- 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.
