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Manulife REIT: Buy at 14% Dividend Yield?

Manulife REIT: Buy at 14% Dividend Yield?

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.

Manulife REIT's Asset Under Management (AUM)
Manulife REIT’s Asset Under Management (AUM)
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Frasers Centrepoint Trust’s 2H and Full-Year Results for FY2021/22 – What You Need to Know

Frasers Centrepoint Trust’s 2H and Full-Year Results for FY2021/22 – What You Need to Know

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.

Let’s begin:

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Key Aspects from Mapletree Logistics Trust’s Q2 and 1H FY2022/23 Results to Take Note of

Key Aspects from Mapletree Logistics Trust’s Q2 and 1H FY2022/23 Results to Take Note of

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.

Let’s begin:

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Exclusive Interview with CapitaLand Integrated Commercial Trust’s (CICT) CEO, Tony Tan!

Exclusive Interview with CapitaLand Integrated Commercial Trust’s (CICT) CEO, Tony Tan!

We’re inviting you to join us for an Interview with CapitaLand Integrated Commercial Trust’s CEO, Tony Tan, to get exclusive insights!

CapitaLand Integrated Commercial Trust (CICT) is the first and largest real estate investment trust (REIT) listed on Singapore Exchange Securities Trading Limited (SGX-ST) with a market capitalisation of S$13.5 billion as at 31 December 2021. 

CICT owns and invests in quality income-producing assets primarily used for commercial (including retail and/ or office) purpose, located predominantly in Singapore such as Funan Mall, Clark Quay, Bugis Junction and more.

CICT’s portfolio comprises 21 properties in Singapore, two in Frankfurt, Germany and two in Sydney, Australia with a total property value of S$23.8 billion as at 31 December 2021.

This interview is part of REITs Symposium, a MEGA-Hybrid event which will take place at Suntec Exhibition Hall on 21 May and broadcasted LIVE simultaneously to online viewers!

13 REITs will be sending their top management to speak at this event, including SG’s biggest REIT: Capitaland Integrated Commercial Trust, Ascendas REIT and many more.

There will also be a panel discussion touching on the themes of sustainability, globalization, re-opening and ESG, along with lucky draws for participants.

So do join us for this MEGA Event!

**Want to secure an event entrance ticket to attend and meet the REITs’ CEOs in-person, PLUS get a limited-edition InvestingNote T-shirt? 

Find out more here! (ends 6 May 2359hrs)

InvestingNote is the first and largest community for investors in Singapore. Find out more about us here.

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Also, join our telegram channel here: t.me/investingnoteofficial

We’re here to keep you in touch with the latest investing & stock-related news, happenings, and updates!

The Good and Bad about Mapletree Logistics Trusts’ Q2 and 1H FY2020/21 Results (Guest Post)

The Good and Bad about Mapletree Logistics Trusts’ Q2 and 1H FY2020/21 Results (Guest Post)

Mapletree Logistics Trust (Q2 and 1H FY2020/21 Results) – What’s good and what’s bad?

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 1429 followers.

Back in September, I wrote a post about Mapletree Logistics Trust (SGX:M44U), where I highlighted reasons why the blue-chip logistics REIT was in my ‘shopping list’ (you can check out the post here.)

Last Thursday (29 October 2020), I have finally added the REIT to my long-term investment portfolio at S$1.98 – in terms of its distribution yield, based on its full-year payout of 8.142 cents/unit in FY2019/20, it is 4.1% (you can check out all the companies in my long-term portfolio investment here.)

What I’m going to do today is to discuss the REIT’s results for the second quarter and for the first half of the financial year 2020/21 ended 30 September 2020 (which was released on 19 October 2020) – particularly its financial results, debt, and portfolio occupancy profile, as well as its distribution payout (the REIT is one that continues to pay out a distribution to its unitholders on a quarterly basis), along with my personal thoughts to share.

Let’s begin… …

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CapitaLand Mall Trust’s Q3 and 9M FY2020 Results – A Summary and My Thoughts (Guest Post)

CapitaLand Mall Trust’s Q3 and 9M FY2020 Results – A Summary and My Thoughts (Guest Post)

REIT CapitaLand Mall Trust (SGX:C38U) released its 3Q results, as well as for the first 9-months of the financial year 2020 (ended 30 September) early this morning.

CapitaLand sells Bedok Mall to CapitaLand Mall Trust

The 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 1412 followers.

This is also the last time the REIT will be reporting its results under CapitaLand Mall Trust – it will be renamed as CapitaLand Integrated Commercial Trust with effect from 03 November 2020 (you can read the news report about this in full here.)

Apart from its financial results, debt and occupancy profile, and distribution payout to unitholders, I’m also interested to find out whether or not there are any improvements compared to the second quarter (ended 30 June 2020) where its results were badly affected due to the two-month circuit breaker period.

Let’s begin…
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Key Summary of Frasers Centrepoint Trust’s EGM on 28 September 2020 (Guest Post)

Key Summary of Frasers Centrepoint Trust’s EGM on 28 September 2020 (Guest Post)

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 1394 followers.

This morning, retail REIT Frasers Centrepoint Trust (SGX:J69U) held its extraordinary general meeting (EGM) to seek unitholders’ approval on the REIT’s proposed acquisition of the remaining 63.1% stake in AsiaRetail Fund Limited (whose portfolio consists of Tiong Bahru Plaza, White Sands, Hougang Mall, Century Square, Tampines 1, and Central Plaza), proposed equity fundraising, as well as the proposed divestment of Bedok Point.

I have attended the EGM as a unitholder of the REIT and for the benefit of those who weren’t able to attend, in this post, you’ll find a summary of the presentation by Mr Richard Ng (the CEO of the REIT) on how the acquisition of AsiaRetail Fund Limited is beneficial for the REIT and its unitholders, results of the resolutions that were put to vote, along with responses to some of the questions raised by unitholders…

Benefits of the Proposed Acquisition of AsiaRetail Fund Limited

The following are some of the key benefits of the REIT’s proposed acquisition of the remaining 63.1% stake of AsiaRetail Fund Limited to highlight:

  • From 7 malls in the REIT’s portfolio currently, post-acquisition, its portfolio will have 11 malls. Some of the other key statistics include REIT’s portfolio net lettable area increasing from 1.4m sq ft to more than 2.3m sq ft, along with the number of leases increasing from 800 to more than 1,500.
  • The proposed acquisition is a DPU-accretive one, and based on its DPU for FY2019, after the acquisition of AsiaRetail Fund Limited, as well as after the divestment of Bedok Point, the REIT’s DPU will be increased to 13.02 cents/unit (from 11.99 cents/unit) – this represents an increase by 8.59%.
  • Post-acquisition, Frasers Centrepoint Trust will become 8th largest S-REIT (in terms of market capitalization), as well as being the 8th largest S-REITs by free-float – this will result in a higher index weightage in the FTSE EPRA/NAREIT index, and this will also expand the REIT’s outreach to new investors.
  • The enlarged portfolio will also see a reduced concentration risk from any single asset (from around 30% now to no more than 22% post-acquisition.)
  • In terms of tax leakages, Mr Ng share that currently, the REIT is incurring costly tax leakages of approximately S$4.7m annually as a partial owner of AsiaRetail Fund Limited. However, post-acquisition, it will be able to reduce its tax by approximately $400k to $500k a month.
  • While post-acquisition, the REIT will see its gearing ratio increased to 39.3% (from 35.0% currently), but Mr Ng highlighted that its average cost of debt will be reduced to 2.3% (from 2.5%), and at the same time, its weighted average debt maturity will be extended to 4.3 years (from 2.3 years at present.)


Results of the Resolutions

The following are results of the 5 resolutions proposed at the EGM:
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Frasers Property and its REITs – My Personal Technical Analysis (19 August 2020) (Guest Post)

Frasers Property and its REITs – My Personal Technical Analysis (19 August 2020) (Guest Post)

Listed in the Singapore Exchange Securities Trading Limited (“SGX-ST”) and headquartered in Singapore, Frasers Property Limited (SGX:TQ5) is a multi-national owner-operator-developer of real estate products and services across the property value chain.

Northpoint City, Opens in Grandeur

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.

Its properties span across 5 asset classes – residential, retail, commercial and business parks, industrial and logistics, as well as hospitality across different geographical locations and some of them include Southeast Asia, Australia, Europe, as well as China.

Frasers Property is also a sponsor of 3 REITs: Frasers Centrepoint Trust (a pure-play retail REIT), Frasers Logistics and Commercial Trust (whose portfolio include commercial and business parks, as well as industrial and logistics properties), and Frasers Hospitality Trust (where it owns and/or operates serviced apartments and hotels.)

In this post, I will be sharing with you my technical analysis on the recent share price movements of Frasers Property and its 3 REITs (based on a daily timeframe), along with my analysis of how their share prices are likely to move in the near-term. …

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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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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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