My Personal Analysis of US Manulife REIT

In my last screening for dividend stocks, US Manulife REIT appeared top in the results with 8.736% dividend yield. This has got me interested to drill deeper and understand this REIT further. On a high level note, Manulife US REIT is a Singapore REIT established with the investment strategy principally to invest, directly or indirectly, in a portfolio of income-producing office real estate in key markets in the United States, as well as real estate-related assets.

Manulife US REIT was listed on SGX on 20 May 2016 and is the first pure play US office REIT to be listed in Asia. The IPO price of Manulife US REIT was 0.83 US cents. Read More

Its Not Fair, I Deserve The Promotion

Our performance appraisal is around the corner. The appraisal outcome also determines our fate whether we are getting the job promotion and the performance bonus that we deserve.

How many times have you felt this way at work when you saw someone else got promoted at work but not you? At my current workplace, I often heard of my colleagues grumble about how hard they have worked for many years but not gotten the promotion that they deserved. Most of them had quit the company to pursue a position elsewhere. One colleague left my current company recently for the same reason.

I have been pondering how do we get that job promotion at work? I happen to bump into the below video from Xandria Ooi which I wanted to share with those that felt they are not getting the job promotion they should be getting and I hope you get better after watching it.

Here is the excellent video by Xandria Ooi.

In summary, when we worked, the goal is not to be recognized or to be rewarded, the goal is to be VALUABLE. Because when you are valuable, the recognition and rewards will come naturally!

Mapletree Commercial Trust Declares DPU of 2.31 cents for 4QFY18/19

I consider this as one gem I have in my stock portfolio. Mapletree Commercial Trust currently makes up 10% of my stock portfolio. On 23rd April 2019, Mapletree Commercial Trust announced their 4QFY18/19 financial results. 4Q FY18/19 gross revenue and Net Property Income (NPI) grew 3.7% and 3.9% respectively. Income available for distribution was up 3.1%.

Here are the 4QFY18/19 financial results compared with 4QFY17/18.

4QFY18/19
(S$’000)
4QFY17/18
(S$’000)
Change
Gross Revenue 112,899 108,880 3.7%
Net Property Income 87,560 84,285 3.9%
Distributable Income 66,861 64,839 3.1%
Distribution Per Unit (“DPU”) (cents) 2.31 2.27 1.8%

All financial results are positive!

Here are the full year FY18/19 financial results compared with FY17/18.

FY18/19
(S$’000)
FY17/18
(S$’000)
Change
Gross Revenue 443,893 433,525 2.4%
Net Property Income 347,627 338,845 2.6%
Distributable Income 264,027 260,359 1.4%
Distribution Per Unit (“DPU”) (cents) 9.14 9.04 1.1%

Debt

As of 31st March 2019, the gearing ratio stood at 33.1%. The average term to maturity of debt is 3.6 years.

Occupancy

Overall portfolio committed occupancy stood at 98.5%.

Dividend Yield

Based on the dividend payout of 9.14 cents and current stock price of $1.92, this translates to a dividend yield of 4.76%. This means Mapletree Commercial Trust is considered expensive right now as most retail REITs should offer a dividend yield above 5%.

Catalyst

Giant at the basement has been replaced by FairPrice. FairPrice has started fit-out works for an integrated space of estimated 91,000 square feet while the remaining estimated 24,000 square feet of recovered anchor space on Level 1 and Basement 2 has been fully committed. The enhancement work is scheduled for completion by 2Q FY19/20, the entire changeover will deliver estimated 40% Return On Investment (ROI) in addition to positive rental uplift.