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
0.890
Same
0.890
