- Mapletree Logistics Trust (SGX:M44U)’s 2QFY24 results met our expectations. Gross revenue and net property income (NPI) rose 1.5% and 1.2% y-o-y to S$186.7m and S$162.0m, respectively. This was driven by organic growth in Singapore and Hong Kong, but partially offset by weaker contribution from China and depreciation of CNY, JPY, HKD and AUD against S$.
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2QFY24 results met our expectations
- Despite higher borrowing costs (+10.2% y-o-y), Mapletree Logistics Trust managed to deliver positive y-o-y DPU growth of 0.9% to S$0.02268 due in part to the distribution of divestment gains amounting to S$8.8m (2QFY23: S$1.8m). See Mapletree Logistics Trust's dividend dates.
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Weaker operating performance from China but this was well flagged by management previously
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