Cory Diary : Returning to MNACT (Updated)

Mapletree North Asia Commercial Trust

After significant sales in Aims Apac Reit, the portfolio needs some higher yield Reit to compensate for the dividend. One of the consideration is MNACT due to Maple Story ... and of-course the yield. The main concern is the potential rights issue. Nevertheless, no harm to go ahead to initiate some token purchases.

The Business update is out today so I thought is good to take a peek. The table below looks quite ugly. Not sure is an understatement. The reversion -34% on 44% of leases in Festival Walk. Not sure there is more contract focus on earning from sales which are in good recovery phase.

Do note the ICR is Trailing 12 months basis. However much lower rental reliefs of S$4.0 million granted to retail tenants at FW in 1Q FY21/22 compared to the corresponding period last year (1Q FY20/21: S$17.9 million )

Personally I feel MNACT is racing against time before the full impact of FW is felt such that DPU will continues in a reasonable manner with rising retail sales and timely acquisitions. There is also another equation which is the insurance proceed. There seems to be so many unknown and I am glad that currently my stake is small. After reviewing the information, probably to halt further increase till we have more concrete results. But I have no doubt the Manager is capable and doing the best they can.

(Updated 7/28: Decided to clear my small position ~cut loss and move to HST)

Cory

2021-0727

Articles in this Blog is personal take and educational purposes only. Reader should seek their own professional help when making financial decision and be responsible for their decision.

Cory Diary : Mapletree NAC Tr - I am back !

This counter is my 2019 lover. After selling all around 1.3x to 1.4x range I am finally back in the game which is slightly more than a year wait. The timing on the counter has been relatively good though would have been better. Here's my my post on the sale in Year 2019. 

Cory Portfolio Re-balance - aftermath of MNACT sale

Now I am in the process of building it back. Looks like with the draconian law in place, protests are much more restricted and tamed in Hong Kong or at least the perception I have as there is much lesser media reporting within my sphere of easy reach. On top of this, the Covid situation is now under control.

Today the Reit is in the news again on Korea acquisition.

The fee structure is quite transparent. And seem quite align to shareholder.

Threshold DPU of 7.124 cents has provided the baseline for reference which translate to 7.96% yield from a Maple family. The gearing slightly exceeded 41% IIRC.

Are you excited ? I am.

Cory

2020-0926

Cory Diary : Dividends Shortfall

For those who miss my Aug Performance Report. Here you are.

Cory Portfolio Resilience


With the recent sales of Singtel and Mapletree NAC Tr, estimated dividends by year end will be reduced (updated for privacy) . This means potentially Cory Equity Portfolio may collect slightly lesser than Year 2018 despite bull year for Cory portfolio. Alamak ! Without saying it will be some distance from expected (updated for privacy)  target..... sigh !

Portfolio yield is at 4.6%. This is mainly due to STI ETF and Bonds/ Preference shares holding the values down which has seen significant expansion as I try to lock my happy returns to safer harbor. Another possible reason is that there are additional stakes in some counters which do not have dividends for the remainder of the year. One for yield, the other speculation.

Will gather some bullets and re-balancing. Hopefully I can do some magics to fix the issue.


Cheers

Cory
2019-0901

Cory Diary : Portfolio Resilience August Report

STI Index has major roller coaster rides this year. The most recent one is just this month when it erases all it this year winning and then creep back up a little to end at +1.23% YTD. After dividends, probably +4% range.

How did Cory Portfolio performs ? If we are to use the relative perform chart against STI, End Jun report is Here and Early Aug in Here. Iran conflict did not happen. I was trying to secure the widened gap. Let's look how it goes.

Year-to-Date

(updated for privacy) 

Cory Portfolio  : 15.8% which came down from 18.x% range 
excluding fixed instruments (ie bond)  : 19.2%.  This is mainly due to weakness in Banks, STI ETF and lastly Mapletree NAC Tr (Black-swan - HK Riots/RMB Depreciation).

(updated for privacy) 

Overall portfolio outperforms STI by 11.x% so far this year. There are some changes in portfolio mix which I will elaborate in later blogging.


Cory
2019-0830

Cory Diary : Mapletree NAC Tr - Plan

This is one stock that I seldom blog about. One main reason is being selfish. I aren't saint and not that good either, ok. I need to plan my buys. Actually I have average up this twice resulting it becomes one of my 15% profit stocks. Much earlier if we based on initial amount.

As it reach another high today I thought it maybe good to plan my exits. So I do a chart on it today. Do remember I aren't expert in all this including stock selection. Is just my diary of my thoughts.

2019-0408 Mapletree NAC Tr

If you have notice, there is a major sell down by "funds" on 3/15 (Long red volume bar) with MACD cutover the previous day. Seems like there is concerted effort. However the stock continues to climb supported by the gradient support line hitting 1.35 today.

The reason it continues to climb I feel is the strong yield from this reit. The mall in HK is strong. As the business is generating positive DPU sell down is tough and unlikely. Further there is Fed helps. For my personal estimate using Fibo ext., the first sell signal will be 1.4 range. This is undemanding and could achieve with 5.5% yield. The next level will be 1.6 range which is harder to hit short term.


Cory
2091-0408