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Mapletree Pan Asia Commercial Trust keeps Q3 DPU unchanged at S$0.0242 due to higher finance costs
MAPLETREE Pan Asia Commercial Trust&rsquo s (MPACT) distribution per unit (DPU) stayed flat at S$0.0242 for the third quarter ended Dec 31, 2022, unchanged from a year ago. This was due to higher finance costs, its manager said in a bourse filing on Tuesday (Jan 31).
Gross revenue was up 84 per cent to S$239.8 million for the quarter, from S$130.3 million a year ago.
Net property income (NPI) grew 76.8 per cent on the year to S$179.4 million for the quarter, from S$101.5 million
The growth in gross revenue and NPI was mostly driven by the full-quarter contribution from the properties acquired through the merger and higher earnings from the trust&rsquo s Singapore portfolio, its manager said.
Its Singapore portfolio includes core asset VivoCity, which registered 7.9 per cent rental uplift on a year-to-date FY2022/2023 basis. Driven by strong festive spending, the mall&rsquo s third-quarter tenant sales for FY2022/2023 reached S$300.1 million, well surpassing pre-Covid levels, said the manager&rsquo s chief executive officer Sharon Lim.
The merger of Mapletree Commercial Trust (MCT) and Mapletree North Asia Commercial Trust (MNACT) to form MPACT was completed on Jul 21, 2022.
Meanwhile, the amount available for distribution rose 59.7 per cent year on year to S$128.3 million, from S$80.3 million.
A distribution of S$0.0242 per unit for the period Oct 1 to Dec 31, 2022 will be paid on Mar 15 after the record date of Feb 8.
For the full year, gross revenue was up 58.5 per cent to S$592.9 million. NPI was up 56 per cent to S$454.6 million, while the amount available for distribution was up 45.6 per cent to S$330.3 million.
Full-year DPU rose 8.1 per cent to S$0.0736. The amount of S$0.0736 includes a clean-up distribution of S$0.0304 per unit for the period from Apr 1 to Jul 20, 2022, paid on Aug 25, 2022.
For FY2022/2023 year to date, MPACT renewed or relet about 1.9 million square feet of net lettable area. Its manager noted that all markets except Greater China registered positive rental uplifts, with VivoCity and The Pinnacle Gangnam achieving &ldquo respectable&rdquo reversion rates of 7.9 per cent and 14.2 per cent respectively.
MPACT&rsquo s committed occupancy across its portfolio was 95.5 per cent as at Dec 31, 2022. The weighted average lease expiry (Wale) for the trust&rsquo s retail and office as well as business park leases was 2.1 years and 2.9 years respectively, translating into an overall portfolio Wale of 2.6 years.
Its manager said that the debt maturity profile remains well-spread, with no more than 22 per cent of debt expiring in any financial year. Lim noted that despite heightened global economic uncertainties affecting overall leasing activities, MPACT has closed the quarter by &ldquo locking in positive rental uplifts across all markets except Greater China, and achieved a healthy portfolio committed occupancy of 95.5 per cent&rdquo .
Looking ahead, she added, the operating environment is likely to remain rough with weaker global economic outlook, elevated energy prices and volatile interest rates. &ldquo We will continue to forge ahead with our proactive asset management approach, implement measures to protect our financial well-being, and seize the right opportunities to achieve a balance of risks and costs.&rdquo
good reit on sale. collect dividend long time and wait for sponsor to work and move price at least 15% pass $2. that is my specuvest on this. beyond 2.3 then see how the dpu goes.
I always like this reit. First entered in 2018 at $1.61. With some luck only subscribed for 1k rights at $2.24 in 2019 as at that time the money was needed elsewhere. Finally managed to add a fair bit last year ranging from $1.61 to $1.79 but mostly at low $1.6x. Double the holding in the process. Hopefully now it can trend back to above $2 not forgetting the sponsor paid $2.09 and basically swallowed all the rights in the build up of acquiring MNACT.
thanks for sharing.
pasttime ( Date: 30-Dec-2022 10:20) Posted:
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ROA ROE PE P/BV EPS DPS Div Yield
Some figures pulled out from analysts' report by Poems. FYI
| 3.86 | 6.03 | 15.88 | 0.95 | 0.10 | 0.09 | 5.74 |
Some figures pulled out from analysts' report by Poems. FYI
Maxgrow68 ( Date: 30-Dec-2022 10:41) Posted:
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i think the current share price drop in many counters are more due to money shifting back to usd due to increased interest rate and more fed reduction of their balance sheet.
increased interest rate causes usd to raise in value. move since end of 2021.
ow usd/sgd rate is back to 1.34. suspect some money is back. see the volume and value of sgx daily trade tell that money is park on the side.
some expert said that tech run over. money shifting to conservative business with cash generation ability. maybe quite true as we see dow recover but not much in nasdaq.
for me reits will be some of the long term cash generation machine.
increased interest rate causes usd to raise in value. move since end of 2021.
ow usd/sgd rate is back to 1.34. suspect some money is back. see the volume and value of sgx daily trade tell that money is park on the side.
some expert said that tech run over. money shifting to conservative business with cash generation ability. maybe quite true as we see dow recover but not much in nasdaq.
for me reits will be some of the long term cash generation machine.
Agreed current price depressed unjustifiably .....given general analysts rate: Overweight...
pasttime ( Date: 30-Dec-2022 10:20) Posted:
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i use their presentation to do my estimate.
share price drop from around 1.96 to low of around 1.54. then recover to current 1.66
in their presentation they said 72.5% of fixed rate debt average maturity 3 years.
weighted average all in cost of 2.44%. on that basis i estimate that share price drop too much.
the current interest rate increased will not affect 72.5% of their debt for now.
therefore i think a 15% share price fall is too much.
who knows what happen by 2025?
tourism, return to work will more then offset any potential interest rate increased as they renew bigger amount of their loan then.
think they need try to improve the occupancy of those underperforming asset or sell them to reduce debt.
share price drop from around 1.96 to low of around 1.54. then recover to current 1.66
in their presentation they said 72.5% of fixed rate debt average maturity 3 years.
weighted average all in cost of 2.44%. on that basis i estimate that share price drop too much.
the current interest rate increased will not affect 72.5% of their debt for now.
therefore i think a 15% share price fall is too much.
who knows what happen by 2025?
tourism, return to work will more then offset any potential interest rate increased as they renew bigger amount of their loan then.
think they need try to improve the occupancy of those underperforming asset or sell them to reduce debt.
eh, may I know how do you know that the interest rate is " fully reflected in price already" ? its a genuine question - is there a source for this type of information or how to calculate? please do share if you can.
pasttime ( Date: 27-Dec-2022 09:27) Posted:
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afraid interest rate increased?
interesst rate increased fully reflected in price already.
positive impact from hk china border open up. boost to festival walk.
china removal of covid inbound travelers restrictions from 8 jan 23 not price in.
the measure will result in more outbound travel as there will be no
inbound restrictions upon return journey. singapore, hk tourism boom.
interesst rate increased fully reflected in price already.
positive impact from hk china border open up. boost to festival walk.
china removal of covid inbound travelers restrictions from 8 jan 23 not price in.
the measure will result in more outbound travel as there will be no
inbound restrictions upon return journey. singapore, hk tourism boom.
Two main themes are developing, 1st, by mid Jan 23 the link with mainland China will be opened and 2nd, by 1Q23 US may finally cease hiking interest rate. These are positive for MPACT in term of earing and valuation. In a more longer term, MPACT should also benefit from URA' s Greater Southern Waterfront master plan. Already, BTO projects will be launch at the former Keppel Club location. There is also a new office building at 1 Pasir Panjang Road named Labrador Tower currently being built. This is a 34-storey building with 2-storey retail podium, it is likely that the office crowd will spill over to Vivo or ARC. Hopefully, MPACT can shortlist this building too with the aim of buying it over from the owner, i.e., Singapore Power.
HVRRVH ( Date: 13-Dec-2022 18:53) Posted:
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stuck with this stock since before COVID and before merger entered at high price sianz. let' s hope this China opening up thingie can really push this back up a little.
china open up from covid-19 is confirm after the protest at apple facilities and talk of apple shifting more manufacturing to india, vietnam. china has to shift to openup or loose many key manufacturers to other countries.
benefiting from open up, tourism related industry, like airline, booking platform, hotel, land transport.
open up also benefits oil, material, everything.
their effort to provide liquidity to favour real estate developers will reduced risk for more healthy developers and indirectly those related like banks, insurance company. insurance company who has provided a lot for their real estate exposure may benefits from reverse actions. at the same time insurance company are also equities investors, so equities market recovery will also benefits them.
many are still in doubt of real estate trouble about if they can sell, but when the picture is so clear the price will not be at this level already.
benefiting from open up, tourism related industry, like airline, booking platform, hotel, land transport.
open up also benefits oil, material, everything.
their effort to provide liquidity to favour real estate developers will reduced risk for more healthy developers and indirectly those related like banks, insurance company. insurance company who has provided a lot for their real estate exposure may benefits from reverse actions. at the same time insurance company are also equities investors, so equities market recovery will also benefits them.
many are still in doubt of real estate trouble about if they can sell, but when the picture is so clear the price will not be at this level already.
Hong Kong officially reopened! If China follow suit soon, Festive Walk should see its glory days again. We do not yet know how couters [Reits] that face huge pressure from rising interest will fare, pending Fed' s posture going forward. However, tonight CPI and tomorrow Fed decision should provide clearer picture. 60/40 chance that downward price pressure should ease soon.
Mapletree Pan Asia Commercial Trust
On Dec 2, MPACT Management independent non-executive director Lilian Chiang Sui Foo acquired 16,000 units of Mapletree Pan Asia Commercial Trust : N2IU +0.6% (MPACT) at S$1.65 per unit.
With a consideration of S$26,400, this increased her deemed interest in the diversified Reit to 46,000 units.
Chiang is the senior partner of Deacons and the head of its property department and has extensive experience in all types of real estate related transactions.
MPACT maintains a diversified and high-quality portfolio of 18 properties, anchored by VivoCity and Mapletree Business City (MBC) in Singapore, in addition to Festival Walk in Hong Kong.
year end shopping season. is there anything arc can do to use the open space and part of car park space to do some promote. there are online shops that one can work with to bring their online customers to the offline space that is available in arc. even if zero rental, it will bring footfall. example of potential, robinson,
shops selling party decorations and clothing, big furniture out fit.
your attractions, the working people in the surrounding office.
you ahve free parking, a banner along the main road is a low cost way to filter the many cars passing by to go in arc. think about it. you can do better for my pocket.
shops selling party decorations and clothing, big furniture out fit.
your attractions, the working people in the surrounding office.
you ahve free parking, a banner along the main road is a low cost way to filter the many cars passing by to go in arc. think about it. you can do better for my pocket.
that is why i interested to see the ability of their managers. if it is already a happening place then no need good managers. but for such quiet place need dreamer to make it a happening place. if they can make a small non happening place to become the place to go to then they can do bigger thing. if cannot happen just another property manager then i better sell and look else where.
i year has many festival to promote sale. if just let it happen like it is will be like hdb neighbourhood shops.
even hdb doing email to promote their shops.
pay so much for their managing fee cannot be jsut like a property manager. then the fee should be 10k per shopping center + running cost like electricty water etc. they need to show they are worth the money.
look at iim, bugis plus those are real value add. converting a non happening to happening place.
i year has many festival to promote sale. if just let it happen like it is will be like hdb neighbourhood shops.
even hdb doing email to promote their shops.
pay so much for their managing fee cannot be jsut like a property manager. then the fee should be 10k per shopping center + running cost like electricty water etc. they need to show they are worth the money.
look at iim, bugis plus those are real value add. converting a non happening to happening place.
LOL.....ARC mostly office crowd........weekend cannot really attract......Vivo too nearby.
christmas coming. all shopping center doing something to try to attract the crowds.
garden by the bay doing a chrsitmas wonderland.
i see arc doing some promotions from the shops. and free parking on sat, sun and ph.
need to do more. invite online shops like robinsons to setup . please shout your free parking.
you quietly do, no tell people who know how to come?
arc4u.com.sg
garden by the bay doing a chrsitmas wonderland.
i see arc doing some promotions from the shops. and free parking on sat, sun and ph.
need to do more. invite online shops like robinsons to setup . please shout your free parking.
you quietly do, no tell people who know how to come?
arc4u.com.sg
Seem testing 1.55 soon
Stocky901 ( Date: 31-Oct-2022 13:20) Posted:
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