- Main Sector(s): Logistics
- Country(s) with Assets: Singapore, China, Hong Kong, Japan, Australia, South Korea, Malaysia, Vietnam & India
- No. of Properties (exclude development/associate/fund): 183
Performance Highlight
Related Parties Shareholding
- REIT sponsor's shareholding: Above median for more than 20%
- REIT manager's shareholding: Below median for more than 20%
- Directors of REIT manager's shareholding: Below median for more than 20%
Lease Profile
- Occupancy: ± 5% from median
- Income in SGD/Major Currencies: Below median for more than 20%
- WALE: Below median for more than 10%
- Highest lease expiry within 5 years: Above median for more than 20%; Falls in FY22/23
- Weighted average land lease expiry: Below median for more than 20%
Debt Profile
- Gearing ratio: ± 10% from median
- Gearing including perps: ± 10% from median
- Cost of debt: ± 10% from median
- Fixed rate debt %: ± 10% from median
- Unsecured debt %: Above median for more than 10%
- WADM: Above median for more than 20%
- Highest debt maturity within 5 years: Below median for more than 20%; Falls in FY25/26
- Interest coverage ratio: ± 10% from median
Diversification Profile
- Top geographical contribution: Below median for more than 20%
- Top property contribution: Below median for more than 20%
- Top 5 properties' contribution: Below median for more than 20%
- Top tenant contribution: Below median for more than 20%
- Top 10 tenants' contribution: Below median for more than 20%
Key Financial Metrics
- Property yield: ± 10% from median
- Management fees over distribution: Above median for more than 20%; $4.96 distribution for every dollar paid
- Distribution on capital: ± 10% from median
- Distribution margin: Above median for more than 10%
Trends
- Uptrend: DPU, NAV per Unit
- Slight Uptrend: Distribution Margin
- Slight Downtrend: Distribution on Capital
- Downtrend: Interest Coverage Ratio, Property Yield
Relative Valuation
- P/NAV: Below -1SD for 1y, 3y & 5y
- Dividend Yield: Above +2SD for 1y; Above +1SD for 3y; Average for 5y
Author's Opinion
| Favorable | Less Favorable |
|---|---|
| High REIT Sponsor's Shareholding | Low REIT Manager's Shareholding |
| High Unsecured Debt % | Low Directors of REIT Manager's Shareholding |
| Long WADM | Low Income in SGD/Major Currencies |
| Well Spread Debt Maturity | Short WALE |
| Low Top Geographical Contribution | Concentrated Lease Expiry |
| Low Top Property & Top 5 Properties Contributions | Short Weighted Average Land Lease Expiry |
| Low Top Tenant & Top 10 Tenants Contributions | Non-Competitive Management Fees |
| High Distribution Margin | Interest Coverage Ratio Downtrend |
| DPU Uptrend | Property Yield Downtrend |
| NAV per Unit Uptrend |
Compared to the previous quarter, the performance has improved due to the full contribution from properties acquired between Sep to Dec 2021. With more acquisitions completed in this quarter, MLT performance is expected to further improve moving forward.
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 due to 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.
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