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

• 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 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:
2026-01-27 Mapletree Logistics Trust - More Time Needed For Recovery In China.

Previous report by OCBC:
2025-10-29 Mapletree Logistics Trust - Some Light At The End Of The Tunnel.

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