Mapletree Logistics Trust - Still Active On Inorganic Growth
MAPLETREE LOGISTICS TRUST (SGX:M44U)
- Mapletree Logistics Trust (SGX:M44U) reported a 5.8% y-o-y rise in 3QFY22 (Oct 2021 to Dec 2021) DPU of S$0.02185. 3Q/9MFY22 DPU is line, at 25.3%/75.5% of our FY22F forecast.
- Income growth is from positive reversions and accretive acquisitions.
- Following its results, we tweak our FY22F DPU forecast for Mapletree Logistics Trust down by 1.11% but lift our FY23-24F DPU estimates up by 0.26-0.69% to adjust for the recent equity fund raising exercise to fund the purchase of S$1.4bn worth of assets, announced in Nov 21. Accordingly, our DDM-based target price for Mapletree Logistics Trust is adjusted down slightly to S$2.10.
- With the recent decline in Mapletree Logistics Trust's share price, valuation looks more palatable at an FY22F dividend yield of ~5.1%. Hence, we upgrade our rating for Mapletree Logistics Trust to ADD on valuation.
Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
LOCK Mun Yee CGS-CIMB Research | EING Kar Mei CFA CGS-CIMB Research | https://www.cgs-cimb.com 2022-01-28
Read also CGS-CIMB's most recent report:
2022-10-26 Mapletree Logistics Trust - 2QFY23 Results In Line.
Previous report by CGS-CIMB:
2022-07-21 Mapletree Logistics Trust - Staying Resilient Despite Uncertainties.
Price targets by other brokers at Mapletree Logistics Trust Target Prices.
Listing of research reports at Mapletree Logistics Trust Analyst Reports.
Relevant links:
Mapletree Logistics Trust Share Price History,
Mapletree Logistics Trust Announcements,
Mapletree Logistics Trust Dividends & Corporate Actions,
Mapletree Logistics Trust News Articles
