Mapletree Logistics Trust - UOB Kay Hian 2025-10-30: 2QFY26 Moderation In Rental Reversion

• Mapletree Logistics Trust (MLT) reported 2QFY26 DPU of 1.815 cents (-10.5% y-o-y), which is in line with our expectation.

NPI shrinkage primarily caused by divestments.

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• MLT was affected by currency weakness for HKD, CNY, AUD, KRW and VND. On a constant currency basis, gross revenue and NPI declined by a smaller 0.9% and 1.0% y-o-y respectively.

Moderation in negative rental reversion in China.

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Moderation in positive rental reversion from Singapore and Japan.

• The overall portfolio’s rental reversion was a dismal 0.6% in 2QFY26. Rental reversion was stronger at 2.5% if China was excluded. We observed moderation in positive rental reversion in Singapore from 5.2% to 3.9%.
• Similar, positive rental reversion in Japan has softened from 7.2% to 0.0%. Positive rental reversions for Hong Kong and South Korea were marginal at 0.7% and 1.1% respectively.

Transitional vacancy from Japan.

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Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2026-01-29 Mapletree Logistics Trust 3QFY26 - Positive Rental Reversion At Low Single-digit.

Price targets by 2 other brokers at Mapletree Logistics Trust Target Prices.

Listing of research reports at Mapletree Logistics Trust Analyst Reports.

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