Mapletree Logistics Trust - DBS Research 2024-04-30: Tough Times Are Temporary, Resilience Stays

• Mapletree Logistics Trust (SGX:M44U) reported a resilient set of results with 4QFY24 DPU of 2.211 cents (-2.5% y-o-y, -1.9% q-o-q).

Strength in diversity

Resilient DPU of 9.0 cents (stable y-o-y) in FY24, core DPU of 8.3 cents (-9.0% y-o-y) ahead of estimates

• - Read this at SGinvestors.io -
• While distributing divestment gains has always been Mapletree Logistics Trust’s policy, FY24’s DPU was enhanced by an exceptional S$41m in divestment gains, translating to a DPU boost of 0.83 cents worth compared to 0.13 cents a year ago.
• - Read this at SGinvestors.io -
• The steady performance was given a boost by contribution from acquisitions, offset by divestments and the depreciation of the CNY, JPY, HKD, MYR, AUD against the S$. On a constant currency basis, gross revenues and net property income would have risen by 4.1% and 3.6% respectively.

Dip in net asset values.

• Read more at SGinvestors.io.

Derek TAN DBS Group Research | Dale LAI DBS Research | https://www.dbs.com/insightsdirect/ 2024-04-30 SGinvestors.io

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