office space mainly driven by the expansion of the financial industry.

Richard David, CEO of Treasury China Trust, commented, "Central Plaza embodies our proactive approach to asset management and capital reinvestment which we believe differentiates us from many of our peers. When we acquired the property, Central Plaza was an under-performing asset – it has now been completely repositioned to take full advantage of its strong location in the heart of Shanghai's downtown precinct. More importantly the market has spoken in the most emphatic of terms reflected in the over-whelming strength of tenant covenants represented by groups such as Metlife who have chosen Central Plaza over a myriad of alternatives culminating in near full occupancy for the building shortly after its re-launch. The market's response to TCT's enduring commitment to capital reinvestment speaks well for the future, in which we are due to commence the redevelopment of our City Center asset this month and as such we look forward with great confidence to the future and our expectation that our gross rental income
will double over the next 3 years."