Mapletree Industrial Trust - Maybank Research 2025-01-24: Stable Performance While Acquisition Supports Growth In Distribution

• Mapletree Industrial Trust reported 3QFY24/25 DPU of S$0.0341, +1.2% q-o-q/+1.5% y-o-y. Growth was supported by the recent acquisition in Tokyo.

Stable Performance

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• We maintain our BUY rating and DDM-based Mapletree Industrial Trust's target price on the back of the stable performance.

Tokyo acquisition supports growth

• 3QFY24/25 gross revenue and NPI of S$177.3m and S$133.2m grew 2% and 2.6%, respectively. The growth was driven by
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  • the completion of the second and third phase fitting out works of a data centre in Osaka, as well as
  • new leases and renewals.
• The topline growth was partly offset by lower distribution declared by JV due to higher borrowing cost.
• On a q-o-q basis, revenue and NPI fell 2.3% and 0.9%, respectively. Impact of non-renewal of leases in certain clusters in Singapore and higher maintenance costs was partly offset by contribution from Tokyo acquisition.
• Portfolio occupancy was 92.1% (2QFY24/25 92.9%, 3QFY23/24 92.6%). Occupancy in flatted factories inched up while the rest saw some slippage.
• Rent reversion for Singapore portfolio came in at +9.8% for renewal leases.

Prudent capital management

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Krishna Guha Maybank Research | https://www.maybanktrade.com.sg/ 2025-01-24 SGinvestors.io

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