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Mapletree Logistics Trust - OCBC Investment 2021-01-26: Steady Growth; Eyeing More Acquisitions

MAPLETREE LOGISTICS TRUST (SGX:M44U) | SGinvestors.io MAPLETREE LOGISTICS TRUST (SGX:M44U)

Mapletree Logistics Trust - Steady Growth; Eyeing More Acquisitions

  • Mapletree Logistics Trust's 3QFY21 DPU rose 1.0% y-o-y.
  • Positive rental reversions of 1.6%.
  • On the lookout for further inorganic growth opportunities.



Mapletree Logistics Trust's 3QFY21 results in-line with our expectations

  • Mapletree Logistics Trust (SGX:M44U) reported its 3QFY21 (Oct 2020 to Dec 2020) results which met our expectations. Gross revenue and NPI jumped 15.5% and 14.9% to S$139.9m and S$124.7m, respectively. This was driven by higher revenue from existing properties and contribution from acquisitions and redevelopment properties, but partially offset by rental rebates granted to eligible tenants. DPU rose 1.0% y-o-y to S$0.02065.
  • For 9MFY21, Mapletree Logistics Trust’s NPI grew 11.9% to S$362.4m, while DPU of S$0.06165 represented a growth of 1.2% and formed 75.1% of our FY21 forecast.


Occupancy inched down marginally by 0.4 ppt but rental reversions positive at 1.6%

  • Mapletree Logistics Trust’s portfolio occupancy declined slightly by 0.4 ppt q-o-q to 97.1%. Hong Kong and Japan were the only two countries which registered a lower occupancy.
  • For Hong Kong, it was due to reduced business volume and consolidation of space by some tenants.
  • For Japan, occupancy fell due to the addition of a recently acquired property (Higashi Hiroshima Centre) which is only 33% occupied. However, management expressed confidence that it would be able to ramp up the property to full occupancy over a three to six months time horizon. This would bring the stabilised NPI of the asset up to 4.5%.
  • Overall portfolio rental reversions came in positive at 1.6%, with strong growth coming from Vietnam (+3.7%), Hong Kong (+3.0%) and China (+2.6%).

On the lookout for more acquisitions, with India as a potential new market






OCBC Research Team OCBC Investment Research | https://www.iocbc.com/ 2021-01-26
SGX Stock Analyst Report BUY MAINTAIN BUY 2.17 UP 2.120



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