Company Coverage
Mapletree Logistics Trust (MLT SP): 1QFY27: Gradually Trimming Exposure To Greater China
HOLD (Maintained)
Current price:
Target price:
Upside:
S$1.24
S$1.29
+4.0%
Analyst
Highlights
Positive rental reversion eased to 2.3% in 1QFY27 (4QFY26: 4.2%), excluding China. Negative rental reversion in China moderated to 1.8%.
Mapletree Investments has partnered China Life to launch Mapletree China Logistics Renminbi Fund, which acquired two logistics properties in Wuxi from MLT for Rmb724m (S$138m).
We observed broad-based moderation in rental reversion. Maintain HOLD forFY27 DPU yield of 5.6%. Target price: S$1.29.
Analysis
Mapletree Logistics Trust (MLT) reported DPU of 1.816 S cents for 1QFY27 (+0.2% yoy), supported by a stable operating performance and lower
borrowing costs. The results were in line with our expectations.
Headwinds from strong Singapore dollar. Gross revenue and NPI increased 0.8% and 2.0% yoy respectively in 1QFY27, driven by contributions from the India acquisition, full-quarter contribution from Mapletree Joo Koon Logistics Hub in Singapore (completion: May 25) and stronger contributions from existing assets. Regional currencies depreciated against the Singapore dollar (JPY: -9.8% yoy and KRW: -11.1% yoy). Excluding forex volatility, gross revenue and NPI have risen by 2.0% and 3.1% respectively.
Softer leasing environment. Portfolio rental reversion moderated to +0.9% in 1QFY27 (4QFY26: +3.3%), though rental reversion excluding China
remained positive at 2.3% (4QFY26: 4.2%). China's rental reversion improved slightly to -1.8% from -2.0% in the previous quarter and -7.5% a year ago, indicating that market conditions in China are gradually stabilising. Positive rental reversions were seen in Vietnam (4.7%), Singapore (4.1%), Japan (3.8%), India (3.2%) and South Korea (3.0%).
Lower occupancy. Portfolio occupancy eased 0.5ppt qoq to 96.4% as of Jun 26, reflecting lower occupancies in Singapore (-0.6ppt qoq to 95.9%), China (-0.4ppt qoq to 93.8%) and Australia (-4.7ppt qoq to 95.3%).
Highlights
Positive rental reversion eased to 2.3% in 1QFY27 (4QFY26: 4.2%), excluding China. Negative rental reversion in China moderated to 1.8%.
Mapletree Investments has partnered China Life to launch Mapletree China Logistics Renminbi Fund, which acquired two logistics properties in Wuxi from MLT for Rmb724m (S$138m).
We observed broad-based moderation in rental reversion. Maintain HOLD forFY27 DPU yield of 5.6%. Target price: S$1.29.
Analysis
Mapletree Logistics Trust (MLT) reported DPU of 1.816 S cents for 1QFY27 (+0.2% yoy), supported by a stable operating performance and lower
borrowing costs. The results were in line with our expectations.
Headwinds from strong Singapore dollar. Gross revenue and NPI increased 0.8% and 2.0% yoy respectively in 1QFY27, driven by contributions from the India acquisition, full-quarter contribution from Mapletree Joo Koon Logistics Hub in Singapore (completion: May 25) and stronger contributions from existing assets. Regional currencies depreciated against the Singapore dollar (JPY: -9.8% yoy and KRW: -11.1% yoy). Excluding forex volatility, gross revenue and NPI have risen by 2.0% and 3.1% respectively.
Softer leasing environment. Portfolio rental reversion moderated to +0.9% in 1QFY27 (4QFY26: +3.3%), though rental reversion excluding China
remained positive at 2.3% (4QFY26: 4.2%). China's rental reversion improved slightly to -1.8% from -2.0% in the previous quarter and -7.5% a year ago, indicating that market conditions in China are gradually stabilising. Positive rental reversions were seen in Vietnam (4.7%), Singapore (4.1%), Japan (3.8%), India (3.2%) and South Korea (3.0%).
Lower occupancy. Portfolio occupancy eased 0.5ppt qoq to 96.4% as of Jun 26, reflecting lower occupancies in Singapore (-0.6ppt qoq to 95.9%), China (-0.4ppt qoq to 93.8%) and Australia (-4.7ppt qoq to 95.3%).
HOLD (Maintained)
Current price:
Target price:
Upside:
S$1.24
S$1.29
+4.0%
Analyst
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