Mapletree Logistics Trust - UOB Kay Hian 2024-03-15: Weathering Headwinds From Mainland China

Mapletree Logistics Trust - Weathering Headwinds From Mainland China

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

China’s logistics market in dire straits.

  • Consumer spending in China is weighted down by negative wealth effect caused by falling prices in the residential property and stock markets. China’s online retail sales of goods & services slowed to 11.9% y-o-y in Dec 23 due to weakness in consumer confidence.
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Risk from prolonged downturn in China.

  • Mapletree Logistics Trust (SGX:M44U)’s management cautioned that demand is expected to be soft over the next 6-12 months. Tier 1 cities saw positive rental reversion of 2% but Tier 2 cities suffered negative reversion of 17% in 3QFY24. Management expects continued negative rental reversion at high single digits to low teens.
  • Occupancy for China was stable at 93.1% in 3QFY24. Occupancy for Tier 1 cities has deteriorated by 4ppt q-o-q to 91%, while occupancy for Tier 2 cities was stable at 93%.

Prudent capital management.

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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 @

Jonathan KOH CFA UOB Kay Hian Research | 2024-03-15

Previous report by UOB:
2024-01-26 Mapletree Logistics Trust 3QFY24 - Weathering Near-Term Headwinds From 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


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