May 3, 2024

Cory Diary : MLT Result Review

MLT is one of the smaller allocation in the portfolio which I intent to grow when opportunity arises. However, this is on the premise that the Fundamental of the Reit, the Returns of the investment and Risks are better understood before ploughing more and more into it each time. This review is a quick and dirty fast way to get a basic understanding too.

The Reits are relative large and seen recycling of assets in their managed properties during this high rate environment period. A possibilities of DPU support too. Currently 6.6% DPU Yield.

They are also exposed to Weaker China Environment. About 20% of the Reit. But if we include HK that's about 40%. They are well diversified across asia regions.

The result has been "well managed" looking at the footnote. Good thing about large branded reit. So the question is this sustainable. Currently NAV 1.4 which looks quite align to the traded price. Will they have more recycling to go ? Possibly.

Debt Management

Low cost at 2.5%. Quite surprising. No weakening in ICR.

Added 5/12 to better reflect debt profile
Added 5/12 to better reflect debt profile


When i first start the review, I am quite concern with the HK/China exposure. And a quick reflex is a Hold of this counter. However, the financials, the size and the stability the management provided so far do bring some comfort that there maybe enough Risk/Reward ratio to ride the dragon returns. One thing to note is not sure how effective or duration on the recycling part as I am not familiar with this but I guess this maybe something to monitor and learn.

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Disclaimer: The articles presented in this blog reflect personal opinions and are intended for informational and sharing purposes only. Not responsible of errors. Readers are advised to seek professional guidance when making financial decisions and should take full responsibility for their choices.

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