DJ MARKET TALK:STI Could Open Lower On US Econ Worries;3020-3058 Eyed 

0041 GMT [Dow Jones] Singapore's STI could open slightly lower, as concerns about the U.S. economy cap sentiment, but moves are likely to be muted Thursday ahead of a holiday-extended weekend. A report that Spain is ready to request a bailout for its banking sector "could support the market, but it won't give it a strong push as earnings season has been uninspiring," says Carey Wong, an analyst at OCBC Bank. The STI fell 0.2% Wednesday to end at 3044.73; the index will likely stick to a 3020-3058 range Thursday. Among stocks likely in focus, Singapore Airlines(C6L.SG) said it would acquire 25 new aircraft from Airbus in an order valued at US$7.5 billion. ARA Asset Management (D1R.SG) may be in focus after the Dynasty REIT it sponsored was suspended. But this could also exert a positive effect on the rest of the market, says Wong, as funds that would have been soaked up by the REIT could now look for other Singapore-listed opportunities. Cache Logistics Trust (K2LU.SG) reported 3Q12 DPU rose 2.3% on-year to 2.14 Singapore cents
 
 

DJ MARKET TALK: Cache Logistics May Stall; 3Q12 DPU +2.3% On Year 

0023 GMT [Dow Jones] Cache Logistics Trust (K2LU.SG) may stall after reporting 3Q12 DPU rose 2.3% on year to 2.14 Singapore cents, as the stock's more than 28% year-to-date advance may limit any further upside. While 3Q12 net property income rose 12.9% to S$18.1 million on higher rental reversions and property acquisitions, expenses and financing costs came in at S$4.68 million, up 17.0% on year. Its portfolio of 12 properties, 11 in Singapore and one in Shanghai, had 100% occupancy. The stock last ended down 0.8% at S$1.22. The all-time high of S$1.27, tapped earlier this month, likely offers near-term resistance, while the S$1.20 zone likely offers support. 
 

Thu, Oct 25, 2012 at 9:49 AM Reply | Reply to all | Forward | Print | Delete | Show original                                                                                                                                                                                                                                                                    MARKET PULSE: Cache, First REIT, LMIRT, Sheng Siong, SIA, CRCT                                                                                                                                                                                                                                                                                                                                                                                       25 Oct 2012                                                                                                                                                        KEY IDEA                                                                                                                                                                                                                                                                                                    Cache Logistics Trust: Strong predictable showing                                                                                                     Cache Logistics Trust (CACHE) turned in a good set of 3Q12 results that were consistent with our expectations. DPU for the quarter edged up 2.3% to   2.144 S cents, notwithstanding an enlarged unit base from private placement done in end-Mar. As at 30 Sep, portfolio occupancy remained at 100%,      while weighted average lease to expiry stood sturdy at 4.1 years. CACHE’s financial position has also remained healthy. While aggregate leverage      increased from 27.5% in 2Q to 32.6%, all-in financing costs improved from 4.38% to 3.57%, thanks to refinancing exercise at the end of 2Q. In         addition, this has also improved its debt maturity profile and increased the amount of committed line of funding, thereby strengthening its           financial flexibility significantly. We are leaving our forecasts intact as the results had panned out according to our estimates. However, we raise  our fair value slightly from S$1.26 to S$1.30 on firmer cap rate assumptions. Maintain BUY. (Kevin Tan)                                                                                                                                                                                                     MORE REPORTS                                                                                                                                                                                                                                                                                                First REIT: Another quarter of steady execution                                                                                                       First REIT (FREIT) reported 3Q12 results which were in line with our expectations. Gross revenue increased 3.7% YoY to S$14.2m due to higher          contribution from all its properties. Distributable amount to unitholders and DPU slipped 12.1% and 12.5%YoY to S$10.6m and 1.68 S cents              respectively, but this was due to the absence of a special distribution which occurred in 3Q11. Looking ahead, FREIT continues to see ample growth    opportunities in Indonesia’s underserved healthcare market. The group would seek approval from its unitholders during an EGM for its proposed         acquisition of two Indonesian properties from its sponsor Lippo Karawaci. While we like FREIT for its visible and defensive income streams which      would provide stability to unitholders, we believe that this has been factored in its share price, as reflected by its FY13F P/B ratio of 1.3x.       Maintain HOLD with an unchanged fair value estimate of S$0.98. (Wong Teck Ching Andy)                                                                                                                                                                                                                       Lippo Malls Indonesia Retail Trust: Proposal for two more acquisitions                                                                                LMIRT has announced the proposed acquisitions of two retail properties, Pejaten Village, located in Jakarta, and Binjai Supermall, located in         Binjai, North Sumatra. The purchase consideration for Pejaten Village is IDR748.0b (~S$96.0m). The purchase consideration for Binjai Supermall is     IDR237.5b (~S$30.5m). Apart from the financing the acquisitions from the proceeds raised from the issuance of S$250m worth of notes in early Jul,     LMIRT will need to raise additional funds. These two proposed acquisitions come shortly after the announcement of the proposed acquisitions of four   properties on 10 Oct. The completion of the acquisitions of Palembang Square Extension and KJI took place on 15 Oct, half a month earlier than what   we expected. Adjusting our model, we raise our fair value from S$0.45 to S$0.47, and maintain our HOLD rating on LMIRT. (Sarah Ong)                                                                                                                                                                         Sheng Siong Group: The ascension continues                                                                                                            Sheng Siong Group (SSG) registered a stellar set of 3Q12 results that came in well within our expectations. 3Q12 revenue grew 16.0% YoY to S$169.7m   on the back of higher comparable same store sales and increased number of stores while net profit jumped 48.1% YoY to S$9.8m on operational           efficiencies with the new Mandai Link Distribution Centre. SSG also recorded a third consecutive quarter of gross profit margin recovery (3Q12:       22.9% vs. 2Q12: 21.9%). Entering the seasonally weaker 4Q12, SSG will add an additional two stores in Ghim Moh and Clementi – locales with minimal    competition and sizeable resident populations – and will end the year with 33 stores. With favourable responses to its store openings, we expect SSG  to close out the year on a strong note. Maintain BUY with an unchanged fair value estimate of S$0.49. (Lim Siyi)                                                                                                                                                                                            Singapore Airlines: Spends US$7.5b to increase fleet                                                                                                  As part of its efforts to maintain a young and modern fleet, SIA announced yesterday that it will spend US$7.5b on five Airbus A380s and 20 A350s     (delivery of the new planes to begin in 2017), which will bring its total firm purchases and lease orders in place with Airbus and Boeing to 68 new   wide-body aircraft. However, as part of this new order, Airbus will acquire SIA’s five A340s. These planes are currently deployed in the non-stop,    long-haul flight sectors between Singapore and the United States (Newark, New Jersey and Los Angeles, California respectively), and their impending   removal will mark the cessation of these services in 4QCY2013 although services to the US will still be available via Tokyo and Frankfurt. On a       related note, SIA also announced that it will transfer 20 B787 planes on firm order (due for delivery from 2014) to its low-cost subsidiary, Scoot,   to aid in its expansion growth and to replace its existing B777 fleet. While the order is a sizable one, we are neutral on its impact given the       delivery timeframe of the planes. Pending its 2QFY13 results release on 2 Nov, we maintain our HOLD rating with an unchanged fair value estimate of   S$10.85. (Lim Siyi)                                                                                                                                                                                                                                                                                         CapitaRetail China Trust: Private placement of 57m units                                                                                              CRCT has announced the private placement of 57m new units, raising gross proceeds of ~S$86.1m. The private placement was upsized from the original    offer of S$75.0m, due to strong demand from over 30 existing and new investors from Asia, the United States and Europe. In connection with the        private placement, the manager of CRCT intends to declare an advanced distribution of CRCT’s distributable income for the period from 1 Jul to 1 Nov  2012, the day immediately prior to the date on which the new units will be issued, to existing unitholders of CRCT. The new units will not be         entitled to the advanced distribution. The issue price of S$1.51 per new unit represents a discount of ~5.8% to CRCT’s adjusted volume weighted       average price of S$1.603 per unit on the full market day on 24 Oct 2012 and subtracting the advanced distribution of approximately 3.22 S cents per   unit. The manager of CRCT says that the private placement strengthens the balance sheet and provides greater capacity for potential growth            opportunities. We place our fair value of S$1.71 and Buy rating UNDER REVIEW. (Sarah Ong)                                                                                                                                                                                                                                                                                                                                                                         For more information on the above, visit www.ocbcresearch.comfor the detailed report.                                                                                                                                                                                                                                                                                                                                                                             NEWS HEADLINES                                                                                                                                                                                                                                                                                              - US stocks extended their losses on Wednesday, with the Dow falling 0.2%, while the S&P500 Index and the Nasdaq both ended 0.3% lower. The Fed is    concerned that economic growth remains weak and will maintain its QE3 asset-purchase programme until the labour market improves substantially.                                                                                                                                                              - Triyards Holdings' PATMI for the year ended 31 Aug rose 421% to US$44.1m, as revenue rose 223% to US$366.9m. The strong performance was driven by   the completion of existing vessel construction projects as well as the start of new landmark projects.                                                                                                                                                                                                      - Hwa Hong Corp's 3Q12 PATMI fell 16.1% YoY to S$2.0m despite a 3.1% rise in revenue to S$9.5m, due mainly to higher general and administrative       costs.                                                                                                                                                                                                                                                                                                      - Pertama Holdings expects to report a loss for 1Q13 due to start-up expenses of new stores in Malaysia and lower consumer electronics prices.                                                                                                                                                              - Boustead Singapore will invest S$20.1m in a joint venture with a consortium of investors to develop an integrated real estate project in Tongzhou,  Beijing.

This message was edited by stand up n wake up on 25-Oct-2012 @ 11:58 AM

Today’s Focus

 STI underperformed Hang Seng/SSEC post QE3/OMT,

trend to continue with FY13F downgrades and

emergence of inflation worries

 HPH Trust - Prospects looking good, BUY on any near

term weakness, TP raised to US$0.88

US markets ended marginally lower as a better US new home

sales (actual +5.7% m-o-m, consensus +3.2% m-o-m) were

offset by weak corporate results. We observed that the Dow

has fallen 2% thus far post QE3 announcement on September

13. This is in stark contrast to the stock market reaction

following the announcement of the first 2 QEs. It highlights

the “law of diminishing returns”. For the Dow, 13000 is the

near-term support, rebound is likely cap at 13275.

Next, we observed that in the period preceding the ECB’s OMT

and FED’s QE3 announcement in September, STI outperformed

many regional indices as Singapore is seen as a safe haven that

offers good yield, while HK/China equity markets performed

poorly. Post QE3, STI has underperformed. Conversely, the

Hang Seng Index performed very well and even China’s SSEC

outperformed the STI. For the local bourse, potential FY13F

earnings downgrades that have yet to fully flow through and

the emergence of inflation worries will still likely cause the STI

to underperform the north Asian markets. For the current

session, STI looks to continue its recent directionless trend.

Hutchison Port Holdings Trust’s healthy volume growth did not

translate to similar revenue and earnings growth in 3Q12.

However, FY12F DPU of 6.6UScts looks safe but FY13 DPU

may be affected by absence of capex deferral. Our analyst has

cut FY13F DPU by about 3% to 6.4UScts, to factor in higher

operating costs and the absence of support from further capex

deferral. Macro indicators are trending up in US and China,

and yield compression continues in Singapore. BUY on any

near term weakness, TP raised to US$0.88 (Prev US$ 0.85).

3Q12 results for Cache Logistics Trust were in line. We expect

strong earnings visibility and further uplift from potential

acquisitions in 2013. Maintain HOLD, TP raised to S$1.26 (Prev

Wired Daily

2Q13 results for Mapletree Industrial Trust held steady q-o- q. Operational results stable while reversions remained positive at c19-23% y-o-y. Maintain HOLD with revised TP of S$1.43 (Prev S$ 1.35) as we roll forward our valuations to FY14.

3Q12 results for Sheng Siong Group were slightly ahead

on better margins. We see SSG being capable of adding an average of three stores each year to its total store count

for FY13F and FY14F. By the end of FY12, SSG is expected to have 33 stores (+8 new stores in FY12) with a total retail area of 400,000 sq ft. After factoring in a slightly more robust 3Q12 earnings, our earnings expectation for FY12F

is now revised by +3.8%. Maintain HOLD, TP raised to

S$ 0.51 (Prev S$ 0.47) as we roll over our valuation from

20x blended FY12F/FY13F earnings base to 20x FY13F

earnings.

CapitaRetail China Trust is placing 57m new units or 8.3%

of the total number of units at S$1.51 each. The issue price represents a 5.8% discount to the last closing price. The gross proceeds raised amounts to approximately S$86.1m, with net proceeds after deducting all expenses at S$83.6m. CRCT will be distributing an advance distribution of 3.22cts from the period of 1 Jul to 1 Nov

2012 to existing unit holders on 1 Nov 2012. Our analyst has nudged down FY12 and FY13 DPU by 2% and 6% respectively. Gearing is expected to fall from 30.4% to

29% assuming that the proceeds is used to pare down debt at this point in time. Maintain HOLD call with a slight\y lower TP of S$1.66.

Singapore Airlines will be ordering five more Airbus A380s and another 20 A350s for additional capacity growth and fleet renewal. The firm order commitments are valued at US$7.5bn based on Airbus’ published list prices. Deliveries are due to begin in 2017. SIA currently operates 19 A380-

800 superjumbos and already had firm orders in place for

20 A350s, for delivery from 2015. As part of the deal, Airbus has agreed to acquire SIA’s five A340-500s, which will be removed from service in the fourth quarter of the

2013 calendar year, in line with the Airline’s policy to maintain a young fleet. This will result in the cessation of non-stop flights between Singapore and Los Angeles and between Singapore and Newark.

Separately, Scoot, the long-haul low-cost subsidiary of

Singapore Airlines, has agreed to acquire twenty Boeing

787 aircraft for delivery commencing in 2014. The twenty fuel-efficient aircraft will be used to replace Scoot’s Boeing

777-200 fleet and facilitate the airline’s ongoing expansion.

Dynasty REIT has decided to suspend its S$956m IPO due to weak market conditions. The dual CNY and SGD denominated REIT would have been the largest IPO in Singapore this year. ARA Asset Management is the sponsor for Dynasty REIT.

Boustead Singapore has joined a consortium developing a mixed-use project in Beijing's Tongzhou district and will invest $20.13m in the venture. This marks Boustead's first foray into commercial and retail developments in China. The consortium - which includes Perennial China Retail Trust and BreadTalk Group, is developing the Beijing Tongzhou Integrated Development in partnership with the subsidiary of a Beijing real estate developer. Total equity investment in the project is around $500m.

The China HSBC Flash Manufacturing Purchasing Managers Index (PMI) rose to a three-month high of 49.1 in October. The uptick in the headline index, along with rises in new orders and output - its two biggest sub- components - and broad improvement in export orders, inventories and prices charged, all signal a turnaround in the world's second-biggest economy.

Plastoform Holdings Limited 18-Oct-12 Share Buy-Back 2,500,000 0.0

Wired Daily

Stock Transacted Date Substantial Shareholder/ Director Buy/Sell/

No of

Shares

Price Per

%Issued Cap

Before

%Issued Cap

Conv

('000)

Share $

Change After Change

Cogent Holdings 10-Oct-12 Tan Yeow Khoon * Buy 430 0.11 2.1 2.19

Stamford Tyres 10-Oct-12 Dawn Wee * Buy 113 0.33 31.58 31.63

Stamford Tyres 10-Oct-12 Wee Kok Wah * Buy 113 0.33 16.29 16.34

Swissco Hldgs 10-Oct-12 Yeo Chong Lin Buy 3169 - 6.28 7.01

TA Corp 10-Oct-12 Koh Wee Seng Buy 250 - 8.57 8.62

Cogent Holdings 09-Oct-12 Tan Yeow Khoon Buy 250 0.12 2.04 2.1

Samko Timber 09-Oct-12 Sampoerna Forestry Buy 315 - 39.79 39.81

SingTel 09-Oct-12 Chua Sock Koong * Buy 1124 3.2 0.09 0.09

Sound Global 09-Oct-12 Wen Yibo Buy 1931 0.52 0.46 0.61

Stamford Tyres 09-Oct-12 Dawn Wee * Buy 9 0.33 31.58 31.58

Stamford Tyres 09-Oct-12 Wee Kok Wah Buy 9 0.33 16.28 16.29

Swissco Holdings 09-Oct-12 Yeo Chong Lin Buy 5410 - 5.03 6.28

TA Corp 09-Oct-12 Koh Wee Seng Buy 162 - 8.54 8.57

Venture Corp 09-Oct-12 Aberdeen Int'l Fd Mgrs * Buy 360 - 6.89 7.02

Venture Corp 09-Oct-12 Aberdn Asst Mgt PLC &sub * Buy 360 - 23.95 24.08

Aussino Group 08-Oct-12 Samcorp Capital Corp Sell 10668 - 34.06 30.55

Aussino Group 08-Oct-12 Anthony Lim * Sell 10668 0.13 34.23 30.71

Jasper Investments 08-Oct-12 Geoffrey Yeoh Sell 1200 0.06 1.4 1.37

OnionTech 08-Oct-12 Leong Hong Kah Buy 168 - 5.1 5.21

Stamford Tyres 08-Oct-12 Dawn Wee * Buy 70 0.33 31.55 31.58

Stamford Tyres 08-Oct-12 Wee Kok Wah Buy 70 0.33 16.26 16.29

TA Corp 08-Oct-12 Koh Wee Seng Buy 1000 - 8.32 8.54

8Telecom Intl Hldgs 05-Oct-12 Yeo See Meng * Buy 198 0.13 2.63 2.67

Aussino Group 05-Oct-12 Samcorp Capital Corp Sell 15334 - 39.12 34.06

Aussino Group 05-Oct-12 Anthony Lim * Sell 15334 0.14 39.29 34.23

Jason Parquet 05-Oct-12 Yap Koon Hong * Buy 263 - 9.24 9.49

TA Corp 05-Oct-12 Koh Wee Seng Buy 881 - 8.13 8.32

Wilmar Int'l 05-Oct-12 Martua Sitorus * Buy 2000 3.18 10.1 10.14

Blumont Group 04-Oct-12 Chan Kern Ming * Sell 108992 - 6.44 0

BRC Asia 04-Oct-12 Lim Siak Meng Buy 1037 0.14 4.64 4.76

China Essence 04-Oct-12 Sanlam Universal Fund PLC Sell 540 - 8.1 7.97

Fraser and Neave 04-Oct-12 M&G Securities * Sell 10145 - 5.02 4.32

Fraser and Neave 04-Oct-12 MAGIM, M&G Ltd, M&G Grp * Sell 10333 - 5.22 4.49

Jason Parquet 04-Oct-12 Yap Koon Hong Buy 7432 0.25 2.08 8.96

Jason Parquet 04-Oct-12 Yap Koon Hong * Buy 300 - 8.96 9.24

Khong Guan Flour 04-Oct-12 Goh Tee Kia * Buy 54 - 7.56 7.77

Oceanus Group 04-Oct-12 Yu De Hua * Sell 24559 - 7.95 6.99

Stamford Tyres 04-Oct-12 Dawn Wee * Buy 20 0.33 31.54 31.55

Stamford Tyres 04-Oct-12 Wee Kok Wah Buy 20 0.33 16.25 16.26

TA Corp 04-Oct-12 Koh Wee Seng Buy 457 - 8.03 8.13

TA Corp 04-Oct-12 Koh Wee Seng Buy 950 - 7.83 8.03

Yanlord Land Grp 04-Oct-12 Aberden Asst Mgt PLC &sub * Buy 1365 - 5.96 6.03

*Deemed Interest

Source: Business Times; SA: Share Allotment; ST: Share Transfer, B/R: Bonus/Rights Issue; OE: Option Exercise; PL: Placement Shares

Wired Daily

SECOND CHANCE PROPERTIES LTD DIVIDEND SGD 0.005 ONE-TIER TAX 19-Dec-12 28-Dec-12

SECOND CHANCE PROPERTIES LTD DIVIDEND SGD 0.033 ONE-TIER TAX 19-Dec-12 28-Dec-12

REIT SINGAPORE

October 23, 2012

Mapletree Industrial Trust 2QFY13 RESULTS NOTE

MINT SP / MAPI.SI

Current S$1.40 SHORT TERM (3 MTH) LONG TERM

Market Cap Avg Daily Turnover Free Float Target S$1.51

US$1,856m US$2.66m 69.7% Previous Target S$1.31

S$2,273m S$3.30m 1,629 m shares Up/downside 7.9%

CIMB Analyst

No major surprises

We believe MINT’s current P/BV of 1.4x has priced in its growth potential, particularly as passing rents of its under-rented portfolio catches up with the market and on likely increasing resistance from tenants amid external demand headwinds and cost pressures.

Tan Siew Ling

T (65) 62108698

E [email protected]

Donald Chua

T (65) 62108606

E [email protected]

2Q/1HFY13 DPUs broadly met our and consensus expectations, at

26/53% of our FY13 estimates. We nudge DPUs marginally higher on

margin adjustments and raise our

DDM-based target price after lowering our discount rate to 7.3% from 8.1% previously. Maintain Neutral.

No major surprises

The portfolio remained resilient.

2QFY13 DPU was up 12% yoy on

contributions from acquisitions, positive rental reversions and margin improvement. Qoq, DPU was flat (+1%). Positives came from the marginally stronger portfolio occupancy of 95.0% (1Q: 94.9%). Rental reversions remained fairly strong: flatted factories at +23%; business parks at +8%; stack-up/ ramp-up at 20.7%; and warehouse at

+19%. Some concerns could come from the fairly slow take-ups at its BTS/AEIs as pre-commitments remain fairly unchanged from 1Q, though more take-ups could flow

through nearer to completion. Warehouse occupancy had also dipped to 73% from 90% in 1Q.

Stronger capital management Asset leverage is at 37.2% as at end-2Q, or 39-40% considering developments and AEIs. In 2Q, MINT issued a S$45m 10-year fixed rate note which successfully lengthened average debt tenure to 3.2 yrs from

2.7 yrs. Yet, cost of borrowing fell from 2.5% to 2.3%, due partly to the replacement of expiring interest rate swaps with lower cost ones.

Maintain Neutral

Notwithstanding the resilient portfolio, we believe the current P/BV of 1.4x (among the highest in the sector) has likely priced in growth potential, particularly as passing rents of its under-rented portfolio catches up with the market, and on likely increasing resistance from tenants amid external demand headwinds and cost pressures.

Results Comparison

REIT SINGAPORE

October 23, 2012

Mapletree Industrial Trust 2QFY13 RESULTS NOTE

MINT SP / MAPI.SCurrent S$1.40 SHORT TERM (3 MTH) L

Market Cap Avg Daily Turnover Free Float Target S$1.51

US$1,856m US$2.66m 69.7% Previous Target S$1.31

S$2,273m S$3.30m 1,629 m shares Up/downside 7.9%No major surprises

We believe MINT’s current P/BV of 1.4x has priced in its growth potential, particularly as passing rents of its under-rented portfolio catches up with the market and on likely increasing resistance from tenants amid external demand headwinds and cost pressures.

2Q/1HFY13 DPUs broadly met our and consensus expectations, at

26/53% of our FY13 estimates. We nudge DPUs marginally higher on

margin adjustments and raise our

DDM-based target price after lowering our discount rate to 7.3% from 8.1% previously. Maintain Neutral.

No major surprises

The portfolio remained resilient.

2QFY13 DPU was up 12% yoy on

contributions from acquisitions, positive rental reversions and margin improvement. Qoq, DPU was flat (+1%). Positives came from the marginally stronger portfolio occupancy of 95.0% (1Q: 94.9%). Rental reversions remained fairly strong: flatted factories at +23%; business parks at +8%; stack-up/ ramp-up at 20.7%; and warehouse at

+19%. Some concerns could come from the fairly slow take-ups at its BTS/AEIs as pre-commitments remain fairly unchanged from 1Q, though more take-ups could flow

through nearer to completion. Warehouse occupancy had also dipped to 73% from 90% in 1Q.

Stronger capital management Asset leverage is at 37.2% as at end-2Q, or 39-40% considering developments and AEIs. In 2Q, MINT issued a S$45m 10-year fixed rate note which successfully lengthened average debt tenure to 3.2 yrs from

2.7 yrs. Yet, cost of borrowing fell from 2.5% to 2.3%, due partly to the replacement of expiring interest rate swaps with lower cost ones.

Maintain Neutral

Notwithstanding the resilient portfolio, we believe the current P/BV of 1.4x (among the highest in the sector) has likely priced in growth potential, particularly as passing rents of its under-rented portfolio catches up with the market, and on likely increasing resistance from tenants amid external demand headwinds and cost pressures.

Results Comparison

SOURCE: CIMB, COMPANY REPORTS

Mapletree Industrial Trust

October 23, 2012

Figure 6: CIMB REIT Overview

SREIT