- 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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