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MapleTreeLog
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Delvyss
Master |
14-Feb-2025 09:09
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Stocks hit record, US Treasury yields drop after inflation data, tariff plan
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Joelton
Supreme |
10-Feb-2025 11:31
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Mapletree Logistics Trust
Mapletree Logistics Trust : M44U 0% (MLT) is managed by Mapletree Logistics Trust Management (MLTM), a wholly owned subsidiary of Mapletree Investments. MLT invests in a diversified portfolio of quality logistics real estate in Singapore, Australia, China, Hong Kong, India, Japan, Malaysia, South Korea and Vietnam.
 
On Jan 31, MLTM non-executive chairman and director Lee Chong Kwee acquired 100,000 units of the Reit at S$1.21 per unit.
 
This increased his direct interest in MLT to 300,000 units. His preceding acquisition was on Jul 30, with 134,000 units at S$1.31 per unit.
 
Lee holds a position on the board of directors at Mapletree Investments, serves as the chairman of its transaction review committee, and is a member of its executive resource and compensation committee.
 
His past roles include that of Asia-Pacific CEO of Exel (Singapore), non-executive chairman of Jurong Port and corporate adviser to Temasek.
 
On Jan 21, MLT reported Q3 FY24/25 (ended Dec 31) distributable income of S$101.3 million and DPU of 2.003 Singapore cents, which was down 9.7 per cent and 11.1 per cent from Q3 FY23/24.
 
This was on the back of Q3 FY24/25 gross revenue declining 0.9 per cent from Q3 FY23/24 to S$182.4 million due to lower contributions from China, divested properties and currency depreciation.
 
This was partially offset by stronger performance in Singapore, Australia and Hong Kong, and recent acquisitions. Net property income declined 1.4 per cent to S$157.2 million.
 
However, on a constant currency basis, revenue would have increased 0.6 per cent, and net property income would have remained flat.
 
The MLTM CEO also said that portfolio occupancy improved to 96.3 per cent with positive rental reversions of 3.4 per cent achieved in the quarter.
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Joelton
Supreme |
22-Jan-2025 10:29
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Mapletree Logistics Trust posts 11.1% fall in Q3 DPU to S$0.02003 
The amount distributable to unitholders declines 9.7% year on year to S$101.3 million, from S$112.2 million
 
THE distribution per unit (DPU) for Mapletree Logistics Trust : M44U -0.78% (MLT) fell 11.1 per cent to S$0.02003 for its third quarter ended Dec 31, 2024, from S$0.02253 in the prior year.
 
Revenue was down 0.9 per cent at S$182.4 million for the third quarter, from S$184 million in the year-ago period.
 
This was mainly due to lower revenue contribution from China, the absence of contribution from divested properties, and depreciation of various regional currencies against the Singapore dollar, the manager said on Tuesday (Jan 21).
 
However, the decline was partially offset by stronger performance in Singapore, Australia and Hong Kong, and contribution from recent acquisitions, the manager added.
 
Net property income (NPI) fell 1.4 per cent on the year to S$157.2 million for the quarter, from S$159.5 million.
 
The amount distributable to unitholders declined 9.7 per cent year on year to S$101.3 million, from S$112.2 million.
 
The distribution will be paid out on Mar 13, 2025, after the record date on Jan 31.
 
For the nine-month period, revenue fell 1 per cent on year to S$547.4 million, while NPI declined 1.5 per cent to S$472.5 million.
 
The amount distributable to unitholders tumbled 8.7 per cent to S$307.3 million, and DPU was 10.2 per cent lower at S$0.06098.
 
Jean Kam, chief executive officer of the manager, noted that the majority of the leases that were expiring in 2024 have been renewed or replaced through active lease and asset management.
 
&ldquo As we navigate through an increasingly uncertain macroeconomic environment, we remain focused on maintaining stability in the portfolio, while staying agile and proactive to adapt to evolving market conditions,&rdquo she added.
 
Portfolio occupancy improved to 96.3 per cent in Q3, from 96 per cent last quarter, amid higher occupancy rates across Singapore, South Korea and China.
 
The weighted average lease expiry was around 2.7 years as at Dec 31, 2024.
 
Meanwhile, rental reversions were positive across all markets except China. The manager expects that China will remain challenging and continued negative rental reversions.
 
Portfolio rental reversions stood at 3.4 per cent, compared to -0.6 per cent in the previous quarter. Excluding China, portfolio rental reversions would have been 5.4 per cent, compared to 3.6 per cent the previous quarter.
 
In Q3, MLT divested three properties in China and Japan, and announced the divestment of another property in Singapore, in line with its portfolio rejuvenation strategy.
 
Post quarter-end, MLT also announced another two divestments in Malaysia and Singapore.
 
The manager expects these divestments &ndash totalling S$201 million in sale value &ndash to provide MLT the financial flexibility to recycle capital into acquisitions of assets with higher growth potential.
 
Ongoing geopolitical conflicts, rising trade tensions and prospects of slower US rate cuts are weighing on business and consumer sentiment, which may affect demand for logistics spaces in Asia, the manager said.
 
It will closely monitor the shifting trade policies under the Trump administration, their potential impact on international trade and logistics, and the Chinese government&rsquo s stimulus measures to boost economic activity, it added.
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PiRPiR
Veteran |
21-Jan-2025 22:01
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ExDiv 28 Jan
Div 2.003c Pay date 13 Mar |
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spursfan
Elite |
21-Jan-2025 19:22
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https://links.sgx.com/1.0.0/corporate-announcements/D4ZCRIOC5VDSAEC6/830981_20250121-MLT_3Q2425%20Press%20Release_final.pdf | ||||
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Joelton
Supreme |
17-Jan-2025 10:54
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Mapletree Logistics Trust to sell Tuas property for S$11.18 million, 39.8% above valuation
The property comprises a three-storey cargo lift warehouse and factory building with an ancillary office
 
HSBC Institutional Trust Services, the trustee of Mapletree Logistics Trust (MLT), has entered into a purchase agreement to divest a property at 8, Tuas View Square for about S$11.18 million.
 
The sale price is 39.8 per cent above the latest valuation of S$8 million as at Nov 5, 2024, said MLT&rsquo s manager on Thursday (Jan 16).
 
The property, completed in May 2002, comprises a three-storey cargo lift warehouse and factory building with an ancillary office. It has a net lettable area of 4,405 square metres (sq m) on a land site of about 4,497 sq m.
 
&ldquo The proposed divestment is in line with the manager&rsquo s efforts to rejuvenate its portfolio through selective divestment of assets that are no longer aligned with its strategy,&rdquo said the manager.
 
It noted that the divestment proceeds will enable MLT to pursue other investment opportunities with higher growth potential.
 
The proposed divestment is expected to be completed by the first quarter of FY2025/2026, and is not expected to have a material impact on MLT&rsquo s net asset value and net property income for the financial year.
 
MLT&rsquo s portfolio will consist of 177 properties after the divestment.
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ozone2002
Supreme |
17-Jan-2025 10:36
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Last:1.28      ![]() Fair valuations with above avg dividends Lim & Tan Research Mapletree Logistics Trust / MLT  is capitalized at $6.4 billion and trades at 1x book and  6.3% yield. We have an  &ldquo Accumulate&rdquo rating on MLT given its decent  yield and $1.56 consensus 1 year target price, implying potential 1  year return of around 23%. Downside risks also seem limited given  that it is trading near its Covid-19 lows. |
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seanpent
Supreme |
14-Jan-2025 10:34
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lagged a bit for collection | ||||
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Joelton
Supreme |
04-Jan-2025 10:00
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Mapletree Logistics Trust to divest Malaysia property for RM31.5 million
Its portfolio will consist of 178 properties after the divestment
 
MAPLETREE Logistics Trust (MLT) has entered an agreement, through its special purpose vehicle in Malaysia, to divest Subang 2 for RM31.5 million (S$9.6 million) to an unrelated third party.
 
The sale price is 31.3 per cent higher than the property&rsquo s latest valuation of RM24 million, as at Oct 31, 2024, MLT&rsquo s manager said on Friday (Jan 3).
 
The property is located in Subang, Selangor and comprises a single-storey warehouse, as well as an annex three-storey office, with a building age of over 27 years. It has a net lettable area of 8,297 square metres.
 
The divestment is expected to be completed in the first half of FY25/26, with no material impact on MLT&rsquo s net asset value and net property income for the financial year. Following the divestment, MLT&rsquo s portfolio will consist of 178 properties.
 
&ldquo The divestment is in line with the manager&rsquo s efforts to rejuvenate its portfolio through selective divestment of assets that are no longer aligned with its strategy,&rdquo the trust&rsquo s manager said.
 
&ldquo Capital released from the divestment will provide MLT with greater financial flexibility to pursue investment opportunities in high-specification, modern logistics facilities with higher growth potential.&rdquo
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Joelton
Supreme |
04-Jan-2025 09:49
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UOB Kay Hian lowers target price for Mapletree Logistics Trust as vacancy in China at a historical high
 
UOB Kay Hian' s Jonathan Koh has trimmed his target price for Mapletree Logistics Trust from $1.45 to $1.41.
 
" We remain concerned about MLT&rsquo s exposure to China as a high vacancy rate of 21.5% continues to exert downward pressure on rents. Demand could further weaken if the US-China trade conflict resurfaces and intensifies," says Koh in his Jan 3 note. 
 
On the bright side, weakness in China is offset by positive rental reversion in Singapore and Australia, adds Koh, who has kept his " hold" call.
 
No thanks to a downturn in the property market and tepid wage growth, consumer confidence and retail sales in China are still weighed down. Demand from domestic e-commerce and express delivery operators remains weak and large integrated e-commerce platforms are consolidating to their self-built warehouses.
 
" Rents are under pressure as landlords adjusted rents lower to attract tenants and shore up occupancies," he says.
 
Citing data from CBRE, Koh says rent for logistics space across China was down 3% q-o-q and down 6.4% year to date in 3Q 2024.
 
In 3Q 2024, vacancies in China are at a historical high of 21.5%. Only southern China is showing " pockets of strength" but for MLT, this is of limited impact as its assets in southern China, such as Guangdong, accounted for just 5% of its total floor space in its China portfolio.
 
Koh says that MLT suffered from negative rental reversions down 3.5% for its assets in Tier 1 cities and a bigger drop of 13% in the Tier 2 cities, leading to an overall drop of 12.2% in its 2QFY2025 ended Sept 2024.
 
Citing a likely escalation of the trade war with the US, demand for logistics space is likely to be affected. " Management expects the negative double-digit rental reversion to persist for another two quarters and moderate to negative single digit thereafter," says Koh.
 
Here in Singapore, Koh expects rents to pause for a " breather" after a " stellar rise" . Given a foreseen increase in supply, landlords are now focusing on maintaining occupancy and have " toned down" expectations of further rental hikes. 
 
Again, citing CBRE, prime logistics rents in Singapore in 3Q 2024 were flat q-o-q but up 3.3% y-o-y. " Tenants are resisting further increase as rents have already risen 42.7% since the trough in 1Q 2020. Third-party logistics (3PL) and e-commerce players are in consolidation mode," says Koh.
 
MLT, says Koh, expects positive rental reversion to moderate to high single-digit in FY2026 ending March 2026, easing from the 12.5% gain in 2QFY2025.
 
Koh observes that MLT is now focused on acquiring modern high-specification logistics properties in growth markets, such as India, Malaysia and Vietnam, which benefit from supply chain repositioning, e-commerce growth and the limited supply of modern logistics properties. 
 
To this end, it has in 1QFY2025 paid $227 million to acquire from its sponsor a modern Grade A logistics property in Malaysia' s Shah Alam and one each in Ho Chi Minh City and Hanoi. MLT is also keen to expand in Japan, which is a matured market, due to the attractive yield spread, says Koh.
 
Given its relatively high leverage of 40.2% as of Sept 2024, MLT is funding the acquisitions by using proceeds from the divestment of properties with older specifications and limited redevelopment potential. The manager has identified some $1 billion worth of assets to be sold over the next three years, with those in Hong Kong and China accounting for half of this. 
 
Meanwhile, MLT is bracing for cost of debt to edge up from 2.7% for 2QFY2025 to 3% as at the end of FY2026, as loans are refinanced and interest rate swaps are rolled over at higher interest rates in 2HFY2025 and FY2026. 
 
Koh, taking into account these factors, has trimmed his distribution per unit projections by 3% for FY2025 and FY2026. 
 
His new target price of $1.41 is based on the dividend discount model with cost of equity at 7% and terminal growth at 1.5%.
 
Possible catalysts include accretive acquisitions to rejuvenate and reposition towards modern specifications logistics facilities, domestic consumption and e-commerce positive contributions from redevelopment projects in Singapore and Malaysia.
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Delvyss
Master |
17-Dec-2024 13:38
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In line with rejuvenation efforts.  A turning point.
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Delvyss
Master |
17-Dec-2024 11:04
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Beginning to see W-shaped movement in most Reits | ||||
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JamesWong1
Member |
17-Dec-2024 09:36
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Today received 100 new DRP units plus cash. | ||||
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Joelton
Supreme |
17-Dec-2024 09:28
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Mapletree Logistics Trust proposes to sell Singapore warehouse for S$12.3 million
The divestment is not expected to have a material impact on the trust&rsquo s net asset value and net property income for FY2025/2026
 
THE trustee of Mapletree Logistics Trust : M44U -0.79% (MLT) is proposing to sell a warehouse and office building at 1 Genting Lane in Singapore for S$12.3 million.
 
HSBC Institutional Trust Services has inked a purchase agreement with an unrelated third party for the proposed divestment. The entity has not been disclosed.
 
JTC Corporation, the government agency responsible for industrial development, has also granted in-principle approval for the transaction, MLT&rsquo s manager said in a bourse filing on Monday (Dec 16).
 
The sale price of S$12.3 million is 35.2 per cent above the latest valuation of S$9.1 million, as at Oct 1, 2024.
 
The industrial property has a net lettable area of approximately 6,050 square metres (sq m) on a land site of around 3,372 sq m.
 
&ldquo The proposed divestment is in line with the manager&rsquo s efforts to rejuvenate its portfolio through selective divestments of assets that are no longer aligned with its strategy,&rdquo MLT&rsquo s manager said.
 
&ldquo Capital released from the divestment will provide MLT with greater financial flexibility to pursue investment opportunities in high-specification, modern logistics facilities with higher growth potential.&rdquo
 
The proposed divestment is expected to be completed by the first quarter of the 2025/2026 financial year.
 
It is not expected to have a material impact on MLT&rsquo s net asset value and net property income for that fiscal year. Following the divestment, MLT&rsquo s portfolio will consist of 179 properties, according to the filing.
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PiRPiR
Veteran |
28-Nov-2024 07:28
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05:34 PM EST, 11/27/2024 (MT Newswires) -- Mapletree Logistics Trust (SGX:M44U) has sold two Japanese warehouses, Toki Centre and Aichi Miyoshi Centre, for 4.25 billion yen, exceeding valuations by 9.2% and 7.4%, respectively, according to a Wednesday filing on the Singapore Exchange.
The divestments, which closed on Wednesday, are part of Mapletree Logistics Trust's strategy to reallocate capital to modern logistics facilities with higher growth potential. |
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Delvyss
Master |
12-Nov-2024 08:25
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" Morning briefing: The US Treasury yields have come down further "" The yields have room to fall further. "https://www.fxstreet.com/analysis/morning-briefing-the-us-treasury-yields-have-come-down-further-202411110339 |
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MrBear12
Supreme |
12-Nov-2024 05:29
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Smart James
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JamesWong1
Member |
11-Nov-2024 23:19
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I take 100 shares and money in " dividend reinvestment plan" . | ||||
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Delvyss
Master |
04-Nov-2024 10:25
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Target price: https://www.dbs.com.sg/treasures/aics/templatedata/article/equity/data/en/DBSV/012014/MLT_SP.xml |
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MrBear12
Supreme |
02-Nov-2024 05:55
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Pray for cooperation because we are a common humanity and there is no race distinction in God' s world. No racism is tolerated. No ethnic superiorities. Only a common faith, hope and love in mankind. I believe we can work together in an increasingly interdependent world. The one true Ruler of this universe is coming soon!
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