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A Summary of Mapletree Logistics Trust’s EGM on 23 November 2020 (guest post)

A Summary of Mapletree Logistics Trust’s EGM on 23 November 2020 (guest post)

Blue chip logistics REIT Mapletree Logistics Trust (SGX:M44U) held its extraordinary general meeting (EGM) yesterday afternoon to seek unitholders’ approval on the proposed acquisition of 22 properties in China, along with 1 property in Malaysia as well as in Vietnam. Approval was also sought for its proposed issue of new units of the REIT as partial consideration for its China acquisitions, and also for the proposed whitewash resolution.

 

An Analysis of Mapletree Logistics Trust

This post was originally posted here. The writer, Lim Jun Yuan is a veteran community member and blogger on InvestingNote, with a username known as @ljunyuan and has 1442 followers.

Due to the safe distancing measures imposed by the Singapore government (due to the ongoing Covid-19 pandemic), the EGM was held in a hybrid mode – both online as well as offline (limited spaces available.) I have opted to attend the online version of the meeting as a unitholder and in this post, you’ll find a key summary of it, which I’ve compiled for the benefit of those who weren’t able to attend…

Presentation by Chief Executive Officer, Ms Ng Kiat

  • The following are details of the acquisition:
    • Acquisition of the remaining 50.0% stake in 15 warehouses in China, a 100.0% stake in 7 warehouses in China, 1 warehouse in Malaysia and also in Vietnam
  • Aggregate Agreed Property Value: S$1,509.2 million
  • Implied Net Property Income yield: ~5.2%
  • Net Lettable Area: 1,223,660 sqm
  • Committed occupancy rate: 94.7%
  • Weighted average lease expiry: 2.3 years
  • CEO of Mapletree Logistics Trust, Ms Ng Kiat, shared that the logistics industry have benefited from the ongoing Covid-19 pandemic, where demand for Grade A warehouse space have increased as a result of an increase in adoption of e-commerce.
  • She explained that 3 geographical locations which the REIT will be acquiring properties in (China, Malaysia, and Vietnam) have seen their GDPs staying resilient despite the pandemic. Also, these countries are also projected to see a strong growth in their urban population in the years ahead (which will lead to an increase in demand for modern logistics space.) Coupled with the limited supply of Grade A warehouse space in the 3 countries, Ms Ng added that represents an opportunity for the REIT, being a leading provider of quality logistics space in Asia-Pacific, to come in and fill the market gap.
  • On top of that, Ms Ng also shared that the warehouses’ locations are strategically located near local consumption hubs in under an hour, which is an important consideration for tenants in e-commerce businesses. Not just that, post-acquisition, the REIT will see new top 10 tenants (by percentage of gross revenue) in JD.com… (which will contribute 2.4%) and Cainiao (which will contribute 2.1%.)

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My Technical Analysis of the 4 Mapletree REITs (03 August 2020) (Guest Post)

My Technical Analysis of the 4 Mapletree REITs (03 August 2020) (Guest Post)

Today, I’d like to share my personal technical analysis on the four Mapletree REITs – namely Mapletree Commercial Trust (SGX:N2IU), Mapletree Industrial Trust (SGX:ME8U), Mapletree Logistics Trust (SGX:M44U), and Mapletree North Asia Commercial Trust (SGX:RW0U) – particularly, how their unit prices are likely to move in the near-term (based on a daily timeframe.)

image-107-min

This post was originally posted here. The writer, Lim Jun Yuan is a veteran community member and blogger on InvestingNote, with username known as ljunyuan and has 1241  followers.

$Mapletree Log Tr(M44U.SI)
$Mapletree NAC Tr(RW0U.SI)
$Mapletree Ind Tr(ME8U.SI)
$Mapletree Com Tr(N2IU.SI)

First and foremost, a very good Monday morning to you. We’re into the first working day of yet another new month. Hope you’ve had a great long weekend with your loved ones.

Before I begin, a disclaimer – whatever you may read in this post is purely for educational purposes only. They do not represent any buy or sell recommendation for any of the REITs. Please do your own due diligence before you make any investing/trading decisions.

With that out of the way, let’s begin…

Mapletree Commercial Trust (SGX:N2IU)

This blue chip REIT has a total of 6 properties in its portfolio, all located in Singapore – VivoCity, Mapletree Business City I and II, PSA Building, Mapletree Anson, as well as Merrill Lynch Harbourfront.

The following is the unit price movement of Mapletree Commercial Trust (on a daily timeframe) since April 2020:
Daily Unit Price Movement of Mapletree Commercial Trust (SGX:N2IU) since early-April 2020

As you can see from the above, since bottoming at S$1.46 in early-April, its unit price have recovered and moved along the green uptrend channel, where it peaked at S$2.23 in early-June before retreating.

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Key Updates in Mapletree Commercial Trust’s Q1 FY2020/21 Business Update (Guest Post)

Key Updates in Mapletree Commercial Trust’s Q1 FY2020/21 Business Update (Guest Post)

After trading hours last Thursday (23 July), blue chip REIT Mapletree Commercial Trust (SGX:N2IU) released its business updates for the first quarter of the financial year 2020/21 ended 30 June 2020.

Mapletree Commercial Trust to buy Pasir Panjang business park for ... This post was originally posted here. The writer, Lim Jun Yuan is a veteran community member and blogger on InvestingNote, with username known as ljunyuan and has 1241  followers.

As the REIT switched to a half-yearly reporting from this financial year onwards, for the first and third quarter, it will only be posting a business update. Also, the REIT will be paying out a distribution to unitholders on a half-yearly basis (instead of on a quarterly basis in the past.)

With that, I will be highlighting some of the key pointers in the REIT’s latest business update to take note of (along with my thoughts to share):

Financial Performance (Q1 FY2019/20 vs. Q1 FY2020/21)

Q1 FY2019/20 Q1 FY2020/21 % Variance
Gross Revenue
(S$’mil)
$112.1m $100.3m -10.5%
Property Operating
Expenses (S$’mil)
$23.8m $21.5m -9.7%
Net Property
Income (S$’mil)
$88.3m $78.9m -10.7%

On one look, it was a weaker set of results for the REIT, which Chief Executive Officer Ms Sharon Lim attributed it to the 8-week circuit breaker, and the continued closure of most businesses during the first phase of Singapore’s re-opening from 02 to 18 June 2020.

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Key Summary of Mapletree Commercial Trust’s 9th AGM for FY2019/20 Held on 22 July 2020 (GuestPost)

Key Summary of Mapletree Commercial Trust’s 9th AGM for FY2019/20 Held on 22 July 2020 (GuestPost)

Retail and office REIT Mapletree Commercial Trust (SGX:N2IU) held its 9th annual general meeting for the financial year 2019/20 ended 31 March 2020 via virtual means this afternoon, which I have attended as a unitholder.

Mapletree - VivoCity

This post was originally posted here. The writer, Lim Jun Yuan is a veteran community member and blogger on InvestingNote, with username known as ljunyuan and has 1241  followers.

It was a short-and-sweet meeting, lasting just slightly over 30 minutes. For the benefit of those who weren’t able to attend, you’ll find a summary of the presentation by Ms Janica Teo (Chief Financial Officer), and Ms Sharon Lim (Chief Executive Officer) which I’ve compiled in this post:

Financial Results (FY2018/19 vs. FY2019/20)

  • Gross Revenue: Up 8.8% to S$482.8m (FY2018/19: S$443.9m)
  • Property Operating Expenses: Up 9.0% to S$104.9m (FY2018/19: S$96.3m)
  • Net Property Income: Up 8.7% to S$377.9m (FY2018/19: S$347.6m), contributed by MBC II, which was acquired on 01 November 2019
  • Distribution to Unitholders: Down 7.9% to S$243.2m (FY2018/19: S$264.0m), due to the REIT retaining S$43.7m of distribution in the fourth quarter to better position themselves to deal with uncertainties relating to Covid-19
  • Distribution Per Unit: Down 12.5% to 8.00 cents/unit (FY2018/19: 9.14 cents/unit)

Debt Profile (FY2018/19 vs. FY2019/20)

  • Gearing Ratio: 33.3% (FY2018/19: 33.1%)
  • Interest Coverage Ratio: 4.3x (FY2018/19: 4.5x)

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Summary of Mapletree North Asia Commercial Trust’s 7th AGM on 16 July 2020 (Guest Post)

Summary of Mapletree North Asia Commercial Trust’s 7th AGM on 16 July 2020 (Guest Post)

Retail and office REIT Mapletree North Asia Commercial Trust (SGX:RW0U) held its 7th annual general meeting for the financial year 2018/19 ended 31 March 2020 via virtual means (due to the ongoing Covid-19 situation in Singapore) earlier this afternoon (16 July 2020), which I have attended as a unitholder.

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This post was originally posted here. The writer, Lim Jun Yuan is a veteran community member and blogger on InvestingNote, with username known as ljunyuan and has 1241  followers.

For the benefit of those who were not able to attend the meeting, in this post you’ll find a summary of the most important pointers to take note of (as a unitholder):

Presentation on Key Performance Statistics for FY2019/20 by Mr Ng Wah Keong, Chief Financial Officer of Mapletree North Asia Commercial Trust

Financial Performance (FY2018/19 vs. FY2019/20):

  • Gross Revenue: Down 13.3% year-on-year (y-o-y) to S$354.5m (FY2018/19: S$408.7m) – the decrease was due to the temporary closure of Festival Walk (for repair works), lower occupancy in Gateway Plaza, offset by its Japan properties
  • Net Property Income: Down 15.7% y-o-y to S$277.5m (FY2018/19: S$329.0m) – Festival Walk contributed 53.7%, Gateway Plaza contributed 23.5%, Sandhill Plaza contributed 8.4%, and its Japan Properties contributed 14.4% (this includes the one month contribution from MBP and Omori, both properties acquired in February 2020)
  • Distributable Income to Unitholders: Down 5.3% y-o-y to S$227.9m (FY2018/19: S$240.7m)
  • Distribution Per Unit: Down 7.4% to 7.124 cents/unit (FY2018/19: 7.690 cents/unit) – Mr Ng informed that the REIT will be changing its distribution to unitholders from quarterly to semi-annual from FY2020/21 onwards

Capital Management (FY2018/19 vs. FY2019/20):

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What You Need to Know about Mapletree Commercial Trust’s FY2019/20 Annual Report (Guest Post)

What You Need to Know about Mapletree Commercial Trust’s FY2019/20 Annual Report (Guest Post)

Retail and office REIT, Mapletree Commercial Trust (SGX:N2IU), which is also a component of Singapore’s benchmark Straits Times Index, have released its latest annual report for the financial year 2019/20 ended 31 March 2020, along with details of its upcoming annual general meeting (AGM).

5 reasons why I plan to never sell Mapletree Commercial Trust ...

This post was originally posted here. The writer, Lim Jun Yuan is a veteran community member and blogger on InvestingNote, with username known as ljunyuan and has 1241  followers.

As a unitholder, I have gone through the report to learn about the REIT’s latest developments and in this post, you will find all the notes I have taken (which I feel that as a unitholder, you need to take note of), along with my personal thoughts to share…

Letter to Unitholders by Non-Executive Chairman and Director Tsang Yam Pui, and Executive Director and Chief Executive Officer Sharon Lim

Impact of Covid-19 on VivoCity:

  • As a result of the Covid-19 pandemic in Singapore, VivoCity’s 4Q FY2019/20 performance has been negatively impacted (as a result of a reduced footfall and tenant sales, along with approximately 3.5 months of rental assistances over March to July 2020 which the REIT has rolled out to support the tenants)
  • While there remains uncertainty as to when normalcy can resume, the REIT have decided to exercise prudence by retaining S$43.7m of distribution in the fourth quarter

Acquisition of Mapletree Business City (MBC) II:

  • The REIT completed the acquisition of MBC II on 01 November 2019 at an agreed property value of S$1.55b
  • The acquisition was funded through a fund raising exercise, which received a resounding support from both its existing and new investors, along with securing a S$670.0m of green loan facilities
  • Together with MBC I, it forms one of the largest premium campus-style environment with Grade A building specifications in Singapore

Asset Enhancement Initiative (AEI) Works in VivoCity:

  • In 2Q FY2019/20, the REIT completed its fifth AEI in VivoCity, comprising the changeover of the hypermarket (from Giant to NTUC FairPrice Xtra), and partial recovery of anchor space to accommodate new and expanding tenants
  • The entire exercise delivered a positive rental uplift and approximately 40% of annual return on investment

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Mapletree North Asia Commercial Trust: Should You Receive Your Distributions in Cash or in New Units of the REIT?

Mapletree North Asia Commercial Trust: Should You Receive Your Distributions in Cash or in New Units of the REIT?

I received a mail in my letterbox over the weekend from Mapletree North Asia Commercial Trust – a long-term investment of mine (in case you’re wondering, I have gotten the mail because I invested in the REIT via a CDP-linked brokerage account.

This post was originally posted here. The writer, Lim Jun Yuan is a veteran community member and blogger on InvestingNote, with username known as ljunyuan and has 1083  followers.

If you invested in the REIT via a custodian account, you should receive the same message in your brokerage account and if you don’t, you can contact your brokerage firm to enquire.)

In the letter, I was asked to state my preference to either receive the distributions (declared when the REIT announced its fourth quarter and full year 2020 results on 29 April 2020) in a form of cash (of S$0.00496 per unit), in a form of new units of the REIT (which will be computed based on the unit price of S$0.8752 per new unit), or a combination of both.

By default, all unitholders will receive their distributions in a form of a cash payout (unless you state your preference to either receive units of the REIT, or a combination of cash and units of the REIT by 04 June 2020.)

One of the questions on my mind (and very likely the minds of many unitholders) are – how do I calculate the number of new units of the REIT I will receive (if I opt for this option), and which option is more “worth it”?

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An Investor’s On-Site Visit To A Property Of Mapletree North Asia Commercial Trust In Japan (guest post)

An Investor’s On-Site Visit To A Property Of Mapletree North Asia Commercial Trust In Japan (guest post)

This post was originally posted here. The writer is a veteran community member on InvestingNote, with username known as Spinning_Top.

mapletree nac trust

$Mapletree NAC Tr(RW0U.SI)

Buildings : SII Makuhari Building & Fujitsu Makuhari Building

Location: Chiba prefecture, Japan.

Date : November 2018.

Mapletree Greater China Commercial Trust was listed in 2013 and managed overseas commercial properties in China and Hong Kong.  Earlier this year, with the acquisition of Japanese properties into its portfolio, it changed its name to Mapletree North Asia Commercial Trust.

I started to took notice and then shortly thereafter took up a position.  With the trade war with U.S and China at the forefront, I reckon that a more diversified portfolio would be beneficial so properties in Japan would be a good balance.

It would be better if they can get some South Korean commercial properties but I think it is good to keep within 2- 3 countries as exchange rates maybe a double edged sword.

Gearing ratio had increased to 39% (Sep 2018) from 36% ( Mar 2018) but I am not too concerned.

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