Mapletree Logistics Trust - OCBC Investment 2024-10-23: Weakness In DPU Not Unexpected

Mapletree Logistics Trust - Weakness In DPU Not Unexpected

Published:
Mapletree Logistics Trust (SGX:M44U) | SGinvestors.io
  • Mapletree Logistics Trust's 2QFY25 (financial year ending Mar 2025) distribution per unit (DPU) dipped 10.6% y-o-y to S$0.02027.
  • Portfolio occupancy improved by 0.3 percentage points (ppt) q-o-q to 96.0%; overall 2QFY25 portfolio rental reversions were -0.6% due to China (-12.2%)

3QFY25 DPU fell 10.6% y-o-y but was within our expectations

  • - Read this at SGinvestors.io -
  • On a constant currency basis, Mapletree Logistics Trust'’s gross revenue would have been flat and NPI would have declined slightly by 0.3% y-o-y.
  • - Read this at SGinvestors.io -
  • Cumulatively, Mapletree Logistics Trust'’s 1HFY25 NPI was down 1.5% y-o-y to S$315.3m, while DPU saw a decline of 9.8% to S$0.04095. This constituted 50.5% of our initial FY25 forecast and was within our expectations.

Overall positive portfolio rental reversions came in at -0.6% as China (-12.2%) formed the bulk of renewals during the quarter

  • 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/ 2024-10-23



Previous report by OCBC:
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





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