- Mapletree Industrial Trust's share price has been weaker than peers of late, dropped by ~10% since the start of 2025, broadly underperforming the REIT index, which is down ~2% (before dividends), even after recent rally in share prices.
- - Read this at SGinvestors.io -
- At current Mapletree Industrial Trust's share price, we believe investors are overly discounting the portfolio’s overall resilience. Trading at FY26-27F yields of ~6.4% and P/B of 1.2x, which are below historical mean, we see value and recommend investors revisit Mapletree Industrial Trust at current levels.
Concern over income stability is over-played as Singapore’s cashflows are on a steady growth trajectory.
- - Read this at SGinvestors.io -
- 9M25 distributable income was also ~80% of our full year estimates, suggesting that full-year performance is likely to post a strong beat.
- Considering the strong operational results, we have revisited our estimates, raising DPU forecast by 3% in FY25F and lowering DPU forecast by 4%-7% in FY26-27F to account for more conservative occupancy assumptions.
Active management of US data centers to manage renewals remains key.
- Read more at SGinvestors.io.
Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.
Derek TAN NA DBS Group Research | Dale LAI DBS Group Research | https://www.dbs.com/insightsdirect/ 2025-03-14
Previous report by DBS:
2024-10-30 Mapletree Industrial Trust - Positive Asset Management Actions Boost Earnings.
Price targets by 4 other brokers at Mapletree Industrial Trust Target Prices.
Listing of research reports at Mapletree Industrial Trust Analyst Reports.
Relevant links:
Mapletree Industrial Trust Share Price History,
Mapletree Industrial Trust Announcements,
Mapletree Industrial Trust Dividend Payout Dates & Corporate Actions,
Mapletree Industrial Trust News
