Asked on 25 Mar 2019
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.
Hello! MIT released their earnings for the third quarter on Jan 30, 2019! Here are some essential indicators and numbers to take note!
DPU increased 6.6% (to 3.07cents)
Distributable income increased 9% (from $53.5million to $58.3million)
Gross revenue increased by 2.3% (from $91.5million to $93.6million)
Average portfolio occupancy increased to 88.2% from 86.7% in previous quarter.
Gearing ratio stood at 34.7%.
MIT has grown its DPU from 0.24 cents in FY12/13 to 11.75 cents in FY17/18. This gives investors a 4.9% CAGR! The gain in this quarter was driven by a build-to-suit project for HP Singapore, as well as contributions from new properties; 7 Tai Seng and Mapletree sunview. MIT's gearing ratio is way below the regulatory gearing limitation of 45%, signifying a healthy position. Additionally, MIT's acquisition of 7 Tai Seng, 18 Tai Seng and Mapletree sunview will grow its high tech building and data centre portfolio, thus increasing the overall portfolio WALE (weighted average lease expiry), providing income stability.
Here's a chart on MIT's historical performance
Let’s look at the key financial numbers from the REIT’s fiscal first-quarter results (three months ended 30 June 2020):
Gross revenue: Down 0.5% YoY
Net property income: Up 0.9% YoY
Distribution per unit: Down 7.4% YoY to 2.87 Singapore cents
Portfolio occupancy: 91.1%
Mapletree Industrial Trust said the following in its press release:
“MIT’s large and diversified tenant base with low dependence on any single tenant or trade sector will continue to underpin its portfolio resilience. The long leases in MIT’s data centres in Singapore and North America as well as build-to-suit projects will further strengthen the portfolio’s resilience.”