SOLD: Mapletree Industrial Trust (MINT worth $140k) after attending AGM2026

 

Sold 72,400 shares of Mapletree Industrial Trust (MINT) on 4 Aug 2026 at $1.94.

Total profit (including dividend) is $2545.80 (1.6%) for 4 years 8 months.

This is the 2nd stock I had decided to sold off after attending the AGM. The previous was MM2 which you should know what had happened to the company.

Reason for selling: 

Fundamental of MINT North America Data Center assets are rotten + Board & Management doesn't seem to have much experience in Data Center.

North America Data Center assets are 46.5% of whole MINT AUM. 

It is super unreasonable to be having PB1.19 (NAV as of 30 Jun 2026 is $1.63)

If I remember correctly, JPMorgan is the first to publish about this potential rotten North America Data Center asset in Feb 2025.

I wanted to sold off MINT after I attended the AGM in 2025. However, since Lily Ler only became the CEO of MINT in July 2024 and I like how straight forward (no sugar coating style) and her attitude in her replies in AGM 2025, I had decided to give her 1 year time frame to see if there is any magic will happens.

Unfortunately, it seem to confirm that the rotten North America Data Center are beyond hope.

What MINT did not tell you is they purchased this Philadelphia Data Centre at USD70M (Based on Annual Report 24/25 pg 45). As such, MINT selling this at 79% loss based on purchase price.

Refresh your memory again that MINT PB is at 1.19 (19% Premium). Going by this simple math, they should sell this Philadelphia Data Centre at USD83.3M instead to breakeven.

This is not the only North America Data Centre asset with such a big loss in valuation. I will let you refer to Annual Report 25/26 pg 50 to 53 for more horror reading. 

In Oct 2025, "Mapletree Industrial Trust to divest up to S$600 million of assets over next two years", with a focus on its North American portfolio. 

Since Oct 2025 till Aug 2026, only 1 North American asset had been sold. And it is sold at 79% loss to purchase price.

Now in Apr 2026, "Mapletree Industrial Trust to divest up to S$600 million of North America assets, eyes Japan and Europe for growth".

Based on Valuation as of Mar 2026 in Annual Report 25/26 pg 53, it is 15% of the whole North America Data Centre asset portfolio.

What will happen to DPU?

Is there even buyer who doesn't low ball their North American asset? If being low ball, it could be as high as 25% of whole North America Data Centre asset portfolio needed to be divested.

Buy high sell low and buy high on Japan/Europe asset?

Beside the North America Data Centre assets, my personal feeling after attending AGM2025 & AGM2026 is it seem to tell me that Board+Management are not even experience in Data Centre. I rather they stick to their core expertise of Hi-Tech & Industrial Buildings. 

As such, I do not want to be frog in a slowly boil water as first warning had been surfaced as early as Feb 2025.

MINT is not out of the woods and I am not sure how many years it required to get out of the wood.

Related post:

1) SOLD: MM2

2) MM2 AGM 2019

New milestone - $500,000 portfolio

 New milestone achieved!

My stock portfolio market value crossed $500,000 on 1 Sep 2025.

$100k (Dec 2017) -------> $200k (Apr 2020) ---> $300k (Nov 2020) --------------------> $500k (Sep 2025)

Unfortunately, I don't seem to have blog about the $400,000 milestone.

As of 3 Sep 2025

No.	Counters	No. of Shares
1	Frasers Centrepoint Trust (FCT)	46,900
2	CapitaLand Integrated Commercial Trust (CICT)	46,613
3	Mapletree Industrial Trust (MIT)	49,400
4	Link Reit	9,149
5	Wilmar	20,000
6	Lendlease Reit	96,190

Related post:

1) New milestone - $100,000 portfolio

2) New milestone - $200,000 portfolio

3) New milestone - $300,000 portfolio

Added: Wilmar International Limited

 

Added 20,000 shares of Wilmar at $2.93 on 1 Aug 2025.

Reason for buying:

1) 5 Years low

Wilmar usually trade between $3 to $3.20 range for the past 1 year. 

Due to Indonesia Court case (link), its share price did went down to 52w low of $2.87

2) Insider trade

Source: ChatGPT

It is good to see the price you buy is lower than Insiders (Mr Kuok Khoon Hong is the Chairman cum CEO of Wilmar).

3) Undervalue 

Wilmar have been an undervalue stock for many years. Undervalue stock can remain undervalue for looooong time. Patience Patience Patience

4) 5.5% Dividend Yield

SOLD: CapitaLand Investment (May 2025) & Added: Mapletree Industrial Trust (May 2025)

 

Sold 16,500 shares of CapitaLand Investment on 6 May at $2.60

Total profit (including dividend) is SGD 5157.05 (13%) cash + 513 CICT shares (special dividend-in-specie of 0.031 CICT units per share) for 1 month.

Reason for selling:

1) Lock in profit

Main reason for selling within 1 month is purely to lock in profit. One shouldn't be too greedy especially when CLI shares price always go up down up down.

This year price trend seem to mirror 2024 where I also bought in April 2024 and sold it in Jun 2024 for a 11% profit for holding it just for 2 months period.

2) Once per year dividend

CLI only declare dividend once per year. Given that it went XD on 5 May, it will be 1 year wait for the next dividend to come. 

Added 21,200 shares of Mapletree Industrial Trust (MIT) on 6 May at $2.02

This bring my total holding of MIT to 49,400 shares.

Reason for buying:

1) Average down my MIT price

I first bought MIT in 12 Jan 2022 at $2.59 and another major bought in 20 May 2022 at $2.43. 

Over the years, I had been subscribing to almost all of MIT dividend reinvestment plan (DRP). 

Unfortunately, even with dividend add in, i am still on paper loss.

2) Quarterly dividend

MIT are one of the few stocks left who pay out dividend quarterly.

MIT is 6.7% dividend based on $2.02 share price.

3) MIT geography

Given that 47.6% of AUM are based in Singapore + 45.6% of AUM are data centres based in North America, i quite like this combo as it provide me the quality assurance.

4) Good Performance in FY24/25

In term of performance, I feel MIT had done very well as compare to other REITs.

The only performance which MIT did not perform well is its share price.

Related post: 

1) Added: CapitaLand Investment (Apr 2025)

2) Added: CapitaLand Investment (Apr 2024)

3) SOLD: CapitaLand Investment & Added: Link REIT

4) Mapletree Industrial Trust (MIT) AGM 2022

5) Added: Mapletree Industrial Trust (Jan 2022)

Added: CapitaLand Investment (Apr 2025)

 

Added 16,500 shares of CapitaLand Investment (CLI) at $2.39 on 9 Apr 2025.

Reason for buying:

1) 52w low

2) 18 cents dividend 

Based on my purchase price at $2.39, 18 cents dividend is 7.5%.
XD on 1 May 2025 and payable date on 13 May 2025

3) Shares buyback

CLI had performed shares buyback on 8 Apr ($2.48) & 9 Apr ($2.43 ~ $2.44)

Related post:

1) Added: CapitaLand Investment (Apr 2024)

2) SOLD: CapitaLand Investment & Added: Link REIT

SOLD: CapitaLand Ascendas REIT

 

Sold 16,000 shares of CapitaLand Ascendas Reit on 1 Apr at $2.72

Total profit (including dividend) is SGD 3332.99 (8.07%) for 4 months.

Reason for selling:

1) To raise cash to purchase Fraser Centrepoint Trust PO

FCT was trading at above $2.15 prior to 1 April and with FCT PO price at $2.05, it make sense for me to apply for the PO + excess.

9 April Afternote: 

I was so lucky to dodge a bullet when the Global stock market was in a meltdown due to Trump Tariff shortly after I sold Ascendas REIT.

This SGD40k+ came very handy to be in my warchest to allow me to scoop up stock cheaply.

Related post:

1) Added: CapitaLand Ascendas REIT

Added: CapitaLand Ascendas REIT

 

Added 16,000 shares of CapitaLand Ascendas REIT at $2.57 on 9 Dec 2024.

Reason for buying:

1) Close to 52w low

2) High positive Rental Revision

3) Dividend 5.8%

4) Majority of assets in Singapore

5)  Largest REIT for Industrial industry and 2nd largest in S-REIT

SOLD: Keppel DC Reit

 

Sold 17,500 shares of Keppel DC Reit (KDC) on 25 Nov at $2.36

Total profit (including dividend) is SGD 5957.74 (14.9%) for 2 years 10 months.

Reason for selling:

1) 3.9% dividend for my $2.28 entry price

In today high interest rate, it doesn't make sense that KDC only paying me 3.9% dividend based on my $2.28 buy price.

2) Data Centre risk profile increases

There are a few high profile data center tenants bankruptcy news which affected a few major DC players, including Keppel Data Center. As such, data center REIT are not that safe heaven as what many thought would be. 

KDC was affected by GUANGDONG DATA CENTRES 1, 2 & 3  & DXC Technology Services Singapore Pte. Ltd. (“DXC”).

Related post:

1) Added: Keppel DC Reit

2) Keppel DC REIT AGM 2022

Avoid these 4 mistakes when collecting your VEP RFID tag in Paradigm Mall (JB, Malaysia)

 

Wef from 1st Nov 2024, you can collect your VEP RFID tag in Paradigm Mall.

Mistake 1: Do not enter the first parking entrance. Instead, turn right and drive toward the Hotel parking entrance.

Continue drive straight all the way

Turn Left into the Hotel carpark

Drive very slowly. Steep slope from Level 1 to Level 7.

Look like Roller coaster scene right? :p

Mistake 2: DO NOT join the Q first. You need to get your documents verified at the VEP counter.

If you are alone, park your car and walk toward the top left corner of the mall entrance (near Level 7 cinema). 

Recommend to park near the car park gantry if there is a super long Q (especially on weekend), else you will be stuck in the jam trying to drive in and stuck in the jam again trying to drive out to join the Q.

If you have someone else in the car, ask them to walk toward the top left corner of the mall entrance (near Level 7 cinema) to get Q number.

Mistake 3:Did not print out hardcopy of your appointment slip + passport.

They charge RM4 per piece if you did not print out the required documents.

Once they verified your appointment slip, the staff will sign on the appointment slip.

You can go back to your car and join the Q.

When you are the first 2 cars of your line, you need to align and collect your physical VEP RFID tag at the counter on the top right corner. 

One of the staff will help you paste the VEP tag inside your windscreen.

Mistake 4: Do not throw away the serial number slip.

You are to follow the instruction to activate the VEP tag on your own.

SOLD: CapitaLand Investment & Added: Link REIT

 

Sold 10,000 shares of CapitaLand Investment (CLI) on 21 Jun at $2.66

Total profit (including dividend) is SGD 2819.94 (11.33%) for 2 months.

Reason for selling:

1) Growth stock 

As mentioned when I bought it on 18 Apr, CLI is a growth stock rather than dividend stock. Thus, wont be holding it for long term. CLI only declare dividend once per year.

2) Daily share buyback but share price going sideway

I agree that CLI is currently undervalue. Thus CLI had been performing "almost" daily share buyback since they announced their financial report. With this daily share buyback activity, share price remain sideway. What if CLI stopped their daily share buyback activity, the share price will _____

3) Use the fund to buy into LINK Reit

Selling off CLI to buy into Link Reit

Added 5,000 shares of Link Reit on 21 Jun at HKD31.85.

This bring my total holding of Link Reit to 8,185 shares.

Reason for buying:

1) 5 yrs low

2) Dividend 8.2%

Link Reit declare dividend twice per year. They offer Scrip options for the last 2 dividends + current dividend (xD 27 Jun 2024). 

I had subscribed to their last 2 scrips and will be doing the same for this upcoming scrip too. The bad thing about their scrip is they do not offer any discount for their scrip price :(

3) PB 0.45

4) "A" mark in report book

  

Related post:

1) Added: CapitaLand Investment (Apr 2024)

2) Added: Link REIT (Jun 2023)

Added: CapitaLand Investment (Apr 2024)

 

Added 10,000 shares of CapitaLand Investment (CLI) at $2.48 on 18 Apr 2024.

Reason for buying:

1) 52w low

Trying my luck to queue at $2.48 when the share price was hovering around $2.52 at that time.

Their restructuring launch price was $2.95 on 20 Sep 2021

2) Share buyback in Jan 2024 

CLI did 11 days of share buyback in Jan 2024 alone. 

The share buyback price range between $2.90 to $3.01

3) 12 cents Dividend  

At my buy price of $2.48, 12 cents dividend is 4.8% going XD on 2 May 2024. Although the dividend is nothing to shout out loud, I will treat it as a bonus. Dont think I will be holding this for long term as this is more of a growth stock play rather than dividend play.

4) Doubling their FUM to S$200B in 5 years

CLI have been on asset light approach few years back and have set a new target of S$200B in 5 years time. This will improve their recurring fee. Doubling from $100B to $200B FUM within 5 years is quite aggressive.

5) PB 0.9

Based on their divestment history, CLI always manage to divest their asset at a premium %. This would mean their NAV was conservative. 

Related post:

1) Added: CICT (Sep 2023)

2) Added: CICT (Mar 2023)