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.
|Net Property Income||87,560||84,285||3.9%|
|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.
|Net Property Income||347,627||338,845||2.6%|
|Distribution Per Unit (“DPU”) (cents)||9.14||9.04||1.1%|
As of 31st March 2019, the gearing ratio stood at 33.1%. The average term to maturity of debt is 3.6 years.
Overall portfolio committed occupancy stood at 98.5%.
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%.
Giant at the basement has been replaced by FairPrice.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.