Mapletree Logistics Trust

Mapletree Logistics Trust

Postby winston » Wed Jun 25, 2008 11:33 am

Not vested.

MAPLETREE LOGISTICS TRUST FALLS ON RIGHTS ISSUE

Mapletree Logistics Trust fell as much as 7.5 percent to hit a 14-week low after the firm proposed a rights issue to raise S$606.7 million ($443.8 million).

Shares in the trust dropped to a low of S$0.86 with over 2.5 million shares changing hands.

Mapletree proposed to issue 831.1 million rights units at S$0.73 each. It said funds raised from the rights issue would be used to buy properties and repay borrowings.
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Re: Mapletree Logistics Trust

Postby iam802 » Fri Jun 27, 2008 6:31 pm

UBS announced increase interests from 4.33% to 5.85% ... at $0.93 a share

http://info.sgx.com/webcorannc.nsf/ef3b ... enDocument
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2. The trend will END but I don't know WHEN.

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Re: Mapletree Logistics Trust

Postby millionairemind » Mon Jul 21, 2008 9:56 pm

MLT’s Distributable Income Rises 28% for 2Q08
Mapletree Logistics Trust reported a 28% yoy rise in distributable income of $22.6m for 2Q08. DPU for 2Q08 is $0.0204, 28% higher yoy. The increase was mainly due to the 18 properties acquired over the past year. Management also anticipates strong rental reversions for leases coming up for renewal. The REIT now consists of 81 properties with a book value of $2.7b.
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Re: Mapletree Logistics Trust

Postby ishak » Tue Aug 19, 2008 9:15 pm

Temasek unit to own 46.9% of Mapletree Log after rights
REUTERS, 19 August 2008

SINGAPORE - Mapletree Investments, a property firm owned by Singapore's Temasek, will raise its stake in Mapletree Logistics Trust to 46.9 per cent from about 30 per cent following the latter's rights issue.

Mapletree Investments had earlier agreed to subscribe to rights units not taken up by minority shareholders of Mapletree Log, a real estate investment trust that owns industrial property in Asia.

Mapletree Log said on Tuesday its rights issue received valid acceptances of 59.9 per cent.
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Mapletree Logistics Trust - Analyst UOBKH

Postby ishak » Tue Aug 26, 2008 3:44 am

MapleTree Completed rights issue

MLT has completed a 3-for-4 rights issue at issue price of S$0.73. Sponsor Mapletree Investments has given an irrevocable undertaking to take up its entire allotment of rights units and will subscribe for all excess rights units not taken up by other unitholders. The rights issue involves issue of 831.1m new units and has raised S$606.7m. Mapletree Investments has increased its stake in MLT from 30.2% to 46.9% after taking up 325m excess rights units.

Impact from dilution. MLT plans to utilise proceeds from the rights issue to acquire 13 properties in Singapore (6), Malaysia (2), China (3), Japan (1) and South Korea (1) worth S$357.1m. Assuming the acquisition of these targeted properties is already completed, DPU for 1H08 will decrease by 25.6% to 2.93 cents. NAV/share at Jun 08 will be reduced from S$0.94 to S$0.84 and gearing from 56.3% to 36.8%.

Prefer A-REIT. Based on pro forma DPU of 2.93 cents, MLT is trading at annualised distribution yield of 8.1%. We prefer A-REIT due to a diversified portfolio and bluechip tenant base. AREIT provides FY09 distribution yield of 6.9%.
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Mapletree Logistics Trust - Analyst UOBKH

Postby ishak » Wed Sep 03, 2008 10:08 am

Dilution From 3-for-4 Rights Issue
03 Sep 2008

Completed 3-for-4 rights issue
. Mapletree Logistics Trust (MLT) has completed a 3-for-4 rights issue at a price of S$0.73. It has raised S$606.7m through the issuance of 831.1m new units. Sponsor Mapletree Investments has given an irrevocable undertaking to take up its entire allotment and subscribe for all excess rights units. Mapletree Investment has increased its stake in MLT from 30.2% to 46.9% after acquiring 325m excess rights units. MLT will utilise proceeds from the rights issue to acquire 13 properties in Singapore (6), Malaysia (2), China (3), Japan (1) and South Korea (1) worth S$357.1m. Assuming the acquisition of these targetted properties is already completed, DPU for 1H08 will decrease 25.6% to 2.93 cents. NAV/share will be reduced from S$0.94 to S$0.84 and gearing from 56.3% to 36.8%.

Collaborating with Mapletree Investments on regional expansion. MLT has identified Singapore, Hong Kong and Japan as priority markets. It plans to have 70-75% of its portfolio in developed markets and the remaining 25-30% in emerging markets. Mapletree Investments has invested S$846m in 10 development projects, including logistics parks, build-to-suit and ready-built logistics facilities in China (six properties), Vietnam (three) and Malaysia (one). These assets will be offered to MLT under a right of first refusal valid till 2010. MLT plans to grow its asset base to S$5b by 2010.

Properties in China, Hong Kong, South Korea and Malaysia account for 33% of net property income. The risk-free rates in these markets are much higher compared with that of Singapore. There is also a potential share overhang after the rights issue.
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Re: Mapletree Logistics Trust

Postby millionairemind » Mon Dec 15, 2008 7:32 pm

Moody's affirms MapletreeLog's Baa2 rating, outlook stable
By ANGELA TAN


Moody's Investors Service on Monday affirmed MapletreeLog's Baa2 rating and changed the outlook to stable from negative.

'The affirmation of Mapletree's Baa2 rating reflects a significant improvement in the group's leverage and liquidity position following a rights offering that is largely supported by its sponsor, MapletreeInvestments Pte Ltd,' says Kathleen Lee, a Moody's VP/Senior Analyst.

She added 'such that its financial metrics -- Debt/EBITDA of around 8x and EBITDA/Interest around 3.5x -- are more appropriate for its Baa2 rating'.

'In addition, MapletreeLog has successfully alleviated material refinancing risk with the use of its rights proceeds from August partly paying down short term debt and committed acquisition payments as well as extending some short term debt to medium term bank lines' says Ms Lee.

Mapletree Logistics Trusts was the first Singapore-based Asia-focused logistics REIT. It was listed on the Singapore Stock Exchange in July, 2005, and its portfolio has since increased from 15 to 79 properties by 30 September 2008, and valued at approximately S$2.67 billion. Including its recently acquired assets, MapletreeLog has a fairly well diversified portfolio with 54% of its investment assets in Singapore, followed by Hong Kong (24%), Japan (12%), Malaysia (5%), China (4%) and South Korea (1%).

Going forward, Moody's expects MapletreeLog to observe financial metrics similar to those they now have and to be relatively measured in looking at new acquisitions. Even if they were to acquire new assets the company would look to have committed funding before committing to new asset acquisitions and maintain a well-laddered debt maturity profile.

The stable rating outlook reflects Moody's expectation that the expected weakness in the industrial property market over the next 12-18 months is manageable within the rating considering MapletreeLog's asset quality and its improved financial metrics.

On the other hand, Moody's does not see an upside rating potential in the next 12-18 months given the expected weakness in the operatingenvironment and property fundamentals.

On the other hand, Baa2 rating could be downgraded if MapletreeLog'sfinancial performance weakens due to a material weakening in the industrial operating environment beyond that expected.

Financial indicators that could pressure the rating include: fixed interest coverage dropping below 2-3x or Debt/EBITDA coverage ratio increasing above 8x -- 10x. In addition negative rating pressure could emerge if the company does not continue to proactively extend its debt maturities to avoid any short term pressures in this context.

The last rating action was on 10 April, 2008 when the rating of MapletreeLog was confirmed at Baa2 with outlook negative.
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Re: Mapletree Logistics Trust

Postby millionairemind » Fri Jan 23, 2009 7:44 am

Published January 23, 2009

MapletreeLog distributable income up 44% in Q4
By VICTOR KATHEYAS

MAPLETREE Logistics Trust (MapletreeLog) yesterday reported total distributable income of $28.3 million for the fourth quarter ended Dec 31, 2008, up 43.7 per cent from last year's corresponding period.

But the distribution per unit (DPU) of 1.46 cents for the quarter was 18 per cent lower than Q4 2007's DPU of 1.78 cents.

MapletreeLog attributed the drop to the full quarter impact from dilution following the rights issue completed in August last year.

For the full year, DPU was 7.24 cents, 10.2 per cent higher than last year's 6.57 cents.

Last year, Chua Tiow Chye, CEO of Mapletree Logistics Trust Management (MLTM), the Reit's manager, had said that the rights issue would leave MapletreeLog with a 'robust balance sheet' which would help make it 'well positioned to operate in the current more uncertain times'.

Net property income for Q4 2008 rose by $9.8 million to $45.1 million. This was helped by a $12.1 million rise in gross revenue to $52.4 million due mainly to contributions from 11 new properties acquired during the year.

There was also a $1.4 million fall in Q4 borrowing costs despite the enlarged portfolio.

As at Dec 31, 2008, the trust's portfolio comprises 81 properties valued at $2.9 billion, including a $94.1 million revaluation gain.

No new acquisitions have been planned for the near term.

Singapore properties accounted for close to half of Q4 2008 net property income, with Hong Kong properties contributing about a quarter.

Portfolio occupancy rates remain high at 99.6 per cent. The trust attributed the resilience of its portfolio to a diversified tenant base and strong leasing covenants.

MapletreeLog's leverage ratio of 38.5 per cent, as at Dec 31, 2008, is marginally higher than the 36.9 per cent as at Sept 30, 2008.

However, it has assured that it has sufficient committed lines to meet its debt obligations when they become due - hence avoiding any refinancing risk.
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Re: Mapletree Logistics Trust

Postby winston » Tue Nov 10, 2009 9:09 am

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MAPLETREE LOGISTICS TRUST - Mapletree Logistics Trust, which owns warehouses across Asia, said on Tuesday it has placed 115 million new units at S$0.69 each to raise funds to buy new properties. The shares were last traded at S$0.73 each.

Source: Reuters
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Re: Mapletree Logistics Trust

Postby millionairemind » Fri Apr 23, 2010 9:50 am

Published April 23, 2010

MapletreeLog DPU rises 2% in Q1

Distributable income climbs 8% on lower property expenses and borrowing costs


By UMA SHANKARI

MAPLETREE Logistics Trust (MLT) yesterday reported an 8 per cent climb in first-quarter distributable income to $30.8 million from $28.6 million a year earlier.

Distribution per unit (DPU) rose 2 per cent to 1.5 cents from 1.47 cents a year ago.

Distributable income rose as the logistics trust lowered property expenses and cut down its borrowing costs by reducing interest costs and lowering the leverage - even as revenue fell year-on-year as portfolio occupancy dipped.

MLT's gross revenue fell 3.5 per cent to $51.4 million for the three months ended March 31, 2010 from $53.3 million a year ago. Revenue fell due to lower rental revenue from the trust's Hong Kong and China properties (mostly due to higher vacancies), although this was offset by higher revenue from Singapore and Japan properties (mainly due to the additional properties). Overall portfolio occupancy dipped slightly to 98 per cent from 99 per cent a year ago.

MLT said that the economic environment has shown signs of improvement - but not across the board in all the geographies in which MLT operates. Sentiments remain cautious, the trust added.

'We think there is still some time for the absorption of the vacant space, especially in Hong Kong, before the rentals can move up,' said Chua Tiow Chye, chief executive of the trust's manager. But this could happen for some markets in the second half of this year, he added.

The trust is already making plans to buy more properties. The trust completed the acquisition of two properties in Q1 2010, one each in Singapore and in Japan.

MLT's sponsor Mapletree Investments and partner Itochu plan to develop logistics projects of approximately US$300-500 million over the next three to five years, which will be offered to MLT on a right of first refusal basis.

'We are looking to possibly bring some of these assets over in the course of this year or next year,' said deputy chief executive officer Richard Lai.

MLT's portfolio comprises 84 properties with a total book value of $3.0 billion. More than half of the properties are in Singapore, while the others are in Malaysia, Japan, Hong Kong, China and South Korea.

MLT also said in an update that it has $1.2 billion of debt as at end Q1, of which around $145 million is due for refinancing over the rest of the year.

MLT's shares gained 1.5 cents to close at 87.5 cents yesterday.
"If a speculator is correct half of the time, he is hitting a good average. Even being right 3 or 4 times out of 10 should yield a person a fortune if he has the sense to cut his losses quickly on the ventures where he has been wrong" - Bernard Baruch

Disclaimer - The author may at times own some of the stocks mentioned in this forum. All discussions are NOT to be construed as buy/sell recommendations. Readers are advised to do their own research and analysis.
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