Mapletree North Asia Commercial Trust

http://www.btinvest.com.sg/markets/news/...ce=si_news - the final prospectus can be downloaded here.

Prospectus Link: H E R E

Price: $0.93

Total Offering: 776,636,000 Units (511,279,000 Placement; 265,357,000 Public inc 50,304,000 Reserved units)

Capitalisation: S$4,410,010,328

Expected yield: 5.6% (1 Apr 13 - 31 Mar 14); 6.1% (1 Apr 14 - 31 Mar 15)

Expected DPU: 5.24c (1st yr) 5.69c (2nd yr)

[Image: MGCCT-ProjectedYield_zps2f41f1a4.jpg]

Distribution Policy: 100% of distributable income (from listing till Mar 15). Thereafter at least 90% of distributable income on semi-annual basis. 1st distribution from listing to Sep 13 will be paid by 31 Dec 2013.

Property Summary
[Image: MGCCT-IPOPortfolio_zps3d6dc01c.jpg]
[Image: MGCCT-Property_zps96c99faa.jpg]

Trust Structure
[Image: MGCCT-TrustStructure_zpse714c74b.jpg]

Indicative Timetable
[Image: MGCCT-Timetable_zps7db411c7.jpg]

Nice summary, thx!

Just to add,

NAV = $0.91
Aggregate Leverage = 43%

Shareholders,

[Image: 20ihuet.jpg]

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(27-02-2013, 12:16 PM)lonewolf Wrote: Prospectus Link: H E R E

Price: $0.93

Total Offering: 776,636,000 Units (511,279,000 Placement; 265,357,000 Public inc 50,304,000 Reserved units)

Capitalisation: S$4,410,010,328

Expected yield: 5.6% (1 Apr 13 - 31 Mar 14); 6.1% (1 Apr 14 - 31 Mar 15)

Expected DPU: 5.24c (1st yr) 5.69c (2nd yr)

[Image: MGCCT-ProjectedYield_zps2f41f1a4.jpg]

Distribution Policy: 100% of distributable income (from listing till Mar 15). Thereafter at least 90% of distributable income on semi-annual basis. 1st distribution from listing to Sep 13 will be paid by 31 Dec 2013.

Property Summary
[Image: MGCCT-IPOPortfolio_zps3d6dc01c.jpg]
[Image: MGCCT-Property_zps96c99faa.jpg]

Trust Structure
[Image: MGCCT-TrustStructure_zpse714c74b.jpg]

Indicative Timetable
[Image: MGCCT-Timetable_zps7db411c7.jpg]

I never a fan of any REIT and never buy any REIT. But then I have a special case that my wife is a staff there and entitled to subscribe shares reserved for staff, at IPO price.

You think worth the effort to subscribe and speculate at the 1st day or 2 the share price will go up? How is REIT IPO performance lately? Thanks.

(27-02-2013, 04:41 PM)hongonn Wrote: How is REIT IPO performance lately?

The 2 most recent REITs IPO were FE-HTrust (27-Aug-12) & A-HTrust (27-Jul-12). Prior to that, MCT (27-Apr-11), also Mapletree company. There're many reasons why it's hard to compare MGCT with the 'recent' REITs IPO performance for stagging purpose,

1. Not that recent, ~6mths ago. Market condition not the same...
2. Different Assets - A-HTrust in Hotels ; FE-HTrust in Hotels & Serviced Apts ; MGCT in Malls & Offices
3. Assets in Different Countries - A-HTrust in Australia, China, Japan ; FE-HTrust in Singapore ; MGCT in China & HK
4. Different Gearing & Yield & Sponsors,...
5. IIRC, for A-HTrust, there was only a tiny time window to stag on the first day, after which, it went 'underwater' for quite a few days after that (check the related thread as I remembered compiling 30-days of data there). As for FE-HTrust, it opened and stayed above IPO price.

Perhaps it'd be better to do a comparison study for longer term hold, in case it goes 'underwater'... If so, can compare with other similar assets + region REITs like CRCT (China) & Fortune (HK). Both have lower Gearing (Fortune : 23.4% ; CRCT : 28% ; MGCT : 43%) but also lower Yield (Fortune : 4.84% @ HK$6.83 ; CRCT : 5.23% @ S$1.805 ; MGCT : 5.63% @ S$0.93). Can also look into NAV, Sponsors, Substantial Shareholders,...

I personally dislike REITs with higher Gearing and at this point in time, is more skewed towards giving this IPO a miss. BUT, will make my final decision only on 5-Mar before it closes at 12 noon...

Hi KopiKat,

Thanks for the info.

I never intends to hold any REIT. I was just thinking of riding on the property craze just like the dot com craze in '00. Since my wife is given the staff IPO reserved allocation, it might be a waste if not doing anything.

Still undecided yet. Probably will need to monitor the subscription rate.

I applied for some of the MGCR placement Shares via my bank. Went in for S$ 250,000+, thinking I would likely get cut back some. Well ............

This morning my friendly banker called - he informed that all placement applications below S$ 3 Million got zero - absolutely nothing. And the Placement Shares are more than 30 times over-subscribed.

Just wanted VB forummers to know that, despite being priced at the upper end, a huge oversubscription of the public tranche also looks likely.

Not vested. Will try my luck via my neighbourhood ATM.

(28-02-2013, 03:22 PM)RBM Wrote: I applied for some of the MGCR placement Shares via my bank. Went in for S$ 250,000+, thinking I would likely get cut back some. Well ............

This morning my friendly banker called - he informed that all placement applications below S$ 3 Million got zero - absolutely nothing. And the Placement Shares are more than 30 times over-subscribed.

Just wanted VB forummers to know that, despite being priced at the upper end, a huge oversubscription of the public tranche also looks likely.

Not vested. Will try my luck via my neighbourhood ATM.

Hi RBM,

Heard from a wealthy friend who indicated 20m shares and got 50k in return. How about that...

GG

Thanks GG ............. confirms what I have heard. I've gone back into my humble hole right now!!

(28-02-2013, 03:33 PM)greengiraffe Wrote:

(28-02-2013, 03:22 PM)RBM Wrote: I applied for some of the MGCR placement Shares via my bank. Went in for S$ 250,000+, thinking I would likely get cut back some. Well ............

This morning my friendly banker called - he informed that all placement applications below S$ 3 Million got zero - absolutely nothing. And the Placement Shares are more than 30 times over-subscribed.

Just wanted VB forummers to know that, despite being priced at the upper end, a huge oversubscription of the public tranche also looks likely.

Not vested. Will try my luck via my neighbourhood ATM.

Hi RBM,

Heard from a wealthy friend who indicated 20m shares and got 50k in return. How about that...

GG

pricing above nav..am i seeing flowers?