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OCBC research:
Manulife US REIT Singapore |
Real Estate Chu Peng Equity Research Rating BUY (as at 12 May 2021)
Last Close USD 0.74 Fair Value USD 0.82
Looking for growth opportunities in magnet cities
&bull Portfolio occupancy remained healthy at 92.0%
&bull Improving leasing momentum
&bull Stable rental collections of 98%
Manulife US Reit reports 92% portfolio occupancy in Q1
MANULIFE US Reit on Tuesday announced a portfolio occupancy of 92 per cent for the first quarter ended March 31, 2021.
While this was lower than the 96.5 per cent occupancy reported the year before, the Reit manager highlighted in its operational update that this was still above the US Class A average of 82 per cent, according to a recent JLL report.
The Reit' s weighted average lease expiry for the latest quarter stands at 5.3 years.
Its manager had executed about 270,000 square feet (sq ft) or 5.8 per cent of leases by portfolio net lettable area at plus 2.1 per cent rental reversion - mainly from the finance and insurance, administrative, advertising and legal sectors. In-place rental escalations stood at 2.1 per cent per annum.
The manager also noted reduced 2021 and 2022 expiries of 4.3 per cent and 13 per cent, from 5.7 per cent and 18.1 per cent, respectively.
As at March 31, 2021, Manulife US Reit had a gearing of 41.3 per cent and interest coverage of 3.9 times. Post refinancing completed in April 2021, it had a lower weighted average interest rate of 3 per cent and increased weighted average debt maturity of 3.4 years.
Highlighting its diversified tenant base and limited supply in the markets in which the Reit operates, the manager believes the post-Covid-19 themes of a growing tech sector and strong demand for healthcare, among others, will provide an uplift for the Reit.
Going forward, it intends to target " magnet cities" with large population shifts that propel rent and job growth, as well as capture in-demand tenants from the technology, life sciences and healthcare sectors.
DBS - Manulife US REIT : BUY
Last Traded Price: US$0.75 Price Target (12-mo): US$0.90 (Upside 20.0%)
1Q21 operational updates
- 1Q21 portfolio occupancy inched down to 92.0% from 93.4% the previous quarter as executed leases remained stable at 5.8% vs 5.9% in 4Q20
- Weighted average lease expiry was unchanged q-o-q at 5.3 years
- Gearing was stable at 41.3% (4Q20: 41.0%)
- The REIT has refinanced some loans in April 2021, lowering the weighted average interest rate to 3.0% (4Q20: 3.18%) and increasing weighted average debt to maturity to 3.4 years (4Q20: 2.3 years)
MUST moved to 1/2 yearly dividend payments. Thus next div announcement will for 1st half 2021, somewhere in late July or early August 2021. They could issue an update on their earnings / DPU for 1Q 2021, but not a dividend announcement next month though.
Now is the time to buy if u are interested in this counter, as price will normally go up nearer to dividend announcement date.
Kandee ( Date: 25-Apr-2021 15:03) Posted:
2nd Half 2020 div was paid at the end of March 2021.
1Q 2021 announcement will be out soon. However MUST div policy is 1/2 yearly, thus 1st half of 2021 will be out sometime in July 2021, and div (if declared) will be paid around the end Sept 2021.
Linnaeus ( Date: 25-Apr-2021 11:51) Posted:
Just invested in, need to complete the W-8BEN,
incase you lose the 30% dividend pay.
think the coming May dividend on the way, cheers
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Counter finally moving up hahaha
2nd Half 2020 div was paid at the end of March 2021.
1Q 2021 announcement will be out soon. However MUST div policy is 1/2 yearly, thus 1st half of 2021 will be out sometime in July 2021, and div (if declared) will be paid around the end Sept 2021.
Linnaeus ( Date: 25-Apr-2021 11:51) Posted:
Just invested in, need to complete the W-8BEN,
incase you lose the 30% dividend pay.
think the coming May dividend on the way, cheers
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Just invested in, need to complete the W-8BEN,
incase you lose the 30% dividend pay.
think the coming May dividend on the way, cheers
0.74, up by more than 10% in one month, i am putting this under my pillow for long term dividends
yes, 0.705 - keep moving
Moving up slow and steady, that is the way
All right
Inching up slowly from 0.66 to 0.685 now
Should still be a good counter to accumulate before it passes 0.70 mark
Projected 12 month TP USD 1.00, a lot of potential upside
Long to enjoy
I loaded this counter too, load more lol
Agreed. Loaded
PhillipTan ( Date: 25-Feb-2021 17:28) Posted:
long to enjoy, this seems a pretty good price to enter now
halleluyah ( Date: 25-Feb-2021 13:44) Posted:
| high un employment n dropping usd effect tis reits.... |
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long to enjoy, this seems a pretty good price to enter now
halleluyah ( Date: 25-Feb-2021 13:44) Posted:
| high un employment n dropping usd effect tis reits.... |
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high un employment n dropping usd effect tis reits....
S-Reits may gain if China citizens allowed to invest in securities abroad
http://www.sharejunction.com/sharejunction/postMessage.htm?topicId=19677& msgbdName=Others
omg, keep dropping again
in the red already
Maybe it is time to be greedy when the market sentiment about this stock is fearful lol
I see. the need to raise funds may be the key concern.
Thanks. Will sit out for now!
Kandee ( Date: 16-Feb-2021 19:55) Posted:
The gearing went up due to negative revaluation of some of the properties.
Also in their announcement, they mention on investing into business parks either direct or take a stake, which would require MUST to raise funds...
freeme ( Date: 16-Feb-2021 15:53) Posted:
| Nice drop.. their gearing are high.. any other reasons for this drop? |
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