Mapletree Logistics Trust - OCBC Investment 2021-04-22: Hunger For Further Inorganic Growth Opportunities

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

Mapletree Logistics Trust - Hunger For Further Inorganic Growth Opportunities

  • Mapletree Logistics Trust's 4QFY21 DPU rose 5.5% y-o-y to 2.161 cents.
  • Positive rental reversions of 2.4% during the quarter.
  • Eyeing larger scale acquisitions.



Mapletree Logistics Trust's 4QFY21 results in-line with our expectations

  • Mapletree Logistics Trust (SGX:M44U) reported its 4QFY21 results which met our expectations. Gross revenue and NPI jumped 22.6% and 19.1% y-o-y to S$157.0m and S$136.7m, respectively. DPU rose 5.5% y-o-y to 2.161 cents.
  • For the full-year in FY21, Mapletree Logistics Trust's NPI increased by 13.8% to S$499.1m, while DPU was up 2.3% to 8.326 cents despite the pandemic and this came in at 101.5% of our forecast.


Positive rental reversions of 2.4% while portfolio occupancy saw an improvement

  • Mapletree Logistics Trust’s portfolio occupancy recorded an improvement of 0.4 percentage points (ppt) q-o-q to 97.5%. The increase was driven by Hong Kong, China and South Korea while its other markets were stable. Mapletree Logistics Trust completed the acquisition of two logistics properties in Pune, India, in Mar 2021, and occupancy for these assets was 98.2% on a blended basis, as at 31 Mar 2021.
  • Overall portfolio rental reversions were positive at 2.4% in 4QFY21, with all markets achieving positive rental uplifts. The stronger performers were Japan (+5.7%), Vietnam (+3.8%), Malaysia (+3.3%) and Hong Kong (+3.2%). Performance in China was more mixed, with the tier-1 cities exhibiting stronger growth due to better demand and supply dynamics, while tier-2 cities had lower occupancy rates and rental reversions.

Capital recycling to continue






OCBC Research Team OCBC Investment Research | https://www.iocbc.com/ 2021-04-22
SGX Stock Analyst Report BUY MAINTAIN BUY 2.10 DOWN 2.170



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