Mapletree Logistics Trust - DBS Research 2025-07-24: Steady Operations Amidst Currency Headwinds

• Mapletree Logistics Trust (SGX:M44U) reported 1Q25 core DPU (or adjusted DPU ex gains) of 1.812 cents, forms 26% of our full year forecasts, ahead of ours but in line with consensus.
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Our view

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• Management flagged growing macroeconomic uncertainty following fresh US tariff measures, which may dampen leasing demand over time, especially in export-oriented markets. Nonetheless, with ~85% of tenant revenue tied to domestic consumption, leasing fundamentals remain resilient for now.
• Looking ahead, Mapletree Logistics Trust continues to diversify its earnings base through active acquisitions albeit at a more moderate pace, redeploying divestment proceeds to higher returns. In the coming quarter, we will see more meaningful contributions from Mapletree Joo Koon Logistics Hub (~ S$ 200mil development), driving a gradual recovery in DPUs.
• Overall, we remain attracted by its valuations at ~0.95x P/B and a FY26F yield of ~5.9%. BUY, Mapletree Logistics Trust's target price at S$1.55.

Financial metrics stable; benefiting from lower SORA / Hibor rates.

• 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/.

Read also DBS's most recent report:
2026-01-27 Mapletree Logistics Trust - A Path To Recovery Emerges.

Price targets by other brokers at Mapletree Logistics Trust Target Prices.

Listing of research reports at Mapletree Logistics Trust Analyst Reports.

Relevant links:
Mapletree Logistics Trust Share Price History,
Mapletree Logistics Trust Announcements,
Mapletree Logistics Trust Dividend Payout Dates & Corporate Actions,
Mapletree Logistics Trust News