Mapletree Logistics Trust

Re: Mapletree Logistics Trust

Postby winston » Fri Jan 18, 2013 8:53 am

not vested

Mapletree Logistics Trust said its fourth quarter distribution per unit gained 1 percent to 1.70 Singapore cents, helped by higher net property income.

Source: Reuters
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Re: Mapletree Logistics Trust

Postby winston » Mon Jan 21, 2013 10:04 am

Mapletree Logistics Trust- 3QFY13: Stable and defensive logistics pick.

(MLT SP/BUY/S$1.16/Target: S$1.38)
FY13F DPU Yld (%): 6.0
FY14F DPU Yld (%): 6.3

Results marginally below expectations. Mapletree Logistics Trust (MLT) reported 3QFY13 distributable income of S$41.8m (+1.1% yoy, +0.9% qoq) and DPU of 1.72 S cents (+1.2% yoy, +0.6% qoq).

9MFY13 DPU is marginally below expectations, accounting for 72.3% of our full-year estimate of 7.10 S cents.


Acquisition of Wuxi Logistics Park from sponsor.
The acquisition of Wuxi Logistics Park in China for Rmb116m (S$22.8m), announced in Nov 12, was completed in Jan 13.

The average independent valuation of the property, which has a GFA of 45,000sqm, was Rmb119m. At an initial property yield of 8%, the acquisition is accretive to MLT’s China logistics portfolio which has an implied property yield of 6.0%.

The acquisition is fully funded by debt and is leased to reputable companies, including Wuxi Hi-tech, Kerry Logistics, Fiege International Freight Forwarder and Konoike Logistics. This is the third property MLT acquired from its sponsor’s development pipeline.


Maintain BUY and target price of S$1.38, based on the dividend discount model (required rate of return: 6.9%, terminal growth: 2.0%).

Source: UOBKH
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Re: Mapletree Logistics Trust

Postby winston » Mon Oct 21, 2013 7:17 pm

Maintain OUTPERFORM

MLT is one of our preferred picks among the S-REITs.

We like MLT's exposure to the relatively defensive logistics sector (long WALE) with an added growth kicker from acquisitions.

We also highlight that 94% of its FY14 distributable income has been hedged into/derived in the SGD to mitigate forex risk (>80% of JPY exposure in the next 2Y have been hedged).

MLT offers an attractive 6.7% yield. Maintain OUTPERFORM.

Our S$1.42 target price is derived on a DDM of S$1.25 for the existing assets and an acquisition premium of S$0.17.

Source: CS
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Re: Mapletree Logistics Trust

Postby behappyalways » Mon Sep 04, 2017 5:42 pm

mapletree-logistics-trust-acquire-hong-kong-warehouse-8348-mil
https://www.theedgesingapore.com/maplet ... e-8348-mil
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Re: Mapletree Logistics Trust

Postby behappyalways » Thu Jul 05, 2018 4:45 pm

MLT enters into sale-and-leaseback agreement for 5 local logistics properties worth $778.3 mil
https://www.theedgesingapore.com/mlt-en ... h-7783-mil
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Re: Mapletree Logistics Trust

Postby behappyalways » Tue Nov 13, 2018 4:47 pm

Mapletree Logistics Trust acquiring Seoul warehouses for $46 mil
https://www.theedgesingapore.com/maplet ... ses-46-mil
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Re: Mapletree Logistics Trust

Postby behappyalways » Thu Apr 11, 2019 2:33 pm

MapletreeLog Trust divests 5 Japan properties for $213 mil
https://www.theedgesingapore.com/maplet ... es-213-mil
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Re: Mapletree Logistics Trust

Postby winston » Tue Jan 21, 2020 9:39 am

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Mapletree Logistics Trust: Another resilient set of results

Mapletree Logistics Trust (MLT) reported an in-line set of 3QFY20 results, with YoY DPU growth of 2.1% to 2.044 S cents.

MLT continued to exhibit resilience in its operations, as portfolio occupancy increased slightly by 0.2 ppt QoQ to 97.7%, while rental reversions remained positive at +1.2%.

MLT recently completed the acquisitions of seven modern logistics properties in Malaysia, Vietnam and China in Nov and Dec 2019.

The implied net property income yield was 6.1%.

These countries are considered to be one of the fastest growing e-commerce markets.

After lowering our cost of equity assumption to 7.0% (previously 7.6%) to take into account MLT’s solid capital recycling activities to unlock unitholder value, continued resilient operations and inclusion into the Straits Times Index which we believe would spur its trading liquidity further, our fair value increases to S$1.59 (previously S$1.41).

However, we believe positives are more than priced in and valuations remain lofty, based on FY21F distribution yield of 4.7% (as at 20 Jan 2020 close).

Maintain SELL.

Source: OCBC
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Re: Mapletree Logistics Trust

Postby behappyalways » Fri Jan 31, 2020 1:08 pm

Mapletree Logistics to acquire property in Kobe from sponsor for $272.5 mil
https://www.theedgesingapore.com/capita ... r-2725-mil
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Re: Mapletree Logistics Trust

Postby winston » Wed Mar 04, 2020 11:59 am

Mapletree Logistics Trust (MLT SP)
Less Affected By COVID-19 Outbreak Due To Orientation Towards Domestic


Consumption And E-commerce; Upgrade to BUY

MLT is less affected by the COVID-19 outbreak due to its orientation towards domestic consumption and e-commerce, which accounted for 70-75% and 20-25% of its business
respectively.

The exposure to domestic consumption and e-commerce is even higher at 85% and 50-55% for its China portfolio.

MLT is a potential candidate for inclusion in the MSCI Singapore Index.

We would not rule out a merger with sister S-REIT MINT over the longer term.

Upgrade to BUY with a higher target price of S$2.08.

Source: UOBKH

https://research.uobkayhian.com/content ... 8ef5589479
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