Manulife US REIT

Re: Manulife US REIT

Postby winston » Fri Dec 13, 2019 10:23 am

not vested

Moving Into The Next League; Top BUY Target Price (Return) USD1.10 (+10%)
Price: USD(+xx%) 1.00
Market Cap: USD1,561m
Avg Daily Turnover (SGD/USD) 13.6m/10.1m

Keep BUY with new TP of USD1.10 from USD1.00, 10% upside plus c.6% yield.

MUST, one of our Top Picks, has outperformed YTD +30%, vs S-REITs

Index +17%. Key reasons: continued momentum in US office demand, lower interest rates, strong earnings track record and better investor education.

With the recent index inclusion increasing stock liquidity and visibility, we expect trading yield discount (c.150bps higher than office S-REIT peers) to narrow further.

Post rally, valuations remain reasonably attractive at 1.2x P/BV

Source: RHB

https://research.rhbtradesmart.com/atta ... 16d128.pdf
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Re: Manulife US REIT

Postby winston » Wed Feb 05, 2020 2:11 pm

Rewarding Year for Investors;
Manulife US REIT FY 2019 DPU grew 7.0% YoY


Long WALE of 5.9 years and high occupancy of 95.8%

Strategic acquisitions resulted in strong NPI growth of 22.2% YoY

Included in FTSE EPRA Nareit Index on 23 December 2019

Total shareholder return of 42.1% YoY; Ranked 6th out of 40 SREITs

Ranked 3rd out of 12 listed U.S. office REITs for GRESB 2019

https://links.sgx.com/FileOpen/MUST%20F ... eID=595329
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Re: Manulife US REIT

Postby winston » Thu Feb 06, 2020 9:06 am

vested

Building a Robust Diversified Portfolio
Target Price (Return): USD1.12 (8%)
Price: USD1.04
Market Cap: USD1,631m
Avg Daily Turnover (USD/USD) 5.78m/5.78m
52-wk Price low/high (USD) 0.83 – 1.07

BUY, new TP of SGD1.12 from SGD1.10, 8% upside with c.6% FY20F yield.

4QFY19 numbers are in line with our (24%) and Street estimates.

Its good-quality diversified US office portfolio still benefits from favourable market dynamics, remaining relatively immune to the coronavirus threat, with largely domestic-centric tenants.

It has outperformed peers since its recent index inclusion (Dec 2019), and should sustain this near-term momentum on a possible capital rotation into US office REITs, which are less impacted by the recent virus outbreak.

Source: RHB

https://research.rhbtradesmart.com/atta ... 196ad2.pdf
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Re: Manulife US REIT

Postby winston » Thu Feb 06, 2020 9:31 am

vested

Robust performance

4Q/FY19 DPU of 1.44/5.96 US cts is in line with our expectations, at 24.1%/99.8% of our 4Q/FY19 forecasts.

Organic rental uplift from positive reversions and new acquisitions will continue to be DPU growth drivers, in our view.

We reiterate our Add rating with a slightly higher DDM-based TP of US$1.13.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... ED12E1EF7F
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Re: Manulife US REIT

Postby winston » Thu Feb 06, 2020 11:14 am

vested

What’s New

FY19 headline DPU rose 7% y-o-y to 5.96 UScts, in line. Adjusting for private placement/preferential offering, DPU fell 1.3% y-o-y

4Q19 headline DPU decreased 5.9% y-o-y to 1.44 UScts. Adjusted 4Q19 DPU fell 4.6% y-o-y to 1.46 UScts

Operationally stable; occupancy stable except Michelson; rental reversion was +0.5% (+12.1% exMichelson); <10% of leases expiring in FY2020/FY2021

Maintain BUY; raised TP to US$1.15

Source: DBS

https://researchwise.dbsvresearch.com/R ... =fbdeekhab
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Re: Manulife US REIT

Postby winston » Mon Feb 10, 2020 4:41 pm

vested

Manulife US REIT (MUST SP): Performance in line; busy year of acquisitions
(Downgrade to NEUTRAL, TP: US$ 1.11)


Results Update

Positive 4Q19 results. Manulife US REIT (MUST) reported 4Q19 distributable income of US$22.6mn (+16% YoY), mainly led by higher contributions from acquisitions of Centrepointe and Capitol.

4Q19 DPU lower due to enlarged unit base. 4Q19 DPU declined 5.9% YoY to 1.44 US cents due to an enlarged unit base from the private placement where 91.3mn units were issued on 30 September 2019 and preferential offering where 72.9mn units were issued on 18 October 2019.

Downgrade to NEUTRAL and TP of S$1.11. We downgrade our recommendation to NEUTRAL as we see limited upside for now.

MUST’s unit price has performed well, giving a total return of 42% (inclusive of dividends) in 2019 and 5% year-to-date, significantly outperforming the FTSE ST REIT Index, which had a total return of 26% in 2019 and 3% year-to-date.

Source: KGI
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Re: Manulife US REIT

Postby winston » Wed Mar 25, 2020 10:56 am

not vested

Manulife US Real Estate Investment Trust (MUST SP)
Well Prepared For Turbulent Times; Keep BUY

Buy (Maintained)
Price: USD0.70
Market Cap: USD1,100m
Avg Daily Turnover (USD/USD) 5.77m/5.77m

Maintain BUY, with a lower TP of USD 0.88 from USD 1.12, 26% upside with c.9% yield.

Despite headwinds from COVID-19 outbreak to the US economy, we believe MUST office portfolio will be able to weather the crisis due to its diversified and good quality assets, strong tenant profile, and long WALE (5.7years).

Balance sheet remains strong with modest gearing and spread out debt to maturity.

Key risks are potential right sizing/downsizing by tenants, collapse of co-working office players and a prolonged economic recession in the US.

Source: RHB

file:///C:/Users/winston/Downloads/SG_Manulife%20US%20REIT_Company%20Update_%2020200325_RHB_updated.pdf
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Re: Manulife US REIT

Postby winston » Wed Mar 25, 2020 11:19 am

not vested

Manulife US Real Estate Inv (MUST SP) : BUY
Mkt. Cap: US$1,098m I 3m Avg. Daily Val: US$5.9m
Last Traded Price ( 24 Mar 2020): US$0.70
Price Target 12-mth: US$1.15 (64% upside)

Stronger than you think

MUST’s management believes its portfolio, comprising Class A/trophy assets, strong top 10 tenant profile and a good set of credit metrics, is stable and resilient to weather the short-term pain and potential recession

While it is still early stages of the COVID-19 outbreak in the US, management expects leasing activities and the transaction market to slow down as tenants/buyers/sellers take a wait-and-see approach

Management does not expect refinancing risks at the moment and credit metrics still provide some debt headroom

While valuations look attractive at price levels between 55 US Scts and 61 US Scts, share price could remain volatile as it trades in tandem with the US market/and sentiment on its economy

Source: DBS

https://researchwise.dbsvresearch.com/R ... =fcfiekhaa
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Re: Manulife US REIT

Postby winston » Mon May 11, 2020 9:06 am

not vested

Manulife US Real Estate Investment Trust (MUST SP, BUY, TP: USD0.90)

Remains Operationally Strong; Top Pick

Company Update

Maintain BUY with new TP of USD0.90 from USD0.88, 28% upside and c.9% yield.

Manulife US Real Estate Investment Trust’s 1Q operational updates point to a healthy US office market prior to the rapid escalation of COVID-19 in the US.

While the US economic and office outlook have deteriorated sharply, recent easing of lockdown raises some hope.

Good asset quality, strong tenant profile and minimal near-term lease expiries mitigate risks.

Recent rollback of tax structure provides additional savings.

Source: RHB

https://research.rhbtradesmart.com/atta ... d34fcb.pdf
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Manulife US REIT

Postby winston » Mon May 11, 2020 9:36 am

not vested

Manulife US REIT
Holding steady


MUST reported healthy portfolio operating metrics in 1Q20.

MUST expects rental reversion for remaining FY20F leases to be flat, after a +8.1% rise in 1Q20.

We reiterate our Add rating with a lower DDM-based TP of US$1.05.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... E1C150FD9D
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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