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It is not apple-to-apple by comparing Suntec vs MapTreeLog. Suntec is retail + commercial. MTL is industrial + warehousing. Suntec is focussed on Singapore-based properties spread over 3 main sites, MTL is regional based spread over an entire slate of different buildings.
If you're into long and medium term, comparing yield for yield may not be the complete as there are other considerations like sector risk, country upsides and risk, gearing, stability of leases, occupancy outlook, etc.
Disclaimer : Not advocating one over another. Vested in both.
In addition, I think they should also look into ways on how to reduce their operating cost like having a lean and effective management force if necessary
They should also target to be one of the main STI component/index in order to make this stock a much more attractive one as compared to the others........
agreed. not vested
Suntec REIT announced their Q3 DPU and it is much better than this stock.
As of now, it is hard for Mapletree Logistics to increase their DPU.
If there are any acquisitions now via any issue of rights etc, it will further dilute their shares and the shares price will drop. The issue of Rights last year demonstrated it!!!!
Outlook of Mapletree seems to be rather bleak!!!!
Well.. It is holding up well...
In fact of all the Q3 results released so far, only Pacific Shipping Trust, First Ship Trust and First REITS offers better yield than Mapletree Logistic Trust..
Refer to http://reitdata.blogspot.com/
And only Mapletree guarantee no refinancing this year..
In terms of risk and reward... Mapletree Logistic Trust is still one of the better one..
I am also looking at First REITS but recent earthquake at Indonenia caused a Mall to collapse...
Unable to find the article so unable to post here..
Scared First Reits will be affected...
LOL
The market sentiment is good today but not for this stock.
This stock will be worse off if the market sentiment is bad.
As of now, the dilution of these shares in year 2008 seemed to be a bad move!
The DPU is not that impressive as compared to the rest of the REITS.
I would think that it will affects the share price.........as anticipated..........price should be going down.
I forgot to add..
Do read the chairman's message..
They hinting to kickstart acquisition..
DYODD...
Me vested..
RESULTS RELEASED !!!
Q3 DPU = 1.48 cts (Same as Q2)
Slight drop in net property income ( < 4%)
Resilent portfolio and management affirmed that no refinancing for yr 2009...
They displayed this when they called for a trading halt recently to consider fund raising for acqusition but later called it off
I expect better Q4 results because of slide 58/60 in the report...
1) Mapletree Tianjin Airport Logistic Park (To be completed in Q4 2009)
2) Mapletree Logistic Park (Binh Duong) (Phase 1 & 2 to be completed end 3Q 2009 / Leasing)
Do go read the report:
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_375F845357D6471448257657003282DD/$file/3Q09_MLogResultsPresentation_22Oct09.pdf?openelement
Great counter to long !!!
Guess ur next chance to buy is the EX-DVIDEND date..
Me been holding this baby since Aug 2008.
Great counter and the only counter i have that is making money..
Moneysense ( Date: 01-Oct-2009 20:36) Posted:
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Bro,
So coincidence that I sold one day before they announced to halt trading. I will buy again if there is a chance.
Mapletree Logistic called for trading halt because it received a proposal to raise fund...
So coincidental that K-REITS announced RIGHTS issue...
And TEMASEK is the major shareholder in both REITS...
Somthing fishy is going on... perhaps TEMASEK lost so much money that it need to get money from its holdings???
HA HA HA..
Anyway, good call by the Mapletree Logistic Trust management to aheed to its words that it will not raise funds through rights issue etc for this whole year...
A sound management does not need to squeeze capital from shareholders all the time..
Kudos to the management of Mapletree Logistic Trust to be true to their word..
From their statement, seems like they are indeed looking into acquisition from sponsors to boost DPU..
Maybe M&A..
Recent analysts report mentioned that Mapletree Log could be buying more properties to boost DPU..
Maybe private placement? .. That's why I dont really like Reits. too leverage ..damn scary..
Why halt?
Thanks. I have the same method of assessing a company like D.O.G from Wallstraits.
http://www.wallstraits.com/wsforum/showthread.php?tid=1211&page=2
Anyway, I do think using DEBT/ASSET is acceptable in a rising market but not in a downtrending market we saw last year.
So yes, maybe I will use DEBT/Asset to assess Reit for this bull cycle :)
I think for REITS, we are using IDEBT/ASSET Ratio to define GEARING..
Refer to this website for the updated calculations..
focus74 ( Date: 28-Sep-2009 11:48) Posted:
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Analyst Report this morning by OCBC...
Mapletree Logistics Trust: Likely to turn to inorganic growth
Waiting for stabilization. We expect Mapletree Logistics Trust (MLT) to
report 3Q results in three weeks' time and are keen to get an update on
occupancy levels (prev: 98.3%). We will also focus on the tone of guidance
versus 2Q, where the manager cautioned that "the environment remains
challenging and occupancy and rental rates may be under pressure".
Business conditions have improved since then and this may ease downward
pressure on rents and capital values, in our view. Still, there is a big difference
between stabilization and recovery.
Turning to inorganic growth. We believe tenant retention, as opposed to
positive rent reversion, continues to be a key priority for the existing portfolio.
As such, MLT may turn to acquisitions to support and grow DPU. MLT is
geared at 37.8% debt-to-assets. At 2Q results, the manager said it would
not raise equity solely to reduce gearing. But it did indicate interest in thirdparty
acquisitions, provided these buys are coupled with an equity issue to
at least maintain (or reduce) current gearing levels. MLT's re-rating (up
114% YTD) and relatively looser credit conditions are conducive to this
stance. The sticking point is property yields, which would have to be fairly
high for the transaction to be DPU accretive. Third-party buys are more
likely to clear this hurdle than the S$300m development pipeline from MLT's
sponsor in our view.
Prefer top-tier industrial names. We find a large divergence in value
among the industrial REIT space. Price to book range is wide:
MacarthurCook Industrial REIT [NOT RATED] trades at the low of 0.36x 2Q
CY09 NAV but A-REIT [NR] trades at 1.21x book. The sub-sector is highly
geared, with an average leverage of 39.7%. A-REIT has raised equity twice,
and Cambridge Industrial Trust [NR] has raised funds once. This space
offers some of the highest yield opportunities but gearing levels and an
uncertain outlook continue to concern us. Consequently, we prefer to focus
on the top-tier industrial names for now.
Attractive total return. We find MLT's valuations (0.84x book, 7.4%
estimated FY09 yield) fairly attractive. We also like the quality and
diversification of its portfolio. We have not made any changes to our earnings
estimates but have lowered our discount and cap rate assumptions to less
rigorous levels. We revise our fair value estimate for MLT to S$0.78 from
S$0.52 previously. While upside of 5% to current price is limited, total
return of 12% is attractive (in our view). Upgrade to BUY. (Meenal Kumar)
Oh has it been reduced?
I just took a look at the 2Q09 Results Presentation dated 29th July 2009 (after the 12th July Rights Issued Approval).
As follows:-
Total Assets : 3047mil
Total Liabilities : 1320mil
Shareholoder NAV: 1727mil
Total Debt : 1173mil
If they say it's 38%, I figure they are using DEBT/ASSET Ratio (ie, 1173/3047).
If I am looking at Total Debt to Equity Ratio , it becomes 70% (ie, 1173/1727).
So for Reits, you guys are using DEBT/ASSET ratio instead of Debt/Equity Ratio?
If I am not wrong, the gearing now stands at 37% after right issue.