- 3QFY24 results was a mixed bag. Mapletree Logistics Trust generated healthy rental reversions of 3.8% driven by Singapore, Australia and South Korea, despite the drag from China. Portfolio occupancy slipped 1.0ppt q-o-q to 95.9% due to non-renewals at older specifications properties in Singapore and Hong Kong.
- - Read this at SGinvestors.io -
Mapletree Logistics Trust (MLT)'s 3QFY24Results
- Mapletree Logistics Trust (SGX:M44U) reported DPU of 2.253 cents for 3QFY24 (+1.2% y-o-y), which is above our expectation. The results included distribution of divestment gains of S$12.4m. See Mapletree Logistics Trust's dividend dates.
Held back by strong Singapore dollar.
- - Read this at SGinvestors.io -
- The results were weighted down by depreciation of the Chinese yuan (-4% y-o-y), Japanese yen (-8% y-o-y), Malaysian ringgit (-6% y-o-y) and South Korean won (-4% y-o-y) against the Singapore dollar.
- On a constant currency basis, Mapletree Logistics Trust's gross revenue and NPI would have grown by a stronger 4.8% and 4.1% y-o-y respectively.
Portfolio occupancy eased 1.0ppt q-o-q to 95.9% in 3QFY24.
- Read more at SGinvestors.io.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2024-01-26
Read also UOB's most recent report:
2024-03-15 Mapletree Logistics Trust - Weathering Headwinds From Mainland China.
Price targets by 2 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