Mapletree Greater China Commercial Trusts: 4QFY15 results were ahead of its IPO forecasts, with DPU of 1.74¢ (+24.1% y/y) taking FY15 DPU to 6.54¢ (+15.4%).
For the quarter, gross revenue and NPI jumped to $76.2m (+22.1%) and $62.3m (+24.5%) respectively, as strong rental reversions from new leases boosted revenue growth at Festival Walk (+16.7%) and Gateway Plaza (+19.3%).
NPI margin rose to 82% from 81%, as the improvement in revenue outpaced the increase in property expenses.
As of 31 Mar ‘15, all retail leases at Festival Walk expiring in FY14/15 had been renewed/re-let with aggregate 22% rental uplift, while at Gateway Plaza, about 98.7% of the leases expiring in FY14/15 were committed and renewed at an aggregate rental uplift of 30%
Portfolio occupancy rate stood at 98.8% (3QFY15 at 99.4%), leverage ratio fell 1.8ppt to 36.2%, with average debt cost at 2.55% and tenor of 2.75 years.
Going forward, management believes that both of its properties remain well-positioned to benefit from resilient leasing demand and the limited supply in in Hong Kong retail and Beijing office sectors.
At the current price, MGCCT trades at 6.1% FY15 yield and 0.95x P/B.
MGCCT continues to sit in Market Insight’s Yield portfolio.
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