Manulife REIT (MUST) shares tanked 43% since the start of this year, which makes this “pure-play” US office Singapore REIT really attractive.
This post was originally posted here. The writer, Willie Keng is a veteran community member and blogger on InvestingNote, with a username known as @Willie and has close to 120 followers.
What’s more today, MUST’s market cap trades at just half of what its assets are truly worth – MUST shares trade at just 0.55x P/NAV.
Why are investors so bearish about this Singapore REIT? Because of COVID? Because of rising rates? I mean, MUST shares trade like investors don’t want to be in US offices anymore.
Is that really the case? Let’s find out.
My previous article on Manulife REIT can be found here.
Background — What is Manulife REIT?
At US$666 million market cap, Manulife REIT (MUST) was the first US office REIT to be listed in Singapore, during 2016.
MUST owns freehold, class-A office assets across prime areas of US cities, including Washington DC, Los Angeles, Atlanta and so on. Back then, MUST overall occupancy rate was 96.5% — which was above average US offices’ occupancy rate.
Frasers Centrepoint Trust (SGX:J69U) is a predominantly suburban retail mall REIT, where at the time of writing, its property portfolio comprises a total of 9 retail REITs located in the various suburban locations in Singapore (the properties include Causeway Point, Northpoint City, Waterway Point, Changi City Point, Tampines 1, Century Square, White Sands, Tiong Bahru Plaza, and Hougang Mall), along with 1 commercial property (Central Plaza located in Tiong Bahru.)
This post was originally posted here. The writer, Jun Yuan Lim is a veteran community member and blogger on InvestingNote, with a username known as @ljunyuan and has close to 2000 followers.
Early this morning (26 October 2022), the REIT have made available its financial results for the 2nd half, as well as for the full-year ended 30 September 2022 (i.e. FY2021/22), and in this post, you’ll find my review of its financial results, portfolio occupancy and debt profile, as well as its distribution payout to unitholders.
Mapletree Logistics Trust (SGX:M44U), Singapore’s first Asia-focused logistics REIT whose portfolio (at the time of writing) comprises a total of 186 properties in Singapore, Hong Kong, China, Japan, South Korea, Australia, Malaysia, Vietnam, and India and a total assets under management of S$12.9bn . The REIT is also a constituent of Singapore’s benchmark Straits Times Index (STI) since 23 December 2019.
This post was originally posted here. The writer, Jun Yuan Lim is a veteran community member and blogger on InvestingNote, with a username known as @ljunyuan and has close to 2000 followers.
The blue-chip logistics REIT is the first of the trio of Mapletree REITs to release its financial results for the second quarter, as well as for the first half of the financial year 2022/23 ended 30 September 2022 after market hours in the evening (25 October 2022), with Mapletree Industrial Trust releasing its results tomorrow (26 October), and Mapletree Pan Asia Commercial Trust releasing its results the day after (27 October.)
In this post, you’ll find key aspects (along with my review) about the REIT’s latest set of financial results, portfolio occupancy and debt profile, as well as its distribution payout to unitholders for the current quarter under review to take note of.
This post was originally posted here. The writer, Lim Jun Yuan is a veteran community member and blogger on InvestingNote, with a username known as @ljunyuan and has close to 2,000 followers.
China-based logistics REIT, EC World REIT (SGX:BWCU) released its financial results for the first quarter of the financial year 2021 ended 31 March 2021 after market hours yesterday (11 May 2021.)
The REIT is one of the few that has continued to report its full financial results, along with payout a distribution to its unitholders on a quarterly basis – both of which are something I appreciate as a unitholder.
In this post, you will find key highlights about the logistics REIT’s latest financial results, debt and portfolio occupancy profile, and distribution payouts, along with my personal thoughts to share.
Let’s begin…
Financial Results (Q1 FY2020 vs. Q1 FY2021)
Q1 FY2020
Q1 FY2021
% Variance
Gross Revenue
(S$’mil)
$23.5m
$30.8m
+30.9%
Property Operating
Expenses (S$’mil)
$2.4m
$3.1m
+30.3%
Net Property
Income (S$’mil)
$21.1m
$27.7m
+30.9%
Distributable
Income to
Unitholders (S$’mil)
$9.3m
$12.4m
+32.9%
From the table above, you can tell that the REIT’s latest quarter results was an improved one across the board.
The improvements in its gross revenue and net property income can be attributed to the absence of rental rebates given out to tenants to help them mitigate the negative impacts of the Covid-19 pandemic in the same time period last year, along with the Chinese Renminbi strengthening by 3.5%.
In-line with the improvements in its gross revenue and net property income, the REIT’s distributable income to unitholders also increased by a similar percentage.
Debt Profile (Q4 FY2020 vs. Q1 FY2021)
Next, let us take a look at the REIT’s latest debt profile (recorded for the first quarter of FY2021 ended 31 March 2021), compared against that recorded in the previous quarter three months ago (i.e. Q4 FY2020 ended 31 December 2020) to find out whether it has improved, remained consistent, or deteriorated:
Q4 FY2020
Q1 FY2021
Aggregate Leverage
(%)
38.1%
38.3%
Interest Coverage
Ratio (times)
2.62x
2.79x
Average Term to
Debt Maturity (years)
1.6 years
1.4 years
Average Cost of
Debt (%)
4.2%
4.1%
My Observations: Personally, I felt that the REIT’s debt profile for the current quarter under review, compared to the previous quarter 3 months ago, was a mixed bag – first, the positives (in my opinion): a slight decrease in its average cost of debt, along with its interest coverage increasing slightly; the negatives: its aggregate leverage edging up slightly, along with its average term to debt maturity (which is now at 1.4 years, from 1.6 years in the previous quarter.) …
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.
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%.)
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.
The following table is the REIT’s distribution per unit for the current quarter under review, compared to the same period last year:
Despite the Singapore Exchange allowing companies to switch to reporting its full financial results on a half-yearly basis, EC World REIT (SGX:BWCU) at the moment is still continuing to report its full financial results on a quarterly basis, along with declaring a distribution payout to its unitholders once every three months as well (however, that could change in the future.)
Aftermarket hours yesterday (09 November 2020), the China-based logistics REIT reported its financial results for the third quarter, as well as for the first nine-months of the financial year 2020 (ended 30 September 2020.)
As a unitholder of the REIT, I have studied its results and in this post, you will find key aspects about its latest financial results, debt and portfolio occupancy profile, as well as its distribution payouts, along with my personal thoughts to share.
Found here are updates of results on Lendlease Global Commercial REIT
This post was originally posted here. The writer, Brian Halim is a veteran community member and blogger on InvestingNote, with a username known as @3Fs and has 2261 followers.
Lendlease Global Commercial REIT announced its Q1 FY2021 business update this morning which I will quickly go through below.
As some of you might already know from my previous update, Lendlease REIT remains one of my biggest portfolio holdings and I am cautiously confident it will continue to become a good investment for the mid to longer term.
I have also summarized the previous Lendlease Q&A on my Facebook page which you can find here.
Here are the key highlights of Ascendas REIT – Results and business updates.
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 1421 followers.
Another blue-chip REIT in my long-term investment portfolio (you can check out a list of all the companies I’ve invested here), Ascendas REIT (SGX:A17U), released its business updates for the third quarter of the financial year 2020 (ended 30 September) after market hours yesterday (26 October 2020.)
As the REIT have switched to half-yearly reporting for the first and third quarter, there are no updates on their financial results. Likewise, there are also no dividends declared for the two quarters as the REIT have switched to paying out unitholders on a semi-annual basis.
Mapletree Industrial Trust: A Summary of its Q2 and FY2020/21 Performance
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 1422 followers.
Mapletree Industrial Trust is a new addition made on Monday (26 October 2020) at S$3.10, that is if you’ve been keeping tabs on my personal long-term investment portfolio (you can check it out here), you would have noticed that Based on a distribution payout of 12.24 cents/unit in FY2019/20, even though the yield is just 3.9%, but given its track record in the management increasing its distribution payouts to its unitholders over the years, along with sound business fundamentals, I am confident of the blue-chip industrial REIT’s growth in the years ahead – I have done a writeup about the REIT last month, which you can read up here to learn more about the REIT.
After trading hours yesterday (27 October 2020), the REIT released its financial results for the second quarter of the financial year 2020/21 (it has a financial year-end every 31 March.) As a unitholder, I have studied through its latest set of financial results, debt and portfolio occupancy profile, along with its distribution payout to unitholders (the REIT is one that pays out its unitholders on a quarterly basis), and in this post, I will be sharing with you the most important aspects about its latest updates to take note of, along with my personal thoughts to share.
Pure-play China specialised logistics and e-commerce logistics REIT EC World REIT (SGX:BWCU) released its second quarter and half-year results for the financial year 2020 ended 30 June 2020 last Friday (07 August) evening.
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 of the REIT, I have studied its latest set of results in detail and in this post, you will find the most important aspects of the REIT’s results to take note of, along with my thoughts about it (for sharing purposes):
Key Financial Results (2Q FY2019 vs. 2Q FY2020, and 1H FY2019 vs. 1H FY2020)
In this section, you will find a quarter-on-quarter (q-o-q) as well as a year-on-year (y-o-y) comparison of the REIT’s financial results:
2Q FY2019 vs. 2Q FY2020:
2Q FY2019
2Q FY2020
% Variance
Gross Revenue
(S$’mil)
$23.7m
$28.2m
+18.8%
Property Operating
Expenses (S$’mil)
$2.6m
$2.4m
-8.0%
Net Property
Income (S$’mil)
$21.2m
$25.8m
+22.1%
Distributable Income
to Unitholders
(S$’mil)
$12.3m
$11.1m
-9.5%
In SGD terms, the REIT’s gross revenue and net property income went up by 18.8% and 22.1% respectively, while in RMB terms, its gross revenue and net property income saw improvements by 19.0% and 22.3% on a q-o-q basis – this is due to contributions from Fuzhou E-commerce which was acquired in August 2019, along with organic rental escalations.
Distribution to unitholders, however, fell 9.5% q-o-q due to the REIT retaining 10% of the distributable income.
