Mapletree Logistics Trust - Maybank Research 2024-01-25: Taking A Breather, Downgrade To HOLD

Mapletree Logistics Trust - Taking A Breather, Downgrade To HOLD

Published:
Mapletree Logistics Trust (SGX:M44U) | SGinvestors.ioMapletree Logistics Trust (SGX:M44U)

China headwinds; easing occupancy

  • - Read this at SGinvestors.io -
  • Organic growth and contributions from newly acquired assets were offset by higher borrowing cost, weaker FX and lower income from its China portfolio.
  • - Read this at SGinvestors.io -
  • Debt metrics were relatively unchanged.

Steady set of results

  • Mapletree Logistics Trust's 3QFY24 revenue and NPI of S$184m and S$159.5m rose 2.1% and 1.5% y-o-y respectively. Organic growth and contributions from assets acquired earlier in the financial year was partly offset by weakness in China and FX depreciation.
  • On a constant-currency basis, revenue and NPI was up 4.8% and 4.1% respectively.
  • Distribution of gains from divestments more than offset the impact of higher borrowing cost, resulting in 1.2% growth in DPU. On a q-o-q basis, revenue and NPI weakened due to lower contributions from China and a weaker JPY. DPU fell 0.7% q-o-q.
  • Mapletree Logistics Trust's gearing (38.8%) and borrowing cost (2.5%) were relatively unchanged from 2Q. Debt cost guide for FY25 is 2.8-3%.

Operating metrics softer

  • Read more at SGinvestors.io.




Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://www.ketrade.com.sg/.




Krishna Guha Maybank Research | https://www.maybank-ke.com.sg/ 2024-01-25



Previous report by Maybank:
2023-10-26 Mapletree Logistics Trust - Keeping The Faith.

Price targets by 3 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





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