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MapleTreeLog
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Lobster
Elite |
15-Dec-2021 11:29
Yells: "Even Adam Khoo believes in the Black Market!" |
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I didn' t want to post this because the assessments are not logically sensible. Anyway, if you are downcast by this ang moh report, just focus on this part.... I have already subscribed my rights plus triple in excess application, this time I think likely to get all....
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Joelton
Supreme |
15-Dec-2021 09:43
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Higher leverage offsets Mapletree Logistics Trust' s acquisition upsides: Fitch Ratings
LEVERAGE headroom is likely to fall for Mapletree Logistics Trust (MLT) Mapletree Log Tr: M44U 0% following a slew of larger-than-expected acquisitions, including that of 17 modern logistics warehouses across Japan, China and Vietnam.
This is according to analysts of Fitch Ratings, who now project the trust' s net debt to Ebitda (earnings before interest, taxes, depreciation and amortisation) ratio to hit 8.9 times by FY2022 as a result of the acquisitions, and average at around 8.7 times over FY2022 to FY2024 versus 8.1 times previously.
In a report dated Monday (Dec 13), the analysts opined that this ratio will remain under 9 times, which is the level that Fitch would consider taking a negative rating action.
This is assuming that the trust' s annual acquisitions do not exceed S$2.2 billion, and that it continues to maintain a loan-to-value ratio at around 40 per cent through new equity issuance, as well as an average asset net property income (NPI) yield of at least 4.6 per cent for its acquisitions.
Going forward, the analysts think MLT' s leverage could fluctuate on the timing of equity issuance, acquisition completions and the ability to ramp up new assets. They also believe MLT' s risk to higher leverage from more acquisitions is balanced out by MLT' s track record of raising equity or disposing mature assets to fund 50 to 60 per cent of the value of its new investments.
The trust' s present leverage is deemed as more in line with " BBB" category names such as Starhill Global Real Estate Investment Trust, in Fitch' s view.
The ratings agency sees MLT' s present " BBB+/Stable" rating as constrained by its higher leverage compared to its similar-sized yet higher-rated peers such as property development companies Mirvac and The British Land Company, due to their ability to maintain net debt to Ebitda under 8 times.
The analysts are nonetheless positive on MLT' s recent acquisitions, which is estimated to boost the trust' s Ebitda by 21 per cent in FY2023 upon full-year consolidation. Its sponsor' s strong pipeline of projects also provides the trust strong growth prospects over the medium term, they added.
" The acquisitions have improved MLT' s asset granularity, with the contribution from its top 10 assets falling to 33 per cent of total portfolio value, on a pro forma basis, from 35 per cent at FY2021," said the analysts.
" We believe MLT is well-positioned at its ' BBB+' rating because its leverage is mitigated by increasing asset granularity and geographical diversification, and strong financing flexibility evidenced by a high Ebitda/interest coverage ratio of around 5 times and strong access to capital and credit markets."
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subaru
Senior |
14-Dec-2021 18:37
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Just subscribe to the preferential offer @ $1.84. Using paynow for the 1st time. | ||||
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Singpost
Master |
14-Dec-2021 15:39
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this a good company and have awesome prospect . This price now is a good buy ...
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subaru
Senior |
14-Dec-2021 14:51
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1.84 is the preferential offer price. Why can only buy at this price?
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Stocky901
Supreme |
14-Dec-2021 13:35
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Likely to drop below 1.80 after this bad analyst report. Gone case.
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Lobster
Elite |
14-Dec-2021 13:19
Yells: "Even Adam Khoo believes in the Black Market!" |
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Please la.... not Hong Fook.... This is the most manipulative insiders stock by owners and his own cronies and kaki nans. |
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TradeExpert
Veteran |
14-Dec-2021 09:21
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Take a look at Hong Fok (H30) Super undervalued counter. |
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john_ric
Supreme |
13-Dec-2021 10:58
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Avoid mlt for the time being.
Or buy only at 1.84. . |
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Joelton
Supreme |
13-Dec-2021 09:45
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Mapletree Logistics Trust' s latest acquisitions, equity raising could sow doubt among investors
Meagre 2.2 per cent DPU accretion from proposed 17-asset acquisition likely to be diluted by placement and preferential offering
MAPLETREE Logistics Trust (MLT) does not appear to be the sort of real estate investment trust (Reit) that would face much difficulty raising capital to acquire assets and expand its property portfolio.
With Mapletree Investments as its sponsor, MLT theoretically has access to a " pipeline" of high-quality assets across the region.
MLT' s units have also held up relatively well through the pandemic, ostensibly putting it in a good position to tap investors for equity capital.
From the beginning of 2020 to Dec 10, MLT has delivered a total return of 19.5 per cent (on a distributions reinvested basis). The Straits Times Index and the FTSE ST Reit Index have returned 4.6 per cent and 0.7 per cent, respectively.
Yet, a close reading of MLT' s announcements over the past month might leave some investors doubting its supposed ability to raise funds and make acquisitions on attractive terms and disappointed about the manner in which it has justified these transactions.
On Nov 22, MLT' s manager said it plans to purchase 17 modern Grade-A logistics assets - 13 of which are in China, 3 in Vietnam and 1 in Japan - for S$1.47 billion, including acquisition-related expenses.
The manager of MLT said the acquisition is expected to be financed through a combination of equity and debt.
The Mapletree Investments group, as a vendor of the assets in China and Vietnam, has agreed to receive part of the consideration for those assets in the form of new MLT units.
MLT' s manager said on Nov 22 that the precise funding structure was yet to be decided, but that the acquisitions are expected to be accretive to MLT' s distribution per unit (DPU) and its net asset value (NAV) per unit.
Specifically, MLT' s manager stated in a presentation deck dated Nov 22 that the Reit' s DPU for FY2021 ended Mar 30 would have been boosted by 2.2 per cent on a pro forma basis - from S$0.08326 to S$0.08511.
MLT' s NAV per share would have been lifted by about 4 per cent - from S$1.33 to S$1.38.
Pro forma assumptions
These pro forma figures, however, were based on assumptions that may give investors pause.
For one thing, MLT' s manager stated that the acquisition of the Japan-based property alone would lift its pro forma DPU from S$0.08326 to S$0.08409.
But that assumes the Japan-based asset had an occupancy rate of 100 per cent. As at Nov 11, the property had an occupancy rate of 82.5 per cent.
Based on an occupancy rate of 82.5 per cent, the Japan-based asset would lift MLT' s pro forma DPU from S$0.08326 to only S$0.08341.
Separately, MLT' s manager said 7 of the China-based properties the Reit is to acquire are currently " undergoing stabilisation" , and will receive income support of up to RMB20.9 million (or S$4.4 million) for a period of 1 year.
This income support was included in the overall pro forma DPU of S$0.08511. Without the income support, the overall pro forma DPU would have been S$0.08409 - that is, unchanged from the pro forma DPU reflecting the acquisition of the Japan-based asset.
Furthermore, one key underlying assumption of the pro forma figures is that all the units MLT will issue will be priced at S$1.92 each.
On Nov 23 - only 1 day after announcing the acquisitions - MLT' s manager launched a S$700 million equity fundraising exercise, comprising a placement to be priced between S$1.86 and S$1.911 per unit and a preferential offering to be priced between S$1.82 and S$1.87 per unit.
MLT' s manager subsequently said S$400 million had been raised through the placement of nearly 212.8 million new units at S$1.88 each. A further S$292.8 million will be raised through a preferential offering of 159.1 million new units at S$1.84 each.
Given the lower price at which MLT is issuing units in its equity fundraising exercise, it seems logical to me that the actual accretion in DPU will fall short of the pro forma DPU used to justify the acquisitions.
In fact, given that the overall pro forma DPU accretion was only 2.2 per cent, I cannot help but wonder if the acquisitions will deliver any immediate DPU uplift at all.
Questions raised
The fundamental issue here is not just that the assumptions behind MLT' s pro forma DPU and NAV per share might have been too optimistic.
Among the questions investors should ask are: Did MLT' s manager know that the price range for the placement and preferential offering was going to be less than S$1.92 when it announced the acquisitions?
Should MLT have even been allowed to launch a placement at a price range that did not encompass S$1.92?
Would MLT' s manager have been able to justify the proposed acquisitions under the assumption that the Reit would raise equity at less than S$1.92 per unit?
The pro forma DPU and NAV per share figures that Reit managers provide when they propose acquisitions are not forecasts. And, acquisitions that do not result in a higher pro forma DPU or NAV per share could well prove to be attractive deals over the long term.
Investors are, nevertheless, comforted when acquisitions result in even a marginal improvement in a Reit' s pro forma DPU and NAV per share - as it suggests that the market value of the Reit' s units should not fall in the wake of the deal.
For Reit managers, being able to show that an acquisition and accompanying equity raising exercise would boost the Reit' s pro forma DPU and NAV per share is an important means of justifying the whole deal.
Unfortunately, by giving investors reason to doubt that its proposed acquisitions will be immediately accretive, MLT' s manager might have made it harder for the market value of Reit' s units to gain traction as it pursues the rest of its equity fundraising plans.
It might also have made investors nervous about its future acquisitions and equity fundraising exercises.
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TheDuellist
Senior |
09-Dec-2021 10:29
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Scrip or scripless? Check your SGX portfolio. Your Rights entitlement is shown there. If it is, you can go exercise before 14 December, I think 5.30pm
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goligoli
Member |
09-Dec-2021 10:04
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hi ... totally new here ... but like to seek some advise. I bought 5lots on 30Nov and held with DBS. am i entitle to this rights? | ||||
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subaru
Senior |
08-Dec-2021 16:59
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don' t know how many times of entitlement is " reasonable" ? 2 times, 10 times good? Think it depends on (i) response, (ii) the absolute number (e.g. 200 shares, 20,000 shares, 200,000 shares)?
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Lobster
Elite |
08-Dec-2021 16:16
Yells: "Even Adam Khoo believes in the Black Market!" |
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I am going for 8k entitlement plus excess...should be able to get, because market is quite scared.... and timid...... according to the coffee shops uncles, there could be another big round of tau lau sai for most REITS before the market situation steady. But REITs will be at the forefront of any market recovery. Even if market is in the doldrums, REITS will eventually stay steady when people realised this is the place to sensiblise your money. pdyohwadfmb.... |
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subaru
Senior |
08-Dec-2021 13:44
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Thank you! A bit apprehensive to try this, but can save $2 :p Bros here plan to apply excess more than rounding up the odd lots?
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HVRRVH
Elite |
08-Dec-2021 10:54
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https://www.sgx.com/cdpfaqs Paynow is free. FAQ no. 12 refers.
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HVRRVH
Elite |
08-Dec-2021 10:36
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Oh digibot is applicable for SRS and CPF only with regard to the subscription of rights and applying of excess. We must first key in the number of entitled rights we want [In our case max since we want to apply for excess], thereafter, the screen for the application of any excess rights will appear.
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subaru
Senior |
08-Dec-2021 10:21
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Besides the usual ATM option, there is a paynow option to subscribe the rights. Need to pay $2 (as in ATM) if using Paynow option? Anyone knows? But the paynow reference number is quite long with zero and O together, need to be careful to distinguish the two. |
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grandjedi
Member |
08-Dec-2021 07:44
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How do you apply excess on DBS digibot? I put in a number more than my allocated and the message that came back was " amount entered should not exceed your total entitled priority" ?
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TheDuellist
Senior |
06-Dec-2021 02:21
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Noted. Thank you for your views!
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