Mapletree Logistics Trust - OCBC Investment 2024-07-25: Recalibrating Our DPU Expectations

• Mapletree Logistics Trust (SGX:M44U)’s 1QFY25 gross revenue and net property income (NPI) fell 0.3% and 0.9% y-o-y to S$181.7m and S$156.7m, respectively. This was driven by weaker contribution from China and FX headwinds (mainly JPY and CNY) but partially offset by better performance from Hong Kong and contribution from acquisitions.

1QFY25 results fell slightly short of our expectations but in-line with the street

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• Given a 9.4% y-o-y jump in borrowing costs, a 1.5% increase in its unit base and lower distribution of divestment gains, Mapletree Logistics Trust's DPU dipped 8.9% y-o-y to 2.068 Singapore cents and fell slightly short of our expectations but in-line with consensus.
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China remains a continued drag on rental reversions, while portfolio occupancy held up with only a slight sequential decline

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Above is an excerpt from a report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.

Read also OCBC's most recent report:
2025-01-22 Mapletree Logistics Trust - Subdued Set Of Results As Expected.

Previous report by OCBC:
2024-10-23 Mapletree Logistics Trust - Weakness In DPU Not Unexpected.

Price targets by 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 Dividend Payout Dates & Corporate Actions,
Mapletree Logistics Trust News