Wednesday, November 9, 2022

Added: Frasers Centrepoint Trust (Nov 2022)

 

Bought 7,000 shares of Frasers Centrepoint Trust (FCT) at $1.94 on 8 Nov.

This bring my total number of FCT shares to 36,800


Reason for buying:

1) PB 0.83

NAV as of 30 Sep is $2.33


2) 6.3% div

Given Singapore Saving Bond (SSB) risk free reaches 3.47% (Avg return over 10 years), I agreed that 6.3% div yield is not consider high. 

However, we need to take into consideration of the PB & Frasers branding too. 

If we are looking for 7% div, the price for FCT need to be at $1.74, which translate to PB0.75.

I wont say it is impossible to reach this price target, but it will be hard unless FED continue to hike at  0.75% or higher for next few months OR rights issues.

By then, 7% doesn't look attractive anymore too.


3) Retail Sales exceeded pre-Covid level



4) With higher Sales trend, higher rental will auto follow



5) 71% of borrowing hedged to fixed rate & debt avg interest rate at 2.5%



Risk 1) Rights issues if part of Mercatus assets goes into FCT 

As of 26 Oct, it seem only Frasers Property & Link REIT are battling for the Mercatus assets.

This will be a short term pain to FCT shares price but I will be happy if Frasers Property / FCT can won this Mercatus assets.


Risk 2) FED continue to hike interest rate



 

Related post:

1) Frasers Centrepoint Trust (FCT) AGM 2022

2) Added: Frasers Centrepoint Trust (Jan 2022)

3) Added: Frasers Centrepoint Trust (Sep 2021)

Tuesday, July 19, 2022

Mapletree Industrial Trust (MIT) AGM 2022

  




Mapletree Industrial Trust (MIT) held their AGM on 19 July 2022 at 2.30pm and it ended around 4pm.


Shareholders questions were answered before the actual AGM. You can view MIT responses here.

For the AGM slide, you can view them here.




During the AGM, they highlight their achievement for 2021 (Above) and ESG (Below).







CFO Lily Ler had spent a few minutes on this slide to explain about how the increase in interest rate will affect MIT.

If interest rate increase by 50bps, there will be a decrease of 0.13cents DPU per annual.

At this moment, MIT had a hedge ratio of 70.5%. 

CFO also share why MIT did not go into 100% hedge.

     1) No room to maneuver when MIT have the opportunity for lower rate. Eg: Divestment cash                     proceed can be use to pay down the loans.

     2) Hedging come with a cost and at this moment, it is at its highest which will affect DPU                             immediately if were to convert from unhedged to hedged now.


Key and largest acquisition in 2021


Outlook



For the live Q&A session, all questions were answered by either Chairman Wong Meng Meng or/and  CEO Tham Kuo Wei except for 1 question which is by CFO Lily Ler.



Some of the questions are:

1) DPU went up by 10% (good job done). Is this 'one off' achievement?

CEO Tham Kuo Wei shared that 10% is rare and wont happen for every year given the size of MIT. 


2) With the listing of Digital Core REIT in SGX by Digital Realty, how does it impact MIT?

Chairman Wong Meng Meng shared that US market is huge, there are more than 1 seller. If opportunity is right, even rivals will want to collaborate with us. Business is Business.


After hearing how Chairman Wong Meng Meng & CEO Tham Kuo Wei response to the live Q&A, I remain confidence in MIT (MIT is currently my largest in term of market value in my portfolio with 26,300 shares). 

I do not feel both of them trying to sugar coat their responses and was sharing their responses honestly and frankly. CEO Tham Kuo Wei, in a few attempt during his responses, provided his answer based on 2 different perspective. Furthermore, I am surprise by the technical knowledge he use when answering 1 of the question (I am working in IT industry). 


No surprises on the AGM resolution voting.






Related post:

1) Added: Mapletree Industrial Trust (Jan 2022)

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

3) Keppel DC REIT AGM 2022

4) Frasers Centrepoint Trust (FCT) AGM 2022

5) ComfortDelGro AGM 2021

6) First REIT AGM 2020

7) MM2 AGM 2019

8) Perennial AGM 2019 



Monday, May 30, 2022

Summary of my portfolio - Mar ~ May 2022

 Mr CDxD portfolio


No.CountersNo. of Shares
1Frasers Centrepoint29,800
2Keppel DC Reit17,500
3Comfortdelgro16,000
4Mapletree Industrial Trust26,290














  • $612.50 of Keppel DC Reit dividend payout on 10 Mar (3.5cents per share)
  • $735 of Mapletree Industrial Trust dividend payout on 15 Mar (3.5cents per share). I opt for 100% script dividend ($2.5058 per share) which added 290 shares. This bump up my MIT shares to 21,290
  • $1,534 of Frasers Centrepoint Trust dividend declared on 27 Apr (6.136 cents per share). Payout on 30 May
  • $743.02 of Mapletree Industrial Trust dividend declared on 27 May (3.49cents per share). Payout on 15 June. I only opt for 10 shares of script dividend ($2.5530 per share) this time round as market price is lower and to round up in order not to have odd lots
  • Bought 5,000 shares of Mapletree Industrial Trust at $2.43 on 20 May. This bump up my MIT shares to 26,290 (Will become 26,300 shares once script dividend payout on 15 Jun)
  • $336 of Comfortdelgro dividend payout on 27 May 2022 (2.1cents per share).
  • $1,534 of Frasers Centrepoint Trust dividend payout on 30 May (6.136 cents per share)