Basic Profile & Key Statistics
Performance Highlight
Related Parties Shareholding
- REIT sponsor's shareholding is high at 29.077%
- REIT manager's shareholding is low at 0.052%
- Directors of REIT manager's shareholding is low at 0.019%
Lease Profile
- Occupancy is high at 97.8%
- Income in SGD/Major Currencies is low at 46.8%.
- WALE is short at 3.6 years
- Highest lease expiry within 5 years is high at 29.5% which falls in FY22/23
- Weighted average land lease expiry is slightly short at 54.83 years
Debt Profile
- Gearing ratio is slightly low at 34.7%. Include perps, gearing is at 39.6%.
- Cost of debt is moderate at 2.2%
- Fixed rate debt % is moderate at 79%
- Unsecured debt % is high at 91.1%
- WADM is long at 3.5 years
- Highest debt maturity within 5 years is low at 20% which falls in FY25/26
- Interest coverage ratio is slightly low at 4.3 times
- Preferred/perpetual securities over debt is slightly high at 12.4%
Diversification Profile
- Top geographical contribution is low at 29.3%
- Top property contribution is low at 9.1%
- Top 5 properties contribution is low at 22.1%
- Top tenant contribution is low at 7.1%
- Top 10 tenants contribution is low at 25.3%
- Top 3 countries contribution is from Singapore, Hong Kong and China which contribute around 2/3 of GRI
Key Financial Metrics
- Property yield is moderate at 5.2%
- Management fees over distribution is high at 19.9% in which unitholders receive S$ 5.03 for every dollar paid
- Distribution on capital is moderate at 3.6%
- Distribution margin is high at 55.9%
- 2.7% of DPU is from distribution from asset disposal
Trends
- Uptrend - DPU, NAV per Unit, Distribution Margin
- Flat - Distribution on Capital
- Slight Downtrend - Property Yield
- Downtrend - Interest Coverage Ratio
Relative Valuation
- P/NAV - Below -1SD for 1y & 3y; Average for 5y
- Dividend Yield - Above +2SD for 1y; Above average for 3y; Average for 5y
Author's Opinion
| Favorable | Less Favorable |
|---|---|
| High REIT Sponsor's Shareholding | Low REIT Manager's Shareholding |
| High Occupancy | Low Directors of REIT Manager's Shareholding |
| High Unsecured Debt % | Low Income in SGD/Major Currencies |
| Long WADM | Short WALE |
| Well Spread Debt Maturity | Concentrated Lease Expiry |
| Low Top Geographical Contribution | Non-Competitive Management Fees |
| Low Top Property & Top 5 Properties Contributions | Interest Coverage Ratio Downtrend |
| Low Top Tenant & Top 10 Tenants Contributions | |
| High Distribution Margin | |
| DPU Uptrend | |
| NAV per Unit Uptrend | |
| Distribution Margin Uptrend |
MLT performance has improved as compared to the previous quarters due to the recent acquisitions in South Korea, Australia and Japan. Moving forward, MLT performance should be improved from the full quarter contribution from those properties which were acquired in November & December as well as contribution from those which were acquired in January.
You could also refer below for more information:
SREITs Dashboard - Detailed information on individual Singapore REIT
SREITs Data - Overview and Detail of Singapore REIT
REIT Analysis - List of previous REIT analysis posts
Singapore REITs Post Telegram Channel - Join to receive posts for Singapore REITs
REIT-TIREMENT Patreon - Support my work and get exclusive contents
REIT-TIREMENT Facebook Page - Support by liking my Facebook Page
REIT Investing Community - Facebook Group where members share and discuss REIT topic
*Disclaimer: Materials in this blog are based on my research and opinion which I don't guarantee accuracy, completeness, and reliability. It should not be taken as financial advice or a statement of fact. I shall not be held liable for errors, omissions and loss or damage as a result of the use of the material in this blog. Under no circumstances does the information presented on this blog represent a buy, sell, or hold recommendation on any security, please always do your own due diligence before any decision is made.
No comments:
Post a Comment