Mapletree Logistics Trust - OCBC Investment 2023-01-20: Resilient Notwithstanding FX & Interest Rate Headwinds

Mapletree Logistics Trust - Resilient Notwithstanding FX & Interest Rate Headwinds

  • Mapletree Logistics Trust's 3QFY23 (Oct-Dec 2023) distribution per unit (DPU) rose 1.9% y-o-y to S$0.02227.
  • Positive average rental reversions of 2.9%; occupancy improved q-o-q to 96.9%.
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MLT's 3QFY23 results in-line with expectations

  • Mapletree Logistics Trust (MLT, SGX:M44U)’s 3QFY23 results met our expectations. Gross revenue and net property income (NPI) grew 8.0% and 7.3% y-o-y to S$180.2m and S$157.2m, respectively. This was driven by organic and inorganic growth, but partially offset by the depreciation of the JPY, KRW, CNY and AUD against the S$.
  • Mapletree Logistics Trust's 3QFY22 DPU rose 1.9% y-o-y to S$0.02227, but would have increased by a larger magnitude of 8.6% y-o-y in constant currency terms. Mapletree Logistics Trust expects minimally another three quarters of net negative impact from FX, although it has hedged ~79% of its estimated distributable income for the next 12 months.
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Portfolio occupancy reversed three quarters of decline, but rental reversions moderated to +2.9%

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Above is the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @

OCBC Research Team OCBC Investment Research | 2023-01-20

Read also OCBC's most recent report:
2023-07-27 Mapletree Logistics Trust - Strong Rental Reversions But Cautious Outlook On China.

Previous report by OCBC:
2023-05-04 Mapletree Logistics Trust - Remaining Active On Capital Recycling Activities.

Price targets by 3 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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