- With higher operating and borrowing costs pressuring distribution, we lower our estimates, trim our Mapletree Industrial Trust target price by 6% to S$2.15, and maintain HOLD.
New projects help to offset higher funding cost
- - Read this at SGinvestors.io -
- Contributions from redevelopments and acquisitions grew the top line. Portfolio occupancy slipped further while rental reversion was positive but on a moderating trend. Same-store values fell for the US.
- Management remains focused on portfolio rebalancing and capital management.
Top line growing organically and inorganically
- - Read this at SGinvestors.io -
- Distribution from JVs grew 22.5% q-o-q, 33.7% y-o-y in 4QFY24 while full-year distribution from JVs rose 11.5%.
- Higher payout and still-low funding cost helped the growth. However, higher funding cost mitigated growth in distribution.
Proactive portfolio and capital management
- 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.maybanktrade.com.sg/.
Krishna Guha Maybank Research | https://www.maybank-ke.com.sg/ 2024-04-29
Read also Maybank's most recent report:
2024-11-04 Mapletree Industrial Trust - Stable Performance; Result In Line.
Previous report by Maybank:
2024-10-02 Mapletree Industrial Trust - Revived Animal Spirits; Upgrade To BUY.
Price targets by 3 other brokers at Mapletree Industrial Trust Target Prices.
Listing of research reports at Mapletree Industrial Trust Analyst Reports.
Relevant links:
Mapletree Industrial Trust Share Price History,
Mapletree Industrial Trust Announcements,
Mapletree Industrial Trust Dividends & Corporate Actions,
Mapletree Industrial Trust News Articles
