MCS Steel Non-Voting DR T.MST.UN

Primary Symbol: MSTUF

M.C.S. Steel Public Company Limited is a Thailand-based steel fabricating company. The principal activities of the Company and its subsidiaries are production and distribution of structural steel products for building construction, and residential development projects for sale. It is a large steel structure manufacturer, especially steel beams and columns for the construction of large high-rise buildings such as office buildings, hotels, shopping malls, and others. There are two types of steel structures produced by the Company: the steel structure used as a column-box and the steel structure used as beams, which are important components of the building. Its subsidiaries include Tanaka Welding Center Co., Ltd., which is focused on welder training and real estate; M.C.S.-Japan Co., Ltd., which is engaged in the design and production of structural steel products; and M.C.S. Steel-Xiamen Co., Ltd., which is engaged in the production and distribution of structural steel products.

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MCS Steel Non-Voting DR

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Post by retiredcfon Jul 18, 2014 10:09am

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Exec. Summ: Cdn REITs Monthly: REITs In A Global Market

REITs In A Global Market; REITs Continue To Perform Well In 2014

 In early July, we hosted 12 Canadian REITs and related companies in London (UK), exploring the increasingly global market for both real estate and REITs. As capital becomes increasingly more global in nature, REITs compete for capital across global markets, while best practices converge.

 Canadian REITs delivered +2% in June, extending the unweighted avg YTD total return to +8%, while the S&P/TSX Capped REIT Index has delivered +8% YTD. Further declines in Canadian and U.S. benchmark bond yields have supported investor interest in interest rate sensitive sectors.

 The 10-yr GoC bond yield fell 51 bps YTD and the average REIT yield spread rose 59 bps, to a wide +427 bps. We expect the end of secularly declining interest rates will drive a shift in Canadian REIT strategies, with greater focus on value-add strategies, lower leverage, and lower payout ratios.

 We expect avg total returns of 0%-10% in 2014, with large-scale M&A needed for higher returns. We favor higher-growth-prospect REITs AP, CSH, and NPR, smaller-caps AAR, DIR, HOT, KMP, MST, MRG, RLC, and WIR, and discounted AX, CAR, HR, and REI. A 44-page report is published today.