Reits分析：新加坡丰树泛亚商业信托N2IU

The trust's objective is to own high-quality properties located in convenient transportation and high footfall areas to ensure stable rental income and potential for capital appreciation.

The management team of Mapletree PanAsia Commercial Trust is dedicated to effectively managing its investment portfolio, enhancing the value of assets, and seeking opportunities to increase investor returns. The trust is listed on the Singapore Stock Exchange and regulated by the Singapore regulatory authority.

Mapletree PanAsia Commercial Trust was formed by the merger of two trusts, namely Mapletree Commercial Trust and Mapletree Anson Commercial Trust.

It would be a good thing if the management company sells off properties with average quality in the future.

(PS: Before the merger, Hootoo only needed to focus on five properties in Singapore. After the merger, Hootoo has to look at properties all over Mainland China, Hong Kong, Japan, and South Korea. This has increased the workload significantly. Of course, when I say "look," it doesn't mean physically visiting them every day, but rather conducting extensive research and analysis.)

The following is an overview of property valuations:

For more specific property introductions, please refer to the financial reports. I won't post them here. Below, I will only discuss my own understanding.

A friend asked about this. Why did they accumulate so much cash during the pandemic?! From 2020 to 2021, when the pandemic was severe, Singapore also strictly controlled people's movements. The malls were empty. However, because most of the rental contracts were long-term, the rental income was not significantly affected. Some shops and small companies closed down in the meantime. I think the company must have been scared at that time, thinking that when the businesses collapse, they will collapse too. So, they hoarded the money and dared not distribute it. In the fiscal year 2021, they accumulated 200 million new coins in cash but did not dare to pay dividends. They were preparing to hold onto the money for a rainy day.

In 2022, the assets of Pan-Asia were internally integrated, so there have been significant changes in the financial report since the year 2023. The total share capital has increased significantly. Total revenue, net income, and liabilities have all changed dramatically. These are normal changes brought about by the merger.

The future increase in fair value of assets can be seen as an additional reward.

The net change in fair value of investment properties represents the change in fair value of assets: over 40 million.

Without considering the change in fair value of assets, the key is to look at: Profit before tax and fair value change in investment properties and share of profit of a joint venture. The total is 0.43 billion (SGD).

In theory, the amount of money that can be distributed is about the same, considering other income and deducting taxes. If the distribution profit of 0.43 billion / the market cap of 6.6 billion = 6.5%.

That's why there is some 'room for maneuver' in the previous 7.2%.

Of course, investing in Reits is different from investing in stocks, with different intentions and target rates of return. When making decisions, everyone needs to consider their own opportunity cost.

Risk Disclaimer: Investment involves risks, please be cautious when entering the market. The above only represents personal opinions and does not constitute investment trades.

This article is a summary of personal experience and thoughts. The content is for reference only and does not constitute investment advice for any individuals or institutions. You are responsible for your own gains and losses. I hope the ideas are helpful to you and welcome everyone to exchange thoughts.