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Latest Forum Topics / Mapletree NAC Tr  Post Reply
Mapletree s China-focused REIT IPO nearly 30 times
Lobster
Elite
30-Dec-2021 10:36     
 
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 Alert Admin 		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
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30-Dec-2021 10:29     
 
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 Alert Admin 		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.

 

 

JustOnce      ( Date: 29-Dec-2021 10:57) Posted:

Agree, any M& A involves many " bang table" sessions. I am only vested in MCT - I think its good for NAC but I don' t think its good deal for MCT but I could be wrong, I have not done all the numbers, but purely looking at the results of both REITS (their last annual report ending 31 March 2021). MCT seems to be doing much better. 
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Lobster
Elite
30-Dec-2021 10:18     
 
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 Alert Admin 		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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Starship
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30-Dec-2021 09:04     
 
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JustOnce      ( Date: 30-Dec-2021 08:06) Posted:

15 Waiting Memes That Even the Most Patient Person Can Relate to
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bystander1965
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30-Dec-2021 08:50     
 
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 Alert Admin 		I am of the opinion there was some leaks also.
But based on your argument, then there would have been times there were " leaks" for weeks with no real stuff when it went on and on for weeks climbing up and up. laugh Actually for any counter ...
 

peppergal_87      ( Date: 29-Dec-2021 23:02) Posted:

Surely there is a leak. How else would the price jump up consistently for the past few sessions before trading halt?

eEconomist      ( Date: 27-Dec-2021 14:40) Posted:

Mapletree NAC is up  3.7% today and also up in recent weeks.  Does anyone knows why?  Vested.

 


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bystander1965
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30-Dec-2021 08:47     
 
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 Alert Admin 		Third day. If today there is still no announcement, it goes into suspension? laugh
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streak88
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30-Dec-2021 08:21     
 
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 Alert Admin 		For sure there is a leak. That' s why they have to halt trading even when they are not ready to announce the details. 

If it is merger with MCT, there are simply too many people involved, and some kind of leak is inevitable. 
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JustOnce
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30-Dec-2021 08:06     
 
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 Alert Admin 		15 Waiting Memes That Even the Most Patient Person Can Relate to
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peppergal_87
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29-Dec-2021 23:02     
 
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 Alert Admin 		Surely there is a leak. How else would the price jump up consistently for the past few sessions before trading halt?

eEconomist      ( Date: 27-Dec-2021 14:40) Posted:

Mapletree NAC is up  3.7% today and also up in recent weeks.  Does anyone knows why?  Vested.

 

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eEconomist
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29-Dec-2021 23:00     
 
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 Alert Admin 		Halted for 2 days and now in end of day 2.  Still no annoucement.
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bystander1965
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29-Dec-2021 20:11     
 
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还 是 没 答 案 。 laugh
 
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Starship
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29-Dec-2021 19:50     
 
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JustOnce      ( Date: 29-Dec-2021 14:26) Posted:

Thanks for sharing Lobster. 

Only if they make that damn announcement, lol, then we all don' t have to guess!!!

Lobster      ( Date: 29-Dec-2021 14:10) Posted:

These notes were mostly from observations from last AGMs of both REITs. 
interestingly, one shareholder asked the Chairman point blank if he would consider, or was there any plan, of MNACT merging with other Mapletree REITS. He answered firmly NO.
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pkli899
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29-Dec-2021 15:41     
 
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 Alert Admin 		Thanks Lobster for the very informative sharing.
Both halt not lifted, means most likely to be related with each other.
What else can we think of, other than merger?
I think basically agreed except some issues need to iron out before announcement.
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JustOnce
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29-Dec-2021 14:26     
 
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 Alert Admin 		Thanks for sharing Lobster. 

Only if they make that damn announcement, lol, then we all don' t have to guess!!!

Lobster      ( Date: 29-Dec-2021 14:10) Posted:

These notes were mostly from observations from last AGMs of both REITs. 
interestingly, one shareholder asked the Chairman point blank if he would consider, or was there any plan, of MNACT merging with other Mapletree REITS. He answered firmly NO.
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Lobster
Elite
29-Dec-2021 14:21     
 
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 Alert Admin 		From D& S, a brief analysis two weeks ago.... you may like to read for comparison.
vested in all four. Pdyohwadfmb 

4 Mapletree REITS For Singapore Investors: Mapletree North Asia Commercial Trust (RW0U) Mapletree Logistics Trust (M44U) Mapletree Commercial Trust (N2IU) Mapletree Industrial Trust (ME8U)

1) Mapletree North Asia Commercial Trust (SGX: RW0U)
MNACT (SGX: RW0U) was listed in 2013 and has a market capitalisation of $3.6 billion. It has a diversified retail and office property portfolio located in China, Hong Kong, Japan, and South Korea.



In the first half of 2021, we can see MNACT gradual recovery as China, Hong Kong, Japan, and South Korea COVID-19 situation improved. Lesser rental relief was given out to tenants this year due to the festive seasons in the first half of the year that boosted sales.

The strongest performing REIT in the Mapletree family, Mapletree NAC delivered a total return of 7.22% in 1H21. Currently, MNACT distributes its dividend semi-annually.

MNACT&rsquo s  share price closed at $1.03 this week (as at 15 Dec 2021), having increased 6.2% in the year-to-date. According to its latest results announcement, MNACT provides a dividend yield of 7.1%

2) Mapletree Logistics Trust (SGX: M44U)
With a market capitalisation of $8.9 billion, MLT (SGX: M44U) is the largest REIT in the Mapletree family of listed REITs. MLT&rsquo s property portfolio of logistics real estate in  China, Hong Kong, Japan, South Korea, Australia, Singapore, Malaysia, Vietnam was largely shielded it from the worst of the COVID-19 market crash in early 2020.  We found that it was one of the  least affected REITs.

MLT has also actively added to its property portfolio in 2021, acquiring  logistics assets in South Korea, India, Singapore, Australia and Malaysia.

MLT&rsquo s share price has declined 4.5% in the year-to-date, closing at $1.90. This was after a stellar 2020, where its share price soared 16.3% despite initially crashing nearly 46% from February to March.  MLT currently provides a dividend yield of 4.6%.

3) Mapletree Commercial Trust (SGX: N2IU)
Another office and retail REIT in the Mapletree family, MCT (SGX: N2IU) focuses on Singapore real estate. Listed in 2011, MCT is primarily known for owning VivoCity, as well as its four other  prime properties &ndash Mapletree Business City I, PSA Building, Mapletree Anson and Bank of America Merrill Lynch HarbourFront. The valuation of the five properties is about $8.7 billion.

Ending the week (as at 15 Dec) at $2.05, MCT&rsquo s shares has dipped nearly 3.8% in the year-to-date. This may be attributed to the ongoing COVID-19 uncertainties as its share price has fluctuated after  safe management measures have been relaxed and tightened. Currently, MCT pays a dividend yield of 4.3%.

4) Mapletree Industrial Trust (SGX: ME8U)
With 84 Singapore properties under its portfolio, MIT (SGX: ME8U) listed back in 2010. Having  recently acquired 29 US data centres  through a joint venture with Mapletree Industrial, MIT is no longer just a Singapore focused REIT.

In fact, 53% of MIT&rsquo s portfolio is now exposed to data centres.  This comes after its acquisition of 29 U.S. data centres in May 2021.

In the year-to-date, MIT&rsquo s shares has declined nearly 6.6% to $2.70 &ndash giving it a market capitalisation of $7.2 billion. Nevertheless, it continues to pay a dividend yield of 5.1%.  

 
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Lobster
Elite
29-Dec-2021 14:10     
 
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 Alert Admin 		These notes were mostly from observations from last AGMs of both REITs. 
interestingly, one shareholder asked the Chairman point blank if he would consider, or was there any plan, of MNACT merging with other Mapletree REITS. He answered firmly NO.
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Lobster
Elite
29-Dec-2021 14:05     
 
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 Alert Admin 		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.

 

 

JustOnce      ( Date: 29-Dec-2021 10:57) Posted:

Agree, any M& A involves many " bang table" sessions. I am only vested in MCT - I think its good for NAC but I don' t think its good deal for MCT but I could be wrong, I have not done all the numbers, but purely looking at the results of both REITS (their last annual report ending 31 March 2021). MCT seems to be doing much better. 

Lobster      ( Date: 29-Dec-2021 10:46) Posted:

What I meant is no final agreement yet. This kind of thing needs a lot of banging of the meeting tables, if indeed it is a merger. Assuming what the uncles " speculate " is true, and NAC people will be benefiting from the deal, MCT doesn' t want to be seen as " over give " , since it has to go before shareholders approval. 

vested in both. Pdyohwadfmb 
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bystander1965
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29-Dec-2021 13:42     
 
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 Alert Admin 		Haha, MCT has better numbers on the financial stability. I would like to think MNAC is pushing their $ to work harder (see the ROE). And I hope I am right. cheeky
But you are right MCT has concentration risks. But FW was so good until the riot. Since then they have gone off the retail only route and invested in JP and Korea good offices. FW still weighs about 40+% of their income.
FW can benefit a lot once China opens its border to HK (I guess part of the reason MNAC went up these past few weeks). It is linked to Kowloon Tong station which links Lo Wu next to Shenzhen.
 

pkli899      ( Date: 29-Dec-2021 13:21) Posted:

You have your point.
I' ve limited knowledge, only remembered they started with just 2 properties.
Didn' t buy because of the risk of revenue concentration.
Thereafter, also didn' t read much about them. 
So my view can be very way off......hahaha......sorry.

bystander1965      ( Date: 29-Dec-2021 13:11) Posted:

That' s just me. I could be biased because I never liked SG-only reits. (such as CICT or CMT/CCT before that but even CICT is now buying properties outside SG?)
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pkli899
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29-Dec-2021 13:21     
 
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 Alert Admin 		You have your point.
I' ve limited knowledge, only remembered they started with just 2 properties.
Didn' t buy because of the risk of revenue concentration.
Thereafter, also didn' t read much about them. 
So my view can be very way off......hahaha......sorry.

bystander1965      ( Date: 29-Dec-2021 13:11) Posted:

That' s just me. I could be biased because I never liked SG-only reits. (such as CICT or CMT/CCT before that but even CICT is now buying properties outside SG?)
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bystander1965
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29-Dec-2021 13:15     
 
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 Alert Admin 		It was 1.14 just not so long ago (sometimes this year).
But the behaviour did look a bit like there was some leak. However, if you look at the short % over the last few sessions, they were high 10+, 20+%.
 

eEconomist      ( Date: 29-Dec-2021 13:05) Posted:

I doubt so.  Yes there were increase and volume and price, but these 2 were insignificant.  Price was around 1.04 and moved to 1.1.  That is around 6% increase.  Not alot.    Besides, NAC has been around $1 to $1.1 range for almpost the whole of 2021 (minus off the few days of Omicron fear).  Also volume increase, but that is not alot also.

Even if we assume this is the case of insider for MNAC, then why suspend MCT? 

JustOnce      ( Date: 29-Dec-2021 11:41) Posted:

I read on hardwarezone forum that one of the rumoured reason for the delay in the announcement is the trading activities of NAC in last few days leading up to trading halt the rumour implies insider trading, or at least some news were leaked leading to small NAC rally. 


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