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Mapletree Logistics Trust reported 1QFY26/27 DPU of S$1.816 cents, -0.2% q-o-q / +0.2% y-o-y, in line with MIBG and consensus. Occupancy was relatively stable, while rents inched up. Debt metrics were stable versus the prior quarter.
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All in, it was a stable quarter with active portfolio reconstitution. Maintain BUY with a DDM-based target price of S$1.45.
Resilient portfolio performance
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Mapletree Logistics Trust reported 1Q revenue and NPI of S$178.9m and S$156.4m, up 0.8% and 2.0% y-o-y, respectively. Ongoing portfolio reconstitution, regional FX movements, and the full-quarter contribution from Mapletree Joo Koon Logistics Hub mitigated the impact of weaker contributions from China.
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Portfolio occupancy was 96.4% vs 96.9% in 4Q. Portfolio rent reversion was +0.9%, or +2.3% excluding China. Reversions in China were -1.8% (-7.5% a year ago, -2.0% in 4Q). Portfolio reversions are expected to trend at a similar level in the coming quarters.
Stable balance sheet, active rejuvenation
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Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.
Krishna Guha Maybank Research | https://www.maybanktrade.com.sg/ 2026-07-29
Previous report by Maybank:
2026-05-03 Mapletree Logistics Trust - Stable Distribution & Operating Metrics.
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
