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MMP REIT
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moneyface
Senior |
09-Nov-2007 00:04
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their action causes the stock to be unstable and unattractive if this continues |
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nickyng
Supreme |
06-Nov-2007 08:58
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ya..based on the filing with MASNET...the mgt could be cashing in mah...year end bonus and D&D need $$$ loh...so convert some ca$h to party and reward staffs...ok lah...hey! if they wanna cash out more...let me know hor..i can SHORT and chip it abit :P hee..... |
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moneyface
Senior |
05-Nov-2007 23:56
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likely chance to make money. they buy in their own shares almost once a month. just before the allotment of shares as payment the prices was push up to 1.21. then it just headed south with the help of the BBs or the management if what u said is true |
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Farmer
Master |
05-Nov-2007 18:05
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I believe the MMP's management is the BBs that have sold their shares on the open maket recently forcing the price down. Mmm...how come like that huh? This isn't the first time they're doing that. This mgnt is questionable! |
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moneyface
Senior |
05-Nov-2007 16:06
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been monitering its movenment and the buying up and down for months. Seen some trends here and there. The sudden increase in Vol and sudden decreases. well let the counter speak for itself for the days to come. 
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nickyng
Supreme |
05-Nov-2007 16:01
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wah...unsure leh..if i know anythg probably will SHORT it further...wonder wat those BBs know? hee...u seems confidence it will rebounce back? for REITs to drop 4-5cts for no reason is abit wierd though..... |
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moneyface
Senior |
05-Nov-2007 15:52
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well if those boliao ppl are shorting they might be in for a rude shock if this doesnt goes down further and we can see some recovery near the end of the day if they cover back. Else the rebound will be in a few days time... hahahaha 
am i correct? |
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nickyng
Supreme |
05-Nov-2007 15:43
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yup noticed that too...wonder which Bo Liao=bored traders doing all these monkey trick??? damn eng siah :P |
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moneyface
Senior |
05-Nov-2007 15:37
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1.12 selling price with 1 lot size since 3pm and it just stopped. BBs trying to sotp the price going up? |
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nickyng
Supreme |
05-Nov-2007 14:59
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wow...BBs...shorting this burger siah!! drop the most among REITs siah !! :P |
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nickyng
Supreme |
03-Nov-2007 15:05
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wah..this burger on pre-XD last trading day got dumped siah...wondering y???? hee...anyway with all the credit woes all round REITs might seems a safe bet ! :P dun think i can SHORT on REITs leh...will target for MarcoPolo on Mon!! hee... cheers! |
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Farmer
Master |
31-Oct-2007 11:19
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I read that forecast FY07 dividend yield of 5.01% is base on the closing share price on 28 Sep of $1.22. Thus, at the current trading price of $1.17-1.18 yield should be slightly higher. Moreover, a drop of NAV from last Qtr from $1.27 to the curremt $1.26 is due to issuing of new shares from ~948 - 951mils. Further assets acquisition is on the card with propose of share-buy-back scheme will surely improve shareholder value in the long run. Stay vested! |
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Pinnacle
Master |
31-Oct-2007 10:07
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DBS Vickers - Macquarie MEAG Prime Real Estate Investment Trust (MMP SP) DPU kicker in FY08 Buy S$1.17; Price Target : S$ 1.51 (Prev S$ 1.48) 3Q07 DPU up marginally by 6.9% y-o-y to 1.54 cts. MMP reported topline growth of 16% y-o-y to S$26.1m, on the back of strong rental reversions (average 63% above previous rates) and new contracted leases post-AEI in Wisma Atria. Distribution income increased 6.9% y-o-y to S$14.6m. Exceptional Loss on interest rate swap amounting to S$9.7m. Realised loss represents the change in fair value on interest rate swaps and is offset by an increase in the value of the Japanese properties. Gearing Level at 34.2%. This leaves a further S$380m worth of potential acquisitions without equity financing, scaling up to 45% gearing level. |
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Pinnacle
Master |
31-Oct-2007 09:11
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OCBC - Macquarie MEAG Prime REIT: Considering buying back its units. 3Q07 results inline. Macquarie MEAG Prime REIT's (MMP) reported its 3Q07 result that was in line with our expectation. Revenue grew 17% YoY and 11% QoQ to S$26.1m with net property income (NPI) growing slightly less at 12% YoY and 8% QoQ to S$19.4m. DPU came in at 1.54 cents +7% YoY and +3% QoQ. The poorer NPI growth rate was due to higher operating expenses and these came from higher property taxes as well higher commission paid to renew leases at higher rates. The higher cost escalation relative to revenue growth resulted in margin compression to 74% from 76% in previous quarter. The key reason for the earnings growth was due to recent acquisition of assets in Japan and China. China and Japan acquisition recently completed. MMP announced in 2Q07 its intention to acquire retail assets in Japan and China. Collectively, the assets costs over S$254m and these acquisitions have recently been completed. The China asset has an attractive NPI yield of 7.54% and will be accretively by about 0.198 cents. The Japanese assets on the other hand will have accretion of about 0.108 cents. We anticipate the full accretion from these acquisitions to flow through by either 4Q07 or 1Q08. We have included this accretion in our FY08F DPU of 6.37 cents. Post these acquisitions MMP's gearing stands at 35% (from 30% at 2Q07). This is still well within the allowable limit. Organic growth to come from office. MMP's office space is presently under-rented with rents at about S$5-6psf/mth, whereas market rents are approaching the S$13-15psf/mth. We thus see the space that will be coming up for renewal over the next 2 years to enjoy meaningful upside. Maintain BUY. With the recent acquisition, MMP's asset size has increased top S$1.9bn. This remains fairly small relative to its peers. We see this low acquisition rate to possibly be the reason for the lackluster performance. Notwithstanding this situation, MMP remains one of the very few REITs with a low price-to-book ratio. This implies that the market is not factoring potential growth and as such it should be more immune to downside risk relative to other S-REITs. Presently MMP's is trading at FY08F DPU yield of over 5%. MMP has also said in a separate press statement that it is considering "share buy back" to boost value to unitholders. We see this as a positive development and thus maintain our BUY on MMP. |
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Pinnacle
Master |
31-Oct-2007 08:48
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Macquarie Pacific Star, the Manager of MMP REIT announced that MMP REIT?s third quarter distributable income was S$14.6 million. Distribution Per Unit for the period 1 July to 30 September 2007 is 1.54 cents, 6.9% higher compared to the 1.44 cents achieved for the previous corresponding period. On an annualised basis, the latest distribution represents a yield of 5.01%. |
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Farmer
Master |
24-Oct-2007 12:32
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Reits are bought for long term regular income in the form of dividends distribution. It's not for speculative play or don't expect great capital gain due to share price appreciation. It's kind of a tedious process to hold on to reits. Thus, you must know your preference before buy into one. At current variations/yield consideration, I would prefer MI-Reit than MMP though they're from different sector in their portfolio holding with the former in industrial property. |
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moneyface
Senior |
24-Oct-2007 11:59
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would like to know if its a good time to buy into this particula reit as their 3Q result is due next week. Or should i wait til they announce their result? Seems like the price dropped from 1.24 to the 1.18 level from a month ago. is it uptrend or down trend in the mid term? thanks |
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Farmer
Master |
05-Sep-2007 12:11
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Thanks again Pinnacle! I have been vested since its IPO and since have accumulated during market correction not to mention this time round. As long as it continue to deliver 5% yield or more, I will continue to hold it for longer term.  |
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Pinnacle
Master |
05-Sep-2007 08:46
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OCBC Investment ResearchMacquarie MEAG Prime REIT: Defensive in uncertain marketSlight growth in 2Q07 results. Macquarie MEAG Prime REIT's (MMP) recently reported its 2Q07 result that was broadly in line with our expectation. Revenue growths were tepid at 5.5% YoY and 1.1% QoQ to S$23.6m. Net property income (NPI) did better sequentially, improving 4.0% (+3.5% YoY). This was due to lower expenses related to leases renewal commission and depreciation. DPU for 2Q07 was 1.50 cents (+4.2% YoY and 2.0% QoQ). The key reason for the slightly better performance was better rentals and lower operating expenses. Buys into China and Japan. MMP has recently been pretty active on the acquisition front, buying properties in Japan for about S$182m and in Chengdu for S$70m. The Chengdu property will have an attractive NPI yield of 7.5% and will be guaranteed for 2 years. Though these purchases are small in absolute terms and the bottom line growth impact is only about 5%, the impact on MMP's asset size is more material at about 17% or by about S$250m to S$1.8bn. We expect these acquisitions to be fully debt funded and this is likely to push gearing to about 33% (from 26% in 1Q07), still well within the allowable limit. In terms of DPU growth from these acquisitions, we have already allowed for this in our FY08 DPU of 6.4 cents hence will maintain our forecast for now. Organic growth to come from office. MMP's office space is presently under-rented with rents at about S$5 psf/mth, whereas market rents are approaching the S$10-13 psf/mth mark. More importantly, with 182,000 sq ft (about 70% of office space) of leases due for renewal over the next two years, we see good potential for upward revisions in rental rates. Maintain BUY. MMP remains one of the very few REITs with a low price-tobook ratio. This low valuation means that it is likely to be more resilient in market uncertainty. Since our last report (April 07), MMP's share price has corrected by only about 2%. It is currently trading at just under 1.0x P/B and implies that the market has not factored in growth. With a DPU yield of about 5.0% and a capital value upside of about 8.0%, total return of over 13% is possible with little downside risk. We thus remain positive on MMP and see it as one of the lowest-risk REITs in the market. Maintain BUY with a fair value of S$1.32. |
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Pinnacle
Master |
24-Aug-2007 09:33
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Good Report from Goldman SachsREITS: Defensive with increasingly attractive valuationsWe reiterate our positive view on Singapore REITs and recommend investors to buy We note that while REITs are positioned to be relatively defensive equities, the GS S-REIT Index has fallen by 11.8% since July, which is only slightly less than the decline in the Singapore property stock index of 15.3%. We have seen share prices of certain REITs and developers adversely impacted by similar magnitudes during the global credit crunch. With falling REIT prices, the trend of yield compression for REITs has reversed. We argue that REITs should not be sold down in the same manner as developer stocks given their lower risk profile. We saw REIT prices recently corrected even though our outlook on growth for REITs via positive rental reversions remains unchanged. Even assuming an extreme scenario, where the Singapore economy suffers a down turn (which we consider very unlikely), we note that: (1) REITs have secured leases, typically with 3 year tenures; (2) tenants tend to default on lease payments as a matter of last resort only; and (3) market rents are substantially higher than passing rents in segments like CBD office property. While we value REITs using DCF, as a cross check, we look at price to RNAV, which captures how much investors are paying for the underlying real estate assets. We note that office and retail REITs are trading at close to or at discounts to RNAV thereby reinforcing our positive take on these stocks. We see the current market providing a good entry point into REITs; yield spreads with the 10-yr bond have expanded to 200bp from 100bp in July, even though physical property market fundamentals remain sound (see Exhibit 3). We like REITs for their overlooked defensive characteristics and their leverage to the Singapore economic growth story. What is the risk to the acquisition pipeline posed by credit market volatility?While the organic growth driver for REITs continues to power ahead, we have near-term concerns on the acquisition growth driver. When we launched our REIT coverage in January, we forecasted for the 9 REITs we cover to make S$15bn worth of acquisitions within a 3-year time frame thereby boosting portfolio sizes by around 75%. Based on announced acquisitions, we note that YTD, our 9 REITs have made S$3.9bn worth of acquisitions, which is 27% of our 3-year acquisition target. Going forward, we continue to see Singapore REITs growing via acquisitions so as to stand out in an increasingly crowded REIT market. We note that amidst the global credit crunch, REITs may, in the near-to-medium term, find: (1) greater difficulty in accessing capital to finance transactions; and (2) higher costs of equity and debt. We estimate that compared to June, the borrowing costs for REITs would have gone up by around 50bp such that borrowing costs today from the domestic lenders may be closer to 4%. We explicitly factor in the near-term greater uncertainty of support and higher cost of funding from credit markets into lowering the contribution from the acquisition growth driver for our REITs. While we are confident in REITs growing to meet their acquisition targets over the next 2-3 years, we lower the amount of acquisition premium we use in setting the respective target prices for our 9 REITs due to greater uncertainty relating to execution on growth via acquisitions. The acquisition premium is an adjustment factor we use to reflect our confidence in the company making its targeted level of acquisitions at the estimated yield accretion. By paying out all or most of its distributable income, REITs need to tap capital markets to finance acquisitions. Current market volatility will impact the near-term ability of REITs to access capital market funding. Nonetheless, we see REITs as quality borrowers having the necessary debt capacity and expect that equity markets to be willing to fund good acquisitions.in the prevailing choppy equity markets. We believe the market is under-appreciating the defensive qualities and overstating risks. REITs were sold down recently despite no change in the positive fundamentals for the Singapore property market or government risk free rates. In a flight to quality environment we like REITs for their: (i) low gearing, typically 40%; (ii) income payout, often of 100%; (iii) secured leases; and (iv) limited development risk. Given reduced risk tolerance, we favor those REITs: (a) with strong organic growth; and (b) trading near or below RNAV. While we see challenging conditions for REITs to access capital market funding for acquisitions, we believe the risk is overstated and we note that base case valuations are attractive. |
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