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Thanks for the info,
Pinnacle! It seems that you're the only recent poster on this counter. Are u vested? I would agreed with anyone on a long for it as its yield = 5% currently, far better that most of the more high profile REITs which is ~ 3 - 4%. With current market conditions, can pick up more even at lower price.
Income Distribution of $0.015 per Unit for the period from 1 April 2007 to 30 June 2007
1
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Cum-Dividend period
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27 July 2007 to 1 August 2007
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2
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Ex- Dividend period
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2 August 2007 to 6 August 2007
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3
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Record Date
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6 August 2007 (5.00 p.m.)
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4
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Last day for Buying-In on a Cum basis unless extended by the Exchange
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7 August 2007
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5
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Shares are good for delivery for sales on a Cum basis in the Buying-In Market if the shares are purchased on or before
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1 August 2007
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6
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Date Payable (for Dividend only)
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29 August 2007
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MMP REIT
?s 2Q07 Distribution Per Unit (DPU) is 1.50 cents. Meanwhile, a revaluation of its prime Orchard Road properties raised Net Asset Value (NAV) by 9.8%.DBS Vickers
BUY S$1.22; MMP SP; Price Target : 12-Month S$ 1.48 (Prev S$ 1.34)
Story: We highlight that MMPs master lease with Toshin is up for renewal in June next year. Rising office rents in Orchard is a result of positive spillover from the tight office supply in Singapore currently.
Point: With the Toshin master lease under-rented, we think there is potential for upside with this lease up for renewal towards the higher end of the 25% limit on upward rental revision. Asking office rentals for Wisma Atria and Ngee Ann City office rents have already hit S$13 psf and S$12 psf respectively.
Relevance: Factoring in i) base case scenario of 12.5% increase in rentals to Toshin lease renewal; ii) higher closing rents for its office portfolio, we derive our higher DCF-based target price of S$1.48 and maintain our Buy recommendation.