Mapletree Log Tr    Last:1.19    +0.01

MapleTreeLog

Points to ponder:

a. Asset value has increased by 9 folds but what about the dividends and stock price?

b. How do we entice shareholders to re-invest using their earned dividends if the stock price is not attractive enough?

Just my personal observations

 

Dun sell now. Short interestvtate no up. many reits up gradually recently

 

any idea why this goes higher? am thinking of selling... any comment?

 

Any idea why Global Logistic trust share price is way better than Mapletree Logistic Trust?

 

DPU is good. Good time to load some when below $1.

 

Looks like gone are the good old days where the DPU is above 2 cents...... Share price hasn't been good either

 

Mapletree Logistics Trust (MLT) 3Q14 results came in within estimates, with 3Q14 DPU at 1.84¢ (+7% y/y, +1% q/q), lifting 9M14 DPU to 5.46, up 6%. (DPU included a partial distribution of the gain from divestment of 30 Woodlands Loop amounting to $0.6m or 0.025¢ in DPU per quarter) Gross revenue and net property income (NPI) was up 1% and flat y/y at $78.1m and $67.4m respectively. This was achieved despite lower revenue from the group?s Japanese portfolio, on back of a weaker Japanese Yen. Excluding forex impact, gross revenue would have increased by 5% and NPI by 4%, led by positive rental reversions in Singapore and Hong Kong, and contributions from two acquisitions completed in the past year. With the income streams from

Japan substantially hedged, the impact of the weaker Japanese Yen on distributable income was mitigated, while a 23% y/y fall in borrowing costs due to lower average interest rates also contributed positively to the quarter?s performance. Going forward, MLT notes that while uncertainties about the strength and sustainability of the global recovery remains, demand for logistics facilities in the Asian markets is expected to remain robust. Aim to adopt a disciplined approach towards selective acquisitions and asset enhancement initiatives while maintaining a prudent capital structure. Overall, MLT fundamentals remain vibrant with occupancy rate at a healthy 98.4%, while its Weight Average Lease Expiry (WALE) stood at a comfortable 4.8 years. Forex risk has been largely mitigated with ~95% of the group?s income stream hedged for FY14. Meanwhile net-gearing stands at a comfortable 33.9%, providing further debt headroom for expansion. At the current price, MLT REIT trades at an annualized 9MFY14 7% yield and 1.14x P/B versus the Industrial REITs average of 7.9% forward yield and 1.05x P/B. Latest broker ratings as follows: CIMB maintains Hold with TP $1.11 CS maintains O/p with TP $1.42 Deutsche maintains Hold with TP $1.18 OCBC maintains Hold with TP $1.06

 

 

Acquires Iskandar warehouse

By Kevin Tan 
http://www.ocbcresearch.com/Article.aspx?type=research& id=20140114085225_75792

Mapletree Logistics Trust (MLT) proposed to acquire an industrial warehouse in Iskandar Malaysia last Friday. Based on the purchase price of MYR88.5m (~S$34.3m), the initial NPI yield of the property is expected to be ~8.4%. This is higher than the implied yield of 7.1% for MLT?s existing Malaysia portfolio. We estimate the income from the asset will add 0.1 S cents to MLT?s DPU on an annualised basis, thus making the deal DPU-accretive. Management intends to fund the acquisition wholly by debt, which should see its aggregate leverage increase marginally by 0.5ppt to 34.9% upon completion. However, we do not expect any near-term impact to its DPU and gearing given that the transaction is projected to complete by 3QFY15 (Dec 2014). Nevertheless, as we switch our valuation method from RNAV to DDM due to uncertainty in cap rate movement, our fair value on MLT drops from S$1.11 to S$1.06. Maintain HOLD.

Acquisition of warehouse in Iskandar Malaysia
Mapletree Logistics Trust (MLT) proposed to acquire an industrial warehouse in Iskandar Malaysia last Friday. The property was put up on sale via a closed tender exercise by Mapletree Industrial Fund, a closed-end fund managed by MLT?s sponsor. Hence, the acquisition is considered an interested party transaction. We note that the purchase price of MYR88.5m (~S$34.3m) is below the valuations of MYR91.0m-MYR95.4m by the two independent valuers. Management guided that the property is likely to generate an initial NPI yield of ~8.4%, higher than the implied yield of 7.1% for MLT?s existing Malaysia portfolio. We estimate the income from the asset will add 0.1 S cents to MLT?s DPU on an annualised basis, thus making the deal DPU-accretive.

Details on warehouse
The warehouse, which is located within Johor Technology Park in Zone E of Iskandar Malaysia, will mark MLT?s fourth asset in this special economic region. The property comprises seven blocks of single and double-storey industrial warehouses and one office block, and has a GFA of ~63,750 sqm. In addition, the asset is designed with good building specifications and is easily accessible via the North-South Highway and Senai Highway. At present, the property is leased to a subsidiary of LCTH Corporation Bhd on a 12-year triple net lease expiring in 2020, which is in turn sub-leased to a subsidiary of Nasdaq-listed Flextronics. Due to the long lease in place, the weighted average lease to expiry post acquisition is expected to improve to 5.0 years from 4.9 years, thus enhancing MLT?s earnings visibility. 

Maintain HOLD
Management intends to fund the acquisition wholly by debt, which should see its aggregate leverage increase marginally by 0.5ppt to 34.9% upon completion. However, we do not expect any near-term impact to its DPU and gearing given that the transaction is projected to complete by 3QFY15 (Dec 2014). Nevertheless, as we switch our valuation method from RNAV to DDM due to uncertainty in cap rate movement, our fair value on MLT drops from S$1.11 to S$1.06. Maintain  HOLD.   ...last:$1.03..1-yr low:$0.995..2-yr low:$0.841..2-yr high:$1.347...


 

 

Agreed. This stock seems to have low dividends and low share prices when compared to the REITS that recently announced their dividends.

Will wait for good opportunity to be in........waiting......

 

$6 is too high to reach now. Unless some big fund push it up, but after trap ppl then push it down like the recent 3 hot co shares.

junction      ( Date: 22-Oct-2013 22:33) Posted: May have to wait a long long time tch77_pt75      ( Date: 22-Oct-2013 21:48) Posted: Based on the portfolio increment, wouldn't it be at least worth $6 per share?

 

May have to wait a long long time

tch77_pt75      ( Date: 22-Oct-2013 21:48) Posted: Based on the portfolio increment, wouldn't it be at least worth $6 per share?

 

Based on the portfolio increment, wouldn't it be at least worth $6 per share?

 

It's ok bro. Got up & down. Although I aim it goes lower so that I can buy cheap again but it never. It's price range now is the base. If you plan to let go, just wait for the short renounce after the XD price adjustment. Just my view.

tch77_pt75      ( Date: 20-Oct-2013 21:24) Posted: Dividend of 1.82cents for this Qtr  but compared to the peak of 2.04cents in the past, there  is still a long way to catch up! The performance of this stock is poor for retail investors. Portfolio has been expanding but the share price and dividend are disappointing. Just my personal views.

 

Dividend of 1.82cents for this Qtr  but compared to the peak of 2.04cents in the past, there  is still a long way to catch up!

The performance of this stock is poor for retail investors. Portfolio has been expanding but the share price and dividend are disappointing.

Just my personal views.

 

Points to ponder

1. Asset value has increased by 9 folds but what about the dividends and stock price?

Can anyone advise on this?

 

O, yes. Me too. Hoping it goes to 1.0 or below :)

Dividend_Warrior      ( Date: 31-Jul-2013 00:26) Posted: On my watch list!!! beginners      ( Date: 31-Jul-2013 00:12) Posted: Hi bro milen_00, today's price drop. Did you pick up some?

 

On my watch list!!!

beginners      ( Date: 31-Jul-2013 00:12) Posted: Hi bro milen_00, today's price drop. Did you pick up some?

 

Hi bro milen_00, today's price drop. Did you pick up some?

 

Wah the DVD come fast end fast.