Mapletree Industrial Trust - DBS Research 2025-05-02: Stable Return, Rebalancing For Resilience.

• Mapletree Industrial Trust is one of Singapore's largest industrial landlords with a portfolio of well-located flatted factories, high-specification properties catering to wide ranging industries from IT, media, tech, bio-medical and varied industrial sectors. This diversification has broadened Mapletree Industrial Trust’s earnings base and enhanced its income resilience.

Resilient FY25 DPU of 13.57 cents (+1.0% y-o-y), in line with estimates.

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• For FY25, gross revenues and net property income were marginally higher at ~2.1% and 2.0% y-o-y at S$ 711.8mil and S$531.5mil respectively. The higher performance was driven by higher rentals achieved, new income from the lease-up of Mapletree Hi-Tech Park @ Kallang Way and the contribution from Osaka DC / Mixed-use facility in Tokyo, partly offset by selected non-renewal of leases, mainly in the USA.

Our view

Resilient financial metrics.

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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/.

Previous report by DBS:
2025-03-14 Mapletree Industrial Trust - A Resilient Dividend Anchor and Value Play With Mispriced Risks.

Price targets by 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