not vested
RESEARCH ALERT-UBS cuts Mapletree Industrial target price
SINGAPORE, Oct 27 (Reuters) - UBS has cut its target price for Singapore's Mapletree Industrial Trust , which owns factories and other industrial assets, to S$1.32 from S$1.36 and kept its buy rating.
STATEMENT: Mapletree Industrial reported a second quarter distribution per unit (DPU) of 2.05 Singapore cents, which was above UBS' expectations, helped by increases in rents for its leases.
UBS has raised its fiscal 2012 DPU estimate for Mapletree Industrial by 3 percent, to account for the strong results, but cut its DPU estimates for 2014 and 2015 by 1 percent each.
"However, as we now expect market rents in the industrial sector to decline by 5-10 percent next year," said UBS in a report.
At 0331 GMT, shares of Mapletree Industrial were flat at S$1.135, and have gained 4.7 percent since the start of the year.
Source: Reuters