- Mapletree Logistics Trust (SGX:M44U) reported a resilient set of results, with 2QFY24 DPU of S$0.02268 (+0.9% y-o-y, flat q-o-q). See Mapletree Logistics Trust's dividend dates.
Resilient DPUs boosted by divestment gains, ahead of expectations.
- - Read this at SGinvestors.io -
- Stripping off these gains, Mapletree Logistics Trust’s core DPU would have been ~5% lower y-o-y, which was largely offset by higher borrowing costs (+11% y-o-y) and currency weakness (CNY, JPY, AUD, HKD) against the S$.
- - Read this at SGinvestors.io -
/ Overall balance sheet remains steady
- Overall balance sheet remains steady with a slight dip in gearing levels to 38.9% (vs. 39.5% in Jun 23) while financial metrics remain steady (ICR ratio of 3.8x and interest cost remains stable at ~2.5%).
- Overall interest costs could land around 3.0% and the manager will actively manage the currency mix in order to keep overall interest costs stable, although it would still be on an uptrend.
Our view
Operating metrics weakened due to China’s negative reversions, priced in.
- Read more at SGinvestors.io.
