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Mapletree s China-focused REIT IPO nearly 30 times Post Reply Rate topic
bystander1965 Supreme	31-Dec-2021 11:14        bystander1965 About Contact  Quote this Post!   Mood: Yells: "What I say is just my assessment. DYODD"
x 0   x 0  Alert Admin	I guess have to see how market reacts to this going forward. On paper, it does seem MNACT gains more but I think it' s benefitial for MCT also (just like CMT/CCT). But it will require LT commitments. Punters/traders no luck unless you are in MNACT already. It will be very silly for mapletree holding if they want to expand scope of MCT to go buy other properties when they already have them in another reit. This is looking purely through the owner' s POV.
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pkli899 Supreme	31-Dec-2021 11:12        pkli899 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Haha, 2 standpoints, each with valid stances. Btw, me only own MCT, not so good to comment here. I rest my case. Bye.
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bystander1965 Supreme	31-Dec-2021 11:02        bystander1965 About Contact  Quote this Post!   Mood: Yells: "What I say is just my assessment. DYODD"
x 0   x 0  Alert Admin	MCT is SG now today, but even without merger, what is stopping it from acquiring properties in South Asia and even beyond? nothing. So its a moot point.  Of course. Just need to change the charter. However from the company' s POV, why create another one to compete with your own other reit? What is immediate real is management fees goes up, i.e., lesser distributable income. NAC unitholders immediately gain 8% from last traded price.  Where did you see this? I saw some % but referring to different things. So need to go calculate. JustOnce      ( Date: 31-Dec-2021 10:58) Posted: In my humble opinion,  MCT is SG now today, but even without merger, what is stopping it from acquiring properties in South Asia and even beyond? nothing. So its a moot point.  What is immediate real is management fees goes up, i.e., lesser distributable income. NAC unitholders immediately gain 8% from last traded price.  MCT all time high was 2.4x (around Dec 2020)  NAC all time high was 1.4x (around Jul 2019) NAV proforma increase is only 0.12 (from 1.68 to 1.8, only a 7.1% increase) - according to Yahoo Finance, NAC shares outstanding is 3.5B, at the offer at $1.1949 per share, thats SGD4B that perhaps can find better bargain? Still don' t see what is really in gain for MCT. pkli899      ( Date: 31-Dec-2021 10:40) Posted: Yes, there isn' t many properties available for MCT to acquire from their sponsor. None in fact, as far as retail property is concern. Only way for them to grow is to buy from 3rd party or in this case, merger. In the long run, it' s good for both, IMO.
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JustOnce Member	31-Dec-2021 10:58        JustOnce About Contact  Quote this Post!   Yells: "Learning to invest"
x 0   x 0  Alert Admin	In my humble opinion,  MCT is SG now today, but even without merger, what is stopping it from acquiring properties in South Asia and even beyond? nothing. So its a moot point.  What is immediate real is management fees goes up, i.e., lesser distributable income. NAC unitholders immediately gain 8% from last traded price.  MCT all time high was 2.4x (around Dec 2020)  NAC all time high was 1.4x (around Jul 2019) NAV proforma increase is only 0.12 (from 1.68 to 1.8, only a 7.1% increase) - according to Yahoo Finance, NAC shares outstanding is 3.5B, at the offer at $1.1949 per share, thats SGD4B that perhaps can find better bargain? Still don' t see what is really in gain for MCT. pkli899      ( Date: 31-Dec-2021 10:40) Posted: Yes, there isn' t many properties available for MCT to acquire from their sponsor. None in fact, as far as retail property is concern. Only way for them to grow is to buy from 3rd party or in this case, merger. In the long run, it' s good for both, IMO.   bystander1965      ( Date: 31-Dec-2021 10:26) Posted: I have not read the details but I won' t put it that way. As I said earlier, MNACT is the one going places while MCT is the more stable one. So MCT SH will benefit from exposures to other countries' commercial/retail. I saw 1st figure was 8.9% DPU accretion for MCT SH. When was the last time MCT acquired a new asset? How many are there in SG for it to grow? These are the subtle benefits, albeit only if one is LT.
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nott1965 Veteran	31-Dec-2021 10:54        nott1965 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Will vote NO against another low ball tactics!
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Balbir70 Member	31-Dec-2021 10:42        Balbir70 About Contact  Quote this Post!
x 0   x 0  Alert Admin	I' ve not read the details but I feel MNAC shareholders are the losers. The NAV is 1.26 , I think while the offer is lower. The dividend for MNACT is 7.2 and it' s likely to be higher in the future. MCT appears to be the beneficiary!
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pkli899 Supreme	31-Dec-2021 10:40        pkli899 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Yes, there isn' t many properties available for MCT to acquire from their sponsor. None in fact, as far as retail property is concern. Only way for them to grow is to buy from 3rd party or in this case, merger. In the long run, it' s good for both, IMO.   bystander1965      ( Date: 31-Dec-2021 10:26) Posted: I have not read the details but I won' t put it that way. As I said earlier, MNACT is the one going places while MCT is the more stable one. So MCT SH will benefit from exposures to other countries' commercial/retail. I saw 1st figure was 8.9% DPU accretion for MCT SH. When was the last time MCT acquired a new asset? How many are there in SG for it to grow? These are the subtle benefits, albeit only if one is LT.   JustOnce      ( Date: 31-Dec-2021 09:41) Posted: The way I see it the only winner in this is NAC unitholders (being offered 1.1949 per unit (8% more than last traded of 1.1) and the Management company (increased fees)   - nothing really good for MCT unitholders.
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vinc3538 Member	31-Dec-2021 10:39        vinc3538 About Contact  Quote this Post!
x 0   x 0  Alert Admin	continue to received div via the deal is being finalised estimate june ......fair to all...
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bystander1965 Supreme	31-Dec-2021 10:26        bystander1965 About Contact  Quote this Post!   Mood: Yells: "What I say is just my assessment. DYODD"
x 0   x 0  Alert Admin	I have not read the details but I won' t put it that way. As I said earlier, MNACT is the one going places while MCT is the more stable one. So MCT SH will benefit from exposures to other countries' commercial/retail. I saw 1st figure was 8.9% DPU accretion for MCT SH. When was the last time MCT acquired a new asset? How many are there in SG for it to grow? These are the subtle benefits, albeit only if one is LT.   JustOnce      ( Date: 31-Dec-2021 09:41) Posted: The way I see it the only winner in this is NAC unitholders (being offered 1.1949 per unit (8% more than last traded of 1.1) and the Management company (increased fees)   - nothing really good for MCT unitholders.  eEconomist      ( Date: 31-Dec-2021 09:13) Posted: Announcement is out! MCT and MNACT Announce Merger to Form Mapletree Pan Asia Commercial REIT, Asia&rsquo s Top Ten Largest REIT  Proposed merger expected to be distribution per Unit (&ldquo DPU&rdquo ) and net asset value (&ldquo NAV&rdquo ) per Unit accretive for MCT Unitholders on a pro forma basis  Attractive offer at a premium over MNACT&rsquo s trading prices for MNACT Unitholders  Creates distinctive proxy to key gateway markets of Asia with stability and scale  Well-placed to pursue growth opportunities across multiple geographies through enlarged ready platform  Enhanced free float, trading liquidity and increased index representation  Continued support and strong commitment from Sponsor  https://links.sgx.com/FileOpen/2_MNACT_JointPressRelease_31Dec2021.ashx?App=Announcement& FileID=696257
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JustOnce Member	31-Dec-2021 09:41        JustOnce About Contact  Quote this Post!   Yells: "Learning to invest"
x 0   x 0  Alert Admin	The way I see it the only winner in this is NAC unitholders (being offered 1.1949 per unit (8% more than last traded of 1.1) and the Management company (increased fees)   - nothing really good for MCT unitholders.  eEconomist      ( Date: 31-Dec-2021 09:13) Posted: Announcement is out! MCT and MNACT Announce Merger to Form Mapletree Pan Asia Commercial REIT, Asia&rsquo s Top Ten Largest REIT  Proposed merger expected to be distribution per Unit (&ldquo DPU&rdquo ) and net asset value (&ldquo NAV&rdquo ) per Unit accretive for MCT Unitholders on a pro forma basis  Attractive offer at a premium over MNACT&rsquo s trading prices for MNACT Unitholders  Creates distinctive proxy to key gateway markets of Asia with stability and scale  Well-placed to pursue growth opportunities across multiple geographies through enlarged ready platform  Enhanced free float, trading liquidity and increased index representation  Continued support and strong commitment from Sponsor  https://links.sgx.com/FileOpen/2_MNACT_JointPressRelease_31Dec2021.ashx?App=Announcement& FileID=696257
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eEconomist Member	31-Dec-2021 09:13        eEconomist About Contact  Quote this Post!
x 0   x 0  Alert Admin	Announcement is out! MCT and MNACT Announce Merger to Form Mapletree Pan Asia Commercial REIT, Asia&rsquo s Top Ten Largest REIT  Proposed merger expected to be distribution per Unit (&ldquo DPU&rdquo ) and net asset value (&ldquo NAV&rdquo ) per Unit accretive for MCT Unitholders on a pro forma basis  Attractive offer at a premium over MNACT&rsquo s trading prices for MNACT Unitholders  Creates distinctive proxy to key gateway markets of Asia with stability and scale  Well-placed to pursue growth opportunities across multiple geographies through enlarged ready platform  Enhanced free float, trading liquidity and increased index representation  Continued support and strong commitment from Sponsor  https://links.sgx.com/FileOpen/2_MNACT_JointPressRelease_31Dec2021.ashx?App=Announcement& FileID=696257
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Starship Supreme	30-Dec-2021 19:48        Starship About Contact  Quote this Post!
x 0   x 0  Alert Admin	gnail23      ( Date: 30-Dec-2021 19:13) Posted: Good thing must wait mah.... no need to kancheong :) eEconomist      ( Date: 30-Dec-2021 18:57) Posted: Still no news?  They going to wait till next year to announce?
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gnail23 Member	30-Dec-2021 19:13        gnail23 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Good thing must wait mah.... no need to kancheong :) eEconomist      ( Date: 30-Dec-2021 18:57) Posted: Still no news?  They going to wait till next year to announce?
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eEconomist Member	30-Dec-2021 18:57        eEconomist About Contact  Quote this Post!
x 0   x 0  Alert Admin	Still no news?  They going to wait till next year to announce?
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Starship Supreme	30-Dec-2021 17:45        Starship About Contact  Quote this Post!
x 0   x 0  Alert Admin	Lobster      ( Date: 30-Dec-2021 10:18) Posted: I don' t want to comment more or make any speculation, because I don' t want to put my very good friend Kelvin in a tight spot. But I just want to make 2 points on the comments here. First, Not necessary that trading halt must be 3 trading days. It can be extended further at the company' s request Second, Don' t be obsessed with leaks. As I said many times in other threads, in this age of social media and dynamic human world, it is very difficult to keep stuffs secrets. How to? As long as it involves human works, very difficult to keep info or intentions out. BEfore any actual proposal being put out, company will have to send out feelers, whether the targeted party has any interests, or whether it will support any proposal in some situations it will try to get third party support. Then one person will have to ask another, and this another will have to ask another etc.... then in meetings, lawyers may be involved, auditors or assessors, or valuers may be involved. When " outsiders" ( as opposite of " insiders" ) are involved, more people will get to know of this secret intention or proposal. Now, You don' t expect a top lawyer, or chief accountant to type out a draft, or photostat a copy... .. Come on! They have secretary or clerk to do these sorts of manual stuffs. And as I say, as long as human work is involved... very difficult to keep secret things out. They may be under company oath to keep secret..... but a lawyer son may whisper to the father, or a director' s secretary may quietly tell the husband when they making love.... the husband may tell the mistress, the mistress may tell her good neighbour... meanwhile the cleaning lady who cleans the directors room or  clear the rubbish basket may see some thrown away stuff... and tell the coffee lady..... now, it' s no brained to know, how come those coffee shops uncles can know also?
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Lobster Elite	30-Dec-2021 12:50        Lobster About Contact  Quote this Post!   Yells: "Even Adam Khoo believes in the Black Market!"
x 0   x 0  Alert Admin	Haha... I think all along, mistresses is the hole, I mean whole problem.... not insiders leaks Kandee      ( Date: 30-Dec-2021 11:13) Posted: Agree with you.  The market gets hints on most mergers and acquisitions.    However, got to respect Capitaland.  They kept it under wraps until their trading halt call and announcement.    Guess got no mistresses there, lol.  Lobster      ( Date: 30-Dec-2021 10:36) Posted: If you want to compare, and as an example, ESR-ARALOGOS proposed merger must be the worst kept secret proposal.... because in this situation, the proposing party has to garner third parties and several SSHs support before it can even meet to discuss with targeted party.... that was why ARALogos was able to rally for weeks, many many weeks, before official news were out. Yet no investigations. Because how to catch evaporating water?
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Lobster Elite	30-Dec-2021 12:49        Lobster About Contact  Quote this Post!   Yells: "Even Adam Khoo believes in the Black Market!"
x 0   x 0  Alert Admin	Well if you have both Mapletree Comm and Mapletree NAC, you will taking it with a pinch of sugar... As I said this is no third party analysts report... they are real raw info from the horses' mouths, at both different AGMs, so I extracted the similar topics where possible for, as I said, minor comparison...Just from this raw info you can simply see,,... some like dpus, assets profiles, MNAC is better, some like, gearing ratio, total returns since IPO, MCT is better.... it just which tv channel you want to tune to and see..... vested in both. Pdyohwadfmb  bystander1965      ( Date: 30-Dec-2021 10:50) Posted: Ya, that' s my point. Hence I said read with a pinch of salt. These are not real analysis.   Lobster      ( Date: 30-Dec 10:40) Posted: You can. But these were extracted from a blogger' s notes on observation of the presentations made at the recent AGMs...
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Kandee Senior	30-Dec-2021 11:13        Kandee About Contact  Quote this Post!
x 0   x 0  Alert Admin	Agree with you.  The market gets hints on most mergers and acquisitions.    However, got to respect Capitaland.  They kept it under wraps until their trading halt call and announcement.    Guess got no mistresses there, lol.  Lobster      ( Date: 30-Dec-2021 10:36) Posted: If you want to compare, and as an example, ESR-ARALOGOS proposed merger must be the worst kept secret proposal.... because in this situation, the proposing party has to garner third parties and several SSHs support before it can even meet to discuss with targeted party.... that was why ARALogos was able to rally for weeks, many many weeks, before official news were out. Yet no investigations. Because how to catch evaporating water?  Lobster      ( Date: 30-Dec-2021 10:18) Posted: I don' t want to comment more or make any speculation, because I don' t want to put my very good friend Kelvin in a tight spot. But I just want to make 2 points on the comments here. First, Not necessary that trading halt must be 3 trading days. It can be extended further at the company' s request Second, Don' t be obsessed with leaks. As I said many times in other threads, in this age of social media and dynamic human world, it is very difficult to keep stuffs secrets. How to? As long as it involves human works, very difficult to keep info or intentions out. BEfore any actual proposal being put out, company will have to send out feelers, whether the targeted party has any interests, or whether it will support any proposal in some situations it will try to get third party support. Then one person will have to ask another, and this another will have to ask another etc.... then in meetings, lawyers may be involved, auditors or assessors, or valuers may be involved. When " outsiders" ( as opposite of " insiders" ) are involved, more people will get to know of this secret intention or proposal. Now, You don' t expect a top lawyer, or chief accountant to type out a draft, or photostat a copy... .. Come on! They have secretary or clerk to do these sorts of manual stuffs. And as I say, as long as human work is involved... very difficult to keep secret things out. They may be under company oath to keep secret..... but a lawyer son may whisper to the father, or a director' s secretary may quietly tell the husband when they making love.... the husband may tell the mistress, the mistress may tell her good neighbour... meanwhile the cleaning lady who cleans the directors room or  clear the rubbish basket may see some thrown away stuff... and tell the coffee lady..... now, it' s no brained to know, how come those coffee shops uncles can know also?
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bystander1965 Supreme	30-Dec-2021 10:50        bystander1965 About Contact  Quote this Post!   Mood: Yells: "What I say is just my assessment. DYODD"
x 0   x 0  Alert Admin	Ya, that' s my point. Hence I said read with a pinch of salt. These are not real analysis.   Lobster      ( Date: 30-Dec 10:40) Posted: You can. But these were extracted from a blogger' s notes on observation of the presentations made at the recent AGMs.... bystander1965      ( Date: 30-Dec-2021 10:29) Posted: I only have 1 question. Why pick mar2021 year high for MCT calculation ? Why not pick MNAC historical high of 1.5+ a couple years back to do the same calculation? So read w a big pinch of salt
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Lobster Elite	30-Dec-2021 10:40        Lobster About Contact  Quote this Post!   Yells: "Even Adam Khoo believes in the Black Market!"
x 0   x 0  Alert Admin	You can. But these were extracted from a blogger' s notes on observation of the presentations made at the recent AGMs.... bystander1965      ( Date: 30-Dec-2021 10:29) Posted: I only have 1 question. Why pick mar2021 year high for MCT calculation ? Why not pick MNAC historical high of 1.5+ a couple years back to do the same calculation? So read w a big pinch of salt. Lobster      ( Date: 29-Dec-2021 14:05) Posted: I also like MCT better but ended up with more MNACT, probably I did more trading on MCT, whereas MNACT after been hit by the stupid students demonstrators, I been buying and buying every time it went below a dollar, plus when MNACT was MGCCT, there used to be a lot of hype and was one of the market darling as it seemed it paid good dividends, at least better %yield than MCT. But both have marquee retail asset, MCT in Vivo City, and MNACT in Festive Walk which provides a lot of   retailers-interests ( pun intended). I can' t articulate well technically, but perhaps I cut and paste some blogger' s excellent notes for some minor comparison..... 1) BRIEF  MNACT = Listed on the SGX in March 2013, Mapletree North Asia Commercial Trust (MNACT) is a REIT that invests in commercial properties located in China, Hong Kong, Japan, and South Korea. As at 31 March 2021, MNACT owns a portfolio comprising 13 properties with assets under management (AUM) of S$7.9 billion. MCT =  Mapletree Commercial Trust (MCT) is a Singapore-focused REIT that invests in a diversified portfolio of income-producing real estate used primarily for office or retail. As at 31 March 2021, MCT&rsquo s portfolio comprised five properties in Singapore. 2) PORTFOLIO OVERVIEW MNACT = The REIT' s  portfolio consists of the following properties Festival Walk in Hong Kong (56%) Gateway Plaza in Beijing, China (23%) Sandhill Plaza in Shanghai, China (8%) 9 Japan properties &ndash IXINAL Monzen-nakacho building in Tokyo, Higashi-nihonbashi 1-chrome building in Tokyo, TS Ikebukuro Building in Tokyo, ABAS Shin-Yokohama Building in Yokohama, SII Makuhari Building in Chiba, Makuhari Building in Chiba (13%), mBay Point Makuhari Building in Chiba, Omori Prime Building in Tokyo,  Hewlett-Packard Japan Headquarters in Tokyo The Pinnacle Gangnam, Seoul, South Korea MCT =  MCT&rsquo s portfolio comprises five properties in Singapore &ndash four located in the Greater Southern Waterfront (HarbourFront and Alexandra Precincts) and one in the CBD. VivoCity, MLHF and mTower were the initial assets at MCT&rsquo s IPO. Mapletree Anson was acquired by the Manager on 4 February 2013, and Mapletree Business City was acquired by the Manager in two phases - first on 25 August 2016 and the second on 1 November 2019. 2) DPU  MNACT = MNACT reported distributable income of S$210.2 million and a distribution per unit (DPU) of 6.175 cents, a decline of 7.8% and 13% respectively compared to a year ago.  A lower DPU was largely due to higher rental reliefs and lower average rental rates for Festival Walk in Hong Kong and Gateway Plaza in Beijing, and top-ups to distributable income to mitigate the loss of rent during the temporary closure of Festival Walk. MCT =  The amount available for distribution was S$314.7 million, up 29.4% year-on-year, while distribution per unit (DPU) was 9.49 cents, up 18.6%. The CFO shared that S$43.7 million of distribution was retained in 4Q 19/20 in order to boost MCT&rsquo s liquidity in a highly volatile environment to maintain prudence. Since then, MCT has released S$28 million of the retained cash in FY20/21. Excluding the release of S$28 million in retained cash, the DPU for FY20/21 would have been 8.65 cents. 3) DEBT/GEARING RATIO MNACT = MNACT&rsquo S total borrowings stands at S$3.4 billion, with a gearing ratio of 41.5% as at 31 March 2021.  Ng said that the gearing ratio would have been 41.9% assuming the acquisition of Hewlett-Packard Japan Headquarters was completed as at 31 March 2021. MCT = Total debt rose marginally to S$3.03 billion.  Tan said that 70.7% of debt was fixed rate debt which provides MCT reasonable certainty on its interest expenses.  MCT&rsquo s gearing ratio remained healthy at 33.9% with a sizable debt headroom of S$2.8 billion based on the statutory gearing limit of 50%. 4) TOTAL RETURNS SINCE IPO MNACT = Since its IPO, MNACT&rsquo s total returns including distributions is 73.7%, and its latest one-year return is 39.3%.  MNACT continued with its distribution reinvestment plan in FY20/21 to progressively lower the REIT&rsquo s gearing ratio and strengthen its balance sheet to maintain an optimal capital structure. To further align interests with unitholders, MNACT&rsquo s management waived its entitlement to performance fees Ng said that this will continue until DPU exceeds that of FY19/20. MCT =  Since MCT&rsquo s listing 10 years ago, gross revenue and NPI have grown at compounded annual growth rates of over 10% and 12% respectively.  Despite a global backdrop of economic dislocation and volatility in the stock market, MCT&rsquo s share price has constantly out-performed indices. Based on a closing price of S$2.21 as at 31 March 2021, MCT generated 21% of total returns to unitholders in FY20/21. For those who invested since IPO, they would have made more than 230% of total returns, made up of 140% in capital appreciation and over 90% in distribution.
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