Mapletree Logistics Trust - UOB Kay Hian 2025-01-23: Cautious Stance In View Of Upcoming Uncertainties

• China incurred a negative rental reversion of -10.2% in 3QFY25 and the weakness is expected to persist in the near term. Mapletree Logistics Trust also cautioned moderation in positive rental reversion in Hong Kong (weak consumption) and South Korea (excess supply).
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3QFY25 DPU in line

• Mapletree Logistics Trust reported DPU of 2.003 cents for 3QFY25 (-11.1% y-o-y), which is in line with expectations. Distribution of divestment gain was lower at S$7.5m compared with S$12.4m last year. Excluding divestment gains, DPU would have declined 7.5% y-o-y.
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Headwinds from weakness in regional currencies.

• Gross revenue and NPI declined 0.9% and 1.4% y-o-y respectively in 3QFY25. Growth in contributions from Singapore, Australia and Hong Kong was offset by the absence of contribution from divested properties and depreciation of JPY (-7.2% y-o-y) and KRW (-9.5% y-o-y) against the S$.
• Revenue from China fell 11.2% y-o-y in 9MFY25. On a constant currency basis, gross revenue would have increased 0.6% y-o-y and NPI would be flat.

Portfolio occupancy edged slightly higher by 0.3ppt q-o-q to 96.3% in 3QFY25.

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Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2025-01-23 SGinvestors.io

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