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MAPLETREE Industrial Trust (MIT)
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spore1
Supreme |
22-May-2021 21:50
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Only cdp can subscribe via atm. Fsm custodian unit just wait for email from them to apply via corporate action. You can go to my account/ corporate action to apply. Remember to have enough fund in your cash account.
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posenton
Member |
22-May-2021 21:26
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why i cant find MIT right on posb atm ? i bought this reit through fsm , how to subscribe ? thanks | ||||
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Lobster
Elite |
22-May-2021 18:51
Yells: "Even Adam Khoo believes in the Black Market!" |
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First of all, I want to say I was wrong in saying the offer price is 2.57. I saw the MIT announcement in the SGX page without clicking on its attachment which gave the offer price to be in the range of 2.57 to 2.64. Now it is fixed at the high end of 2.64, but still it is 2.2 % lower than the private placement price. when you go to atm, if you are doing for the first time, it is advisable to ask a bank assistant for assistance first. If you are applying for excess, there are two ways to find out if your application is successful. One is your bank account, if they refund the money back to you, you are either not successful or partially successful. Then you have to go to your cdp account to check. SGX and the company does not send out hard copy now. The company will made an announcement when your new shares will be credited. So you have to check the SGX website, but the bros here normally will post for the benefit of others.
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subprime
Member |
22-May-2021 15:27
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May I ask, usually after I go atm, to search for the " rights" sign and subscribe for excess using atm, how do I get notified that my rights is successful ? via email or hardcopy mail? Usually how many days later then i know the outcome?
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Joelton
Supreme |
22-May-2021 14:29
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Mapletree Industrial Trust private placement 3.1 times subscribed at S$2.696
MAPLETREE Industrial Trust (MIT)' s private placement of 190.3 million new units was fixed at the top end of the price range, and was around 3.1 times covered, its manager said on Friday.
Most of the proceeds raised with this private placement, as well as a preferential offering, will be used to partially finance MIT' s intended US$1.32 billion acquisition of 29 data centres in the United States, as announced on Thursday.
The private placement' s issue price was fixed at the top end of the price range at S$2.696 per new unit. This represents a discount of 2.3 per cent to the volume-weighted average price (VWAP) of S$2.7596 per unit for trades done on Wednesday, the last trading day before the underwriting agreement was signed.
New units from the private placement are expected to be issued on or around June 1.
Meanwhile, the issue price for MIT' s non-renounceable preferential offering has been fixed at S$2.65 per new unit. This represents a 4.3 per cent discount to the trust' s VWAP of S$2.7596 per unit for trades done on Wednesday.
A further 117.6 million new units will be issued under the preferential offering at an allotment ratio of five new units for every 100 existing units.
Total gross proceeds from the equity fund raising will amount to an estimated $823.3 million, said the manager, comprising S$512.9 million from the private placement and S$310.4 million from the preferential offering.
About 88.2 per cent or S$726.5 million of the total gross proceeds will be used to partially finance MIT' s intended US$1.32 billion acquisition of 29 data centres in the US.
Another 7.6 per cent of the gross proceeds or S$62.2 million will be used to repay MIT' s debt.
The rest will go towards fees and expenses incurred from the fundraising exercise, as well as to fund future acquisitions or for general working capital purposes.
The manager expects the total acquisition cost for the data centres to be about US$1.35 billion, including fees and expenses of about US$25.1 million, which it plans to finance through proceeds from the equity fundraising as well as debt.
DBS, OCBC, Merrill Lynch (Singapore) and UBS' s Singapore branch were the joint global coordinators and bookrunners for the equity fundraising.
To ensure fairness to holders of existing MIT units, an advanced distribution will be paid for the period from April 1 to just before the placement units are issued. This is to ensure that distributions for the period go only to existing unitholders.
The distribution amount is estimated to range between 2.11 and 2.31 Singapore cents. MIT' s manager said it will make a further announcement on the actual quantum of the advanced distribution in due course.
Maybank Kim Eng (Maybank KE) intends to revise its estimates for MIT following disclosure of the acquisition' s completion, which is targeted to take place in Q3 of 2021. The research house currently has an unchanged " buy" call and S$3.25 price target for the Reit.
In a report issued on Thursday, Maybank KE' s Chua Su Tye said he foresees further distribution per unit (DPU) accretive deals as MIT' s management advances its diversification efforts to deepen its data centre contribution.
He estimates the trust' s proposed acquisition to boost its data centre segment' s contribution to 54 per cent of MIT' s assets under management from 41 per cent previously, while strengthening DPU visibility from a longer 4.6-year weighted average leasehold expiry from four years.
CGS-CIMB has left its FY2022 to FY2024 DPU estimates for MIT unchanged pending completion of the acquisition. Its " add" call and target price of S$3.05 remain intact.
In a Thursday note, analyst Lock Mun Yee noted that the trust' s net property income has potential to increase when occupancy at the target acquisition' s largest asset, 250 Williams Street in Atlanta, improves.
" Post-acquisition and after factoring in the recent perpetuals issuance, we estimate gearing would be 40.3 per cent, still within the guideline," she said.
Separately, Lim & Tan Securities is advising an " accumulate on weakness" rating on the Reit while recommending that investors subscribe for MIT' s one-for-one rights issue at S$2.64 each.
The research house' s target price remains unchanged at S$2.76.
" We like MIT' s increased exposure to a fast-growing asset class in the USA, exposed to remote working, e-commerce and the digitisation of the US economy. We also like that the acquisition is both DPU and net asset value accretive to MIT' s unitholders," said the Lim & Tan research team in a note on Friday.
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Lobster
Elite |
21-May-2021 22:35
Yells: "Even Adam Khoo believes in the Black Market!" |
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Lobster
Elite |
21-May-2021 22:32
Yells: "Even Adam Khoo believes in the Black Market!" |
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Analysts are largely positive on Mapletree Industrial Trust&rsquo s (MINT) acquisition of 29 data centres in the US, which the manager of the REIT announced on May 20.
That said, most are waiting for the acquisition to complete before revising their earnings estimates. CGS-CIMB Research analysts Lock Mun Yee and Eing Kar Mei as well as Maybank Kim Eng analyst Chua Su Tye have kept their forecasts unchanged for now, pending the deal closure, which is slated for 3Q2021. They kept their respective &lsquo add&rsquo and &lsquo buy&rsquo ratings for MINT with unchanged target prices of $3.05 and $3.25. On the other hand, UOB Kay Hian&rsquo s Jonathan Koh has upped his target price from $3.55 to $3.62, incorporating a 3% raise to his FY2023 ending March distribution per unit (DPU) forecast to reflect the contribution from the new data centres. His rating has been maintained at &lsquo buy&rsquo . The analysts all highlight that the deal will be DPU and net asset value accretive. &ldquo The acquisition is expected to increase pro forma FY2021 DPU by 3.3% and NAV by 6%,&rdquo notes Koh. Chua highlights that the data centres are underpinned by &ldquo positive growth fundamentals&rdquo , giving the REIT assets in four new US markets - Chicago, Los Angeles, Silicon Valley and Houston - which are among the top 15 US data centre markets. He believes data centre assets will continue seeing strong demand growth. The analysts are also positive on the present tenants of the data centres, which Chua describes as &ldquo established credit-worthy names&rdquo . &ldquo 87.8% of the new portfolio is leased to 32 tenants, including Fortune Global 500 corporations and NYSE/NASDAQ-listed companies,&rdquo Koh explains. In addition, the long weighted average lease to expiry of the portfolio of 7.9 years and rental escalations embedded in 89.4% of the leases are expected to enhance income stability for the REIT. The purchase will increase MINT&rsquo s exposure to the data centres segment to 53.6% of the enlarged asset under management (AUM), which management says will make it one of the largest data centre owners amongst APAC-listed REITs. &ldquo This is in line with MINT&rsquo s target for data centres to make up two-thirds of its portfolio in the medium term,&rdquo point out Lock and Eing. |
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Lobster
Elite |
21-May-2021 22:27
Yells: "Even Adam Khoo believes in the Black Market!" |
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All these stupid assertion that this fund raising will weaken the company and that price will drop to below $2.60 etc without substantive backing and facts, all just to create fears just because one is not vested yet. What if newbies are lured into this fear mongering as well? Look, what are the funds for? It' s to buy new properties lar, to grow the company. While it dilute your shares, does it dilute your share value and or dividends? Read the fine print and what the assurance company has to say on your shareholding
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posenton
Member |
21-May-2021 21:22
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hi bro, whats the diff btw right and private placement ?
for my understanding, this acquiring will impact share price, as more share unit with lower price add in
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so short or medium , price will drop , am i correct?
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furyhawk
Member |
21-May-2021 16:56
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Nice finish. | ||||
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fwei78
Senior |
21-May-2021 11:51
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Thanks, then I will not add for the purpose to round up the odd lot.
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Lobster
Elite |
21-May-2021 10:18
Yells: "Even Adam Khoo believes in the Black Market!" |
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x 0 Alert Admin |
Usually it is quite difficult to get excess for hot blue chip stock, especially if the excess are many many times oversubscribed . But for REITs somehow , and especially with Mapletree group, they seem to be quite generous with excess lots. There will be some shareholders, some some reasons or other like they forgot or away or Money No Enough, do not take up ther rights offer. These will be alloted to those who applied for excess. If you round up your rights offer odd lots to the nearest 100, you likely to get it. I heard, and I believe, the Mapletree insiders, usually allot part of their rights offer to satisfy some of the excess rights applications. For what reason, I don' t know.
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Lobster
Elite |
21-May-2021 10:08
Yells: "Even Adam Khoo believes in the Black Market!" |
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Brokage fee is the same. it is higher per share because you have to trade through your broker and cannot do on-line which is cheaper of course. But in most cases your broker can arrange to include your purchase or sale of odd lots with your main lot you done on-line, and so your lower on-line fee applies. But different brokers have different rules I think you get less in terms of sales or pay more in terms of purchase, because the price you sell is lower than the prevailing market price, and the price you buy is higher than the market price.
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Joelton
Supreme |
21-May-2021 09:31
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MIT proposes US$1.32b acquisition of 29 data centres in the US
MAPLETREE Industrial Trust (MIT) on Thursday proposed the US$1.32 billion acquisition of 29 data centres across 18 US states.
The proposed deal is expected to make MIT one of the largest owners of data centres among real estate investment trusts (Reits) listed in the Asia-Pacific, the manager said in a bourse filing.
It expects the total acquisition cost to be about US$1.35 billion, which it plans to finance through proceeds from an equity fundraising and debt. The equity fundraising will raise gross proceeds of no less than S$800 million.
The purchase consideration of US$1.32 billion is a 1.1 per cent discount to the portfolio' s independent valuation of about US$1.34 billion by Newmark Knight Frank Valuation & Advisory.
One of the 29 properties is encumbered by an existing tenant' s purchase rights. If said tenant chooses to exercise the right to purchase, MIT' s manager expects the purchase consideration to be reduced by about US$100 million.
The manager expects the proposed acquisition to be distribution per unit (DPU) and net asset value per unit accretive to unitholders. Based on pro forma estimates, the proposed acquisition could boost DPU by 3.3 per cent.
MIT on Thursday entered into a purchase and sale agreement with certain subsidiaries of Sila Realty Trust to acquire the portfolio of data centres.
The portfolio has a total net lettable area of about 3.3 million square feet and is predominantly on freehold land. If the proposed acquisition is completed, freehold properties will increase to 65.8 per cent of the Reit' s enlarged portfolio by land area, from 55.9 per cent as at March 31.
The portfolio is also 87.8 per cent leased to 32 tenants, including " Fortune Global 500 corporations, NYSE or Nasdaq-listed companies and multinational companies with investment grade ratings" .
It has a weighted average expiry of 7.9 years, with 1.7 per cent of leases expiring within the next three financial years. Around 89.4 per cent of the leases have annual rental escalations from 1.5 to 3 per cent. They are also primarily on triple net leases with all outgoings borne by the tenants.
Tham Kuo Wei, chief executive of the manager, said the portfolio will allow the Reit to scale up its data centre presence significantly and diversify its footprint across key markets in the US.
He added: " Data centres will increase to 53.6 per cent of MIT' s assets under management from 41.2 per cent as at March 31, 2021."
If the deal is completed, MIT' s assets under management will increase to S$8.6 billion from S$6.8 billion as at March 31. Data centres will rise to S$4.6 billion from S$2.8 billion as at the same date.
The manager expects the proposed acquisition to complete in the third quarter of 2021.
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PerfectHarmony
Senior |
21-May-2021 09:00
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Mapletree Industrial Trust (ME8U): Its private placement of 190.3 million new units was around 3.1 times covered, announced the manager on Friday. The issue price was fixed at the top end of the price range at S$2.696 per new unit, while MIT' s issue price for its preferential offering has been fixed at S$2.65 per new unit. Most of the estimated S$823.3 million in proceeds from the latest fundraising exercise will go into MIT' s US$1.32 billion acquisition of 29 data centres in the US. Units of the trust last closed flat at S$2.76 on Wednesday before the trading halt, which lifts today. | ||||
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pasttime
Supreme |
21-May-2021 08:44
Yells: "gold silver are real money. not others iou." |
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buy some or sell some to avoid odd lots. odd lots can be traded. go ask your broking firm their method to do that. just that the fee may be high as a proportion of trade if only the odd lots are traded. |
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fwei78
Senior |
21-May-2021 08:41
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Thanks for explaining. Just to clear one more thing, if I subscribe to excess right, there is no guarantee that I will get the excess subscribtion, correct?
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Lobster
Elite |
20-May-2021 22:10
Yells: "Even Adam Khoo believes in the Black Market!" |
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x 0 Alert Admin |
This is a non renounceable rights, meaning you cannot sell your 50 rights offered to you without subscribing to it. Meaning you have to accept and pay for the 50 rights (50 x & 2.57). Then, after that, you can sell together with your original lot. This 50 shares is considered an odd lot because you can' t sell in open market ( actually you can but at a lower price, maybe lower than your offer price if market is bad) The best way is to subscribe to another 50 shares (called excess rights) bringing to the minimum 100 you can easily sell yourself in the open market. of course you can choose not to subscribe ( i.e. not pay for it), and after the expiry date of the offer, your offer will be redundant, gone, disappeared, kaput and given to others who subscribed for excess rights. |
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Lobster
Elite |
20-May-2021 21:56
Yells: "Even Adam Khoo believes in the Black Market!" |
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x 0 Alert Admin |
This sort of rights, don' t need to go through broker lar, or else you pay brokerage fees. First, you will,receive an offer letter to subscribe, it will tell you how many rights is offered to u and at what price. Then you can bring this offer letter to any bank, and tell the bank how much you want to subscribe, including excess rights. or if your bank account is linked to an atm, just go to the atm, search for the " rights" sign, and click on it and follow the steps: ... if you don' t know, ask a bank assistant to help you. You can subscribe for excess too using atm. And you no need pay any brokerage fees, just $2 bank charges. good luck... because the share price may rise or fall after the rights subscription close.but for this excercise, you may be lucky, because the company is offering you a price about 2.5% lower than they offer to private placement.
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Dbsvicker
Member |
20-May-2021 21:25
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If i have 5000 shares, can i just apply for 200 shares at $2.57 and how to apply and pay if i am using DBS Vicker? Thank you |
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