Wednesday, January 12, 2022

Added: Mapletree Industrial Trust


Bought 21,000 shares of Mapletree Industrial Trust at $2.59 on 12 Jan.

Reason for buying:

1) Dividend 5.2%

2) Quarterly dividend payout

3) PB 1.37

Although the PB is above 1.0 (not really my style to buy REIT above PB 1.0), however given that the Data Centres portfolio is 53% of the AUM, I find this PB1.37 is justifiable.  

For comparison, although not apple to apple, Keppel DC Reit PB at 2.0 / Digital Core Reit PB at 1.42 / Ascendas Reit PB at 1.22

4) Data centres portfolio

Post covid, there are even more activities that will be conducted virtually (Eg Zoom, Metaverse virtual world) and with 5G adoption picking up, result in more Internet of Things and Driverless car, the demand for data centres will be super high. 

MIT also have the Right of first refusal (ROFR) to 50% interest of Mapletree Rosewood Data Centre Trust (MRODCT) from sponsor. 


6) Strong sponsor

Mapletree branding was consider top tier along with CapitaLand.

However, its branding suffer abit due to the MCT x MNACT merger saga (My thoughts on MCT (Ketchup) x MNACT (Chili) = MPACT (Nacho cheese) ).

Hope that Management gain some learning experience from this merger.

Related post:

1) My thoughts on MCT (Ketchup) x MNACT (Chili) = MPACT (Nacho cheese)

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