Mapletree Nac Tr

ONE of the few good sponsor reiterated under the strong name that has been overly pressed down due to hk issue!


Full occupancy for their hk FW,looks like market has overly reacted!

Yearly dpu of 7.7+ cents.
Yield is 6.13% base on 1.26.
 NAV 1.438.
Gearing is about 37.2

Looks like it may rise to retest 1.30 again!
Crossing over with ease plus good volume that may drive the price higher towards 1.38 then 1.45.


Pls dyodd.


19 October 2019
2nd quarter result is out!
Dpu still manage to inch up 0.6% to 1.937 cents vs last year.
Results seems better than expectations!

Rental revenue is up. Net property income is also up. Looks pretty encouraging!

Ex.dividend on 4th Nov.
Pay date on 22 Nov.


Cash flow seems healthy.

Outlook:

For Hong Kong SAR, overall retail sales from April 2019 to August 20191 contracted by 9.3%, as the
weaker economic conditions and protests, which started in the middle of June 2019, continued to
dampen consumer sentiments

. Festival Walk has maintained full occupancy and achieved positive
average rental reversion for leases renewed for 1H FY19/20. However, with the ongoing uncertainties,
Festival Walk’s near-term outlook is expected to remain subdued.


In Beijing
, macroeconomic headwinds and availability of new office supply are expected to weigh on
overall leasing momentum, putting downward pressure on both rental and occupancy levels at
Gateway Plaza.

For Shanghai
, demand for business park space remains relatively resilient, supported
by cost-sensitive occupiers, and new media and information technology firms. Sandhill Plaza is
expected to maintain a steady performance.

The Tokyo office market
is expected to remain positive, underpinned by low vacancy rates.

The Japan
Properties, with long average lease expiry periods and high average occupancy rates, are expected to
continue to contribute to the stability of MNACT’s portfolio.


Pls dyodd.