General S-REITs Discussion Thread

[weng0202]

I like keep round number qty
and also taking a bet

Might as well just keep some and sell off the excess. Like that got earn ah?

 

[thretiredDad]

Might as well just keep some and sell off the excess. Like that got earn ah?

investing is a long road
today earn tomorrow lose

this rally
I sold almost half of the REITs I accumulated since Jan

next few weeks see got chance buy back
lower or higher only

 

[thretiredDad]

Mapletree Logistics Trust Reports

Distribution Per Unit of 1.812 cents for 1Q FY25/26

Highlights:

• Lower Distribution per Unit (“DPU”) year-on-year mainly due to absence of one-off divestment gains and weaker regional currencies

• Excluding divestment gains, DPU from operations rose 0.5% quarter-on-quarter, reflecting stable operational performance

• Stable operating metrics with 95.7% occupancy and 2.1% positive rental reversions

• Newly completed Mapletree Joo Koon Logistics Hub is 60% committed with another 25% of space under active negotiatio

 

[TehSi99]

With T-bills and SSB interest getting lower, hope more attention and buyers on reits.

 

[homer123]

Mapletree Logistics Trust Reports

Distribution Per Unit of 1.812 cents for 1Q FY25/26

Highlights:

• Lower Distribution per Unit (“DPU”) year-on-year mainly due to absence of one-off divestment gains and weaker regional currencies

• Excluding divestment gains, DPU from operations rose 0.5% quarter-on-quarter, reflecting stable operational performance

• Stable operating metrics with 95.7% occupancy and 2.1% positive rental reversions

• Newly completed Mapletree Joo Koon Logistics Hub is 60% committed with another 25% of space under active negotiatio

Only the DPU matter for unitholders

https://www.businesstimes.com.sg/co...gistics-trust-posts-12-4-fall-q1-dpu-s0-01812 Mapletree Logistics Trust posts 12.4% fall in Q1 DPU to S$0.01812

MLT. 1.812c - 7th consecutive drop in dpu and the biggest drop yet.

 

[ask_yip]

Seems MLT need more time to recover...

 

[thretiredDad]

Seems MLT need more time to recover...

*Mapletree Logistics - HLD (Focusing on organic growth)* via CLSA

Mapletree Logistics’ (MLT) 1QFY26 DPU of 1.812¢ came in below our forecast but in line with consensus on weaker margins and a higher tax rate. Operating metrics were firm but the pace of reversions moderated, with China continuing to drag the overall portfolio. That said, negative reversions in China narrowed for the fourth consecutive quarter. We lower FY26/27/28CL DPU by 7.2%/6.1%/3.8%. We lower our target price from S$1.30 to S$1.25, and downgrade from O-PF to HLD.

 

[homer123]

How bad is MIT data center? Info extracted from investor who attended the AGM

America occupancy has been declining over the past 5 years!(first 2 years got drop because mint did an acquisition of 29 DC which pulls down the overall occupancy rate.
58.2% in powered shell dc (just bare walls, equipment by tenant)
‌22.6% in fitted dc ( means need to provide some basic equipment like power all those)
‌19.2% in fitted hyper scale ( upsize of fitted)
‌20.9% lease to cloud providers basically all the big tech but they got a lot of negotiation power
‌45.9% lease to colocation providers which mint got more negotiation power for rental
‌
Q: US DC, can address average age and power utility of DC? Got one DC occupancy is 0 why ah? Is our DC going obsolete due to AI demand since they are old. Mint aggressive doing acquisition for US DC in 2019, why now don’t have is it that you see a problem?
‌

A: Lilly say she dk cause clients don’t tell her, she say average age is quite old the 0% dc is an enterprise user, building not suited for DC, plan to sell. Lilly say is right that many dc too old Liao don’t suit AI, doing power study to find out how to turn them to suit AI. No problem about the acquisition, it was to diversify out of SG.

 

[DevilPlate]

How bad is MIT data center? Info extracted from investor who attended the AGM

America occupancy has been declining over the past 5 years!(first 2 years got drop because mint did an acquisition of 29 DC which pulls down the overall occupancy rate.
58.2% in powered shell dc (just bare walls, equipment by tenant)
‌22.6% in fitted dc ( means need to provide some basic equipment like power all those)
‌19.2% in fitted hyper scale ( upsize of fitted)
‌20.9% lease to cloud providers basically all the big tech but they got a lot of negotiation power
‌45.9% lease to colocation providers which mint got more negotiation power for rental
‌
Q: US DC, can address average age and power utility of DC? Got one DC occupancy is 0 why ah? Is our DC going obsolete due to AI demand since they are old. Mint aggressive doing acquisition for US DC in 2019, why now don’t have is it that you see a problem?
‌

A: Lilly say she dk cause clients don’t tell her, she say average age is quite old the 0% dc is an enterprise user, building not suited for DC, plan to sell. Lilly say is right that many dc too old Liao don’t suit AI, doing power study to find out how to turn them to suit AI. No problem about the acquisition, it was to diversify out of SG.

U still holding or run liao

Sounds like time bomb

 

[homer123]

U still holding or run liao

Sounds like time bomb

MIT only occupy 0.57% of my portfolio.. Even then, I am afraid my MIT will crash till like other Mpl3 holding ..I am very critical of all Mpl3 managers, they are all just incompetent..

 

[DevilPlate]

MIT only occupy 0.57% of my portfolio.. Even then, I am afraid my MIT will crash till like other Mpl3 holding ..I am very critical of all Mpl3 managers, they are all just incompetent..

Maybe better to swop it to Ascendas reit
* i think they cui at venturing overseas.

 

[TehSi99]

28th July released results?

 

[koolkool]

Ya, it's sad to see MIT and MLT prices plunged from pre covid days. I am still in the black as I bought them many years ago, but from what I read, things aren't what they used to be for these 2 companies. It just show us that over time, a good company can just turn south and have their problem in a different environment and condition. But I still find MIT and MLT worth the punt for me (maybe because I bought them at a low price and more or less I recovered my cost already) and I believe the company will overcome this adversity.
Hoping to par down my REITs (under real estate classification) to a more acceptable proportion of my portfolio. I will say it's not so easy to breakeven even though the REITs has run up a little this month. Out of 12 REITs stocks I have, I only have half that is above my cost price (not take into the dividends into consideration). And those 6 that are above my cost price, 5 of them are what I want to keep. Haiz... I am still thinking I should sell at a loss given that the bull run may not last forever. Not sure if anyone has this same situation as me, who has overweight in REITs and now bear the blunt of bad decision years back.

 

[ask_yip]

me own 3 MINT, MLT and MPACT

heavy on MIT

MINT MLT still red but MPACT is turning green

I hope MINT will report a good set of result tonight

plan to keep them for the dividends btw

 

[DevilPlate]

Ya, it's sad to see MIT and MLT prices plunged from pre covid days. I am still in the black as I bought them many years ago, but from what I read, things aren't what they used to be for these 2 companies. It just show us that over time, a good company can just turn south and have their problem in a different environment and condition. But I still find MIT and MLT worth the punt for me (maybe because I bought them at a low price and more or less I recovered my cost already) and I believe the company will overcome this adversity.
Hoping to par down my REITs (under real estate classification) to a more acceptable proportion of my portfolio. I will say it's not so easy to breakeven even though the REITs has run up a little this month. Out of 12 REITs stocks I have, I only have half that is above my cost price (not take into the dividends into consideration). And those 6 that are above my cost price, 5 of them are what I want to keep. Haiz... I am still thinking I should sell at a loss given that the bull run may not last forever. Not sure if anyone has this same situation as me, who has overweight in REITs and now bear the blunt of bad decision years back.

Imo Sreits kinda facing long term structural headwinds.

6% yield and 10y SGS 2%, yet prices hardly move up

Im expecting capital erosion over 10-20years and hopefully <2% pa

 

[thretiredDad]

Imo Sreits kinda facing long term structural headwinds.

6% yield and 10y SGS 2%, yet prices hardly move up

Im expecting capital erosion over 10-20years and hopefully <2% pa

This is wlwlsmdwl

 

[stanlawj]

Ya, it's sad to see MIT and MLT prices plunged from pre covid days. I am still in the black as I bought them many years ago, but from what I read, things aren't what they used to be for these 2 companies. It just show us that over time, a good company can just turn south and have their problem in a different environment and condition. But I still find MIT and MLT worth the punt for me (maybe because I bought them at a low price and more or less I recovered my cost already) and I believe the company will overcome this adversity.
Hoping to par down my REITs (under real estate classification) to a more acceptable proportion of my portfolio. I will say it's not so easy to breakeven even though the REITs has run up a little this month. Out of 12 REITs stocks I have, I only have half that is above my cost price (not take into the dividends into consideration). And those 6 that are above my cost price, 5 of them are what I want to keep. Haiz... I am still thinking I should sell at a loss given that the bull run may not last forever. Not sure if anyone has this same situation as me, who has overweight in REITs and now bear the blunt of bad decision years back.

Well, you have finally learn what the Chinese stock market players have always been saying:

割韭菜 (Gē jiǔcài)​

Retail is the exit liquidity for institutional funds. REITS are favorite dumping grounds for institutional property investors. Old datacentres got dumped onto MIT.

 

[DevilPlate]

Well, you have finally learn what the Chinese stock market players have always been saying:

割韭菜 (Gē jiǔcài)​

Retail is the exit liquidity for institutional funds. REITS are favorite dumping grounds for institutional property investors. Old datacentres got dumped onto MIT.

Old DC basically just empty buildings
They are building lots of new DCs in US for AI

 

[homer123]

 

[thretiredDad]

CLSA - Morning Notes

*Mapletree Ind - O-PF (Room for acquisitions)*

Mapletree Ind’s (MINT) 1QFY26 results were in line with firm operating metrics. Notably, rental reversions of 8.2% was slightly above guidance of mid-single digits while the recent S$535m divestment to Brookfield will see gearing fall from 40.1% to 37% in the near term, positioning it for accretive acquisitions as rates ease. We expect this to be deployed into datacentre acquisitions. We reiterate our O-PF rating.