DBS has no idea when it comes

1
Comment
Favorite

Karen333
2023-10-18

DBS has no idea when it comes to REITS. They made the wrong call every single time.

Mapletree’s Group of REITs Are a "Great Place to Be in", Says DBS

DBS Group Research analysts Derek Tan, Dale Lai, Rachel Tan and Geraldine Wong like the group of REITs by the Mapletree group, calling them a “great place to be in”.‘’We featured Mapletree Logistics T

Mapletree’s Group of REITs Are a "Great Place to Be in", Says DBS

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment

Top
Latest

No comments yet

Most Discussed

{"i18n":{"language":"en_US"},"data":{"magic":2,"id":231829023817784,"tweetId":"231829023817784","gmtCreate":1697617891853,"gmtModify":1697617895970,"author":{"id":4106699629777400,"idStr":"4106699629777400","authorId":4106699629777400,"authorIdStr":"4106699629777400","name":"Karen333","avatar":"https://community-static.tradeup.com/news/5a24d4a63169cc05795b5cf99d8bb3bc","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"currentWearingBadge":{"badgeId":"44212b71d0be4ec88898348dbe882e03-1","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"Boss Tiger","description":"The transaction amount of the securities account reaches $100,000","bigImgUrl":"https://static.tigerbbs.com/c8dfc27c1ee0e25db1c93e9d0b641101","smallImgUrl":"https://static.tigerbbs.com/f43908c142f8a33c78f5bdf0e2897488","grayImgUrl":"https://static.tigerbbs.com/82165ff19cb8a786e8919f92acee5213","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.09.29","exceedPercentage":"60.23%","individualDisplayEnabled":0},"individualDisplayBadges":[],"fanSize":15,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"html":"<html><head></head><body><p>DBS has no idea when it comes to REITS. They made the wrong call every single time.&nbsp;</p></body></html>","htmlText":"<html><head></head><body><p>DBS has no idea when it comes to REITS. They made the wrong call every single time.&nbsp;</p></body></html>","text":"DBS has no idea when it comes to REITS. They made the wrong call every single time.","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/231829023817784","repostId":1187019653,"repostType":2,"repost":{"id":"1187019653","kind":"news","pubTimestamp":1695798795,"share":"https://ttm.financial/m/news/1187019653?lang=en_US&edition=fundamental","pubTime":"2023-09-27 15:13","market":"sg","language":"en","title":"Mapletree’s Group of REITs Are a \"Great Place to Be in\", Says DBS","url":"https://stock-news.laohu8.com/highlight/detail?id=1187019653","media":"The Edge Singapore","summary":"DBS Group Research analysts Derek Tan, Dale Lai, Rachel Tan and Geraldine Wong like the group of REITs by the Mapletree group, calling them a “great place to be in”.‘’We featured Mapletree Logistics T","content":"<html><head></head><body><p>DBS Group Research analysts Derek Tan, Dale Lai, Rachel Tan and Geraldine Wong like the group of REITs by the Mapletree group, calling them a “great place to be in”.</p><p>‘’We featured Mapletree Logistics Trust (MLT), Mapletree Industrial Trust (MINT) and Mapletree Pan Asia Commercial Trust (MPACT) in a themed conference in Bangkok, meeting with existing and new investors,” say the analysts in their Sept 25 report.</p><p style=\"text-align: start;\">“Overall, conversations focused on the sustainability of returns (i.e. any bright spots in the operating and demand outlook) given the slowing economic outlook, financial management given an extended period of high-interest rates impacting distributions,” they add.</p><p>Amid the more hawkish posture from the US Federal Reserve, with markets now adjusting to two rate cuts from three in 2024, the analysts are advising investors to “add” their positions selectively.</p><p style=\"text-align: start;\">MINT and MLT, which are industrial REITs, are preferred due to the resiliency of their income streams. At the same time, MPACT’s valuation at 0.85x of its P/B and forward yields of over 6% and in excess of -1 standard deviation, is “starting to look interesting for investors”.</p><p style=\"text-align: start;\">“In addition, we note that recent encouraging signs of China’s macros bottoming out (industrial production and retail sales in August 2023 picked up steam) could be a key catalyst for investors to add more convincingly if these improvements are sustained,” say the analysts.</p><p>Furthermore, the REITs’ financial metrics – referring to MLT, MINT and MPACT’s interest coverage ratios at 3.2x to 4.4x – are able to provide ample buffers even if interest rates remain elevated.</p><p style=\"text-align: start;\">“A well-positioned debt expiry profile and hedge ratios in excess of 75% shield the Singapore REITs or S-REITs although those levels could come off towards the 70% level in the interim as the managers trade off taking ‘insurance’ by fixing interest rates at near-peak interest rates levels,” they add.</p><p style=\"text-align: start;\">Operationally, MLT’s reversions are generally expected to remain positive for most of its cities given the tight supply of properties. Its occupancy rate is also expected to be resilient in most countries with overall rates to remain between 97% to 98%.</p><p>“Key market to watch is China ([at] 20% of exposure) where [its] outlook remains mixed with close to 45% of China (9% of overall portfolio) are in the Tier 2/3 cities which are seeing weak demand due to uncertain macro coupled with competitive supply,” say the analysts.</p><p style=\"text-align: start;\">MINT’s occupancy rates are also likely to remain stable despite the weaker q-o-q numbers in the 1QFY2024 ended June. Competition for space in Singapore is not likely to impact the REIT’s overall returns given that the REIT’s flatted factory portfolio remains price competitive in the current landscape with still-positive reversions.</p><p style=\"text-align: start;\">However, the analysts warn that the REIT may see some weakness in the near-term for its US data centres due to the phased return of space from AT&amp;T’s lease.</p><p>“Of note, is a near-term expiry in Milwaukee (0.9% of revenues) and expected to be empty) while the manager is looking to re-let space in Tennessee (1.8% of revenue in November) to a new tenant in the healthcare industry while the medium-term opportunity for its San Diego (2.6%) in December 2024 could be re-positioned,” say the analysts.</p><p style=\"text-align: start;\">Finally, MPACT’s rental reversions are estimated to remain stable with the positive rental uplifts seen, led by Singapore. While the REIT’s Festival Walk property in Hong Kong is still negative, the mall should continue to see lower negative reversions heading forward.</p><p style=\"text-align: start;\">“The return of China tourists could lift overall retail sales in Hong Kong, driving an improvement in overall retail sentiment,” say the analysts.</p><p style=\"text-align: start;\">Overall, the analysts believe that the managers of all three REITs are able to deliver distribution per unit (DPU) growths of 0% to 1% in this new period of “red hot” interest rates as most of its property exposures are seeing improving cashflow profiles due to them remaining “anchored in a landlord’s market”.</p><p style=\"text-align: start;\">As at 2.45pm, units in MLT, MINT and MPACT are trading at $1.67, $2.25 and $1.41 respectively.</p></body></html>","source":"lsy1655096814160","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Mapletree’s Group of REITs Are a \"Great Place to Be in\", Says DBS</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMapletree’s Group of REITs Are a \"Great Place to Be in\", Says DBS\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-09-27 15:13 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.theedgesingapore.com/capital/brokers-calls/mapletrees-group-reits-are-great-place-be--says-dbs><strong>The Edge Singapore</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>DBS Group Research analysts Derek Tan, Dale Lai, Rachel Tan and Geraldine Wong like the group of REITs by the Mapletree group, calling them a “great place to be in”.‘’We featured Mapletree Logistics ...</p>\n\n<a href=\"https://www.theedgesingapore.com/capital/brokers-calls/mapletrees-group-reits-are-great-place-be--says-dbs\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"M44U.SI":"丰树物流信托","N2IU.SI":"丰树商业信托","ME8U.SI":"丰树工业信托"},"source_url":"https://www.theedgesingapore.com/capital/brokers-calls/mapletrees-group-reits-are-great-place-be--says-dbs","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187019653","content_text":"DBS Group Research analysts Derek Tan, Dale Lai, Rachel Tan and Geraldine Wong like the group of REITs by the Mapletree group, calling them a “great place to be in”.‘’We featured Mapletree Logistics Trust (MLT), Mapletree Industrial Trust (MINT) and Mapletree Pan Asia Commercial Trust (MPACT) in a themed conference in Bangkok, meeting with existing and new investors,” say the analysts in their Sept 25 report.“Overall, conversations focused on the sustainability of returns (i.e. any bright spots in the operating and demand outlook) given the slowing economic outlook, financial management given an extended period of high-interest rates impacting distributions,” they add.Amid the more hawkish posture from the US Federal Reserve, with markets now adjusting to two rate cuts from three in 2024, the analysts are advising investors to “add” their positions selectively.MINT and MLT, which are industrial REITs, are preferred due to the resiliency of their income streams. At the same time, MPACT’s valuation at 0.85x of its P/B and forward yields of over 6% and in excess of -1 standard deviation, is “starting to look interesting for investors”.“In addition, we note that recent encouraging signs of China’s macros bottoming out (industrial production and retail sales in August 2023 picked up steam) could be a key catalyst for investors to add more convincingly if these improvements are sustained,” say the analysts.Furthermore, the REITs’ financial metrics – referring to MLT, MINT and MPACT’s interest coverage ratios at 3.2x to 4.4x – are able to provide ample buffers even if interest rates remain elevated.“A well-positioned debt expiry profile and hedge ratios in excess of 75% shield the Singapore REITs or S-REITs although those levels could come off towards the 70% level in the interim as the managers trade off taking ‘insurance’ by fixing interest rates at near-peak interest rates levels,” they add.Operationally, MLT’s reversions are generally expected to remain positive for most of its cities given the tight supply of properties. Its occupancy rate is also expected to be resilient in most countries with overall rates to remain between 97% to 98%.“Key market to watch is China ([at] 20% of exposure) where [its] outlook remains mixed with close to 45% of China (9% of overall portfolio) are in the Tier 2/3 cities which are seeing weak demand due to uncertain macro coupled with competitive supply,” say the analysts.MINT’s occupancy rates are also likely to remain stable despite the weaker q-o-q numbers in the 1QFY2024 ended June. Competition for space in Singapore is not likely to impact the REIT’s overall returns given that the REIT’s flatted factory portfolio remains price competitive in the current landscape with still-positive reversions.However, the analysts warn that the REIT may see some weakness in the near-term for its US data centres due to the phased return of space from AT&T’s lease.“Of note, is a near-term expiry in Milwaukee (0.9% of revenues) and expected to be empty) while the manager is looking to re-let space in Tennessee (1.8% of revenue in November) to a new tenant in the healthcare industry while the medium-term opportunity for its San Diego (2.6%) in December 2024 could be re-positioned,” say the analysts.Finally, MPACT’s rental reversions are estimated to remain stable with the positive rental uplifts seen, led by Singapore. While the REIT’s Festival Walk property in Hong Kong is still negative, the mall should continue to see lower negative reversions heading forward.“The return of China tourists could lift overall retail sales in Hong Kong, driving an improvement in overall retail sentiment,” say the analysts.Overall, the analysts believe that the managers of all three REITs are able to deliver distribution per unit (DPU) growths of 0% to 1% in this new period of “red hot” interest rates as most of its property exposures are seeing improving cashflow profiles due to them remaining “anchored in a landlord’s market”.As at 2.45pm, units in MLT, MINT and MPACT are trading at $1.67, $2.25 and $1.41 respectively.","news_type":1,"symbols_score_info":{"N2IU.SI":1.1,"ME8U.SI":1.1,"M44U.SI":1.1}},"isVote":1,"tweetType":1,"viewCount":2798,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":67,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}