Manulife US REIT - DBS Research 2023-02-10: Don’t Make Me Wait For Love

Manulife US REIT - Don’t Make Me Wait For Love

  • Manulife US REIT (SGX:BTOU)'s FY22/2H22 results were largely in line with expectations; lower dividend payout to 91% to conserve cash. FY22 DPU fell 11% y-o-y to US$0.0475, mainly due to a dividend payout cut to 91% from 100% in 2H22. DPU (without retention) -7% y-o-y to US$0.0497, in line with our forecasts. See Manulife US REIT's announcement dated 09 Feb 2023.
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  • Gearing increased to 48.8% vs 42.5% in 3Q22, as previously guided in Dec 22, mainly due to the ~11% decline in portfolio valuation.
  • Average cost of debt increased by 40bps q-o-q to 3.74% from 3.34% and ICR ratio declined to 3.1x, as previously guided. This has yet to take into account the refinancing of S$105m. We estimate Manulife US REIT's average cost of debt may rise another ~50bps taking into account a full-year impact of the refinancing.
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Key Highlights & Observations from Manulife US REIT's FY22

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Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @

Rachel TAN DBS Group Research | Derek TAN DBS Research | 2023-02-10

Read also DBS's most recent report:
2024-02-09 Manulife US REIT - Focus On Leasing & Divestments.

Previous report by DBS:
2023-11-30 Manulife US REIT - Throwing A Lifeline; Downgrade To HOLD.

Price targets by other brokers at Manulife US REIT Target Prices.

Listing of research reports at Manulife US REIT Analyst Reports.

Relevant links:
Manulife US REIT Share Price History,
Manulife US REIT Announcements,
Manulife US REIT Dividends & Corporate Actions,
Manulife US REIT News Articles


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