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RetroRanger

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  1. "I hope the REIT’s are simply another source for them to accumulate managed units and expand their recurring businesses. " That is the whole reason ! The slide is saying that. The slide even says the Reits are there to accelerate reaccuring revenues.
  2. Lets say when they sell they dont profit anymore "directly". The Reits are still subsidaries of shinoken, so Shinoken would be holding a percentage of shares ---> so they would still profit in that scenario. I have to check their latest report again to find out more details.
  3. Is the purpose of the REIT to provide long term growth to Shinoken through sales, construction, and management revenue of the properties held within the REIT? Thats how i understood it. Like the structure you described. Please note WE are talking about two reits. The one in Indonesia and the new one in Japan ( Tokyo) for their new Mini residence
  4. He Had ,2% of the Portfolio in it. I rather go with guys Like Munger/Pabrai who speek with their high conviction positions .
  5. Yeah i wondered the Same. I guess they will a) hold a certain percentage of shares and b) will get all service contracts. The purpose of the REIT ist managing / getting service contracts for Shinoken.
  6. Yes, shinoken will Profit from a service perspective. Personally i dont see a reason to Invest in the Reit. I want to be holding the Spawner, not the subsidary.
  7. I find q1 Results good. Land purchasements has been stopped due covid but sales we're not largely affected. Service Business increased --> thats the important Part. Company Luminous "spawned" A new Apartment Type "Mini residence" New Shinoken REIT will be listed after DEC 21 Occupancy over 99%
  8. "The only basis for an investment here, is as an asset play...not as a business. " No youre pinpointing me on my language , please stop. Of course i know its a Asset Play ! But i am a shameless cloner on this with Spier and Pabrai ! As in terms of debt. Everything will be paid by selling properties. That was always SRGs Game. Sell to Finance. If you are not satisfied with the answer then .
  9. "This is going to sound condescending , but it does concern me that i see you reference the stock px a lot but not the fully diluted market cap or EV. Why do ya like it at $2.2B but not $2.3B?" I do ? I never noticed. To me it does not matter If the stock is at 14 or 20. I bought into a Business, Not a Stock. I just want to point out another restock chance perhaps incoming. But you all probably have 10+ years experience in the stock Market. I dont. I am simply not (yet) used to such a vola ! Thats all
  10. Market is crazy again Stock price at 23 2 months ago , now at 14 again nothing changed (in the good or bad ). Under 12 i will buy more SRG again!
  11. Yes i know. Was just a General comment and sad to see for Japan.
  12. Shinoken gives a slight Covid update (but just in terms of safety instructions). Sadly Japan is still heavily impacted by COVID (only 4% of people there totally vaccinated). For translation use google translate works fine. https://www.shinoken.co.jp/presses/get_img/540/file1_path/20210510_540.pdf
  13. Yes, they are a buyback machine its funny their english IR page is mostly useless for news
  14. The leases are Important but more important is that they want to convert projects Like Dallas from 235.000 sqf to 2.350.000. Thats a 10x on the assets alone. Now take a conservative price of 22 $ per sqf and yeah you get the numbers!
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