- Mapletree Logistics Trust's 4QFY25/26 DPU came in at 1.819 cents, down 7.0% y-o-y but up 0.2% q-o-q. While headline dip appear high, stripping off divestment gains paid a year back, core-DPU of 1.819 cents is up 0.9% y-o-y and +0.2% q-o-q.
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FY25/26 gross revenue and net property income fell 2.6% and 2.4% y-o-y.
- FY25/26 gross revenue and net property income fell 2.6% and 2.4% y-o-y to S$708.3mil and S$ 610.2mil respectively. This mainly come from income-loss from divested assets and FX depreciation against the S$ but partly offset by Mapletree Joo Koon, and stronger contribution due to positive rental reversions seen in its key markets (Singapore, Japan, Vietnam, Malaysia and Hong Kong).
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- Capital values strengthened marginally in all markets (ex China and Hongkong), resulting in a stable NAV of S$ 1.26/share. Gearing remained 40.6% (flat q-o-q) with interest rates holding stable at 2.6%.
- Looking ahead, cost of debt is likely to increase marginally (pricing in ~3.0%) due to expiry of low cost swap rates in JPY/AUD.
Our view.
A positive read-through despite a “pushback” in a recovery trajectory for China.
- Read more at SGinvestors.io.
