Our opinion on the current state of MAS(MSP)MAS (MSP) is a real estate investment trust (REIT) that invests in office, commercial, logistics, retail, and hospitality properties in Europe and the UK. This REIT was started by Martin Slabbert and Victor Semionov, who are well known for establishing NEPI - which merged with Rockcastle. They are highly regarded as European property experts.
The company is involved in a program to "restructure and grow" its balance sheet. This is being done by selling properties in Western Europe and buying income-generating properties with good growth potential in Central and Eastern Europe (CEE). The company has tripled the size of its asset base since 2016.
In its results for the six months to 31st December 2023, the company reported adjusted distributable earnings up 6% and tangible net asset value (NAV) up 10% at 1.60 euros per share. This performance was due to, "...standing retail properties' exceptional operational performance in CEE, leading to increases in passing NRI and improved asset valuations, enhanced by excellent rental and service charge collections, as well as the positive effect of DJV opening Carolina Mall on 31 August 2023." The company had a loan-to-value (LTV) of 24.3% and a collection rate of 99.6%.
In a pre-close update on 31st May 2024, the company said, "Overall, like-for-like ('LFL') footfall for the four months to 30 April 2024 was 5% above the same period in 2023, and tenants' sales per m2 exceeded prior year levels by 6%, both in enclosed malls and in open-air malls."
In our view, this is one of the better REITs on the JSE and well worth looking at if you want to buy a property stock in the rapidly expanding European property sector. Obviously, it is a rand-hedge, and it is trading well below its net asset value (NAV). On 25th January 2021, Business Day reported that the Oppenheimer family had acquired a substantial stake in MSP for approximately R500 million. When and if the Ukraine crisis is resolved, we see this share recovering rapidly.
MSP trade ideas
Our opinion on the current state of MSPMAS Real Estate Inc. (MSP), a Real Estate Investment Trust (REIT) with a focus on the European and UK property markets, has established itself as a significant player in the real estate sector. Founded by Martin Slabbert and Victor Semionov, who are renowned for their expertise in European property and their successful venture with NEPI Rockcastle, MAS operates with a strategy aimed at restructuring and growing its balance sheet. This strategy involves divesting properties in Western Europe to acquire income-generating assets with promising growth potential in Central and Eastern Europe (CEE), a move that has effectively tripled the size of its asset base since 2016.
For the six-month period ending 31st December 2023, MAS reported a 6% increase in adjusted distributable earnings and a notable 10% rise in tangible net asset value (NAV) to 1.60 euros per share. This positive performance is attributed to the exceptional operational achievements of its standing retail properties in CEE, characterized by increases in passing Net Rental Income (NRI) and enhanced asset valuations. These results were bolstered by strong rental and service charge collections and the impactful opening of the Carolina Mall on 31st August 2023. With a loan-to-value (LTV) ratio of 24.3% and a collection rate of 99.6%, MAS demonstrates financial stability and operational efficiency.
MAS is considered one of the more promising REITs listed on the Johannesburg Stock Exchange (JSE), particularly for investors looking to engage with the expanding European property sector. Its performance as a rand-hedge investment and its trading position well below net asset value (NAV) further enhance its appeal. The substantial investment by the Oppenheimer family, reported by Business Day on 25th January 2021, amounting to approximately R500m, underscores the confidence in MAS's strategic direction and future prospects.
The ongoing Ukraine crisis represents an external factor with potential implications for MAS and the broader European property market. However, the resolution of this crisis is anticipated to facilitate a rapid recovery for MAS shares, suggesting a robust outlook for the company in a post-crisis environment. This assessment positions MAS as an attractive investment opportunity for those looking to diversify their portfolio with a solid property stock in the dynamic European real estate market.
Our opinion on the current state of MSPMAS (MSP) is a real estate investment trust (REIT) which invests in office, commercial, logistics, retail, and hospitality properties in Europe and the UK. This REIT was started by Martin Slabbert and Victor Semionov who are well known for establishing NEPI - which merged with Rockcastle. They are very highly regarded as European property experts. The company is involved in a program to "restructure and grow" its balance sheet. This was to be done by selling properties in Western Europe and buying income-generating properties with good growth potential in Central and Eastern Europe (CEE). The company has tripled the size of its asset base since 2016. In its results for the six months to 31st December 2022 the company reported distributable earnings per share up 14,3%. The company said, "Trading and footfall in the Group's properties in CEE were exceptional for the six months to 31 December 2022, and were unaffected by social distancing or other Covid-19 related trading restrictions. As a result, collection rates were exemplary and the Group did not provide any support to tenants (deferred or waived rentals)". In a pre-close update for the year to 30th June 2023 the company said, "Overall like-for-like ('LFL') footfall for the five months to 31 May 2023 was 11% above the same period in 2019, and tenants' turnovers per m2 significantly exceeded pre-pandemic levels by 29%, both in enclosed malls (31% increase) and in open- air malls (28% increase)". In a trading statement for the year to 30th June 2023 the board has decided not to pay out a distribution, but to retain the distributable income to strengthen the balance sheet. In a trading update for the six months to 31st December 2023 the company reported, "Overall like-for-like ('LFL') footfall for the four months to 31 October 2023 was 8% above the same period in 2022, and tenants' sales per m2 exceeded prior year's levels by 7%, both in enclosed malls (8% increase) and in open-air malls (6% increase)". In our view, this is one of the better REIT's on the JSE and well-worth looking at if you want to buy a property stock in the rapidly expanding European property sector. Obviously, it is a rand-hedge, and it is trading just below its net asset value (NAV). On 25th January 2021 the Business Day reported that the Oppenheimer family had acquired a substantial stake in MSP for approximately R500m. When and if the Ukraine crisis is resolved we see this share recovering rapidly.
Our opinion on the current state of MSPMAS (MSP) is a real estate investment trust (REIT) which invests in office, commercial, logistics, retail, and hospitality properties in Europe and the UK. This REIT was started by Martin Slabbert and Victor Semionov who are well known for establishing NEPI - which merged with Rockcastle. They are very highly regarded as European property experts. The company is involved in a program to "restructure and grow" its balance sheet. This was to be done by selling properties in Western Europe and buying income-generating properties with good growth potential in Central and Eastern Europe (CEE). The company has tripled the size of its asset base since 2016. In its results for the six months to 31st December 2022 the company reported distributable earnings per share up 14,3%. The company said, "Trading and footfall in the Group's properties in CEE were exceptional for the six months to 31 December 2022, and were unaffected by social distancing or other Covid-19 related trading restrictions. As a result, collection rates were exemplary and the Group did not provide any support to tenants (deferred or waived rentals)". In a pre-close update for the year to 30th June 2023 the company said, "Overall like-for-like ('LFL') footfall for the five months to 31 May 2023 was 11% above the same period in 2019, and tenants' turnovers per m2 significantly exceeded pre-pandemic levels by 29%, both in enclosed malls (31% increase) and in open- air malls (28% increase)". In a trading statement for the year to 30th June 2023 the board has decided not to pay out a distribution, but to retain the distributable income to strengthen the balance sheet. In our view, this is one of the better REIT's on the JSE and well-worth looking at if you want to buy a property stock in the rapidly expanding European property sector. Obviously, it is a rand-hedge, and it is trading just below its net asset value (NAV). On 25th January 2021 the Business Day reported that the Oppenheimer family had acquired a substantial stake in MSP for approximately R500m. When and if the Ukraine crisis is resolved we see this share recovering rapidly.
Almost counts!We had a beautiful trade here which lasted almost a month. Our 1st TP was reached with a strong candle and we waited for the 2nd TP. Yesterday we came 2 points close to the 2nd TP and then retreated. We are likely to get a pullback so in this case almost does count so we close the trade and take our profit!
REIT on Steroids!!This trade and analysis are on the weekly and monthly. On the monthly in August we reached an important support level 1591 which had last been tested June 2015 so this is a significant zone.The September monthly candle showed positive momentum from this level confirming that indeed this is a strong demand area. So we take this trade on the weekly with last week's candle close being above the tenkan. We also tested the 1700 area twice,first was with the 7 October weekly and las weeks candle. So any stop should be below that zone. Our 1st TP is an area of significant resistance at 1880 from which we take half off the table with the other half we wait for the weekly Kijun at 1952. (remember this Kijun is also monthly Tenkan,so strong price magnet)
Entry: 2 positions on Weekly close @ 1756
SL:1687 (below 1700 area)
TP 1: 1880
TP2: 1952