Mapletree Logistics Trust - Maybank Research 2024-10-23: Finding A Floor, Potentially Receding Headwinds

• Mapletree Logistics Trust reported 2QFY25 DPU of S$2.027 cents, -2% q-o-q,-10.6% y-o-y. China weakness, higher financing expense, FX headwinds and divestments more than offset stable performance and contribution from acquisitions.
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• Headwinds are less intense – China reversion is guided to be less negative and debt cost guide is lower.

Operating trends relatively unchanged

• Mapletree Logistics Trust's 2QFY25 revenue and NPI was S$183.3m and S$158.6m, -1.8% and -2.1% y-o-y (see Mapletree Logistics Trust's announcements dated 22 Oct). Lower contribution from China, absence of revenue contribution from divested properties and currency weakness (mainly JPY, KRW and VND) more than offset higher contribution from Singapore and Australia and contribution from acquisitions.
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Lower distribution

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

Read also Maybank's most recent report:
2025-01-22 Mapletree Logistics Trust - Slight Uptick In Operating Data, Continued Portfolio Rebalancing.

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 Dividend Payout Dates & Corporate Actions,
Mapletree Logistics Trust News