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Mapletree s China-focused REIT IPO nearly 30 times
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Lobster
Elite |
29-Oct-2021 10:56
Yells: "Even Adam Khoo believes in the Black Market!" |
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x 0 Alert Admin |
It' s okay la, otherwise how to add some more? | ||||
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whisng
Veteran |
29-Oct-2021 10:21
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Don' t understand why still got idiots selling when the dividends increase? Does these sellers had a brain at all? | ||||
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whisng
Veteran |
29-Oct-2021 07:45
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Huat to all real investors of MNACT!! Bought in some at $0.955-$1.01. Really good buy. Hope today it will soar to the sky!
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eEconomist
Member |
28-Oct-2021 23:02
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Don' t be disappointed. Up to them whether they wanna post or not. We just keep the REITs, collect the good dividend and also enjoy the price appreciation.
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Lobster
Elite |
28-Oct-2021 22:31
Yells: "Even Adam Khoo believes in the Black Market!" |
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x 0 Alert Admin |
Wow, in spite of this, dpu still up 19.1%. Imagine if these two preform well
Festival Walk mall and Gateway Plaza office building in Beijing, however, recorded lower average rental rates, which dragged down gross revenue. Rental reversions at Festival Walk' s retail segment were negative 30 per cent, while those at Gateway Plaza were negative 24 per cent. |
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Lobster
Elite |
28-Oct-2021 20:31
Yells: "Even Adam Khoo believes in the Black Market!" |
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x 0 Alert Admin |
Very very disappointed nobody bother to post this., people rather focus on Ikan bills Sabana.
A) 1H FY21/22 DPU higher by 19.1% compared to 1H FY20/21 |
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whisng
Veteran |
14-Oct-2021 13:40
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https://www.theedgesingapore.com/capital/brokers-calls/dbs-ups-mnacts-tp-130-unit-price-looks-poised-re-rateDBS ups MNACT' s TP to $1.30 as unit price looks poised to re-rateDBS Group Research has kept &ldquo buy&rdquo on Mapletree North Asia Commercial Trust (MNACT) with a higher target price of $1.30 from $1.20 as the REIT&rsquo s unit price looks set to re-rate.&ldquo We believe that operational metrics will continue to improve on the back of continued re-opening in Hong Kong, driving 9% compound average growth rate (CAGR) in distribution per unit (DPU) over the coming two years,&rdquo write analysts Derek Tan and Geraldine Wong in an Oct 11 report. According to Tan and Wong, MNACT&rsquo s 7% yield is the highest among its class of large- and mid-cap peers. In addition, the worst could be over for the REIT&rsquo s anchor asset, Festival Walk, which contributes some 55% to its overall revenue. &ldquo Festival Walk may be poised for an operational turnaround as Covid-19 cases in Hong Kong dive down and the continued re-opening of Hong Kong retail scene. In addition, its strategic pivot to office properties in Japan and Korea offering long weighted average lease expiries (WALEs), anchors the stability of its overall portfolio going forward,&rdquo write the analysts. Following the recent inclusion of several Singapore REITs (S-REITs) in the EPRA Nareit Developed Asia Index, Tan and Wong believe MNACT is next. The REIT&rsquo s recent acquisitions from Japan and Korea have caused the analysts to estimate that MNACT will derive over 75% of its profit before interest and tax (PBIT) from developed markets. That may set the possibility of its inclusion in the index, &ldquo which should help to further improve liquidity in the medium term&rdquo . In their report, Tan and Wong see that they are more buoyant on the counter compared to that of the consensus, who &ldquo tend to ascribe too high a risk on the stock given its exposure to Festival Walk&rdquo . &ldquo Acquisitions would enable MNACT to reduce its reliance on this property and accelerate its growth momentum,&rdquo they add. Key risks, however, would include the event of a significant downturn in Hong Kong and China&rsquo s economies, leading to lower rents. Units in MNACT closed 1 cent higher or 1.04% up at 97 cents on Oct 12, or an FY2022 P/NAV of 0.8 times and distribution yield of 7.2%. |
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bystander1965
Supreme |
16-Aug-2021 08:21
Yells: "What I say is just my assessment. DYODD" |
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x 0 Alert Admin |
There is another way to look at it. 1. Collect scrip, $ left for Co to do its work. (Hopefully they make good use of it). 2. If I don' t and others do, then my holding is also diluted (granted, the co cash asset goes up, but in the next round more shares will be competing for the div, and I will get less. So that is dilution to me). So I might as well go dilute others' holdings as long as I don' t have urgent needs of the cash. Hahaha. But seriously this is not my reason.  The earlier mentioned is.
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bystander1965
Supreme |
16-Aug-2021 08:15
Yells: "What I say is just my assessment. DYODD" |
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It has been my intention to accumulate this as it' s a laggard. So as long as I feel the price is justifiable I will collect scrip instead. For example, late last year it was priced at 0.87xx when it was trading at 0.90+. Why not? Like some said, anything below 1 is good. Recently it was priced at 1.04, I continued to collect scrip. But if it moves further up, I may opt for cash instead as I have stopped collecting this counter. If I collect $, it sits in the bank to get < 1%. 
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PhillipTan
Supreme |
16-Aug-2021 02:17
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Since you mentioned that you are always getting div in scrip Can share why you chose scrip over cash? What is the thinking/reasoning behind such a choice as most people would rather take cash instead
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bystander1965
Supreme |
15-Aug-2021 05:28
Yells: "What I say is just my assessment. DYODD" |
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x 0
x 0 Alert Admin |
Yes, Reits are for investing as they move like tortoises. To trade one has to look at more volatile counters. I still have some @ 1.1+ just before HK riots (It started to drop after that, and COVID it crashed). Have been adding from 0.8+, 0.9+ till 1, and collecting div in scrip. It has div of about 6-7% atm and is backed by a stable sponsor. Way better than fd imho and some other reits. But it hasn' t moved like other reits also. However when the share price moves up, the yield will drop. Its payout has been around 6-7c+ (per year). |
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PhillipTan
Supreme |
14-Aug-2021 22:53
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I went in at 0.95, 0.97, 1.05 and 1.00 Personally I think this counter has a good track record of dividend payout around 6%-7% Means after about around 15-17 years later, you will get back all your capital if share price and payout rate remains the same Or even earlier if the share price goes up and still maintaining 6%-7% div payout If you are looking into short term trading and earning on the share price appreciation, I would advise on other counters such as semiconductors, real estate or agriculture related If just buy, put under the pillow and take out to look at it once in a while, this counter looks good to hold for long Imo, I think 1.02 or below is a good entry price for now
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ttworld
Member |
14-Aug-2021 09:16
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x 0
x 0 Alert Admin |
Tq for ur opinions
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bystander1965
Supreme |
14-Aug-2021 09:11
Yells: "What I say is just my assessment. DYODD" |
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x 0
x 0 Alert Admin |
Agree with Lobster. It' s a personal choice. It has been stuck at around 1 to 1.04 for a while. Technically I think it' s at a point where it might go past either point. My personally view is the 1.04 point. But DYODD. It' s a laggard but I think one must be prepared to hold quite a while for this and it will move. It' s still doing the " recovery" .
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Lobster
Elite |
14-Aug-2021 09:05
Yells: "Even Adam Khoo believes in the Black Market!" |
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x 0 Alert Admin |
Whether go in now or not is a personal choice. But for me, every time below $1 is a must accumulate for me. This is the most undervalued REIT in the Mapletree group, if not the entire REIT sector. Pays very good dividends too, 6-7% yields. Every year shiok shiok for me, with my average cost, $0.80++ by right its price should be around $1.30, $1.40 now, if not for the stupid young punks demonstrators. vested. Pdyohwadfmb |
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ttworld
Member |
14-Aug-2021 08:52
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x 0
x 0 Alert Admin |
Gd time to go in?
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PhillipTan
Supreme |
03-Aug-2021 09:27
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Analysts lower MNACT&rsquo s TP on ' challenging quarter' despite 1Q results being in line with expectationsAnalysts from CGS-CIMB Research and OCBC Investment Research (OIR) has kept their " add" and " buy" calls on Mapletree North Asia Commercial Trust (MNACT) albeit with lower target prices of $1.12 and $1.15 from $1.15 and $1.18 respectively.That said, MNACT' s gross revenue and net property income (NPI) of $103 million and $78.3 million stood broadly in line with expectations from both brokerages. To CGS-CIMB analysts Lock Mun Yee and Eing Kar Mei, the quarter was a " challenging" one for the REIT as its stable performance from its Japan and Seoul portfolios were dragged by weaker figures from Festival Walk and Gateway Plaza. " Looking ahead, we anticipate the weak outlook to continue to drag on upcoming lease expiries with 1.9% and 12.6% of portfolio income to be renewed at Gateway Plaza for 9MFY2022 and FY2023," they write. Due to the weaker rent reversion assumptions at Gateway Plaza, Lock and Eing have lowered their distribution per unit (DPU) estimates for the FY2022 to FY2024 by 3.8% to 4.9%. " MNACT is trading at an inexpensive 6.6% FY2022 DPU yield and we believe much of the weak retail outlook at FW has been factored into the current share price," add the analysts. To the research team at OCBC, the continued headwinds and adversities have adversely impacted MNACT' s performance in the FY2021, especially after the political unrest in Hong Kong, which resulted in damages done to Festival Walk in 2019. That said, the team says it expects to see a recovery for the REIT in the FY2022. To the team, MNACT' s liquidity position and aggregate leverage ratio remains healthy still. As such, they have left their DPU forecasts unchanged, although they have applied a slight environmental social and governance (ESG) valuation discount in its assumptions. " MNACT has relatively weak business ethics policies and programmes, coupled with weak corporate governance practices compared to peers. Furthermore, the lack of a majority independent board, an independent chairman and a fully independent audit committee may hinder MNACT board' s oversight of management," writes the team. " On a positive note, MNACT has made good efforts to further increase the proportion of green-certified buildings in its portfolio relative to peers, and also has robust compensation practices relative to peers, including substantial non-pay benefits," it adds. Units in MNACT closed 1 cent higher or 1.0% up at $1.02 on Aug 2, or 0.8 times P/NAV, according to OCBC' s estimates. |
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Joelton
Supreme |
02-Aug-2021 09:03
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Mapletree North Asia Commercial Trust
On July 29, Mapletree North Asia Commercial Trust Management executive director and CEO Cindy Chow Pei Pei acquired 200,000 units of Mapletree North Asia Commercial Trust Mapletree NAC Tr: RW0U 0% (MNACT) for a consideration of S$202,000. At S$1.01 per unit, the open market acquisition increased her total interest in MNACT from 0.02 per cent to 0.03 per cent.
Ms Chow has more than 23 years of investment experience in the region, including China, Hong Kong, India, Japan, Singapore, Thailand and Vietnam. Prior to joining the manager of MNACT, she was CEO, India with the sponsor of MNACT, Mapletree Investments, where she was instrumental in establishing investments in India.
On July 28, Mapletree North Asia Commercial Trust Management non-executive director Chua Tiow Chye acquired 250,000 units of MNACT for a consideration of S$252,500. At S$1.01 per unit, the open market acquisition increased his total interest from 0.07 per cent to 0.08 per cent.
This followed his acquisition of 250,000 units of MNACT at S$1.05 per unit on June 1.
Mr Chua is also the deputy group CEO of Mapletree Investments. Mr Chua focuses on driving the sponsor' s strategic initiatives including expanding and directing Mapletree Group' s international real estate investments and developments.
On July 26, MNACT reported that net property income for its Q1FY22 (ended June 30) was S$78.3 million, a year-on-year increase of 14.3 per cent.
This was attributed to lower rental reliefs of S$4.0 million granted to retail tenants at Festival Walk in Q1FY22 compared to Q1FY21, and a higher average occupancy from IXINAL Monzen-nakacho Building, partly offset by lower average rental rates at Festival Walk mall and Gateway Plaza.
There was also a maiden contribution from Hewlett-Packard Japan Headquarters, following MNACT' s acquisition on June 18.
Ms Chow noted with the results that MNACT has continued to have high occupancy levels across its office properties, notwithstanding the restrictive measures due to Covid-19.
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bystander1965
Supreme |
29-Jul-2021 18:52
Yells: "What I say is just my assessment. DYODD" |
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x 0
x 0 Alert Admin |
CEO bought 200k @ 1.01, and A member of the board 250k @ 1.01. | ||||
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PhillipTan
Supreme |
28-Jul-2021 22:55
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Analysts trim target prices for MNACT amid weaker rental reversionsCGS-CIMB Research and OCBC Investment Research are lowering their target prices for Mapletree North Asia Commercial Trust (MNACT), on the back of weaker rental reversions amid a cautious retail environment.However, both research houses are maintaining their respective " add" and " buy" recommendations on the mall and office landlord. " Given the need to defend occupancy rates amid a still challenging environment, management had to be more lenient on asking rents," said OCBC' s research team in a report on Tuesday. " As such, rental reversions weakened significantly for some of its properties." The decline in Q1 was led by an average rental reversion of negative 34 per cent for the retail spaces at Festival Walk in Hong Kong, while Gateway Plaza in Beijing saw negative rental reversion of 27 per cent. In a quarterly business update for Q1 FY21/22 end-June on Monday, the manager of MNACT guided that Festival Walk will continue to see weakened rental reversion for the rest of the year, due to the prolonged impact of Covid-19 as well as ongoing repair works at the mall, which are targeted to be completed by end-2021. Meanwhile, the manager added that the weak business outlook affecting demand for office space and the influx of supply from new office buildings in Beijing are expected to continue to impact the performance of Gateway Plaza. To its credit, despite the lower average rental rates, MNACT registered a 14.3 per cent increase in net property income (NPI) to S$78.3 million in the first quarter. The higher NPI was largely attributed to lower rental reliefs of S$4 million granted to retail tenants at Festival Walk during the quarter. " The improvement was broadly in line with our expectations," said CGS-CIMB analysts Lock Mun Yee and Eing Kar Mei in a report on Tuesday. The analysts added that MNACT is trading at an " inexpensive" 6.6 per cent distribution per unit (DPU) yield to FY21/22 forecasts. " We believe much of the weak retail outlook at Festival Walk has been factored into the current share price," they said. However, CGS-CIMB is lowering its DPU estimates for FY22-FY24 by 3.4 to 4.9 per cent to " factor in weaker rent reversion assumptions at Gateway Plaza" . Accordingly, the research house is lowering its target price for MNACT to S$1.12, from S$1.15 previously. Meanwhile, OCBC is keeping its DPU forecasts unchanged, but lowering its fair value by S$0.03 to S$1.18, after applying a " slight" discount to MNACT' s environmental, social and governance valuation in its assumptions. " MNACT has relatively weak business ethics policies and programmes, coupled with weak corporate governance practices compared to peers," the research house said. Units of MNACT were trading 2.9 per cent or S$0.03 lower at S$1.01 as at 3.35pm on Wednesday. |
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