- Mapletree Logistics Trust reported a soft set of 4QFY25 results, as gross revenue and net property income (NPI) fell 0.8% and 1.6% y-o-y to S$179.6m and S$152.8m, respectively. This was attributed to weaker contribution from China and FX headwinds (mainly KRW, AUD and JPY), but partially offset by improved performances from Singapore, Australia and Hong Kong.
4QFY25 DPU dipped 11.6% y-o-y to 1.955 Singapore cents but was within expectations.
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- Cumulatively, Mapletree Logistics Trust’s FY25 NPI edged down 1.5% to S$625.3m, while FY25 DPU fell 10.6% to 8.053 Singapore cents. We view this as in-line with our expectations as it was close to our forecast of 8.08 Singapore cents.
Drag from China continued albeit with narrower negative rental reversions.
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- Rental reversions of -9.4% were registered in China, but the magnitude of decline came in narrower than 3QFY25’s -10.2%. Elsewhere, rental reversions were positive for all regions which had leases signed, with healthy uplifts seen in Japan (+15.7% although this was largely due to a lease contracted 20 years ago), Singapore (+7.0%) and South Korea (+4.7%). Overall portfolio rental reversion came in at 5.1% for the quarter, or 6.9% if we exclude China.
~85% of revenue derived from tenants serving the local markets.
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