Friday, January 21, 2011

MapleTree Logistics

MapleTree Logistics: Announced FY10 results, which were in line with expectations. FY10 Rev at $218.9m was up 6% YoY and 12% QoQ and within FY10 consensus estimates of $225m, while DPU for FY10 grew 3% to 6.09c vs 5.9c if FY09, suggesting the stability of the REIT’s performance....

Rev and income growth reflected was attributed to the contribution of acquisitions completed during FY010 as well as contribution from the 5 properties acquired during this qtr. 4Q10 also saw a further increase in the occupancy rate of Malaysia from approximately 95% to 99% with an improvement in rental rates reported across the portfolio.During FY10, Trust compled 14 acquisitions in SG, Japan, South Korea and Vietnam with NPI yields ranging from 7% to 10%....

At current levels, grp trades at 1.15x P/B and yield of 6.2%, vs Ascendas REIT of 1.3x and yield of 6.1% and Cambridge industrial trust of 0.91x P/B and yield of 8.3%. Grp’s balance sheet remains strong, with aggregate leverage ratio declining to just below 38% from last qtr, with average debt duration increased to 2.2yrs. Approximately $172m or about 13% of its total debt is due for refinancing in FY11 and 53% due in 2012....

Going forward grp will deepen, strengthen and enhance its footprints in Asia, invest and expand customer relationship, and capitalise on growth potential of Mid-East, India and Indonesia through acquisitions and working with Sponsor in greenfield developments. Areas of include cold storage, chemical goods, pharmaceutical warehouses and retail/wholesale distribution centres….

OCBC maintains its Buy rating and raises its RNAV-derived fair value to $1.03 from $1, while RBS also maintains Buy call with $1.11 TP, tipping trust to continue riding on Asia's recovery cycle and benefit from positive rental reversions in FY11-FY12. Technically,see resistance at $0.99.

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