Hi all, this is really a long post (warning), here are the subtopics I will be discussing.History of MNAC TrustDetermine the Discount Rate via Capital Asset Pricing Model (CAPM)Determining Net Profit Margin (NPI)Derive the ratio of NPI to Distributable Income to ShareholdersAnalysis of Japan Properties Acquired in 2018Analysis of MBP and OPB (Japan Properties Acquired in Dec 2019)Analysis on Sandhill PlazaAnalysis on Gateway PlazaAnalysis of Festival WalkSumming up altogether+ Intrinsic Value

1. History of MNAC Trust

Festival Walk

Festival walk was developed jointly in 1998 by Swire and Citic Pacific and back then it was once the biggest shopping mall in HK once opened. It was then owned by Swire Properties and bought over by MNAC’s current sponsor Mapletree Investments @ 18.8 Billion so Swire Pacific could focus on investments in Mainland China in 2011.

https://www.scmp.com/article/974853/swire-sell-mall-hk188b

https://hongkongbusiness.hk/commercial-property/more-news/swire-pacific-sells-festival-walk-shopping-center-singapore-firm

Gateway Plaza

It was used to be known as Beijing Gateway Plaza and it’s situated at one of Beijing’s...