21 April 2014

Mapletree Greater China Commercial Trust 4Q FY 13/14 Result

MGCCT Fourth Quarter DPU of 1.587 cents exceeds Forecast by 15.9%. Full year DPU of 6.282 cents above Forecast by 13.1%. Full year rental uplift for Festival Walk and Gateway Plaza are 20% and 79% respectively. Lower gearing at 38% and high interest coverage ratio of 4.6 times.

MGCCT made a portfolio valuation recently on 31 March 2014 for Festival Walk and Gateway Plaza. Festival Walk had an increased of 4.5% valuation of S$3.611 billions and Gateway Plaza had an increased of 6.5% valuation of S$1.111 billions. MGCCT has repaid HK$695 millions of Term Loan Facility using operating cash. Weighted Debt Maturity as of 31 March 2014 is 3 years.

The Board of Directors had declared DPU of 3.099 cents per ordinary share which will be payable on 22 May 2014 for the Distribution Period from 1 October 2013 to 31 March 2014.

Full year DPU of 6.282 cents for the first year since IPO offering price of S$0.93 which equate to about 6.75% of dividend yield is considered a value investment portfolio for income. Whether MGCCT can continued to give attractive DPU had to rely on the occupancy rate of both Festival Walk and Gateway Plaza. In my opinion, the Management had did a good job and we will have another good year of approximately 6.5% dividend yield to come.

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