Mapletree Commercial Trust

Re: Mapletree Commercial Trust

Postby winston » Wed Feb 01, 2012 8:59 am

not vested

Mapletree Commercial Trust, which owns offices and retail properties, said its third quarter distribution per unit was 1.428 Singapore cents, 15.5 percent above its forecast.


Source: Reuters
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: Mapletree Commercial Trust

Postby winston » Fri Apr 27, 2012 9:05 am

not vested

Mapletree reported on Thursday fourth-quarter distribution per unit of 1.554 Singapore cents, beating its forecast by 18.4 percent, helped by contributions from its Alexandra Retail Centre and VivoCity mall as well as lower interest costs on borrowings.


Source: Reuters
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: Mapletree Commercial Trust

Postby winston » Mon May 21, 2012 11:26 am

not vested

Mapletree Commercial Trust (Buy) offers 6.6%/6.9% FY12/FY13E yields:

1) GSe for DPU is 3% above consensus;
2) YTD, stock has underperformed SREITs by 4%, flat vs. FSSTI;
3) visible growth at anchor asset VivoCity: a bulk of 33% leases is due 2012, mostly signed at low rates in 2009; and
4) Similarly, 70-75% exposure to non-discretionary spend.

Source: GS
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: Mapletree Commercial Trust

Postby winston » Fri Jul 06, 2012 10:28 am

not vested

DBSV Research continues to like Mapletree Commercial Trust’s defensive nature backed by quality assets.

There is no refinancing due this year and gearing has moved to 37.7% in line with the bigger cap reits.

Yields of 6.3-6.6% are attractive given its strong sponsor links.

MCT continues to ride on VivoCity’s healthy rental reversion, the opening of Alexander Retail Centre and PSA Building’s higher occupancy.

Maintain BUY at an unchanged TP of S$1.12.


Source: DBS
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: Mapletree Commercial Trust

Postby winston » Fri Sep 27, 2019 10:17 am

not vested

Sep 9, 2019

'New dawn' for Mapletree Commercial Trust as it replaces HPHT in ST Index

by Pauline Wong

SINGAPORE (Sept 9): Mapletree Commercial Trust (MCT) has earned a spot on the benchmark Straits Times Index (STI), on the back of robust growth numbers as well as steady increase in revenue and shareholder returns.

For 1Q19/20 ended June, the REIT reported a 3.6% rise in DPU to 2.31 cents, compared to 2.23 cents in 1Q18/19. Income available for distribution rose 4.1% to $67.2 million, from $64.6 million last year.

As of July this year, MCT was one of the best-performing S-REITs, with total returns of 28.6% in the year to date. Currently, it has a market capitalisation of $6.5 billion.

MCT will be included in the STI from Sept 23. It will be replacing Hutchison Port Holdings Trust (HPHT), which was dropped from the index after an 84% decline in market value since its 2011 initial public offering.

MCT will now be among Singapore’s top 30 listed companies, marking what analysts say is a “new dawn” for the REIT.

Its winning proposition is VivoCity, Singapore’s largest retail mall, which stands to benefit from the Greater Southern Waterfront (GSW) rejuvenation project.

The GSW project stretches from the Gardens by the Bay East area to Pasir Panjang, covering over 30km of Singapore’s Southern coastline and offering over 2,000 hectares of land for potential redevelopment.

It is touted as the new way to “live, work and play”, with up to 9,000 new residential development homes planned at the Keppel Club site.

There will also be development to the surrounding Pulau Brani and Pasir Panjang area, as well as big tech companies like Microsoft and Google taking up as tenants at MCT’s Mapletree Business City 2 project.

Meanwhile, VivoCity saw revenue increase by $2.6 million from 1Q18/19, driven mainly by higher rental income from new and renewed leases, achieved together with the asset enhancement initiatives completed in FY18/19 and the effects of the step-up rents in existing leases.

It also reported a 5.2% and 4.2% growth in gross revenue and NPI for 1Q19/20 in spite of the transitory downtime on shopper traffic and tenant sales resulting from the changeover of anchor space.

DBS Group Research analysts Derek Tan and Rachel Tan note that this will inevitably be positive for MCT, which has office properties in the Alexandra precinct (Mapletree Business City Phase 1 and PSA Building) and Harbourfront (Merrill Lynch HabourFront building).

“Over time, there are benefits from a wider pool of office occupiers looking to relocate there while the increased live-in population within the GCW will fuel the attractiveness of properties to occupiers,” they say in a Monday report.

DBS is keeping its “buy” call on MCT, and raising its target price to $2.40 from $2.25 previously.

The analysts say this reflects MCT’s ability to deliver consistent DPU growth of 3% CAGR over FY20-22F, and its scarcity premium of being one of only two 100% Singapore-focused large-cap REITs.

The brokerage expects MCT to maintain a weightage of 1.5% in the STI, in line with market expectations as seen by the close to 13% share price appreciation since the beginning of August 2019.

“While some investors might take some profit post the news, we believe MCT’s share price will remain elevated in anticipation of the potential injection of Mapletree Business City Phase 2.
While the timing is still uncertain, we believe Mapletree Business City Phase 2, anchored by key tenants like Google, will be widely seen as a positive addition to the REIT,” they add.

As at 4.05pm, units in MCT are trading 1 cent higher at $2.25, implying a price-to-earnings (PE) ratio of 25.5 times and a distribution yield of 4.2% for FY20F.

Source: The Edge

https://www.theedgesingapore.com/capita ... 401b309bc7
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: Mapletree Commercial Trust

Postby winston » Wed Oct 16, 2019 9:27 am

not vested

Mapletree Commercial Trust(MCT SP)
Share Price: SGD2.34
Target Price: SGD2.35
Recommendation: Hold

Acquisition Priced In

MCT’s 2Q20 DPU was in line with consensus and our estimates;

We have raised FY21 DPU by 4.6% to factor in the acquisition of Mapletree Business City II (MBC II) after the 15 Oct EGM.

Our DDM-based TP rises to SGD2.35 (COE: 6.1%, 2.0%).

Maintain HOLD with the shares fairly valued to slightly stretched on the acquisition anticipation.

We prefer FCT (FCT SP, BUY, TP SGD2.80) for its higher yields, stronger DPU growth profile.

Source: Kim Eng

https://factsetpdf.maybank-ke.com/PDF/1 ... 2a609b.pdf
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: Mapletree Commercial Trust

Postby winston » Wed Oct 16, 2019 9:44 am

not vested

Mapletree Commercial Trust: VivoCity gaining traction

Mapletree Commercial Trust (MCT) reported an in-line set of results, with 2QFY20 DPU up 2.2% YoY to 2.32 S cents.

Operationally, MCT achieved overall portfolio rental reversions of +5.0%.

This was driven largely by the retail segment, which registered a rental uplift of 6.8%.

Rental reversions for the Office/Business Park segment were +0.7%.

Overall portfolio physical occupancy was 96.1% (-0.8 ppt QoQ), as actual occupancy of Mapletree Anson fell sharply from 92.7% (end-1QFY20) to 75.1%.

Management has managed to bring committed occupancy for the property back up to 99.0%, with three major leases to commence in Nov and Dec this year, and Jan 2020.

The new tenants include WeWork, one shipping company and one media company.

MCT has unsurprisingly obtained approval from its unitholders at an EGM with regards to the proposed acquisition of Mapletree Business City (Phase 2) (MBC II).

We have already factored in this acquisition in our forecasts and thus maintain our S$2.28 fair value estimate. Maintain HOLD.

Source: OCBC
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: Mapletree Commercial Trust

Postby winston » Thu Apr 23, 2020 10:53 am

not vested

MAPLETREE Commercial Trust has declared a distribution per unit (DPU) of 0.91 Singapore cent for the fourth quarter ended March 31, compared with 2.31 Singapore cents in the year-ago period, despite a 10.5 per cent rise in distributable income.

Source: Phillips
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: Mapletree Commercial Trust

Postby winston » Fri Apr 24, 2020 9:44 am

not vested

Mapletree Commercial Trust (MCT SP)
4QFY20: VivoCity Feeling The Heat From COVID-19 Pandemic


We are surprised by the huge S$43.7m distribution retained, given that MCT has a balanced portfolio with the mix between office/business park and retail at 63:37 by valuation.

VivoCity suffered a 3.4% drop in tenant sales in FY20.

On a brighter note, the timely acquisition of MBC II has strengthened the office/business park portfolio, which provides diversification and resiliency.

Maintain BUY. Target price: S$2.02.

Source: UOBKH

https://research.uobkayhian.com/content ... b79a5b3428
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

Re: Mapletree Commercial Trust

Postby winston » Fri Apr 24, 2020 11:02 am

not vested

Mapletree Commercial Trust (MCT SP)

Share Price: SGD1.76
Target Price: SGD2.15
Recommendation: Buy

Managing Risks

Despite NPI being up 12.6% YoY, MCT’s 4Q20 DPU fell 60.6% YoY as management exercised caution and retained SGD43.7m in capital distributions.

We lowered DPUs 6-19% to factor in its rental rebate packages, which aim to support tenants from Mar till Jul 2020.

Its balance sheet remains strong with SGD1.5-3.0b in debt headroom at 45-50% leverage limit.

Its shares have pulled back and now offer 5.5% div yield, while its DPU growth visibility has improved following its MBC II acquisition.

Source: Kim Eng

https://factsetpdf.maybank-ke.com/PDF/1 ... 767abb.pdf
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 118528
Joined: Wed May 07, 2008 9:28 am

PreviousNext

Return to L to R

Who is online

Users browsing this forum: No registered users and 7 guests