【MapletreeCom N2IU 交流专区】MAPLETREE COMMERCIAL TRUST

阿水哥

Mapletree Commercial Starts Marketing IPO, Plans April 8 Singapore Listing                                                          By Katrina Nicholas and Fox Hu -               Mar 9, 2011 11:40 AM GMT+0800                    
                                            

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Mapletree Commercial Trust isexpected to start trading in Singapore on April 8 aftermarketing of its initial public offering began this week, adocument obtained by Bloomberg News shows.
A series of investor meetings involving MapletreeCommercial Trust management will also run from March 22 untilMarch 30 to market the IPO, the e-mailed pre-sale documentshows. The IPO is expected to raise S$1 billion ($788 million),a person familiar with the matter said today. The trust is aunit of Mapletree Investments Pte, the real estate arm ofSingapore state investment company Temasek Holdings Pte.
Mapletree Commercial Trust, which owns properties includingSingapore’s VivoCity shopping mall, hired Citigroup Inc.,Deutsche Bank AG and Goldman Sachs Group Inc. as globalcoordinators for the IPO, said the person, who asked not to beidentified as the details are private. CIMB Group Holdings Bhd.and DBS Group Holdings Ltd. will also help manage the sharesale, the person said.
Funds raised from the IPO will be used for the acquisitionand development of properties including Merrill LynchHarbourFront, a new office project on Singapore’s shores, torepay debt and for working capital, the document shows.
Sonny Phua, a Mapletree Investments spokesman, was notimmediately able to respond to an e-mailed request for moreinformation.
Mapletree Industrial IPO
Mapletree Commercial Trust’s listing would follow a similarsale by Mapletree’s industrial property unit, MapletreeIndustrial Trust (MINT) Ltd., which raised S$938.5 million in October.Mapletree Industrial units, sold to investors at 93 Singaporecents, were trading 1 Singapore cent higher at S$1.06 as of10:34 a.m. in the city-state.
Mapletree Commercial Trust is expected to lodge IPOdocuments with the Monetary Authority of Singapore within twoweeks, the person familiar with the plans said. The offering mayrepresent about 60 percent of the trust’s units, according tothe pre-sale document. The investor education meetings thatbegan in Singapore on March 7 will run until March 16 in HongKong, the Netherlands and London, the document shows.
The Wall Street Journal reported details of the investormarketing plan and expected listing date earlier today, citingpeople it didn’t identify.
To contact the reporters on this story:Katrina Nicholas in Singapore at knicholas2@bloomberg.net;Fox Hu in Hong Kong at fhu7@bloomberg.net
To contact the editor responsible for this story:William McSheehy at wmcsheehy@bloomberg.net

Mapletree IPO 又来了。。

bchian

Mapletree目前上市多少只股？
Mapletree Logistic trust
Mapletree Industrial Trust
现在再来Mapletree Commercial Trust？

WenQiang

so many!!!!!

普罗旺斯

我记得这只有包括vivo city的。有谁能帮我去算算一个月的客流量。。

阿水哥

VivoCity has been voted as one of the world's top 10 retail destinations by retail trade publication Shopping Center News (India).

bchian

After a two-and-a-half-week delay, Mapletree Commercial Trust yesterday kicked off the institutional bookbuilding for its Singapore initial public offering. According to the prospectus, the company is looking to raise up to S$923.7 million ($732 million), which is slightly below the S$1.1 billion that was talked about in early March.

The company did a couple of weeks of pre-marketing and was expected to start the formal roadshow on March 21. However, in the wake of the market volatility and uncertainty sparked by the earthquake in Japan, it decided to hold off on the launch. The Singapore stock market hit a 2011 low on March 18, but since then has rebounded 7.8% and is now back at pre-quake levels.

Mapletree Commercial Trust is focusing on a combination of retail and office properties and includes VivoCity, Singapore’s largest shopping mall, which is located right at the entrance to Sentosa Island. It is the fourth Reit sponsored by the Mapletree group after Mapletree Logistics Trust, Mapletree Industrial Trust and Lippo-Mapletree Indonesia Retail Trust.
The new Reit is offering approximately 1.015 billion units, or 54.5% of the total share capital, at a price between S$0.84 and S$0.91. This will allow it to raise between S$852.7 million and S$923.7 million.

Even at the low end of the range, this will be the second largest IPO in Singapore this year after Hutchison Port Holdings Trust, which raised $5.45 billion. Perennial China Retail Trust, a Reit sponsored by Singapore entrepreneur Pua Seck Guan, was in the market with a S$1.1 billion ($862 million) IPO, but that deal was postponed in early March, citing the volatility in the global market.

Mapletree Commercial Trust’s price range translates into a dividend yield of 5.6% to 6.05%, based on the joint bookrunner consensus earnings estimates for the fiscal year ending March 2012 and a commitment to pay out 100% of the taxable income in each of the two fiscal years to March 2013. It will distribute at least 90% after that. Based on the company's own earnings forecast, the yield for fiscal 2012 is slightly lower at about 5.47% to 5.92%.

The yield compares with 5.3% for retail property-focused CapitaMall Trust and 5.2% for office-focused CapitaCommercial Trust. Suntec Reit, which like Mapletree Commercial Trust comprises both retail and office space, is trading at a yield of 5.9%.

Of the total offering, 302.197 million units, or 29.7%, will go to four cornerstone investors. Based on the mid-point of the price range they will invest a combined S$275 million and will hold about 16.2% of the trust at the time of listing. The largest of the four is Asian life insurer AIA, which is buying about S$125 million worth of units. Hillboro Capital, Itochu and NTUC FairPrice are each investing S$50 million.

Some 16.2% of the offering will be reserved for Singapore retail investors, leaving only about 54%, or up to S$500 million, for institutional investors other than the cornerstones.

The Mapletree group, an unlisted property unit of Temasek Holdings, will keep the 45.5% of the trust not sold through the IPO. The company is the largest landlord of office and retail properties in Singapore’s southern corridor, which runs from the central business district along the southwestern coast of the island, and has developed a significant portion of the Harbourfront Precinct, where VivoCity is also located. This part of town has grown significantly in the past few years alongside the development of Genting’s integrated casino resort on Sentosa Island. The Harbourfront developments include the former St James Power Station, which has been transformed into an entertainment hub, and several office properties.

The deal comes with a greenshoe of 101.5 million units, or 14.2% of the offering, excluding the cornerstone tranche. These units will come out of the sponsor’s portion and if fully exercised will see Mapletree’s stake drop to 40%. The shoe may also increase the total IPO proceeds to as much as S$1.01 billion ($800 million).

Aside from VivoCity, which accounts for more than 70% of the portfolio both by income and value, Mapletree Commercial Trust will own two adjacent office buildings at the time of listing — the Bank of America Merrill Lynch Harbourfront and the PSA Building in the adjacent Alexandra Precinct. It will also have a first right of refusal for other projects being developed by Mapletree in the area, including the recently completed Mapletree Business Centre. Its initial portfolio had an average occupancy rate of 98% and was valued at about S$2.8 billion at the end of 2010.

The properties covered by the first right of refusal could almost quadruple the size of the Reit to 6.9 million square feet from 1.8 million sqf at the time of listing.

Visitor arrivals to Sentosa grew by 27.7% to 7.8 million in fiscal 2009/2010 and are expected to reach 17 million to 20 million in fiscal 2010/2011, according to Mapletree Commercial Trust’s prospectus. This increase will continue to benefit VivoCity as the Sentosa Express station is located within the mall.

In addition to that, property valuer DTZ Debenham Tie Leung is forecasting a continued recovery in office rents after the bottoming out in the first quarter of 2010. Rents increased by 8.1% from the fourth quarter of 2009 to the third quarter of 2010 in the area where Mapletree Commercial Trust’s two office buildings are located, but are still 16% below the peak in 2008, hence leaving significant room for further growth.

And, with a gearing of 39% at the time of listing, the Reit will have plenty of room to pursue further growth opportunities. It has obtained a provisional Baa2 rating from Moody’s, which means it is allowed to increase its gearing to as much as 60%.

In a ratings notice, Moody’s said that “based on the experience of Mapletree Logistics Trust (Baa2, positive) and Mapletree Industrial Trust (unrated) ... Mapletree Commercial Trust is likely to be well-supported by Singapore’s banking sector and have good access to fresh equity when required”.

The final price is due to be fixed on April 15 and the trading debut is scheduled for April 27.

The deal is arranged by Citi, DBS, Deutsche Bank, Goldman Sachs and CIMB. Aside from CIMB, all the others are global coordinators after Deutsche Bank was elevated from a joint bookrunner. However, Deutsche’s underwriting commitment is still less than half of what the other three global coordinators are offering.

© Haymarket Media Limited. All rights reserved.
讲到很不错将

普罗旺斯

之前在在低于IPO几毛钱时进了一点，相信它可能还会再掉下去的。但是forecast说dividend yield只有5-6% baru....

普罗旺斯

这股上个星期不上十大volume，今天却在top 5 .

我是不是低估了它的热门榜的可能性？？还是？

马来风光

明天他们将会announce从IPO到现在的业绩的
各位值得注意注意

zhixuen

买这只股我会睡着。

马来风光

回复 2# zhixuen

哈哈哈

够稳定嘛~~

给它点时间...

lonelyjeff

派股息了吗？

fan7asy

他的变动不是很大。今天升，明天掉。

icy97

Citi positive on structure of Mapletree Commercial Trust's asset buy
http://www.theedgesingapore.com/the-daily-edge/business/41474--citi-positive-on-structure-of-mapletree-commercial-trusts-asset-buy-.html

Tue, 4 Dec 13:35
Mapletree Commercial Trust's purchase of Grade-A office building Mapletree Anson for $680 million from its sponsor is Singapore's first office-asset acquisition by a REIT without an income support or yield stabilisation structure, Citigroup notes.

"We like this acquisition for its 'clean' structure that reflects the core operating cash flow of the asset while minimizing any forward uncertainty upon the expiry of any income support."

It notes management expects the acquisition to be both DPU and NAV accretive, looking to finance it via a combination of debt and equity while keeping gearing below 45%.

Citigroup expects 3.5% net-property-income yield for the asset, assuming a 75% NPI margin and $2 million p.a. of other income, with at least 70% of the transaction needing to be debt-funded to be accretive, which could raise MCT's gearing to 41%.

It notes the asset has organic growth potential as the majority of leases are five years, with about 56% of gross rental income having a step-up component. It keeps MCT at Buy with $1.35 target. The stock is down 1.2% at $1.195.

丰树商产信托将以6亿8,000万元收购新加坡甲级商厦
http://www.sharesinv.com/zh/articles/35973/

2012年12月04日
丰树商产信托(MapleTree Commercial Trust)与Mapletree Anson公司签署有条件买卖协议，以6亿8,000万元收购商厦Mapletree Anson。后者是1座16层楼高的办公楼，可出租净面积为33万1,854平方英尺(截至2012年9月30日)。此外，大厦也包含1个拥有80个车位的双层停车场及1个大厅。该产业是于2009年7月竣工，也是新加坡首个获建设局(BCA)颁发绿色建筑标志白金(Green Mark Platinum)认证的产业。后者是新加坡环保发展的最高荣誉。

启示：上述收购是公司自2011年4月上市以来的首个收购。该产业位于新加坡中央商业区的黄金地段，附近有主干公路和高速公路，并拥有多元的租户组合，其截至2012年9月30日的租用率为95.6%。

icy97

丰树商产信托派发1.667分股息
http://www.sharesinv.com/zh/articles/37033/

2013年01月25日
丰树商产信托(Mapletree Commercial Trust)将为截至2012年12月31日的第三季度派发1.667分的每单位派息(DPU)，不仅提高了16.7%，也比预测中的1.318分高出26.5%。可分配收入为3,120万元，由于净产业收入为3,950万元。丰树商产信托管理公司的总裁Amy Ng表示：“3Q13的收入及净产业收入分别增长约12%及17%，归功于怡丰城(VivoCity)、美国银行美林港湾大厦(Bank of America Merrill Lynch HarbourFront)和港务集团大厦(PSA Building)等三个资产。我们也对怡丰城在2012年12月所录得的每月销售首次破1亿元大关而感到高兴。”公司将于2月27日派发股息。

启示：截至2012年12月31日，公司的组合租用率为偏高的98.8%。此外，公司于1月24日私下配股也获得新的和现有的机构投资者的热烈反应。按1亿9,230万个新单位计算，此次配股被超额认购约1.9倍。

icy97

Mapletree Commercial Trust's DPU for FY 2012/13 exceeds forecast by 19.7%
http://www.theedgesingapore.com/the-daily-edge/business/43550-mapletree-commercial-trusts-dpu-for-fy-201213-exceeds-forecast-by-197.html

Mon, 22 Apr 18:41
Mapletree Commercial Trust Management, the manager of Mapletree Commercial Trust, says it has recorded a DPU of 6.487 cents for FY 2012/13. This is an increase of 19.7% over the forecast DPU of 5.42 cents. Comparing against FY 2011/12, DPU has increased by 14.9%. MCT’s DPU for 4Q FY 2012/13 is 1.737 cents, which exceeds the forecast DPU of 1.449 cents by 19.9%. Comparing against 4Q FY 2011/12, DPU has increased by 11.8%.

Net property income of $156 million was 13.6% higher than forecasted while distributable income at $123.5 million was 21.8% higher. Mapletree Commercial Trust was listed at Apr 27.

Amy Ng, Chief Executive Officer of MCTM, said, “I am pleased that MCT has consistently delivered results which outperformed the targets set at IPO with every asset in the portfolio contributing to the outperformance during the 2 year period in the Forecast. The newly acquired Mapletree Anson further boosted the portfolio revenue and NPI for the 4QFY13/14. In FY 2012/13, we also successfully raised close to $900 million of equity, notes and bank facilities to fund acquisitions and refinance existing debt, demonstrating the ability to access a wide spectrum of capital providers at competitive rates. With the issuance of the S$70m 8-year notes on 12 April 2013, the average term to maturity of MCT’s debt has been extended to 3.5 years, up from 2.4 years at the end of the previous financial year. MCT’s market capitalization grew about 70% from IPO to $2.8 billion as at 31 March 2013.”

A valuation of MCT’s assets as at 31 March 2013 was conducted by DTZ Debenham Tie Leung (SEA) Pte Ltd to align the asset valuation date in-line with MCT’s financial year-end. Based on this valuation, the portfolio was valued at $3.8 billion. This includes Mapletree Anson, valued at $687 million, which was acquired on 4 February 2013. MCT’s NAV per Unit increased to $1.06 from $0.95 as at 31 March 2012.

icy97

丰树商产信托的FY13 每单位派息比预期高出19.7%
http://www.sharesinv.com/zh/articles/38501/

2013年04月23日
丰树商产信托(Mapletree Commercial Trust)报截至2013年3月31日的第四季每单位派息(DPU)为1.737分，比预期中的1.449分高出19.9%，原因是收入跳升了21.6%至6,070万元；而净产业收入则跳升了23.4%至4,420万元。全年而言，DPU上升了23.1%至6.487分。公司在FY13通过股票、债券及银行设施来集资接近9亿元来为收购及现有债务再融资而提供资金。随着在2013年4月12日发行7,000万元的8年期债券，公司债务的平均到期日从FY13末的2.4年增加至3.5年。截至2013年3月31日，公司的市值从上市开始增加了约70%至28亿元。

启示: 由戴德梁行(DTZ Debenham)进行的估值显示，截至2013年3月31日，公司组合的估值为38亿3,120万元，其中包括在2013年2月4日收购的Mapletree Anson，估值为6亿8,700万元。公司的每单位净资产值从2012年3月31日的0.95元增加至1.06元。

icy97

Name of Announcer *	MAPLETREE COMMERCIAL TRUST MANAGEMENT LTD.
Company Registration No.	200708826C
Announcement submitted on behalf of	MAPLETREE COMMERCIAL TRUST
Announcement is submitted with respect to *	MAPLETREE COMMERCIAL TRUST
Announcement is submitted by *	Wan Kwong Weng
Designation *	Joint Company Secretary
Date & Time of Broadcast	07-Aug-2013 17:36:10
Announcement No.	00112

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

Announcement Title *

DESPATCH OF NOTICES OF ELECTION AND TAX DECLARATION FORMS PURSUANT TO THE DISTRIBUTION REINVESTMENT PLAN FOR 1Q FY2013/14 DISTRIBUTION PERIOD

Description

Please see attached.

Attachments

MCT_DRP_Despatch_of_DRP_Statements_and_NOE_20130807.pdf

icy97

Name of Announcer *	MAPLETREE COMMERCIAL TRUST MANAGEMENT LTD.
Company Registration No.	200708826C
Announcement submitted on behalf of	MAPLETREE COMMERCIAL TRUST
Announcement is submitted with respect to *	MAPLETREE COMMERCIAL TRUST
Announcement is submitted by *	Wan Kwong Weng
Designation *	Joint Company Secretary
Date & Time of Broadcast	16-Aug-2013 18:19:41
Announcement No.	00111

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

Announcement Title *

PAYMENT OF 50% OF MANAGER'S MANAGEMENT FEES BY WAY OF ISSUE OF UNITS IN MAPLETREE COMMERCIAL TRUST

Description

Please see attached.

Attachments

MCT_Payment_of_Mngt_Fees_By_Way_of_Issue_of_Units_in_MCT_20130816.pdf

icy97

丰树商产信托：表现稳定
企业摘要 | 2014年04月23日
文 : 李廷伟
http://www.sharesinv.com/zh/articles/46353/

在新加坡，表现较佳的购物商场都有三个共同点。

那就是：地点优越、人潮多、租户佳。丰树商产信托(MapleTree Commercial Trust)的怡丰城(VivoCity)正好具有这三项优点。

怡丰城靠近圣淘沙，许多游客和本地的消费者都会到那里游览和购物，它可说是丰树商产信托的重要资产。

由于怡丰城的地点优越(在港湾地铁站之上，靠近圣淘沙)，租户多元化，因此这座商场的人潮总是络绎不绝。

怡丰城的租户以餐饮、服装、霸级市场/百货公司业者为主(主要租户为VivoMart超级市场、Golden Village戏院、诗家董(Tangs)和Best Denki电器行)。

因此，除了游客外，许多家庭也会到怡丰城购物。

其他资产

除了怡丰城之外，丰树商产信托管理的其他物业包括美林港湾大楼 (Merrill Lynch Harborfront)、港务集团大厦(PSA Building)和Mapletree Anson。

下表为丰树商产信托旗下物业截至FY13/14的出租率(均高于90%)：



公司与美林环球服务(Merrill Lynch Global Services)签署的是长期租约，因此美林港湾大楼将保持100%的出租率，不会出现个别楼面租约到期的情况。

这些资产都帮助公司取得了增长，自它于2011年上市以来，其收入连续7个季度都增加。

优点

• 旗下的资产表现良好
• 持续派发盈利给单位持有者
• 收入连续7个季度提高
• 有淡马锡控股(Temasek Holdings)作为后盾
• 旗下物业的租户组合良好
• 有望调高其零售商场的租金
• 港务集团大厦周边的发展(如拉柏多和直落布兰雅的预购组屋)使人潮增加
• 获益率为5.215%(以1.23元的单位价格计算)
  

公司的收入(百万新元)；资料来源：辉盛研究系统

投资风险

0.70倍的净债务股本比相对偏高，杠杆比率也高达40.8%
Mapletree Anson将有44.8%的租约在FY14到期
经济衰退或金融业的不稳定状况可能会影响Mapletree Anson主要租户的业务，它们多为保险和银行服务业者
利率提高可能影响公司的再融资选项，导致其利息开支增加
《股市资讯》的看法

笔者个人认为怡丰城仍然会是公司的资产中表现较佳的物业。

然而，投资者也应该留意其有望取得增长的物业，即港务集团大厦。

港务集团大厦的周边地区为一大利好因素，但却不常被提及。

怡丰城和港务集团大厦都位于港湾城和拉柏多公园一带。就算港务集团大厦的人潮流失到怡丰城，受惠的还是丰树商产信托。

然而，港务集团大厦有11.7%的租户为餐饮业者，它们的顾客主要来自市区及周边的办公区(港务集团大厦和海皇大厦)。目前，直落布兰雅、巴西班让和德普路一带的人潮都是港务集团大厦的顾客群。

Telok Blangah Parc View(预计将于4Q17竣工)和Telok Blangah Ridgeview(预计将于1Q16竣工)这两个预购组屋项目都可能使港务集团大厦的人潮增加，因为它们都位于其周边地区。

港务集团大厦为公司旗下处于增长阶段的资产，其表现料将不错。

虽然丰树商产信托面对风险(尤其是MapleTree Anson)，但笔者认为，当其单位价格变得具吸引力时，仍是值得买入的。