05 Aug 2020
(Stocks Discussion) SGX: Mapletree Commercial Trust (SGX: N2IU)?
Discuss anything about share price, dividends, yield, ratios, fundamentals, technical analysis and if you would buy or sell this stock on the SGX Singapore markets Also, these questions just represent opinions, so before you invest, please do your own due diligence.
Quite a bit of premium on the stock price at the moment. Did some dca into it and sold off the odd lots early this year to reinvest into something else. Kicked myself over the timing but nothing I can do about it now.
I'd say there's still room to grow for the reit portfolio wise. Still a number of properties under sponsor's portfolio that are spread around the area. But I'll want to wait for the spread between price and nav to be much much narrower before I consider any taking up a new position. At current yield, its a no go for me. I'll consider the NAC reit for a better yield under the mapletree umbrella.
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Here are some key financial numbers from the REIT’s fiscal first-quarter business update (three months ended 30 June 2020):
Gross revenue: Down 10.5% YoY
Net property income: Down 10.7% YoY
Distribution per unit: Not mentioned
Portfolio occupancy: 98.2%
Mapletree Commercial Trust shared that phase 2 of the re-opening has been encouraging for its retail side:
“Phase Two lifting of the circuit breaker from 19 June 2020 has begun to take some weight off our retail tenants at VivoCity where we have observed encouraging recovery in shopper traffic and tenant sales. Although the majority of tenants have resumed operations, we believe it will take some time to get back to pre-COVID-19 levels due to continued work-from-home directives, border closures, social distancing measures, as well as disruptions in manpower and global supply chains.”
The office properties in Mapletree Commercial Trust’s portfolio have somewhat helped to mitigate the impact from the retail assets.
This is especially obvious when compared to the pure-play retail REIT CapitaLand Mall Trust’s latest performance.
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