MAPLETREE COMMERCIAL TRUST N2UY.SI Mapletree Commercial Trust (MCT SP) - Proposed acquisition of Mapletree Business City
- Proposed acquisition of Mapletree Business City (MBC) Phase 1 for S$1.78bn or 5.6% implied FY15/16 NPI yield.
- 3% accretion to proforma 6MFY17 DPU and 2% uplift to NAV per unit.
- New exposure to the business park segment and Singapore’s decentralisation theme.
MAPLETREE COMMERCIAL TRUST N2UY.SI Mapletree Commercial Trust (MCT SP) - Transformative Acquisition
Positive on major acquisition; U/G to HOLD
- MCT’s proposed SGD1.86b acquisition of Mapletree Business City Phase 1 (MBC1) will transform it to having 24% exposure to business parks — the real estate sub-sector with the best supply/demand outlook.
- Acquisition is at market price and estimated to be funded 53:47 equity/debt.
- DPU accretion raises FY3/17-19 estimates by 3.2-5.5%. U/G to HOLD with TP revised to SGD1.56 from SGD1.35.
OUE HOSPITALITY TRUST SK7.SI OUE Hospitality Trust: 1Q16 results in line with expectations
- Gross revenue up 2.0% YoY
- Flat REVPAR for MOS, CPCA
- Weak retail performance
Ascendas REIT ASCENDAS REAL ESTATE INV TRUST A17U.SI Ascendas REIT (AREIT SP) - It’ll be tough before it gets better
Full-year results. Accumulate on weakness.
- Full-year results were expectedly strong from occupancy growth and acquisitions.
- The year ahead will be about maintaining occupancy in the face of a weak economy. Investors should accumulate AREIT on market weakness as from 2017 onwards supply will start to tighten, and there could be distribution per unit growth from spare capacity.
ASCENDAS REAL ESTATE INV TRUST ASCENDAS REIT A17U.SI Ascendas REIT (AREIT SP) - 4QFY16: Strategic Expansion Of Business Park Footprint
- Results in line with expectations.
- Despite positive rental reversions booked, management continues to guide for moderate rental reversions going forward, flagging the challenging leasing environment to contend with.
- Watch out for potential dilution (< 5%) in 4QFY16 DPU on book closure date should AREIT’s S$300m ECS be fully exercised.
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Ascendas REIT ASCENDAS REAL ESTATE INV TRUST A17U.SI Ascendas REIT: 4QFY16/17 Results Flash Note
- We make no change to our BUY rating, forecast and DDM-derived TP (CoE: 7.5%, Tg: 1.5%) of SGD2.63, FY17 dividend yield of 6.6%.
Ascendas REIT ASCENDAS REAL ESTATE INV TRUST A17U.SI Ascendas REIT - DRAG FROM PERFORMANCE FEES IN 4QFY16
- 4QFY16 DPU slipped 8.1% YoY
- Positive FY16 rental reversions of 7.0%
- Write-down of Australian portfolio
REITASCOTT RESIDENCE TRUST A68U.SI Ascott Residence Trust: Second acquisition in the US
- Ascott Residence Trust (ART) announced that it has entered into a conditional sale and purchase agreement to acquire a hotel known as Sheraton Tribeca New York Hotel located in Downtown Manhattan, US.
- The purchase consideration is US$158m (~S$218m), which represents a 4.8% discount to the independent valuation of US$166m.
ASCOTT RESIDENCE TRUST A68U.SI Ascott Residence Trust - Bulking up in the US
- ART announced its second acquisition in the US today - the Sheraton Tribeca New York Hotel - for US$158m or S$218m (US$428,000/key).
- Acquisition is accretive by all counts. Property acquired at > 6.8% NPI yield.
- Acquisition to be financed via US onshore debt of c.US$100m and private placement, launched concurrently with the acquisition.
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ASCOTT RESIDENCE TRUST A68U.SI CDL HOSPITALITY TRUSTS J85.SI FRASERS COMMERCIAL TRUST ND8U.SI MAPLETREE LOGISTICS TRUST M44U.SI Singapore REITs - SECTOR OUTLOOK
- Retail REITs: Preference remains for suburban-focused retail REITs.
- Office REITs: Proactive approach by REIT managers.
- Industrial REITs: Macro and supply woes.
- Hospitality REITs: Outlook still largely cautious.
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CAPITALAND MALL TRUST C38U.SI FRASERS CENTREPOINT TRUST J69U.SI KEPPEL DC REIT AJBU.SI MAPLETREE LOGISTICS TRUST M44U.SI Singapore REITs - Still Weathering the Storm
- Weakness seen in hospitality sector
- Flight to safety
- FCT, KDCREIT and MLT our top picks
S-REITs have proven to be a defensive haven
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Singapore Property WING TAI HLDGS LTD W05.SI CITY DEVELOPMENTS LIMITEDC09.SI ASCOTT RESIDENCE TRUST A68U.SI MAPLETREE LOGISTICS TRUST M44U.SI CAPITALAND COMMERCIAL TRUST C61U.SI Singapore Property & REITs ‒ Malaysia Marketing Trip Takeaways
- Our marketing trip in Malaysia saw sustained interest in S-REITs as clients position for a slower-than-anticipated interest rate hike.
- Our discussions centred upon interest rate impact, potential unwinding of property cooling measures, the sharing economy’s impact on the hospitality sector and supply concerns in the commercial, retail and industrial space.
CDL HOSPITALITY TRUSTS CDLHT J85.SI ASCOTT RESIDENCE TRUST A68U.SI Hospitality REITs: Outlook still largely cautious
- Recent statistics released from Singapore Tourism Board (STB) revealed that overall international visitor arrivals to Singapore grew by a marginal 0.9% to 15.2m in 2015. This comes in at close to the mid-end of STB’s forecast range of 15.1-15.5m visitors for the full year.
- Tourism receipts dipped 6.8% to S$22.0b.
OUE HOSPITALITY TRUST SK7.SI OUE Hospitality Trust: Lower DPU forecasts by 15% to 17%; Maintain HOLD
- Rights issue to fund CPEX acquisition
- Extension of a prime asset at Changi
- Acquisition is DPU-dilutive
CDL HOSPITALITY TRUSTS CDLHT J85.SI CDL Hospitality Trusts (CDREIT SP) - Further Headwinds Ahead
- We expect headwinds to persist for CDL
- Hospitality Trust (CDLHT) this year, mainly due to supply glut and weakness in the tourism sector.
- We maintain SELL with an unchanged TP of SGD1.14, which implies FY16 P/BV ratio of 0.68x.
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