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pkli899 ( Date: 24-Oct-2024 20:01) Posted:
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Aiyo, results.........bo ho.
Revenue down, expenses up.
HK improve, Japan drop.......aiya.
DPU from 2.24 last qtr to 1.98 this qtr.
Almost 12% down!
Revenue down, expenses up.
HK improve, Japan drop.......aiya.
DPU from 2.24 last qtr to 1.98 this qtr.
Almost 12% down!
This trio is probably ready for a nice reversal anytime soon
Having China/HK assets, think the recovery for MLT & MPACT share price is still in progress.
China/HK properties:
https://www.mapletree.com.sg/Our-Business/Capital-Management/REITs/Mapletree%20PACT.aspx
https://www.mapletree.com.sg/Our-Business/Capital-Management/REITs/Mapletree%20PACT.aspx
All China-related counters moving up due to China trillion yuan stimulus plan
likely towards 1.53 again
technically, likely to resume as soon as today
if short sold $1.18 lets said for every $100 they cash they get from short they buy $100 10y bond at 5% ie $5 dividend worth
now 10y bond 3.612% so in theory the traded value of 5% 10y bond will be $5/0.03612 = $138.
if they can sell their holding they would have made gross 38% from the cash harvested from shorting.
now they probably doing reverse to lock in profit. so price of equities going up. we no match for these big players one. but at lease don' st sell at low. hope the price can continue to raise so that the short don t make bond price diff and share price diff out of share holders.
now 10y bond 3.612% so in theory the traded value of 5% 10y bond will be $5/0.03612 = $138.
if they can sell their holding they would have made gross 38% from the cash harvested from shorting.
now they probably doing reverse to lock in profit. so price of equities going up. we no match for these big players one. but at lease don' st sell at low. hope the price can continue to raise so that the short don t make bond price diff and share price diff out of share holders.
Wah it move like a growth stock! What' s the difference now compare to the time when the price hit as low as $1.18, which was on 19 April 2024? At that time, Fed said they were not cutting rate and may in fact, prolong the high interest rate environment despite market then largely predicted rate cut in May 2024. This time round, however, a rate cut on Thursday 2 am SG time is as good as confirm but we don' t know whether it will be 0.25 or 0.5%. In fact, the rate cut effects are already felt in Tbills and SSB, with SSB rate likely to hit average of 2.6% for 10 years in the upcoming issue. The Tbills should still stay slightly above 3% but it may not be for long. Rates aside, MCT also sold off the Anson office buidling to lower the gearing ratio but I suspect this has less impact compare to the anticipated lower rate. As it is, MPACT should yield more than 5% based on current price and with lower central bank rates going forward, there is a chance of increases in DPU and if the yield stay around 5-6%, we could see further upside on the unit price.
https://www.theedgesingapore.com/capital/brokers-calls/mpact-among-top-beneficiaries-interest-rate-cuts-says-dbs
MPACT is among the ?top beneficiaries? of interest rate cuts, says DBS
(MPACT) and a target price of $1.75. The analysts? target price implies a P/B of 1.0 times, which is ?fair? given the REIT?s dominant assets in Singapore. The unchanged target price also reflects a 24% upside to the REIT?s traded price of $1.41 as at Sept 9.
Tan and Wong note that MPACT is an undervalued quality Singapore-REIT (S-REIT) with yields greater than 6.0%. With a ?value? play at 0.8 times price-to-book (P/B), it has a 1% higher yield pick-up in comparison to larger cap S-REITs. Furthermore, Tan and Wong are of the opinion that the price fails to reflect two prominent developments, Vivocity and Mapletree Business City, which represent around 54% of MPACT?s income.
Further to their report, the analysts identify MPACT as a prime beneficiary of interest rate cuts, with a 1% cut driving up to a 2.4% increase in the REIT?s distribution per unit (DPU), which has not been factored in. The analysts believe that concerns over a further write-off in Festival Walks? value is unwarranted as ?sequential improvement in cash flows in 1QFY2025 from Festival Walk implies that better times are ahead, and with the interest rate overhang tapering off, higher operating cash flows are likely to flow down to the bottom line?, they say.
MPACT has undergone portfolio optimisation in view of their next stage of growth, which is another plus in the analysts? books.
?The recent divestment of Mapletree Anson solidifies the balance sheet position (pro-forma gearing of 38%, interest coverage ratio or ICR improves to [over] 3.0 times) and we believe that further asset divestments could be in the offing to further streamline the portfolio and thus reposition the REIT to recapture growth opportunities from its sponsor or third parties,? write Tan and Wong.
The analysts have identified economic uncertainties or downturns as a possible key risk for MPACT?s retail and office assets.
?The recent share price run in MPACT has legs, in our view, given expectations of lower risk profiles on the back of a more conducive interest rate environment,? say the analysts.
?With its share price still lagging that of larger cap S-REITs, we believe MPACT, trading at a 6% FY2025 yield, is very attractive?, they add.
As at 9.55am, units in MPACT are trading at 1 cent higher or 0.70% up at $1.43.
MPACT is among the ?top beneficiaries? of interest rate cuts, says DBS
(MPACT) and a target price of $1.75. The analysts? target price implies a P/B of 1.0 times, which is ?fair? given the REIT?s dominant assets in Singapore. The unchanged target price also reflects a 24% upside to the REIT?s traded price of $1.41 as at Sept 9.
Tan and Wong note that MPACT is an undervalued quality Singapore-REIT (S-REIT) with yields greater than 6.0%. With a ?value? play at 0.8 times price-to-book (P/B), it has a 1% higher yield pick-up in comparison to larger cap S-REITs. Furthermore, Tan and Wong are of the opinion that the price fails to reflect two prominent developments, Vivocity and Mapletree Business City, which represent around 54% of MPACT?s income.
Further to their report, the analysts identify MPACT as a prime beneficiary of interest rate cuts, with a 1% cut driving up to a 2.4% increase in the REIT?s distribution per unit (DPU), which has not been factored in. The analysts believe that concerns over a further write-off in Festival Walks? value is unwarranted as ?sequential improvement in cash flows in 1QFY2025 from Festival Walk implies that better times are ahead, and with the interest rate overhang tapering off, higher operating cash flows are likely to flow down to the bottom line?, they say.
MPACT has undergone portfolio optimisation in view of their next stage of growth, which is another plus in the analysts? books.
?The recent divestment of Mapletree Anson solidifies the balance sheet position (pro-forma gearing of 38%, interest coverage ratio or ICR improves to [over] 3.0 times) and we believe that further asset divestments could be in the offing to further streamline the portfolio and thus reposition the REIT to recapture growth opportunities from its sponsor or third parties,? write Tan and Wong.
The analysts have identified economic uncertainties or downturns as a possible key risk for MPACT?s retail and office assets.
?The recent share price run in MPACT has legs, in our view, given expectations of lower risk profiles on the back of a more conducive interest rate environment,? say the analysts.
?With its share price still lagging that of larger cap S-REITs, we believe MPACT, trading at a 6% FY2025 yield, is very attractive?, they add.
As at 9.55am, units in MPACT are trading at 1 cent higher or 0.70% up at $1.43.
I share the same view that when next week rolls around reits must retrace a bit. The cut is in the prices liao. See the volumes of most
hv tapered off. But in the longer run, depends on how many cuts price will not go too low again.
hv tapered off. But in the longer run, depends on how many cuts price will not go too low again.
Yes. Market can be unpredictable.
HVRRVH ( Date: 11-Sep-2024 10:19) Posted:
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Have to stress it is just my view only hor. who know it may cheong after rate cut too
Delvyss ( Date: 11-Sep-2024 10:14) Posted:
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OIC. Thanks for sharing. :)
HVRRVH ( Date: 11-Sep-2024 10:01) Posted:
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I meant the appreciation of the unit price may not be rapid even with the rate cut announcement, as it may be gradually factored in by the market.
Delvyss ( Date: 06-Sep-2024 11:59) Posted:
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A likely chance of 1.45 today
Delvyss ( Date: 11-Sep-2024 09:06) Posted:
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The Mapletree musketeers
Another reasonably good gauge ..... https://www.gurufocus.com/term/intrinsic-value-projected-fcf/SGX:N2IU#:~:text=As%20of%20today%20(2024%2D09,FCF%20of%20today%20is%200.6.
| Delvyss ( Date: 28-Aug-2024 11:15) Posted: |