not vested
MAPLETREE INDUSTRIAL TRUST (MINT SP)
Recommendation : BUY
Fair Value: SGD 3.51
MOVING IN THE RIGHT DIRECTION
2QFY21 DPU down marginally by 1.0% YoY
Looking to grow its data centres exposure
Increase FV by 8% to S$3.51
Mapletree Industrial Trust (MIT) has a sizeable portfolio of industrial assets in Singapore which includes Data Centres, Hi-Tech Buildings, Flatted Factories and Business Parks.
It also penetrated the U.S. and Canadian data centres market and thus offers investors a proxy to the fast-growing digitalisation and data outsourcing trends.
Although the macroeconomic outlook remains subdued, MIT’s solid financial position, high quality management team and strategy of scaling up its data centre exposure would allow it to better withstand the uncertainties ahead, in our view.
Source: OCBC