27 April 2016

MGCCT 4Q DPU up 10.4% at 1.923 cents

Mapletree Greater China Commercial Trust posted their 4Q FY 15/16 earning report in summary below.
  •  Available Distribution per Unit (DPU) for 4Q FY 15/16 of 1.923 cents, 10.4% higher than the corresponding quarter a year ago
  • FY 15/16 DPU increased 10.8% year on year
  • Gross revenue grew 15.2% to $87.8 million
  • Net Profit Income (NPI) rose 17.3% to $73 million
The growth in revenue and NPI was mainly due to the acquisition of Sandhill Plaza and steady contribution from Festival Walk and Gateway Plaza. There is rental uplifts of 37% from Festival Walk and 25% from Gateway Plaza. 94% of the portfolio leases due for expiry in FY 15/16 had renewed.

MGCCT have also been consistent growth in Distributable Income and DPU since IPO. Today closing price at 99 cents give you an annualised distribution yield of 7.35% which is very attractive to invest for income.

MGCCT have adopted a prudent risk-based approach to position for further growth. They had created a resilient portfolio that enable high portfolio occupancy and positive rental reversions. Asset management are effective in bringing down the cost management with innovative marketing and promotion. They are always on a lookout for asset enhancement initiatives and make prudent and rigorous acquisition.  
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5 comments:

  1. ruby28 April 2016 at 09:27

    Looking at your graph, the DPU from Oct to Mar 2016 should be 3.777 cts. THis is different from the The Staits TImes's MGCCT article of 3.771 cts.

    ReplyDelete
  2. Eric28 April 2016 at 10:46

    Yes, you are right! Not sure where the remaining 0.006 cents goes to...

    ReplyDelete
  3. ruby28 April 2016 at 14:58

    I have written to their website contact email. Hope they will reply and rectified this error.

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  4. ruby28 April 2016 at 19:03

    Just got a reply from MGCCT.

    MGCCT’s distribution is on a semi-annual basis. The DPU that Unitholders will be receiving for the half-year period from 1 October 2015 to 31 March 2016 (“2H FY15/16”) is 3.771 cents. This DPU is derived based on the total distributable income for the half-year period from 1 October 2015 to 31 March 2016 over the number of issued units as of 31 March 2016.



    The 2H FY15/16 DPU of 3.771 cents is not derived by adding 3Q FY15/16 DPU of 1.854 cents and 4Q FY15/16 DPU of 1.923 cents.



    As of 31 Dec 2015 (end of 3QFY15/16), the number of units was 2.749 billion units. On 24 Feb 2016, there were new units (8.9 million units) issued to the Manager as payment of base fee and property management fee for the period from 1 Oct 2015 to 31 Dec 2015. This brought the total number of units as of 31 Mar 2016 (end of 4Q FY15/16) to 2.758 billion units. The quarterly payment of base fee and property management fees in units to the Management is detailed in the Prospectus.



    The above information regarding the calculation of 2H FY15/16 DPU can be found in footnote 1 on page 5 of the Media Release.


    ReplyDelete
  5. Eric28 April 2016 at 19:33

    Thanks for the information ruby. You have clear my doubt.

    ReplyDelete

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