Mapletree Industrial Trust - DBS Research 2026-01-29: A Balancing Act

• Mapletree Industrial Trust's 3QFY26 results were in line with expectations.
• In 3FY26, gross revenue fell 8.0% y-o-y to S$163.1mil and NPI declined 7.8% y-o-y to S$122.8mil. The dip is due to the income vacuum from the divestment of three Singapore assets (completed in Aug’25), non-renewals in North America, and a weaker US$ weighed on topline. However, this was partially offset by contributions from the Tokyo acquisition (29 Oct 2024) and Osaka DC fit-out completion (2 May 2025).

Headline 9MFY26 DPUs tracking in line with estimates

• - Read this at SGinvestors.io -
• - Read this at SGinvestors.io -
• Distributions to Unitholders fell ~6.9% y-o-y to S$90.4mil, with DPU at 3.17 cents (–3.9% y-o-y, but –0.2% y-o-y excluding divestment gains). For 9MFY26, Mapletree Industrial Trust's DPU of 9.62 cents forms ~76%/75% of DBS/consensus full year DPU estimate.

Our view:

Steady leasing momentum; AT&T non-renewal in FY27F driving need to deliver on acquisitions.

• 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:
2026-04-28 Mapletree Industrial Trust - Approaching A Speed Bump.

Price targets by 2 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