In today’s briefing:
- Fraser Hospitality Trust (FHT SP): Scheme Vote on 15 August
- QAF: Regional Consumer Stock with Appealing 5.6% Dividend Yield
- Frasers Hospitality Trust (FHT SP): 15th August Vote On Frasers Prop/TCC Offer
Fraser Hospitality Trust (FHT SP): Scheme Vote on 15 August
- The Frasers Hospitality Trust (FHT SP) IFA opines that Frasers Property Ltd (FPL SP)’s scheme offer of S$0.71 cash and permitted distributions (estimated at S$0.0098) is fair and reasonable.
- While the current offer is arguably light compared to the failed 2022 offer, the lack of vocal opposition and limited retail displeasure reduces the vote risk.
- On balance, the scheme vote should pass. For a 30 September payment, the gross/annualised spread of the total offer (S$0.7198) is 2.8%/15.6%.
QAF: Regional Consumer Stock with Appealing 5.6% Dividend Yield
- Singapore small-mid cap stocks are having a good run in anticipation of Market Equity Development Programme. QAF may appeal to yield investors
- QAF is a well run number 1 bread company in Singapore, Malaysia and Philippines
- Business is stable and mature making it difficult for a new player to enter the market
Frasers Hospitality Trust (FHT SP): 15th August Vote On Frasers Prop/TCC Offer
- Back on the 14th May 2025, S-REIT Frasers Hospitality Trust (FHT SP) entered into a Scheme with its current sponsor, Frasers Property Limited, @ S$0.71/share.
- The Scheme Consideration is 1.11x the latest adjusted NAV estimate of S$0.63904/unit; and S$0.01/unit above Frasers/TCC’s S$0.70/unit failed Offer back in September 2022.
- The Scheme Doc is now out, with a shareholder vote on the 13th August. The IFA says fair and reasonable.
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