Daiwa House Logistics Trust - DBS Research 2024-02-28: Optimising Gearing For Growth

• In FY23, Daiwa House Logistics Trust (SGX:DHLU)'s revenues and NPI, denominated in JPY terms, recorded a notable increase of 4.7% and 4.6% y-o-y, respectively.
• This growth was primarily attributed to the full-year contribution from properties acquired in December 2022, namely DPL Iwakuni 1 & 2, and D Project Matsuyama S. The acquisitions were estimated to have added ~S$2.2m in revenues during the year.
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FY23 DPU of S$0.0522 came in above our projections.

• Despite the lower FY23 NPI in S$ terms, distributable income showed a 3.1% increase y-o-y, amounting to S$36.4m. This growth was primarily attributed to realised gains from hedging activities, and it is estimated that Daiwa House Logistics Trust achieved an average hedge rate of approximately S$1:JPY100 during FY23.
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• See Daiwa House Logistics Trust's distribution dates.

Achieved 100% occupancy and retention rate.

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Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Read also DBS's most recent report:
2025-03-03 Daiwa House Logistics Trust - Resilient Amidst Headwinds.

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