Manulife US REIT

Manulife US REIT

Postby winston » Tue Jul 05, 2016 2:02 pm

not vested

Manulife US Real Estate Inv (MUST SP): BUY
Market Cap: US$507m
Average Daily Value: US$2.16m
Last Traded Price: US$0.81; Price Target: US$0.91 (Upside 12.6%)

From strength to strength

Unique exposure to US freehold office properties which are at the cusp of a sustained recovery
Reputable Sponsor with a sizeable presence and proven track record in real estate in the US
8% DPU growth in the midst of slowing SREIT market
Initiating coverage with BUY with TP of US$0.91

Freehold properties leveraged to US office recovery. Manulife US REIT (MUST) offers investors a unique opportunity to invest in high quality freehold properties in the US, where the real estate market outlook is favourable and the economy is recovering.

The initial portfolio comprises three Class A or Trophy buildings – Figueroa, Michelson and Peachtree located in the prime areas of:- (1) Downtown Los Angeles,
(2) Irvine, Orange County and
(3) Midtown, Atlanta respectively.

With 15.6% of leases due to expire over FY16-17F, MUST is well positioned to capture the improvement in market rents which according to Colliers is projected to rise by 1.5%-23.0% over 2015-2017 in the areas where MUST’s properties are located.

Long WALE with inbuilt growth. MUST offers strong cashflow visibility with a weighted average lease expiry (WALE) by net lettable area (NLA) of 5.7 years. Beyond a stable income base, the initial portfolio also provides steady organic growth as c.80.2% of leases by NLA have annual rental escalations of between 2.5%-3.5%.

Backed by strong sponsor with robust track record in the US. MUST’s Sponsor is Manulife Financial Group, whose real estate arm has over 70 years worth of experience managing multi-billion dollar global real estate portfolios with particular expertise in the US.

Leveraging on its Sponsor’s skill sets across the real estate value chain as well as strong acquisition track record, MUST is well placed to take advantage of acquisition/inorganic opportunities.

Initiating coverage with BUY. We initiate with a BUY recommendation with a DCF-based TP of US$0.91. MUST offers an attractive combination of high yield (6.8-7.3%) and growth. MUST is projected to deliver 8% DPU growth which compares favourably to the average 2% growth on offer by the S-REIT market.

Source: DBS

https://researchwise.dbsvresearch.com/R ... afbekfdhjg
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Re: Manulife US REIT

Postby winston » Thu Nov 10, 2016 10:45 am

not vested

America’s strengthening office market makes Manulife US REIT a great ‘buy’

By Michelle Zhu

SINGAPORE (Nov 9): DBS Vickers Securities has maintained its “buy” call on Manulife US REIT with an unchanged target price of 93 US cents ($1.29).

This comes after the pure-play US REIT posted a maiden distribution per unit (DPU) of 2.01 US cents, hence exceeding its initial public offering (IPO) profit forecast by 5.8%.

(See also: Manulife US REIT reports maiden DPU of 2.01 US cents, exceeds IPO profit forecast by 5.8%)

In a Tuesday report, lead analyst Mervyn Song says the latest set of results translates to an 8% DPu growth in FY17, which is one of the highest among REITs in Singapore.

Highlighting the REIT as “well-placed to execute on DPU-accretive acquisitions”, the analyst says he expects any acquisition to diversify its geographic earnings base and tenant concentration.

Furthermore, a recent visit to the REIT’s properties in the US, combined with meetings with various property brokers, has led Song to conclude that the US office market fundamentals “remain firm”.

“We believe that MUST's properties in Midtown Atlanta and Downtown Los Angeles submarkets will continue to see steadily increasing rents, continued expansionary tenant demand, increased employment opportunities and also a lack of competitive new supply,” he comments.

“We continue to like Manulife US REIT for its exposure to the growing US office market and attractive 7.2% FY17F yield.”

Units of Manulife US REIT closed at 84 cents.


Source: The Edge

http://smr.theedgemarkets.com/article/a ... y%E2%80%99
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston
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Re: Manulife US REIT

Postby winston » Thu Nov 10, 2016 10:45 am

not vested

America’s strengthening office market makes Manulife US REIT a great ‘buy’

By Michelle Zhu

SINGAPORE (Nov 9): DBS Vickers Securities has maintained its “buy” call on Manulife US REIT with an unchanged target price of 93 US cents ($1.29).

This comes after the pure-play US REIT posted a maiden distribution per unit (DPU) of 2.01 US cents, hence exceeding its initial public offering (IPO) profit forecast by 5.8%.

(See also: Manulife US REIT reports maiden DPU of 2.01 US cents, exceeds IPO profit forecast by 5.8%)

In a Tuesday report, lead analyst Mervyn Song says the latest set of results translates to an 8% DPu growth in FY17, which is one of the highest among REITs in Singapore.

Highlighting the REIT as “well-placed to execute on DPU-accretive acquisitions”, the analyst says he expects any acquisition to diversify its geographic earnings base and tenant concentration.

Furthermore, a recent visit to the REIT’s properties in the US, combined with meetings with various property brokers, has led Song to conclude that the US office market fundamentals “remain firm”.

“We believe that MUST's properties in Midtown Atlanta and Downtown Los Angeles submarkets will continue to see steadily increasing rents, continued expansionary tenant demand, increased employment opportunities and also a lack of competitive new supply,” he comments.

“We continue to like Manulife US REIT for its exposure to the growing US office market and attractive 7.2% FY17F yield.”

Units of Manulife US REIT closed at 84 cents.


Source: The Edge

http://smr.theedgemarkets.com/article/a ... y%E2%80%99
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Manulife US REIT

Postby winston » Thu Nov 10, 2016 11:05 am

It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Manulife US REIT

Postby winston » Thu Nov 10, 2016 11:07 am

vested

America’s office is great

Play on exposure to an improving US office market.

We maintain our BUY call and TP of US$0.93.

We continue to like Manulife US REIT's (MUST) attractive prospective 7.2% yield, strong organic growth prospects and exposure to the favourable demand and supply fundamentals in the US office markets where MUST’s properties are located.

This translates to an 8% DPU growth in FY17, one of the highest among REITs in Singapore.

The expected strength of the USD/SGD exchange rate could also result in inflows into the stock.

Source: DBS

https://researchwise.dbsvresearch.com/R ... E=cdcjak-b
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Manulife US REIT

Postby winston » Thu Nov 10, 2016 11:13 am

vested

Wait no longer

Play on exposure to the US property market which is in the early stages of recovery.

We maintain our BUY call andTP of S$0.93.

We continue to like Manulife US REIT's (MUST) strong organic growth prospects (CAGR of 5% over FY16-17F) which is one of the highest among REITs in Singapore.

The expected strength of the USD/SGD exchange rate could potentially result in inflows into the stock.

Source: DBS

https://researchwise.dbsvresearch.com/R ... E=ccffik-b
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Manulife US REIT

Postby winston » Thu Nov 10, 2016 11:34 am

It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Manulife US REIT

Postby winston » Thu Nov 24, 2016 9:29 am

vested

One REIT to benefit from a rebounding US economy

By Michelle Zhu

SINGAPORE (Nov 23): RHB Singapore is initiating coverage on Manulife US REIT with a "buy” recommendation with a target price of 96 US cents ($1.37).

As the first and only listed US office REIT in Asia, Manulife US REIT’s portfolio comprises three US freehold office properties with a total value of about US$813.2 million.

“We believe Manulife US REIT offers a compelling value proposition for yield-hungry cum growth-oriented investors,” comments analyst Vijay Natarajan in a Wednesday report.

According to the analyst, one the benefits the REIT offers includes high FY17F and FY18F dividend yields of 8% and 8.1% respectively, which stands a good 100 basis points (bps) above the office S-REITs average.

He also notes strong pipeline assets to drive inorganic growth, as well as clear visibility of distribution per unit (DPU) growth with 84% of the REIT’s portfolio leases having inbuilt rental escalation clauses averaging 3% per annum.

While the US Federal Reserve (Fed) rate hike generally has a negative impact on yield instruments such as REITs, Natarajan believes this may be mitigated on Manulife US REIT as it would concide with a pick-up in the US economy and office demand.

“The rate hike would also result in the strengthening of the USD, benefitting Asian investors… Manulife US REIT refinanced its IPO bridge loan facility to a 4-year fixed-term loan at a lower interest cost of 2.46%, thus shielding it from higher borrowing costs,” he elaborates.

Lastly, the analyst highlights Manulife US REIT’s “tax-efficient structure” as the REIT aims to receive 100% of its income in the form of interest or principal repayments on its shareholder loan, which is exempt from tax in both the US and in Singapore.

“[Manulife US REIT] offers the best proxy for investors looking to benefit from a rebounding US economy and stable USD exposure,” states Natarajan.

In another positive development, Manulife US Real Estate Investment Trust announced in an SGX filing on Wednesday night that it will be included in the MSCI Singapore Small Cap Index with effect from Nov 30, after the close of market trading.

The inclusion follows the results of MSCI’s November 2016 Semi-Annual Index Review, which were announced on Nov 14.

Units of Manulife US REIT closed 1 cent higher at 81 US cents.

Source: The Edge

http://smr.theedgemarkets.com/article/o ... 2-87358173
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Manulife US REIT

Postby winston » Fri Nov 25, 2016 9:06 am

vested

Time: 8:58AM
Exchange: SGX
Stock: ManulifeReit USD(BTOU)
Signal: Bullish MACD Crossover
Last Done: $0.835

Source: UOBKH
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston
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Re: Manulife US REIT

Postby winston » Thu Dec 01, 2016 5:07 pm

vested

Time: 5:04PM
Exchange: SGX
Stock: ManulifeReit USD(BTOU)
Signal: Bullish MACD Centerline Crossover
Last Done: $0.835

Source: UOBKH
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
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Posts: 118527
Joined: Wed May 07, 2008 9:28 am

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