Maple Tree

Strategic Analysis
Maple Tree major business in the property sector. It rents out property space and has properties all over asia pacific.
Current portfolio of 70 Singapore, Hong Kong, China, Malaysia and Japan assets
1) Has long weighted average lease duration
2) Has long weighted unexpired lease for underlying land
3) High average occupancy
4) Diverse and Quality tendancy base

Valued at S$2,379.0 mil on 31 Dec 07.

The investment strategy is regional in scope with the potential for future investments to be made in countries across the Asia Pacific region including Malaysia, the PRC, Hong Kong, Thailand, Vietnam, India, Indonesia, the Philippines, Japan and South Korea.

Fundamental Analyse
EPS is 8.56c(Y06), 16.74c(Y07), 12.65(Y08/2 Yr Ave)

Price range is 85-108c(Y06), 70-134c(Y07)

PE ratio range is 9.9-12.6 (Y06),4.18-8.02(Y07)=>4.18-12.6

Using past PE range of 4.18-12.6

and Y08 est EPS 12.65c => Price should range from 52c to 160c

11Feb08, 87c. HPE 5.2, TPE 6.88. 32% est range.

25Feb08, 93c. HPE 5.5, TPE 7.35. 37% est range.

P&L _______ Y06 ________ Y07 ________ Y08

EPS _______ 8.56c ______ 16.74c _____ est 12.65 (ave of 2)

$Low(PE) __ 85c(9.9) ___ 70c(4.18) __ 52c(4.18)

$Hi(PE) ___ 108c(12.6) _ 134c(8.02) _ 160c(12.6)

Ratios
Profitibility ____ Y06_____ Y07
Operating Margin _ 98.11% _ 139.51%
ROE ______________ 84.77% _ 128.63%
ROA ______________ - ______ 9.33%

Growth _______ Y07
Revenue ______ 76.27% (due to revaluation of assets)
Net Earnings _ 167.48%
EPS __________ 95.56%

Liquidity______ Y07
Current Ratio _ 0.11
Quick Ratio ___ 0.11

LEVERAGE _______________________ Y07
Long Term Debt to Equity Ratio _ 0.74
Total Debt to Equity Ratio _____ 1.35