Browsed by
Tag: trust

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.

Read More Read More

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.

Read More Read More

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)

Read More Read More

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

Read More Read More

ARA HTrust – Most Oversold Stock in Singapore with 10% Estimated Dividend Yield (Guest Post)

ARA HTrust – Most Oversold Stock in Singapore with 10% Estimated Dividend Yield (Guest Post)

ARA HTrust comes out to be the most oversold among Singapore listed stocks yesterday with a RSI of 8.2. This is its most oversold level since listing. ARA HTrust has tumbled approximately 22% from an intraday high of US$0.900 to close at US$0.705 yesterday, which is the lowest close since IPO.

This post was originally posted here. The writer, Ernest Lim is a veteran community member and blogger on InvestingNote, with username known as el15 and 400 followers.

Yesterday evening, as I run my stock screening via Bloomberg, ARA HTrust comes out to be the most oversold among Singapore listed stocks yesterday with a RSI of 8.2. This is its most oversold level since listing. ARA HTrust has tumbled approximately 22% from an intraday high of US$0.900 to close at US$0.705 yesterday, which is the lowest close since IPO.

Why does it attract my attention? Read on for more.

 

A) Chart – Selling pressures may ease as oversold pressures escalate

Based on Chart 1 below, ARA HTrust is entrenched in a downtrend. All the exponential moving averages (“EMAs”) are trending lower with death cross formations. However, indicators such as RSI and MACD are near, or at all time oversold levels. For example, RSI closes at 8.2 yesterday, all time low since IPO. At 8.2, this is also extremely low on an absolute basis. Although there is no rule to stipulate that RSI cannot go below 8.2, suffice to say that, on the balance of probabilities, near term downside may be capped as oversold pressures build. In addition, ARA HTrust has been bouncing around US$0.700 and this support level looks good on both chart and absolute basis (typically stocks find support on a round number).

Near term supports: US$0.700 / 0.675 / 0.650

Near term resistances: US$0.735 / 0.745 – 0.750 / 0.775

Chart 1: ARA HTrust has fallen 22% since its record high US$0.900
https://s3-ap-southeast-1.amazonaws.com/investingnote-production-webbucket/attachments/6b3ca741312c1560d88c9727ff14446c19b6bd81.png?1583393464

Source: InvestingNote 5 Mar 2020

B) Analysts are positive with target prices ranging from US$0.95-1.25

Based on Figure 1 below, average analyst target is around $1.10. Analysts estimate that ARA HTrust may distribute US$0.070 – 0.074 / share as dividends in FY20F. If I conservatively use US$0.07 as the estimated dividends per share to be distributed in FY20F, this works out to an estimated dividend yield of around 9.9% given the closing price of US$0.705 yesterday. All in, total potential return amounts to around 66%!

Figure 1: Average analyst target $1.10; total potential return 66%!
https://s3-ap-southeast-1.amazonaws.com/investingnote-production-webbucket/attachments/8957fb0bf1ad21d14b0929d5745c42c3ed0cc0b6.gif?1583393465

Source: Bloomberg 5 Mar 20

C) Other noteworthy points

ARA HTrust has completed the acquisition of its three new Marriott acquisitions on 17 Jan 2020 and this is likely to contribute to their net property income. In addition, ARA HTrust has set up S$800m debt program in Jan 2020. According to KGI’s research report, they cited that ARA HTrust’s management intends to acquire more Marriott or Hilton hotels.

Risks

As with most companies, there are numerous risks that ARA HTrust faces. Just to cite a couple of risk factors (readers can refer to the analyst reports HERE for more risks that ARA HTrust faces)

a) Macro outlook has deteriorated

Given the supply headwinds, compounded by COVID-19 which is likely to have an impact on domestic and overseas travel, the macro outlook for ARA HTrust has deteriorated. It is noteworthy that since news of COVID-19 spreading in countries like South Korea broke out on the weekend of 22–23 Feb, ARA HTrust’s share price has slumped 18% from US$0.860 on 21 Feb to close US$0.705 on 4 Mar 2020. Although part of the decline can be attributed to its weaker than expected results, I think part of the decline may also be attributed to the spread and the fear of COVID-19 worsening in U.S. and overseas resulting in a drop in domestic and overseas travel. If this worsens further, it may have an adverse impact on current and future net property income and subsequently distributions.

b) Illiquidity is an issue

Average 30-day volume for ARA HTrust is merely 320K shares per day. This is an illiquid stock where it is not easy to enter or exit with a meaningful position. Furthermore, it may be subject to large price movements should there be sudden buying or selling interest.

c) Other risks include U.S. tax changes; forex risks etc

Other risks include U.S. tax changes and forex risks as ARA HTrust’s earnings and distributions are denominated in US$.

Conclusion

ARA HTrust captures my attention due to its extremely oversold nature, coupled with an attractive potential capital upside and good dividend yields especially in current low interest rate environment. However, it is noteworthy that its business faces certain headwinds. Illiquidity is also an issue.

Notwithstanding the above, it is noteworthy that I am neither familiar with ARA HTrust’s fundamentals, nor do I have direct access to management (as my main basis is more on its oversold nature). Readers who are interested in ARA HTrust should view ARA HTrust’s announcements on SGX or on their website. Furthermore, you can view the analyst reports HERE.

P.S: I have highlighted to my clients on ARA HTrust past two days where it is trading around US$0.700-0.705. I am vested in this stock for trading purpose.

Thanks for reading.

Once again, this article is a guest post and was originally posted on el15s profile on InvestingNote. 

Become a part of our community and also see what other investors are saying about the current market right now: (click on the view now button)

button_view-now


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

Download our free app here:

apple   android

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.

Read More Read More

Asian Pay Television Trust (APTT) Dividend Yield Cut from 20% to 3.8% (Guest Post)

Asian Pay Television Trust (APTT) Dividend Yield Cut from 20% to 3.8% (Guest Post)

This post, Asian Pay Television Trust (APTT) Dividend Yield Cut from 20% to 3.8%  was originally posted here. The writer is a veteran community member on InvestingNote, with username known as Kyith.

asian-pay

I always had one eye on Asian Pay Television Trust (APTT).

So did some of my friends. It is the ultimate Financial Independence Porn Stock.

Why is this so?

To find out how much you need for financial security, or financial independence or retirement, you can read my article here to determine your number.

From the article we get the following formula:

Wealth Required for FS/FI/RETAnnual Expense/Rate of Return of Your Wealth Machine(s) to Generate Cash Flows for FS/FI/RET

APTT pays a quarterly dividend and the last guided dividend was $0.01625. Annualized the dividend is $0.065.

The price chart above shows the current share price to be at $0.315.

Read More Read More