Mapletree Logistics Trust - RHB Invest 2017-12-27: Ceasing Coverage

Mapletree Logistics Trust - RHB Invest 2017-12-27: Ceasing Coverage MAPLETREE LOGISTICS TRUST M44U.SI

Mapletree Logistics Trust - Ceasing Coverage

  • We are ceasing coverage on Mapletree Logistics due to a redistribution of internal resources. Our last recommendation was NEUTRAL, with a TP of SGD0.89.



A Pan-Asian logistics player. 

  • Mapletree Logistics Trust (Mapletree Logistics) was listed in 2005 and is Singapore’s first Asia-focused logistics REIT. 
  • As at 31 Oct 2017, it had a portfolio of 125 logistics assets in Singapore, Hong Kong, Japan, China, South Korea, Australia, Malaysia and Vietnam, with a total book value of SGD6.2bn.


Active portfolio rejuvenation. 

  • Recently, Mapletree Logistics has been actively rejuvenating its portfolio, with the acquisition of Mapletree Logistics Hub Tsing Yi for HKD4.8bn (~SGD832m), and the divestment of three of its properties in 2QFY18. 
  • Despite a challenging logistics market, its overall portfolio rent reversions have stayed positive, and occupancy has remained resilient at 95.8% (as at 2QFY18).




Vijay Natarajan RHB Invest | http://www.rhbinvest.com.sg/ 2017-12-27
RHB Invest SGX Stock Analyst Report CEASE Maintain NEUTRAL 0.890 Same 0.890



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