- Mapletree Logistics Trust's reported DPU of 8.053 cents for FY25 (-10.6% y-o-y), which was in line with our and consensus estimates.
- Stripping out divestment gains of S$27mil (vs S$ 41.5mil a year ago), core DPU would have come in at 7.519 cents, -7.9% y-o-y.
Dip in FY25 DPU well anticipated by the market.
- - Read this at SGinvestors.io -
- For the full year, revenue declined by 0.9% y-o-y to S$ 727mil while net property income (“NPI”) fell 1.5% to S$ 625.1mil. NPI margins declined to 86.0% (vs 86.5% a year ago). The drop was due to lower contribution from China, divested properties and general currency weakness against the S$, mitigated by stronger performance from the REIT’s Singapore, Australia and Hong Kong properties, coupled with acquisitions.
- - Read this at SGinvestors.io -
- Mapletree Logistics Trust also reported a 0.8% rise in property valuation to S$ 13.3bn, supported by acquisitions and ongoing development projects.
- Mapletree Logistics Trust recorded a S$ 62.0mil fair value loss mainly due to China (2bps expansion in cap rates), Korea (up to 40 bps expansion in cap rates) and Singapore (50 bps expansion in cap rates). This drove a slight uptick in gearing to 40.7% (vs 40.3% a quarter ago) and a marginal dip in NAVs to S$ 1.31/unit.
Our view
Financial metrics stable; manager to retain future divestment gains to boost flexibility
- Read more at SGinvestors.io.
