Mapletree Industrial Trust - CGS-CIMB Research 2022-04-27: Strong Performance Boost From Data Centre

Mapletree Industrial Trust - Strong Performance Boost From Data Centre

  • Mapletree Industrial Trust (SGX:ME8U)'s 4QFY22 and FY22 (Apr 2021 to Mar 2022) DPU of S$0.0349 and S$0.1380 were above expectations, at 26.7% and 105.8% of our FY22 forecast.
  • Portfolio occupancy in 4QFY22 averaged 94%, with Singapore portfolio occupancy at 94.4%. The improvement came from business park buildings and flatted factories segments, but partly moderated by lower occupancy at stack-up/ramp-ups and light industrial buildings. Average Singapore rents were stable q-o-q.
  • Its US DC portfolio had an average occupancy of 93.3% as at end-2Q. Mapletree Industrial Trust has some US DC leases expiring from FY23F onwards and management indicated that a portion of these leases, in San Diego, have been de-risked with an extension into 2024F.
  • We tweak down our FY23-24F DPU estimates for Mapletree Industrial Trust by 0.34% post results, and maintain our DDM-based target price of S$3.08 for Mapletree Industrial Trust.

Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @

LOCK Mun Yee CGS-CIMB Research | EING Kar Mei CFA CGS-CIMB Research | 2022-04-27
SGX Stock Analyst Report ADD MAINTAIN ADD 3.08 DOWN 3.160

Previous report by CGS-CIMB:
2021-10-27 Mapletree Industrial Trust - Uptick In Singapore Portfolio Occupancy

Target prices by 2 other brokers at Mapletree Industrial Trust Target Prices.
Listing of broker reports at Mapletree Industrial Trust Analyst Report.

Relevant links:
Mapletree Industrial Trust Share Price History,
Mapletree Industrial Trust Announcements,
Mapletree Industrial Trust Dividends & Corp Actions,
Mapletree Industrial Trust News Articles


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