Mapletree Logistics Trust

Re: Mapletree Logistics Trust

Postby winston » Fri Jan 20, 2012 10:43 am

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Mapletree Logistics Trust, owner of warehouses and logistic assets, said its fourth-quarter distribution per unit rose 9.7 percent to 1.70 Singapore cents from a year ago, driven by higher rents and occupancy, as well as the acquisition of new assets.

Source: Reuters
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Re: Mapletree Logistics Trust

Postby winston » Fri Mar 30, 2012 11:16 am

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STOCKS NEWS SINGAPORE-CIMB upbeat on Mapletree Logistics

Growth in Asia's logistics sector will drive demand for portfolios of Mapletree Logistics Trust (MLT) in the medium term, CIMB said, highlighting the firm as its preferred pick in the industrial Real Estate Investment Trust sector.

"Year-to-date, MLT has already achieved close to S$400 million of acquisitions, surpassing our earlier forecast of S$300 million. We believe there is more to come as management had earlier guided it is likely to buy assets from its sponsor this year," the broker said in a note.

CIMB was upbeat on growth prospects in the three countries - Malaysia, Japan and South Korea - in which MLT recently acquired assets. CIMB raised its acquisition assumptions for 2012 to S$500 million and expects 70 percent of the funding by perpetual securities and the remainder by debt.

"Within the industrial REIT space, MLT is our preferred pick for its limited volatility and predictable cash flows supported by long lease tenures and MNC tenants," CIMB said.

Out of 15 brokers tracking MLT, 13 have a buy or strong buy and two have a hold rating, Reuters data shows.


Source: Reuters
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Re: Mapletree Logistics Trust

Postby winston » Fri Apr 20, 2012 8:28 am

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Mapletree Logistics Trust reported a 8.24 percent rise in its quarterly distribution per unit to 1.70 Singapore cents for the three months ended in March.

Source: Reuters
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Re: Mapletree Logistics Trust

Postby winston » Mon Apr 23, 2012 12:07 pm

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Mapletree Logistics Trust - Acquisition engine still running

Contrary to our expectations of a moderated acquisition pace after a busy 5QFY12, management appears to be still looking for deals.

Asset leverage of 37% following its perpetuity issuance remains conducive for more accretive debt-funded acquisitions.

We tweak FY12 DPU to adjust for the timing of acquisitions, and raise our DDM-based target price with a lower discount rate of 8.6% (previously 9.0%).

Our estimates factor in S$150m of acquisitions this year.

Maintain Outperform and top pick among industrial S-REITs.

Source: CIMB
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Re: Mapletree Logistics Trust

Postby winston » Tue Jul 10, 2012 4:35 pm

not vested. No wonder it dropped 4% this morning on no news. So how good is your information ?

Mapletree Logistics Trust (MLT SP) BUY
Price/Tgt: S$0.975/S$1.10
Mkt Cap: S$2,366/ US$1,834m
Daily Vol: US$1.9m
-Yr Hi/Lo: S$0.80/S$1.02

Block Placement of Shares by Shareholder

· According to Dow Jones, Mapletree Logistics Trust (MLT) is down 2.5% to S$0.98 today after a pre-open block placement of 139.34m shares at S$0.96.

· Alliance Global Properties Limited sold its entire 5.7 per cent stake in Mapletree Logistics, or 139.3 million shares at S$0.96 each in a block
placement. Citigroup was the sole bookrunner, IFR reported.

· We believe that Alliance Global Properties may be an associate of Megaworld Corp, a Philippines developer, and Alliance Global Inc, both of which are affiliated to Filipino businessman Andrew Tan. Alliance Global Inc is a JV partner with Genting Hong Kong in the development of Resorts World Manila.

· According to company feedback, the sale was to raise funds to invest in projects in the Philippines.

· The sale has no impact on the fundamentals of MLT and we retain BUY with a target price of S$1.10.


Source: UOBKH
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Re: Mapletree Logistics Trust

Postby winston » Fri Jul 20, 2012 8:45 am

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Mapletree Logistics Trust said on Thursday its April-June distribution per unit rose 6 percent from a year earlier to 1.70 Singapore cents, helped by its seven Japan assets, as well as its four acquisitions in South Korea and Malaysia.


Source: Reuters
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Re: Mapletree Logistics Trust

Postby winston » Thu Aug 30, 2012 9:29 am

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Mapletree Logistics Trust: Portfolio optimization via capital recycling

Summary: Mapletree Logistics Trust (MLT) announced on 28 Aug, that it will acquire Hyundai Logistics Centre in Gyeonggi-do, South Korea for a consideration of ~S$24.6m.

Separately, MLT entered into an agreement to divest 30 Woodlands Loop in Singapore for S$15.5m.

We understand that the sale proceeds will be redeployed to partially fund the acquisition in South Korea.

We view both transactions positively as it clearly reflects MLT’s capability to optimize portfolio returns through proactive asset management.

The capital recycling initiative and overseas acquisition were also spot on with projections made in our S-REIT sector published a week ago.

We now tweak our forecasts to accommodate the two transactions.

Our FY13-14F DPUs are raised by 0.3-0.7%, but there is no change to our fair value of S$1.19. Maintain BUY.


Source: OCBC
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Re: Mapletree Logistics Trust

Postby winston » Fri Oct 05, 2012 7:34 am

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Mapletree Logistics Trust: Strong showing to continue

Summary: Mapletree Logistics Trust (MLT) announced last week that it has completed the acquisition of Hyundai Logistics Centre in Gyeonggi-do, South Korea for KRW22.5b (~S$24.7m).

The date of completion was ahead of our projection as MLT had previously guided that the transaction was targeted to complete by 3QFY13 (Dec quarter).

Hence, the property will contribute two quarters to MLT’s FY13 income, as opposed to just a quarter in our estimate.

For FY13, we remain confident of MLT’s financial performance.

While management expects business sentiments to stay cautious in light of the slowing growth in Asia and concerns over the Eurozone crisis, we expect MLT to continue to benefit from its recent acquisitions and enhanced operational metrics.

We are now making minor adjustments to our FY13 forecasts to incorporate an earlier rental contribution from Hyundai Logistics Centre. However, there is no change to our fair value of S$1.19. Maintain BUY on MLT.


Source: OCBC
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Re: Mapletree Logistics Trust

Postby winston » Fri Oct 19, 2012 9:09 am

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Positives priced in

NEUTRAL - Downgrade
Share Price S$1.18
Tgt. S$1.25

--------------------------------------------------------------------------------

2Q displayed sustained stability, a hallmark of MLT’s long-tenured logistics portfolio.

But we believe the current environment of elevated asset values could throw a spanner in the works for MLT’s asset hunt, a key source of growth and share price outperformance. 2Q/1HFY13 DPU met street and our estimates at 24%/48% of our FY13 forecast.

We had factored in S$150m in acquisitions. We lower DPUs on reduced acquisition yields and timing.

But our DDM target price is raised on a lower discount rate of 7.3% (prev. 8.6%).

Downgrade to Neutral from Outperform on valuations.


Source: CIMB
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Re: Mapletree Logistics Trust

Postby winston » Tue Jan 08, 2013 9:04 am

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Mapletree Logistics Trust: Building scale through investments

Mapletree Logistics Trust (MLT) has one of the most diversified portfolios in the industrial REIT space.

This allows MLT to capitalise on the robust demand for warehouse space, as well as to maintain a sturdy financial performance.

For 3QFY13, we expect the positive trend to continue, driven by healthy rental and take-up rates and contributions from MLT’s past acquisitions.

While the recent weakness in the JPY against SGD may have an impact on its distributable income, given that ~27% of its revenue was contributed by Japan historically, we note that around 90% of amount distributable in FY13 is hedged/ derived in SGD. Hence, we believe that any impact from a depreciating yen is likely to be limited.

We also like MLT’s growth potential, which comes mainly from its strong pipeline of assets from sponsor and initiatives to recycle capital and enhance/ redevelop its existing assets.

We maintain our BUY rating and S$1.25 fair value on MLT.


Source: OCBC
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