Mapletree North Asia Commercial Trust (MNACT)

[behappyalways]

Mapletree North Asia Commercial Trust to acquire 2 office properties in Greater Tokyo for $482.5 mil
https://www.theedgesingapore.com/news/r ... o-4825-mil

[winston]

Mapletree North Asia Commercial Trust: Worst likely over

Mapletree North Asia Commercial Trust’s (MNACT) 3QFY20 results came in within our expectations, even as DPU slipped 13.3% YoY to 1.671 S cents due to the closure of Festival Walk (FW) mall from 13 Nov 2019 to 16 Jan 2020.

This was partially mitigated by a distribution top-up of S$25.8m (~0.809 S cents per unit).

Operationally, MNACT’s portfolio occupancy declined 2.6 ppt QoQ to 96.3% due largely to higher vacancies at Gateway Plaza (GP).

Looking ahead, as FW mall has reopened on 16 Jan and this was earlier than management’s previous expectations, MNACT highlighted that it will no longer be providing any distribution top-ups in 1QFY21 (within our expectations).

We believe the worst is likely over for MNACT, although uncertainties remain.

After adjustments, we derive a revised fair value of S$1.37 (previously S$1.36). BUY.

Source: OCBC

[winston]

not vested

Mapletree North Asia Commercial Trust on Monday posted a 10.7 per cent drop in its gross revenue to S$93.7 million.

Its net property income declined 19.5 per cent to S$68.5 million for its first quarter ended June 30.

The decline was mainly due to rental reliefs granted to its tenants and a lower average retail rental rate at its Festival Walk property in Hong Kong, as a result of the Covid-19 situation since early 2020, as well as a lower average occupancy at Gateway Plaza, its office building in Chaoyang District in Beijing.

Source: Phillips

[behappyalways]

Mapletree North Asia Commercial Trust acquires Tokyo office building for $475 mil
https://www.theedgesingapore.com/news/r ... ng-475-mil

[behappyalways]

Mapletree North Asia Commercial Trust to receive insurance settlement of $58.3 million
https://www.theedgesingapore.com/capita ... 83-million

[behappyalways]

MCT to give MNACT unitholders alternative option to receive $1.1949 in full cash per MNACT unit
https://www.theedgesingapore.com/news/r ... mnact-unit