Mapletree Logistics Trust

Re: Mapletree Logistics Trust

Postby millionairemind » Mon Jul 26, 2010 8:18 am

Published July 26, 2010

MapletreeLog Q2 DPU up 1.4%

Amount distributable to unitholders was $30.9 million, up 8%


By EMILYN YAP

MAPLETREE Logistics Trust (MapletreeLog) yesterday posted improved results for the second quarter on the back of lower property and other expenses as well as borrowing costs.

Brighter outlook: MapletreeLog has seen increased levels of activities and enquiries in all the markets that it operates in, according to CEO Richard Lai

Amount distributable to unitholders in Q2 was $30.9 million, up 8 per cent from a year ago. Distribution per unit (DPU) rose 1.4 per cent to 1.5 cents. This was despite gross revenue staying relatively flat at $52 million.

The top line was affected by a repositioning exercise at some of MapletreeLog's properties. The trust converted three from single-user to multi-tenanted buildings for better rental revenues, but that caused the portfolio occupancy rate to dip slightly to 97 per cent as at June 30. The trust expects occupancies to 'return to normal' in the coming quarters.

Also, recent acquisitions have yet to boost results. MapletreeLog bought five properties since December last year but of these, three were completed only in Q2. The trust expects the full benefit from these assets to make an impact from Q3.

Lower costs in Q2 helped support the trust's earnings. Property expenses dipped 2 per cent from a year ago to $6.2 million, and borrowing costs fell 13 per cent to $7.2 million. Net foreign exchange losses also narrowed 97 per cent to $162,000.

MapletreeLog is upbeat about its prospects. 'In all the markets that we operate in, we have seen increased levels of activities and enquiries,' said the trust manager's CEO Richard Lai.

'For the renewals that took place during the quarter, we have begun to witness some positive rental reversions especially in Singapore and we believe, as the existing stock of warehouses are taken up, that rental reversions should be stronger in the quarters to come.'

MapletreeLog said it will continue to build its pipeline of acquisitions. In Q2, it financed its purchases fully through debt. This caused its leverage ratio to increase slightly to 38.8 per cent as at June 30, up 0.2 percentage points from three months ago.

For the first half, MapletreeLog's distributable income was $61.7 million, up 8 per cent year-on-year. DPU was 3 cents, rising 1.7 per cent. The trust will pay out 1.5 cents to unitholders for the period April 1 to June 30 on Aug 27.

MapletreeLog units closed unchanged on Friday at 88 cents.
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Re: Mapletree Logistics Trust

Postby winston » Wed Sep 22, 2010 9:25 am

Not vested

Singapore Hot Stocks-Mapletree Logistics falls after placement

SINGAPORE, Sept 22 (Reuters) - Shares of Singapore's Mapletree Logistics Trust fell 2.8 percent to S$0.855 on Wednesday after the firm said it would raise about S$300 million ($225.7 million) by issuing new units.

Over 1.9 million shares had changed hands by 0108 GMT.

The trust, which owns warehouses, said on Tuesday it plans to raise about S$170 million through a private placement and about S$130 million via a preferential offering.

Source: Charmian Kok; Reuters
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Q3 2010 results for MapletreeLog

Postby sreitinvestor » Fri Oct 22, 2010 1:55 pm

Q3 2010 results for MapletreeLog:
Key Points
* The DPU for the reporting quarter is 1.54 cents.
* Pursuant to the Equity Fund Raising, the Manager will declare, in lieu of the scheduled distribution in respect of the period from 1 July 2010 to 30 September 2010, a distribution of the amount distributable for the period from 1 July 2010 to 14 October 2010, being the day immediately prior to the date on which the new units are issued and listed pursuant to the Equity Fund Raising.
* MapletreeLog will announce the cumulative DPU for the period of 1 July 2010 to 14 October 2010 at later date.
* Amount distributable increased by 9.5% year-on-year to S$31.5 million for the three months ended 30 September 2010 (“3Q 2010”).
* Improvement driven substantially by acquisitions of 10 properties in the past 12 months in Singapore, Japan, South Korea and Vietnam.
* The occupancy rate in Hong Kong and Malaysia increased from 92% to 97% and 95% respectively.
* Positive rental reversion and organic growth from existing portfolio of properties.
* As at 30 September 2010, the Trust’s portfolio consists of 91 properties. Of the 91 properties, 50 are in Singapore, 13 in Japan, 11 in Malaysia, 8 in Hong Kong, 6 in China, 2 in South Korea and 1 in Vietnam.
* Equity Fund Raising (EFR) exercise on 21 September 2010 comprising a private placement tranche and a preferential offering tranche to raise gross proceeds of S$305 million.
* Leverage ratio rose slightly to 39.9% as at 30 September 2010. With the full deployment of the EFR proceeds towards the paring down of debt, the leverage ratio will decline to 36%. Thereafter, assuming completion of the potential acquisitions, the leverage ratio is expected to be approximately 38%.
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Re: Mapletree Logistics Trust

Postby winston » Fri Oct 22, 2010 7:06 pm

Not vested. From OCBC:-

Still compelling.

4Q10 income is likely to be boosted (in our opinion) by contributions from recent acquisitions, offset by an increased equity base post-equity fund raising.

MLT has a proven track record in executing a virtuous cycle of accretive acquisitions and competitive fund-raising; we believe more accretive acquisitions are likely in the coming months.

After adjusting our valuation inputs to price in a higher possibility of positive rental reversions over FY11 (as per more optimistic guidance from manager), our fair value estimate increases from S$0.90 to S$0.97.

Maintain BUY (14% estimated total return).

http://www.remisiers.org/cms_images/Map ... 22-OIR.pdf
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Re: Mapletree Logistics Trust

Postby winston » Fri Jan 21, 2011 8:39 am

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MAPLETREE LOGISTICS TRUST - Mapletree Logistics Trust said on Thursday its fourth-quarter distribution per unit fell 2.5 percent year-on-year to S$1.55.

But excluding the one-off S$2.5 million consideration to extend leases and licenses, DPU rose 4.7 percent.


Source: Reuters
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Re: Mapletree Logistics Trust

Postby winston » Wed Jul 13, 2011 11:09 am

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Mapletree Logistics (BUY, TP S$1.07).

We expect MLT to start reporting stronger quarterly numbers on the back of expected contribution from recent acquisition completions.

We continue to see potential earnings surprises that could come in the form of further acquisitions that the manager is reviewing currently.

We note that its sponsor, Mapletree Investments has over S$300m worth of logistics space that is completing/ completed
that could be injected in the medium term.

Source: DBS
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Re: Mapletree Logistics Trust

Postby winston » Fri Jul 22, 2011 8:46 am

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MAPLETREE LOGISTICS TRUST - Singapore's Mapletree Logistics Trust said on Thursday its second quarter distribution per unit rose 3.2 percent year-on-year to 1.60 Singapore cents mainly due to the contribution from its acquisitions.


Source: Reuters
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Re: Mapletree Logistics Trust

Postby winston » Tue Aug 23, 2011 11:38 am

RESEARCH ALERT-RBS cuts Mapletree Logistics to hold vs buy

SINGAPORE, Aug 23 (Reuters) - RBS has downgraded Singapore's Mapletree Logistics Trust , which owns industrial properties, to hold from buy and cut its target price to S$0.91 from S$1.14.

STATEMENT: Capital values for logistics properties in Singapore are at their highest levels since 1997, which will make it hard for Mapletree Logistics to make accretive acquisitions in Singapore, RBS said.

"In the current acquisition climate, we expect Mapletree Logistics to find it tough to achieve significant income growth.

We believe its high gearing of 41 percent has cast an overhang on the stock with the market appearing to be factoring in an upcoming equity fund-raising exercise," RBS said in a report.

The brokerage has also lowered its rental growth forecasts for industrial properties in 2011-2013 to 1-5 percent from 5-10 percent.

At 0305 GMT, shares of Mapletree Logistics were flat at S$0.835, and have fallen 12.6 percent since the start of the year.

Source: Reuters
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Re: Mapletree Logistics Trust

Postby winston » Sat Oct 08, 2011 9:56 am

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Fast expansion and high gearing

Mapletree Logistics Trust (MLT) has the highest gearing of 40.6% among S-REITs.

Given its expansionary stance over the last five years, we remain wary of MLT making further acquisitions in an environment where capital values may decline.

In a worst case, if capital values decline by 20% or more, MLT’s gearing could
exceed 50% as per our estimates, potentially exacerbating investors’ nervousness like seen in the previous financial crisis.

We initiate coverage with REDUCE and TP of S$0.73.

Source: IIFL
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Re: Mapletree Logistics Trust

Postby winston » Fri Oct 21, 2011 8:35 am

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Singapore's Mapletree Logistics Trust reported on Thursday a 30 percent rise in its distributable amount for its third quarter to S$40.9 million from a year earlier, helped by contributions from acquisitions and organic growth.


Source: Reuters
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