MLT released its 3Q FY2025 results yesterday. The Edge has an article on it. What catch my notice:
- 32% of portfolio expires in FY 2026. 47% are in China. MLT expects -ve double-digit rental reversion in China to last another quarter, and then followed by negative high-single digit rental reversion
- OCBC Research: MLT's borrowing cost will rise from 2.7% (current) to 2.9% in FY2026.
MPACT released its results today. Same as last quarter, negative double digit y-o-y decline in DPU. Its non-Singapore properties continued to face headwinds.
I compare Sino Land (listed in HK) and MPACT below, as they both own properties in Singapore and HK/China.
MPACT (listed in Singapore)
Owns: Retail and commercial properties (office, business parks) in Singapore, HK / China, Japan and Korea. Crown Jewel is Vivo City in Singapore.
Share Price: $1.19
Leverage: 38% of NAV.
Price to Book: 0.69
Yield: 6.8% (assume DPU of 8.09 cents)
Sino Land (listed in HK)
Owns: Retail, commercial and hotel properties in HK / China / Singapore. Also develop properties in HK / China / Singapore.
Share Price: $7.45 (hits 52 week low)
Leverage: None. Net Cash comprises 2/3 of market cap.
Price to Book: 0.39
Yield: 7.8% (based on last year's dividend of 58 cents)
Other than not having a crown jewel like Vivo City, Sino Land seems better than MPACT. Sino Land has higher yield and high cash amount (i.e. not affected by interest rates going higher).
Not vested in MLT and MPACT. Vested in Sino Land.
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