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921-940 of 980
No comments. I buy in Feb 1.50, now 1.70..
Goldfinger ( Date: 27-Apr-2016 07:14) Posted:
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money flowing in to regular income counter.
Never disappoint and solid.
waters ( Date: 27-Apr-2016 00:41) Posted:
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| Mapletree Industrial Trust | PDF | ||||
| 4QFY16: credible performance | ||||
| MINT SP / MAPI.SI | HOLD - Maintained | S$1.64 tp:S$1.67▲ Mkt.Cap:US$2,186.00m | Avg.Daily Vol:US$2.43m | Free Float:69.70% REIT Author(s):Zhi Bin YEO +65 62108669, Mun Yee LOCK |
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4QFY16: credible performance We view MINT&rsquo s 4Q16 results as credible. 4Q16 distributable income increased 8% yoy to S$50.4m, due mainly to higher occupancies and rental rates achieved across all property segments, as well as contribution from the build-to-suit (BTS) project for Equinix at 26A Auer Rajah Crescent (came online in Mar 15). There were also cost savings from lower utilities and marketing costs. For FY16, distributable income hiked up 9% yoy to S$197.8m. Increase in portfolio value of S$133.7m Coupled with improved portfolio performance, a 25 bps compression in cap rates for its business parks (currently 6%), as well as construction progress at the Telok Blangah Cluster and commencement of the AEI at Kallang Basin 4 Cluster, MINT booked a portfolio revaluation gain of S$82m and capitalised cost of S$51.7m from development and improvement works. Accordingly, NAV/unit increased to S$1.37/unit (FY15: S$1.32) Portfolio performance: expect flattish rental reversion in FY17 4Q16 portfolio occupancy slipped 0.1% pts qoq to 94.6% due mainly to lower occupancy at Stack-up/Ramp-up buildings. Portfolio passing rent rose to S$1.90 psfpm vs. S$1.89 psfpm in 3Q16. For flatted factories, the +2.8% rental reversion in 4Q was due to leases renewed at more centrally-located areas, while new leases signed were 5.1% lower than passing rents as they were at outlying areas. For Hi-Tech buildings, the -4.9% rental reversion was due to a top 10 tenant taking up more space within the REIT&rsquo s portfolio. 21.1% of GRI up for renewal in FY17 Portfolio WALE by GRI stood at 2.8 years as at end-Mar. MINT has 21.1% of GRI up for renewal in FY17, lower than the historical c.30% as management focused on tenant retention. We understand that none of MINT&rsquo s top 10 tenants have leases up for renewal in FY17. The slight negative is that a tenant at 19 Changi South (light industrial building) scaled down space requirements (from 100% to 24%) towards end-Mar. Expect higher borrowing costs We note that all-in funding cost increased to 2.5% (3Q16: 2.4%, 4Q15: 2.3%) due to higher hedged rates over pcp. In total, S$470m of hedges will expire in FY17. Of this, S$210m has been replaced. Replacements of these expiring interest rate hedges are expected to be costlier. That said, depending on market conditions, the Manager could also lower the % of debt with fixed rates (end-Mar 16: 88% hedged). Maintain Hold Increasing our FY17-18F DPU by 0.6-1.3% (on higher revenue and NPI margin), we roll forward our DDM valuations to FY17, which results in a slightly higher DDM target price. After the recent run-up, we maintain our Hold rating on the stock. The stock trades at 1.2x P/BV (historical average) and offers an FY17 yield of 6.7% vs. average of 7.4%. Previous [ Mapletree Industrial Trust ] reports... 27/1/16 Co.Note Resilient 3Q priced in (HOLD, S$1.50 tp:S$1.62▼ ) 21/10/15 Co.Note New AEI a potential medium-term booster (HOLD, S$1.50 tp:S$1.66) 21/4/15 Co.Results Fairly valued (HOLD▼ , S$1.61 tp:S$1.66) |
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Mapletree Industrial Trust (MINT SP): HOLD
Market Cap: US$2,185m | Average Daily Value: US$2.60m
Last Traded Price: S$1.64 Price Target: S$1.64 (Downside 0.2%) (Prev S$1.64)
Analyst
Derek Tan +65 6682 3716 [email protected]
Mervin Song +65 6682 3715 [email protected]
Singapore Research Team
Steady giant
- 4Q16 results in line growth momentum slowing down
- Organic growth profile turning flattish given tough operating climate
- Catalysts only in the medium term downgrade to HOLD
Positives price in. We downgrade Mapletree Industrial Trust (MINT) to HOLD (from BUY) largely on valuation grounds as share price has hit new multi-year highs. While yield of c.6.7% is attractive, we believe that the REIT&rsquo s strong stability is priced in. In fact, we see downside risk to DPUs in the coming two years, on the back of potential downward rental reversions (as portfolio rents are near market levels).
4Q16 results in line growth momentum appears to have peaked. MINT delivered 6.0% y-o-y growth in DPU (-0.4% q-o-q) to 2.81 Scts, in line with our expectations. We however note that performance has dipped slightly q-o-q, which suggests that earnings momentum may have peaked. In this current tough operating climate, we expect the Manager to focus more on maintaining occupancy rates instead of focusing on pushing for higher rents. Therefore, we expect rental reversions to moderate to c.0-3% in the coming years.
Development projects to drive upside from FY18F onwards. MINT will only reap the benefits from the completion of development projects from 2HFY18F onwards (built-to-suit project for Hewett Packard and a new hi-tech building at Kallang Basin 4 cluster). At a total estimated cost of c.S$250m, we estimate returns of c.8.5% which would result in a rebound in DPU growth in the medium term. Eventual gearing of 34.6% will still be within management&rsquo s comfortable range of 35-40%.
Valuation:
We see MINT&rsquo s resilience as a value trait in this market and this has been reflected in its current share price. We thus downgrade the stock to HOLD on revised TP of S$1.64.
Key Risks to Our View:
Rising interest rates An increase in refinancing rates will negatively impact distributions. However, we note that MINT has minimised these risks through having c.88% of its interest cost hedged into fixed rates.
Temasek linked with ROFR - nothing else to say...
Secret_Squirrel ( Date: 17-Apr-2016 15:04) Posted:
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Most of other indistrial reit share price fall,
This one fall, and rebounce to price before fall.
Very solid. But now price too high to enter.
spore1 ( Date: 13-Apr-2016 11:46) Posted:
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Heading higher
spore1 ( Date: 28-Mar-2016 23:08) Posted:
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Temasek linked - nothing else to say
best holding till date,,, never suffer capital loss, and steady 7.5%.. base on dec price
spore1 ( Date: 28-Mar-2016 23:08) Posted:
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This counter looks likely to continue to head higher.
http://sporeshare.blog spot.sg/2016/03/mapletree-ind-trust.html
Yea good to hold this trust at a good price
Mapletree Industrial Trust analysis
http://mystocksinvesting.com/singapore-stocks/mapletree-industrial-trust/mapletree-industrial-trust-mit-under-watchlist-entry-planning/
Wild guessing 1. Tiong Seng building ahead of time for MIT factory along Depot road
2. MIT selling and/or asset enhancement of old factories.
3. Restructuring of MIT within mapletree group. ( Do your own homework )
Why the big jump today on strong volumes?
Fundamental & Technical Analysis for MIT.
http://mystocksinvesting.com/singapore-stocks/mapletree-industrial-trust/mapletree-industrial-trust-fundamental-and-technical-analysis/
marubozu1688 ( Date: 11-Apr-2015 01:24) Posted:
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Mapletree Industrial Trust is getting near to historical high.
http://mystocksinvesting.com/singapore-stocks/mapletree-industrial-trust/mapletree-industrial-trust-getting-near-to-historical-high/
Every q dpu up...maybe we can expect at least 3c per q soon....cheers
yohowslife ( Date: 22-Jan-2015 02:41) Posted:
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unsurprisingly mapletree industrial posts good results again on back of strong portfolio and balance sheet. 2015 brings some uncertainty in the form of oversupply and potential interest rate hike but the company remains a good dividend play. full article below.
http://www.investark.com/Analysis16mit3q14.html
| Mapletree Industrial Trust | |
| Continues to deliver | |
| MINT SP / MAPI.SI | ADD - Maintained | S$1.58 /Tp S$1.64 Mkt.Cap:US$2,057.00m | Avg.Daily Vol:US$2.55m | Free Float:69.70% REIT | Author(s): Ti Wee PANG +65 6210 8609, Mun Yee LOCK, Xuan TAN, CFA |
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| ▊ Mapletree Industrial Trust' s (MIT) 3QFY15 results are in line with our expectations, with 9MFY15 revenue and DPU accounting for 77% of our full-year forecasts. On a yoy basis, distributable income grew by a respectable 8.6%, driven by both organic and inorganic means. With passing rents being similar to the market spot rent, we expect further growth to come from inorganic means going forward. We maintain our Add rating and DDM-based (discount rate: 8.7%) target price of S$1.64. | |
Stable quarter 3QFY15 results were stable with revenue coming in at S$78.1m (+3.3% yoy) and DPU at 2.67 Scts (+6.4% yoy), mainly driven by higher portfolio passing rent (+0.5% qoq), revenue contribution from completed development projects and savings in utilities expenses. The average portfolio occupancy dipped slightly to 90.8% (vs. 91.5% in 2QFY15) as a result of the progressive relocation of the tenants from the Telok Blangah cluster, which will be redeveloped as a BTS project for HP. Business park occupancy was noted to have picked up slightly from 79% to 81% in this quarter. Growing via completion of BTS and backfilling of space With current passing rent for its portfolio near to the market rate as well as the potential slowdown in the leasing market of the industrial sector on the back of increased supply in industrial space, we believe that the pace of further positive rental reversions will remain limited in the coming quarters. Looking ahead, aside from the continual backfilling in the Signature Business Park (currently at 62.5% occupancy vs. 43% in 2QFY15), we expect MIT to achieve growth via inorganic means, including 1) the soon-to-be completed 100% committed BTS project in Equinix, and 2) the S$226m BTS for HP where the first phase is scheduled to be completed in 2H2016. Maintain Add With a leverage ratio of 32.8% and a well-staggered debt profile (12-17% of debt due over the next four years), we believe that MIT is well positioned to take on more inorganic growth opportunities. Currently offering a dividend yield of 6.4% for FY15 (vs. its closest peers currently trading at 6.1%), we continue to see value in this stock and hence, maintain our Add rating with an unchanged target price of S$1.64. |