Mapletree Logistics Trust - CGS-CIMB Research 2022-10-26: 2QFY23 Results In Line

Mapletree Logistics Trust - 2QFY23 Results In Line

  • Mapletree Logistics Trust (SGX:M44U) reported a 11.4%/10.8% y-o-y rise in 2QFY23 (Jul 2022 to Sep 2022) gross revenue/NPI to S$183.9m/S$160m, due to higher revenue from existing properties and contributions from accretive acquisitions, partly moderated by weaker ¥ vs S$ and KRW vs S$. Refer to Mapletree Logistics Trust's Announcement dated 2022-10-25 for details.
  • As at end-2Q, Mapletree Logistics Trust has hedged 82% of its debt into fixed rates and hedged 72% of its distributable income in the next 12 months. In terms of sensitivity, every 25bp hike in interest rates would translate to a 0.01 cents shift in Mapletree Logistics Trust's DPU.
  • Mapletree Logistics Trust’s portfolio occupancy dipped slightly q-o-q to 96.4% as at end-2Q, dragged down by lower occupancies in Singapore, Japan and China, partly offset by an improvement in take-up in South Korea and Malaysia. There was robust positive rental reversion of 3.5% in 2Q, with the most uplift from Australia, Singapore, Vietnam and Japan.
  • About 16.3% of Mapletree Logistics Trust's rental income is up for renewal in 2HFY23. Management anticipates that rental reversions would likely remain positive, although it may moderate in China.
  • Mapletree Logistics Trust’s gearing stood at 37% as at end-2Q. Mapletree Logistics Trust has a remaining 7% of its debt to be refinanced for 2HFY23F. Management guided that higher interest rates, depreciation in regional currencies are likely to negatively impact Mapletree Logistics Trust’s distributable income in the near term.
  • In this higher cost of capital environment, Mapletree Logistics Trust indicated that it would look to generate more returns from its portfolio through asset enhancements and redevelopment opportunities.
  • We lower our FY23-25F DPU estimates for Mapletree Logistics Trust by 2.11-2.23% as we tweak up our interest cost assumptions. Our DDM-based target price for Mapletree Logistics Trust is lowered to S$1.91 on the back of a slightly higher cost of equity of 7.84% (vs. 7.64% previously).

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 | Natalie ONG CGS-CIMB Research | 2022-10-26

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

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