- Mapletree Logistics Trust (SGX:M44U)'s 4QFY24 gross revenue and net property income (NPI) increased 1.2% and 0.6% y-o-y to S$181.0m and S$155.3m, respectively. This was driven by higher contribution from existing properties and acquisitions, but partially offset by divestments, weakness in China and FX headwinds.
4QFY24 results met our expectations.
- - Read this at SGinvestors.io -
- Given an increase in borrowing costs by 6.9% y-o-y and an enlarged unit base, Mapletree Logistics Trust’s 4QFY24 DPU slipped 2.5% y-o-y to 2.211 Singapore cents.
- For Mapletree Logistics Trust’s FY24 results, NPI was flat at S$634.9m, while DPU inched down 0.1% to 9.003 Singapore cents and accounted for 99.3% of our forecast.
Subdued China operations set to persist for next 12 months; offsetting effects from developed markets of Singapore, Hong Kong and Japan
- - Read this at SGinvestors.io -
- Management said that the market’s performance was weaker than expected and flagged continued challenging conditions over the next 12 months or possibly even longer. There continues to be a bifurcation in performance, with Tier 1 cities holding up well in rents (+2.2% rental reversion) but offset by weakness in Tier 2 and below cities (-11% rental reversion).
Expect occupancy to hold but negative reversions
- Read more at SGinvestors.io.
Above is the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @ https://www.iocbc.com/.
OCBC Research Team OCBC Investment Research | https://www.iocbc.com/ 2024-05-02
Read also OCBC's most recent report:
2024-07-25 Mapletree Logistics Trust - Recalibrating Our DPU Expectations.
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
