Mapletree PanAsia C    Last:1.27   -

MCT

Overall, this is an overvalued reit but it will /can continue to be overvalued if the acquisitions are big enuff like the one announced. jus need to push higher price and placement above NAV. Only big names with big sponsor can do. but overall, still one of the better growth reit except its a little too rich in valuation .

At 1.5 book, its telling shr holders it can increase its % of income per share by at least 30-50% in the next few yrs.

Alternatively, which i think its more probable will be having similar acquisitions value which can be earning accrative for next few yrs

 

large sponsors do that so they can attract investors in their up coming placement and preferential share offering. they can continue to pump and placement at 5% ave px , overall try to push up price as placement is above their nav. their acquisition is of fair value at 5% net yield which is slightly yield accreative after pumped from 5% ard $2 to current $2.34. they will then say place out at ard 2.2-2.26 eg. nav poss only 1.65-1.70 .

pkli899      ( Date: 27-Sep-2019 09:41) Posted: I mentioned recently in another forum about possible reason for price swing up rapidly i.e. getting them ready to purchase MBC II. True enough but didn' t expect it to be so soon.

 

I mentioned recently in another forum about possible reason for price swing up rapidly
i.e. getting them ready to purchase MBC II. True enough but didn' t expect it to be so soon.

 

Shares were bought shortly after IPO at around 83c.
Capitalised on the up swing, sold 60%. Keep 40% for dividend play.
May buy back if price dropped below my selling price.

Mike12345      ( Date: 03-Sep-2019 14:39) Posted: I am still holding this trust, collected dividends multiple times already. This REIT is a good investment.

 

I am still holding this trust, collected dividends multiple times already. This REIT is a good investment.

 

Closed position 1.535. 

TenPips      ( Date: 28-Sep-2017 11:44) Posted: Taking a bet on this. Long 1.51.

 

Taking a bet on this. Long 1.51.

 

MCT is one of the most over value office REIT.

http://mystocksinvesting.com/singapore-reits/office-sector/singapore-reit-office-sector-still-under-value-in-general/

 

Anyone subscribing to the new units at $1.42?

 

The portion for private placement Biz Park ( I ) was 3.8 times oversubscribed. There is another huge Biz Park( II ) for future

consideration.   

 

So essentially this is a rights issue?

 

The acquisition of Biz Park at Alexandra corridor is yield accredited. It will be funded via placement / rights combo. Many funds have

to get in because of its huge size and cannot be ignored. Since Google is moving in, thus creating a ecosystem, many other similar

may follow into this Biz park. Also sometime later, with the   SReit ETF, this may be included in it. ( I am just vested and will buy

more on dips ).   Dont take my words, do your own homework. 

 

 

They are issuing new units under equity funding?

 

Results and DPU coming...

 

Mapletree Commercial Trust  |  PDF

Retail up, office down

MCT SP  /  MACT.SI  |  HOLD - Maintained  |  S$1.47  tp:S$1.48▲   Mkt.Cap:US$2,309.00m  | Avg.Daily Vol:US$2.40m  | Free Float:62.80%  REIT  Author(s):Mun Yee LOCK  +65 6210 8606,  Zhi Bin YEO

■   Results in line 4QFY3/16 25% of our full-year forecast.  ■   Vivocity enjoyed robust rental reversions, higher shopper footfalls and tenant sales these underpin future performance.   ■   Weak office showing to drive occupancy to improve income stream.  ■   Retail lease renewals in FY17-18 growing office occupancy key to near-term growth.  ■   Maintain Hold with slightly higher target price of S$1.48.

Results within estimates, making up 25% of full-year forecast  MCT&rsquo s 4QFY16 revenue rose 2.8% yoy to S$73m while NPI rose a higher 3.5% yoy to S$55m on better cost containment, partly offset by higher interest costs. Distribution income of S$42.9m, +1.8% yoy, translates to a DPU of 2.02 Scts (+1% yoy). Similarly, for FY16, it delivered a distribution income of S$172.5m (DPU: 8.13 Scts). The trust revalued its portfolio to S$1.30/unit, with cap rates remaining unchanged.  Vivocity continued to deliver  Vivocity recorded 4Q rental revenue of S$48.5m and full-year income of S$191.2m (+3.7% yoy) on +12.3% rental reversion and income from newly created 15ksf of space in B1. During the quarter, it also enjoyed a 5.8% rise in tenant sales and shopper traffic. Committed occupancy remained high at 99.9%. The trust has 15.3% and 16% of retail leases to be renewed in FY17 and FY18, respectively, including some anchor tenant space. As such, we think MCT would likely be able to achieve double-digit rental uplift.  Weaker office performance  Office rentals of S$96.6m for FY16 made up c.34% of total revenue and experienced a 1.6% decline yoy, dragged down by contributions from Mapletree Anson (MA) and PSAB. This was partly offset by higher income from MLHF. This was despite an 8.1% rental reversion uplift during the period. Occupancy at MA and PSAB stood at 91% and 92.8%, respectively.     Driving growth via retail AEI and boosting office occupancy  Looking ahead, MCT would continue to drive retail rental revenue through a S$6.1m AEI exercise at Vivocity B2, to be completed in 1HFY17. It would also introduce new brands and retail concepts, and organisemore A& P activities to grow shopper footfalls. Within the office portfolio, tenant Bank of America Merrill Lynch (BAML) has renewed and restructured its lease at MLHF in Apr 16. With only 0.6% of leases due in FY17 and 10.4% in FY18, the trust would continue to work to boost occupancy at PSAB and MA.  Maintain Hold rating  Our DDM-based target price is raised to S$1.48 as we roll forward our valuation. We also introduce our FY19 forecasts. MCT is trading at 1.3x P/BV and offers FY17 DPU yield of 5.6%. MCT&rsquo s balance sheet is healthy with a gearing of 35.1% and has long earnings visibility of 3.5 years WALE. However, with the recent run-up in share price, we see limited upside in the short term and retain our Hold rating.        Previous [  Mapletree Commercial Trust  ] reports...  21/10/15  Co.Note  Better operating performance  (HOLD, S$1.32  tp:S$1.44▼ ) 23/7/15  Co.Results  Mixed results  (HOLD, S$1.44  tp:S$1.54) 18/5/15  Co.Flash  More palatable valuations  (HOLD▲ , S$1.55  tp:S$1.54)

 

Good closing with high volume.... 

 

Performance expected to be stable for the rest of the year due to resilient portfolio in light of challenging conditions and potential interest rate hike. More volatility expected in the short term but most of the downside risks appear to have already been priced in.

http://www.investark.com/Analysis84mct1q16.html

 

MCT has 4 assets and their anchor asset is Vivo City. In fact 64.5% gross revenue and 63% NPI are from Vivo City. Can their DPU sustainable?

I think our tourist industy is on downhill due to our strong currency and also less Chinese tourists arriving. Unlike Capitamall, their assets are mainly in the heartland and capture heartlanders more than tourists. Hence, Vivo City will be badly hit once the tourist dollars drop.

Also,their gearing is relatively high at 37% and once interest rate hike will increase their finance costs.Ultimately, their NPI will reduce.

That is my 2 cents view.

marubozu1688      ( Date: 26-Aug-2015 21:27) Posted: MCT on down trend. No sign of bottoming yet. http://mystocksinvesting.com/singapore-stocks/mapletree-com/mapletree-commercial-trust-fundamental-and-technical-analysis/

 

MCT on down trend. No sign of bottoming yet.

http://mystocksinvesting.com/singapore-stocks/mapletree-com/mapletree-commercial-trust-fundamental-and-technical-analysis/

 

DPU of 8 cents for year 2015. Cannot complain lah..............