Mapletree Industrial Trust - Maybank Research 2023-05-03: Challenging Macro, Downgrade To HOLD

Mapletree Industrial Trust - Challenging Macro, Downgrade To HOLD

Mapletree Industrial Trust (SGX:ME8U) | SGinvestors.ioMapletree Industrial Trust (SGX:ME8U)
  • Mapletree Industrial Trust (SGX:ME8U) reported 4Q DPU of S$0.0333, -1.8% q-o-q/-4.6% y-o-y. Contributions from new leases were offset by higher operating and funding costs. Occupancy declined q-o-q even though reversions stayed marginally positive.
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Declining distributions

  • Mapletree Industrial Trust's 4Q23 (Jan to Mar 2023) revenue and NPI rose 4.3% and 3.8% y-o-y, respectively. This was led by new leases across various clusters.
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  • Mapletree Industrial Trust's FY2022/2023 full year DPU of S$0.1357 came in 0.7% below the FactSet estimate.
  • Portfolio value fell on a same-store basis in Singapore due to shorter remaining land tenures, high operating costs and higher buyer’s stamp duties. In the US, the impact of higher cap rates was offset by an increase in market rents.

Difficult operating environment

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

Krishna Guha Maybank Research | 2023-05-03

Read also Maybank's most recent report:
2023-10-30 Mapletree Industrial Trust - Slowing Momentum.

Previous report by Maybank:
2023-07-28 Mapletree Industrial Trust - Stable Distribution, Lower Occupancy ~ A Mixed Quarter.

Price targets by 3 other brokers at Mapletree Industrial Trust Target Prices.

Listing of research reports at Mapletree Industrial Trust Analyst Reports.

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


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