- Mapletree Logistics Trust’s 4QFY23 (Jan to Mar 2023) results met our expectations. Gross revenue and net property income (NPI) fell 2.2% and 1.8% y-o-y to S$178.9m and S$154.3m, respectively. This was attributed to the depreciation of several foreign currencies against the S$, but partially offset by contribution from acquisitions.
- - Read this at SGinvestors.io -
- Management continues to expect the biggest headwinds from currency fluctuations even though ~77% of its estimated distributable income over the next 12 months has been hedged or derived in S$.
- For FY23, Mapletree Logistics Trust’s NPI rose 7.2% y-o-y to S$634.8m, while DPU increased 2.5% y-o-y to S$0.09011 and accounted for 100.2% of our forecast.
Portfolio occupancy remained high at 97.0% while positive rental reversions of 3.1% were achieved
- - Read this at SGinvestors.io -
- Management sounded a more cautious tone on its outlook on China, especially for Tier-2 and lower cities. Some of its e-commerce tenants in China have seen slower growth and also turned more cautious, with a few of them providing notice in advance that they would be downsizing approximately 10-20% of their space.
- Rental reversions will also be weak for the next couple of quarters in China (+0.6% in 4QFY23). For Mapletree Logistics Trust’s overall portfolio, rental reversions came in at +3.1%, and this was driven by Singapore (+5.0%), Malaysia (+4.5%), Vietnam (+4.4%) and Korea (+4.0%).
Aggregate leverage ratio declined to 36.8%; active on capital recycling
- Read more at SGinvestors.io.
