Mapletree Industrial Trust

Re: Mapletree Industrial Trust

Postby behappyalways » Sat Sep 21, 2019 2:27 pm

Mapletree Industrial Trust and Mapletree Investments to acquire US$1.4 bil data centre portfolio in North America
https://www.theedgesingapore.com/news/m ... -portfolio



Mapletree Industrial Trust raises $400 mil in private placement to help fund new acquisition
https://www.theedgesingapore.com/capita ... p-fund-new
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Re: Mapletree Industrial Trust

Postby winston » Thu Oct 10, 2019 10:01 am

not vested

Mapletree Industrial Trust (MINT SP)

High Growth From Data Centres At A Reasonable Price

MINT persists in its rapid repositioning towards high-tech buildings and data centres.

The acquisition of 13 data centres in North America (3 turnkey hyper-scale data centres
and 10 powered shell data centres) through a 50:50 JV with its sponsor adds nine
established tenants with a long WALE of 9.1 years.

Three of the tenants are in the top10 list of US technology companies.

We see value in MINT as an entry into high-growth data centres at a reasonable price.

Maintain BUY. Target price: S$2.69.

Source: UOBKH

https://research.uobkayhian.com/content ... 4876e6a9ef
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Re: Mapletree Industrial Trust

Postby winston » Wed Jan 22, 2020 9:49 am

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Mapletree Industrial Trust: Rental reversions stabilising

Mapletree Industrial Trust’s (MIT) 3QFY20 DPU rose 2.9% YoY to 3.16 S cents and met our expectations.

Operationally, MIT’s rental reversions for renewal leases appear to have bottomed out, as this came in positive for all its segments with the exception of Flatted Factories.

There was also an improvement in overall portfolio occupancy from 90.5% (end-2QFY20) to 90.9%.

According to CBRE, Singapore's manufacturing sector showed some early signs of recovery in 4Q19, and there were pockets of leasing demand seen, a handful of which were for expansion.

We maintain our DPU forecasts given this in-line set of results.

However, we lower our cost of equity assumption from 7.6% to 6.8% on account that MIT’s rental reversions has likely reached a nadir, coupled with our expectations of robust growth in North America’s cloud data centre capex ahead.

Our fair value estimate is lifted from S$2.55 to S$2.87. HOLD.

Source: OCBC
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Re: Mapletree Industrial Trust

Postby winston » Tue Apr 28, 2020 1:29 pm

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Mapletree Industrial Trust (MINT SP): BUY
Market Cap: US$3,785m | Average Daily Value: US$20.3m
Last Traded Price: S$2.440; Price Target: S$2.70 (Upside 10.9%)

A position of strength

Retention of S$6.6m in distributions (c.3%) as a buffer for uncertainties ahead
Metrics to remain stable in the face of a sharp economic contraction
Datacenter portfolio to contribute positively in FY21F
Maintain BUY and S$2.70 TP

Source: DBS

https://researchwise.dbsvresearch.com/R ... =fdfahkhab
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Re: Mapletree Industrial Trust

Postby behappyalways » Tue Jun 23, 2020 3:59 pm

Mapletree Industrial Trust to acquire remaining 60% interest in 14 data centres in US for S299.5 mil
https://www.theedgesingapore.com/news/m ... -s2995-mil



Mapletree Industrial Trust launches private placement to raise $350 mil to fund acquisition of data centres
https://www.theedgesingapore.com/news/r ... ition-data
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Re: Mapletree Industrial Trust

Postby winston » Wed Jun 24, 2020 1:34 pm

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Mapletree Industrial Trust (MINT SP) - Proposed acquisition a testament of quality

Mapletree Industrial Trust (MIT) announced its proposed acquisition of the remaining 60% interest in a portfolio of 14 data centres in the US from its sponsor.

The agreed portfolio property value of US$823.3m (~S$1,169.1m) on a 100% basis translates into an NPI yield of 6.8%.

This is only a tad lower than the initial NPI yield of 6.9% when the portfolio was first acquired in 2017.

Upon completion of this proposed acquisition, data centres in Singapore and North America will constitute ~39% of its portfolio by AUM (versus 31.6% previously) and will move MIT further up the industrial value chain, which we view positively.

To fund this acquisition, MIT also announced a private placement of 146.4m new units (upsize option exercised) at an issue price of S$2.80 per unit to raise gross proceeds of S$410m.

Its pro forma FY20 aggregate leverage ratio is estimated to increase from 37.6% to 38.7%, but it is likely to come in lower now with the strong demand for its placement exercise.

We incorporate this deal in our model, and also factor in additional rental concessions to tenants.

We lower our FY21F DPU forecast by 1.7% but increase our FY22F projection by 3.8%.

We also lower our cost of equity assumption from 6.8% to 6.3% to take into account MIT’s continued progression towards a more resilient portfolio constitution with stronger earnings visibility.

Consequently, our fair value is bumped up from S$2.84 to S$3.25. BUY.

Source: OCBC
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Re: Mapletree Industrial Trust

Postby winston » Thu Jul 02, 2020 11:03 am

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BUY
Last Traded Price ( 1 Jul 2020): S$2.90 (STI : 2,610.17)
Price Target 12-mth: S$3.25 (12% upside) (Prev S$2.70)

What’s New

Acquisition of the remaining 60% stake in portfolio of 14 datacenters in the US; key earnings driver in 2HFY21

Higher contribution from datacenters to underpin higher valuations

Fund raising to boost liquidity; potential inclusion into MSCI Singapore index

BUY, TP raised to S$3.25

Source: DBS

https://researchwise.dbsvresearch.com/R ... =ffcfbkhea
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Re: Mapletree Industrial Trust

Postby winston » Wed Jul 22, 2020 2:42 pm

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Mapletree Industrial Trust: Positive transition offset by near-term headwinds

Mapletree Industrial Trust (MIT) reported its 1QFY21 results which met our expectations.

DPU dipped 7.4% to 2.87 S cents and the decline was attributed to the retention of S$7.1m (~0.32 S cents per unit) of tax-exempt income (distributions relating to joint ventures) in light of the Covid-19 pandemic.

Operationally, headwinds from MIT’s Singapore operations were apparent.

Management estimated that ~S$20m of rental reliefs would need to be extended to its tenants.

Portfolio occupancy came down slightly by 0.4 ppt QoQ to 91.1% due to Singapore, while negative rental reversions for renewal leases were recorded for all but one of its business segments.

Despite headwinds from Covid-19, we continue to like MIT’s positive transition towards a hi-tech/data centre industrial REIT.

We maintain our DPU forecasts, S$3.25 fair value estimate and BUY rating on MIT.

Source: OCBC
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Re: Mapletree Industrial Trust

Postby winston » Thu Jul 23, 2020 9:31 am

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Mapletree Industrial Trust (MINT SP)

Share Price: SGD2.97
Target Price: SGD3.30
Recommendation: Buy

Growing Faster On Data

MINT’s 1Q21 DPU was -7.4% YoY as a further SGD7.1m in tax-exempt income from its JVs was withheld (after SGD6.6m in 4Q20).

We see additional rental relief in 2Q21 given mandated relief from the COVID-19 (temporary measures) Act, which management expects could result in a SGD20.0m total tenant assistance package.

We favour its positive growth fundamentals and more resilient portfolio - DPU visibility has been
strengthened by its rising hi-tech asset investments and overseas diversification.

Source: Kim Eng

https://factsetpdf.maybank-ke.com/PDF/1 ... 4d3261.pdf
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Re: Mapletree Industrial Trust

Postby behappyalways » Wed Sep 16, 2020 2:43 pm

Mapletree Industrial Trust acquires US data centre and office for purchase consideration of between $272.8 mil to $356.5 mil
https://www.theedgesingapore.com/news/r ... sideration
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