Latest Forum Topics /
Mapletree Log Tr
Last:1.18
-0.01
|
 Post Reply
|
|
sunmoon food
|
|||
|
Joelton
Supreme |
11-Aug-2023 11:07
|
||
|
x 0
x 0 Alert Admin |
Mapletree Logistics Trust to divest cargo lift warehouse for S$27.8 million
THE trustee of Mapletree Logistics Trust : M44U +1.2% (MLT) has entered into an agreement with an unrelated third party to divest a six-storey cargo lift warehouse at 8 Loyang Crescent.
In an announcement on Thursday (Aug 10), the real estate investment trust&rsquo s (Reit) manager noted that the proposed sale price of S$27.8 million is 17.3 per cent higher than the warehouse&rsquo s latest valuation, which was S$23.7 million as at Mar 31, 2023.
The warehouse was completed in 2001 and has a gross floor area of 14,522 square metres (sq m) on a land site of 7,921 sq m.
JTC Corporation has also granted in-principle approval for the transaction, subject to parties complying with the stipulated conditions.
The divestment is scheduled to be completed by the second quarter of FY2024, and is not expected to have a material impact on the Reit&rsquo s net asset value and distribution per unit, the manager said.
The move follows a similar divestment that the manager announced on Monday: the Reit&rsquo s trustee had entered into an agreement to sell an industrial building in Selangor, Malaysia, for RM60 million (S$17.7 million).
|
||
| Useful To Me Not Useful To Me | |||
|
Joelton
Supreme |
08-Aug-2023 13:18
|
||
|
x 0
x 0 Alert Admin |
|
||
| Useful To Me Not Useful To Me | |||
|
|
|||
|
HVRRVH
Elite |
03-Aug-2023 15:56
|
||
|
x 0
x 0 Alert Admin |
Right at the middle now. For this round of DPU, it has offer DRIP aka script again at the offer price of 1.649, which of course nobody will subscribe as it is below current market price. The price could be weaken a bit more. It pays to be patience.
|
||
| Useful To Me Not Useful To Me | |||
|
HVRRVH
Elite |
26-Jul-2023 11:31
|
||
|
x 0
x 0 Alert Admin |
Will drop toward 1.65 - 1.6 after XD. Which is the level I will consider to add more, if it does come to that. | ||
| Useful To Me Not Useful To Me | |||
|
spursfan
Supreme |
25-Jul-2023 18:08
|
||
|
x 0
x 0 Alert Admin |
https://links.sgx.com/1.0.0/corporate-announcements/8LITAFC54FT0XPCU/766314_20230725-MLT_PR_1Q%20FY2324_final_.pdf | ||
| Useful To Me Not Useful To Me | |||
|
|
|||
|
Luzern
Supreme |
13-Jul-2023 15:12
Yells: "9" |
||
|
x 0
x 0 Alert Admin |
Cashed in my profits. | ||
| Useful To Me Not Useful To Me | |||
|
HVRRVH
Elite |
04-May-2023 14:45
|
||
|
x 0
x 0 Alert Admin |
Took a chance and added some at 1.73 yesterday before FOMC. Mentally prepared to average down if it happens but so far so good. Done the same for sister reit MPACT 2 days back but the next add for MPACT, if any, should be long after the XD. | ||
| Useful To Me Not Useful To Me | |||
|
Joelton
Supreme |
03-May-2023 12:26
|
||
|
x 0
x 0 Alert Admin |
MLT manager turns cautious on forex, interest rate impact
THE manager of Mapletree Logistics Trust : M44U +0.57% (MLT) on Tuesday (May 2) warned of more uncertainty ahead, as higher interest rate costs and foreign exchange fluctuations continue to impact its performance.
&ldquo No matter how resilient and robust we make our portfolio, the headwinds of what is happening globally against the Singapore dollar, as well as the interest rates, that is going to continue to impact us,&rdquo said Ng Kiat, chief executive officer of the manager, at a briefing following the release of its results for the full year ended March.
&ldquo I want to highlight this word of caution that, moving ahead, we will continue to see a very resilient portfolio, we will continue to have positive rental reversions&hellip but the forex and the interest costs are going to hit us quite badly,&rdquo she added.
Ng noted that on a full-year basis, MLT&rsquo s borrowing costs have risen by about S$6 million.
MLT&rsquo s gross revenue rose 7.7 per cent to S$730.6 million for FY22/23, while net property income (NPI) was 7.2 per cent higher at S$634.8 million.
The amount distributable to unitholders climbed 10.8 per cent to S$432.9 million, including partial distribution of gains from divestments.
Distribution per unit (DPU) for the full year was 2.5 per cent higher at S$0.09011, compared with S$0.08787 the previous year.
For the fourth quarter, DPU was flat at S$0.02268, as gross revenue dipped 2.2 per cent to S$178.9 million and NPI slipped 1.8 per cent to S$154.3 million.
Ng said forex losses &ndash largely due to the depreciation of foreign currencies such as the Chinese yuan, Japanese yen, South Korean won and Australian dollar against the Singapore dollar &ndash accounted for some S$10 million of the gross revenue decline in Q4.
&ldquo The part that we are most concerned about is, as our portfolio continues to deliver &ndash in local currency terms &ndash stable, resilient growth, what will hit us will be the forex and borrowing costs,&rdquo Ng said.
As at end-March, MLT&rsquo s total debt stood at S$4.9 billion with an aggregate leverage ratio of 36.8 per cent.
Its weighted average annualised interest rate climbed to 2.7 per cent, from 2.2 per cent as at Mar 31, 2022.
Some 84 per cent of its debt has been hedged into fixed rates, and 77 per cent of its income stream for the next 12 months has been hedged in Singapore dollars.
&ldquo On the DPU front, the part that hits us in a huge way (is forex),&rdquo Ng said. &ldquo That&rsquo s the one that worries me the most because that&rsquo s something that we have limited control over and that&rsquo s something that I don&rsquo t have very clear visibility.&rdquo
Meanwhile, the real estate investment trust (Reit) manager said China &ldquo continues to be a weak spot&rdquo that it will be &ldquo very vigilant&rdquo about.
Ng added that the manager is looking at divesting some of its assets in China with &ldquo limited potential&rdquo .
China accounts for 20.8 per cent of MLT&rsquo s S$12.8 billion in assets under management, and 22.1 per cent of its FY22/23 gross revenue.
&ldquo On the operating front, China is the weakest link,&rdquo Ng said. &ldquo But overall, it is only 20-odd per cent&hellip So in local currency terms, I don&rsquo t see China dragging the portfolio down in a significant way.&rdquo
&ldquo MLT&rsquo s Q4 results painted a relatively healthy operational performance with marginally better positive rent reversion and solid occupancy, but currency weakness continued to be a drag on DPU and portfolio valuation,&rdquo said Citi analyst Brandon Lee.
&ldquo On the bright side, logistics cap rate appears to be still undergoing marginal cap rate compression &ndash aside from Australia &ndash despite higher interest rates,&rdquo he added.
Lee has a &ldquo neutral&rdquo call on MLT with a target price of S$1.59.
|
||
| Useful To Me Not Useful To Me | |||
|
|
|||
|
Joelton
Supreme |
02-May-2023 08:47
|
||
|
x 0
x 0 Alert Admin |
Mapletree Logistics Trust' s 4Q2023 DPU unchanged, FY2023 DPU up 2.5%
Mapletree Logistics Trust&rsquo s 4QFY2023 DPU was unchanged y-o-y at 2.268 cents, while DPU was up 2.5% y-o-y to 9.011 cents iin FY2023, for the 12 months to Mar 31. The amount of income support during the year was $1.092 million. Excluding income support, 4Q2023 DPU would be 2.245 cents and FY2023 DPU would be at 8.764 cents.
Although 4Q2023 revenue and NPI fell by 2.2% and 1.8% y-o-y respectively, due to the depreciation of the RMB, yen, Korean Won and Australian dollar as well as higher borrowing costs, DPU was flat due to benefits of foreign currency forward contracts to hedge distributable income, and distribution of $2.868 millioin of gains from disposal of 3 Changi South Lane. Hence, in 4Q2023, the distributable income was up 1.1% y-o-y to $109.2 million.
Overall occupancy rate improved to 97.0% and the weighted average lease expiry (by net lettable area) was 3.1 years as at 31 March 2023. In 4Q FY22/23, leases for approximately 562,400 sq m were due for expiry, of which 90% were successfully renewed or replaced. The portfolio achieved a positive average rental reversion of 3.1%, contributed by renewal or replacement leases from across almost all of MLT&rsquo s markets.
In March 2023, MLT announced the proposed acquisitions of eight modern logistics assets in Japan, Australia and South Korea for $904.4 million the potential acquisition of two modern logistics assets in China for $209.6 million and the potential divestment of a non-core asset in Hong Kong SAR for $100.3 million. In March this year, MLT raised $200 million in a placement to partially fund the acquisitions of the eight properties.
&ldquo The proposed acquisitions are expected to be DPU-accretive. At the same time, the divestment of non-core assets will allow MLT to redeploy the capital into investments offering higher growth potential,&rdquo MLT&rsquo s manager says.
During FY2023, MLT completed three acquisitions in China, South Korea and Malaysia and incurred capital expenditure totalling $206 million. These investments were funded by diversified sources, including debt, issuance of 7-year $50 million medium term notes and $22 million of divestment proceeds.
Aggregate leverage fell to 36.8% as at March 31, versus 3QFY2023 of 37.4% owing to valuation increase of $224 million despite at $757.9 million loss in translation from the depreciation of various regional currencies. JP Morgan says &ldquo &rdquo gearing should rise towards around 40% post completion of recent acquisitions&rdquo . JP Morgan has an overweight recommendation on MLT.
|
||
| Useful To Me Not Useful To Me | |||
|
HVRRVH
Elite |
01-May-2023 12:18
|
||
|
x 0
x 0 Alert Admin |
4Q22/23' s dpu is exactly the same as 4Q21/22. However, if factor in the income support, 4Q22/23' s result is better. The actual cumulative dividend is 2.502 cents but next Q will have 11 days less of dpu. Overall, this is still a very solid reit that good to hold for long term, in fact, I think it has the potential of doing better than MPACT now, unless MPACT can reshuffle its under performing HK' s and China' s portfolio.
|
||
| Useful To Me Not Useful To Me | |||
|
spursfan
Supreme |
01-May-2023 10:06
|
||
|
x 0
x 0 Alert Admin |
https://links.sgx.com/1.0.0/corporate-announcements/OMA28M9NSXY28YMN/757562_20230501-MLT_PR_4Q%20FY2223_final.pdf | ||
| Useful To Me Not Useful To Me | |||
|
Joelton
Supreme |
11-Apr-2023 16:31
|
||
|
x 0
x 0 Alert Admin |
MLT issues about 121.2 mil new units in private placement to raise $200 mil to pare debt
Mapletree Logistics Trust (MLT) M44U 0.57% is issuing about 121.29 million new units on Apr 11 at an issue price of $1.649 per unit in a private placement, bringing the total units issued in private placements this year to about 4.94 billion new units.
The new units will commence trading on Singapore Exchange S68 -0.21% (SGX) at 9.00am on Apr 11.
The new units issued pursuant to the private placement will, upon issue, rank pari passu in all respects with the existing units in issue on 1Apr 10, being the day immediately prior to the date on which the new units are issued, including the right to any distributions which may be paid for the period from the day on which the new units are issued, being Apr 11, to June 30, as well as all distributions thereafter, but will not be entitled to participate in the cumulative distribution.
The trust' s manager says that this private placement is expected to raise about $200 million. Of which, $145.5 million or 73% of the gross proceeds will be used to repay existing debts, while $50 million or 25% of the proceeds will be used to repay existing debts, pending the use of such amount to partially fund the proposed acquisitions of six logistics assets located in Japan, one logistics asset located in Sydney, Australia and one logistics asset located in Icheon-si, Gyeonggi-do, South Korea.
The remaining $4.5 million or 2% of the gross proceeds will be used to repay existing debts, pending the use of such amount to pay the estimated professional and other fees and expenses incurred or to be incurred by MLT in connection with the Australia and South Korea acquisitions and the private placement.
|
||
| Useful To Me Not Useful To Me | |||
|
|
|||
|
Joelton
Supreme |
31-Mar-2023 08:55
|
||
|
x 0
x 0 Alert Admin |
Mapletree Logistics Trust buys 8 Asia-Pac assets for over S$900 million proposes new placement
THE manager of Mapletree Logistics Trust : M44U 0% (MLT) on Thursday (Mar 30) said it is in the process of buying eight logistics properties in Japan, Australia and South Korea for a total acquisition price of S$913.6 million.
The total acquisition price represents a discount of approximately 4 per cent to the aggregate valuations by the independent property valuers appointed by the manager.
Including acquisition-related expenses, the total acquisition cost is estimated to be approximately S$946.8 million.
The real estate investment trust (Reit) manager said it is also in talks to purchase two logistics assets in China for S$209.6 million and divest a non-core property in Hong Kong for S$100.3 million.
The manager said it intends to fund the proposed acquisitions via a combination of equity, debt and divestment proceeds.
In a separate announcement on Thursday, the manager of MLT also proposed a private placement of between 121,285,000 and 124,223,000 new units at an issue price range of S$1.61 to S$1.649 per new unit. It expects to raise gross proceeds of S$200 million from the placement exercise.
The manager intends to use S$145.5 million of the proceeds to repay existing debt, S$50 million to fund the acquisitions, and S$4.5 million to pay the estimated professional fees and other expenses incurred through the acquisitions or private placement exercise.
The issue price range represents a discount of between 2.9 per cent and 5.2 per cent to the volume-weighted average price (VWAP) of S$1.6989 for all trades done from Mar 29 up to the time the placement was signed on Mar 30.
Subtracting an estimated cumulative distribution of 2.5 Singapore cents, the issue price represents a discount of about 1.5 per cent and 3.8 per cent to the adjusted VWAP.
The final issue price will be announced on the Singapore Exchange after a book-building process.
&ldquo We expect these transactions to accelerate our rejuvenation and recycling strategy,&rdquo said Ng Kiat, chief executive officer of MLT&rsquo s manager.
&ldquo By divesting low-yielding assets and recycling the proceeds into higher-yielding, modern facilities in prime, tight-supply locations such as Tokyo, Sydney and Seoul, we will strengthen the resilience and growth potential of MLT&rsquo s future rental streams,&rdquo she added.
MLT estimates that the Japan property will bring in a yield of 3.5 per cent based on the acquisition price, while the South Korean and Australian assets have an estimated yield of 4.6 per cent.
The proposed transaction is expected to be accretive to the trust&rsquo s distribution per unit (DPU) and net asset value (NAV) on a pro forma basis.
The Reit manager said DPU for the nine-month period ended December (9M FY22/23) would be 2.2 per cent higher at 6.894 Singapore cents, compared to 6.743 cents before the acquisitions.
Pro forma NAV per unit would edge up 0.6 per cent to 1.421 cents, from 1.414 cents previously.
Analysts who spoke to The Business Times, however, were not overly excited about the transactions &ndash one of only a handful of acquisitions and equity fund raising by Singapore-listed real estate investment trusts (S-Reits) this year.
David Lum, an analyst at Daiwa Capital Markets, said he was &ldquo neither hugely positive nor hugely negative&rdquo about MLT&rsquo s announced acquisitions and private placement.
&ldquo It seems like what they are paying for the assets is okay,&rdquo he said. &ldquo It appears there was a competitive tender, and their bid satisfied the seller.&rdquo
RHB analyst Vijay Natarajan was also &ldquo neutral&rdquo on the transaction.
&ldquo We like the asset quality with modern specifications and believe the pricing for the deal is reasonably attractive but are slightly concerned at the timing and size of the deal as we see potential slight cap rate expansions in the near-term,&rdquo Natarajan said.
Coming amid still-rising interest rates and uncertainty in the banking sector, MLT&rsquo s announcements on Thursday also raise questions on the capital management front.
After the portfolio acquisition, equity fund raising and potential Hong Kong asset divestment, the Reit&rsquo s aggregate leverage will rise to 39.9 per cent, from 36.6 per cent before the acquisitions.
However, Natarajan does not see the gearing of slightly below 40 per cent as a major concern.
&ldquo MLT has a proven divestment track record and the Reit manager has guided that it has identified additional about S$500 million worth of assets for near-term divestments,&rdquo he said.
Meanwhile, Daiwa&rsquo s Lum also believes that the proposed private placement is &ldquo likely to go through&rdquo without much resistance.
&ldquo I&rsquo m not sure what the investor demand is for a placement at this time, but for a Reit with MLT&rsquo s track record, it&rsquo s not a large amount,&rdquo Lum said. &ldquo Although the market is a bit delicate, S$200 million is not a lot.&rdquo
&ldquo The proposed acquisition does upgrade their portfolio and after the dust settles, the portfolio will be in better shape,&rdquo he added.
Citigroup Global Markets Singapore, DBS, HSBC&rsquo s Singapore branch and UBS&rsquo Singapore branch have been appointed as the joint global coordinators and bookrunners for the private placement.
|
||
| Useful To Me Not Useful To Me | |||
|
marketuncle
Veteran |
30-Mar-2023 13:55
|
||
|
x 0
x 0 Alert Admin |
Ah yes. For blue chip REITs with strong institution demand, cheaper and faster for them to do private placement to fund new acqusition. Should see this as a ' ' plus' ' for the longer term. Usually weaker REITs w/o such option have to raise funds via public placement.
|
||
| Useful To Me Not Useful To Me | |||
|
HVRRVH
Elite |
30-Mar-2023 12:37
|
||
|
x 0
x 0 Alert Admin |
MLT living up to its expectation of almost yearly acquisition spree. This time no preferential offer and only PP between $1.61 and $1.649. I will be buying as soon as the price trade below the eventual placement price, if it happens. The cumulative dividend will be between $0.024 and $0.026 with 11 extra days eating into 1Q23/24 as the placement is expected to be completed on 11.4.23.The cumulative dividend is higher than the corresponding quarter last year as it has 11 extra days' earning. Having said that, it is likely that subsequent dividends should be higher since the acquisitions are both NAV and DPU accretive. | ||
| Useful To Me Not Useful To Me | |||
|
MichaelSchenker
Master |
30-Mar-2023 12:36
|
||
|
x 0
x 0 Alert Admin |
I was also curious where MLT got their funding. Money is not cheap nowadays. For Placements, it will naturally dilute the share value. But does it cover the entire cost of the acquisition?
|
||
| Useful To Me Not Useful To Me | |||
|
marketuncle
Veteran |
30-Mar-2023 10:28
|
||
|
x 0
x 0 Alert Admin |
Got lah.. private placement between $1.61 and $1.649 | ||
| Useful To Me Not Useful To Me | |||
|
jpts66
Member |
30-Mar-2023 08:05
|
||
|
x 0
x 0 Alert Admin |
Trading halt. | ||
| Useful To Me Not Useful To Me | |||
|
Joelton
Supreme |
03-Mar-2023 09:06
|
||
|
x 0
x 0 Alert Admin |
BlackRock becomes Mapletree Logistics Trust&rsquo s substantial shareholder
ASSET manager BlackRock is Mapletree Logistics Trust&rsquo s (MLT) latest substantial shareholder, the trust announced in a bourse filing on Thursday (Mar 2).
The filing stated that BlackRock on Feb 28 &ndash through one of its subsidiaries &ndash acquired just under 1.8 million units of MLT for a total consideration of about S$3 million via a market transaction. This works out to a unit price of S$1.69 for each MLT unit.
With the purchase, BlackRock&rsquo s deemed interest in MLT was lifted to about 242.1 million units or a stake of 5.02 per cent, from about 240.3 million units or a stake of 4.99 per cent previously.
|
||
| Useful To Me Not Useful To Me | |||
|
pasttime
Supreme |
23-Feb-2023 16:36
Yells: "gold silver are real money. not others iou." |
||
|
x 0
x 0 Alert Admin |
any posibility of the bigger owner combing mapletreelog + maple pan asia com that will make the biggest local reits @ market cap $13.5b. save operational, listing and index cost, release up 1 index postion for other business to be included into index. |
||
| Useful To Me Not Useful To Me | |||