Mapletree Logistics Trust

[winston]

not vested

What’s New

Value emerging after recent price decline

Operations should remain relatively resilient in the midst of COVID-19 outbreak in its key markets

Acquisition momentum unlikely to be derailed in the medium term; confident that acquisitions will feature sometime in 2020.

BUY with TP of S$1.85 as we adjust our cost of equity assumptions

Source: DBS

https://researchwise.dbsvresearch.com/R ... =fdaddkhab

[winston]

not vested

Mapletree Logistics Trust declares higher DPU of 2.048 Singapore cts

by JANICE HENG

MAPLETREE Logistics Trust (MLT), releasing its results on Thursday after market close, has declared a distribution per unit (DPU) of 2.048 Singapore cents for the fourth quarter ended March 31, up 1.2 per cent from 2.024 Singapore cents in the year-ago period.

The real estate investment trust (Reit) posted higher distributable income of S$77.8 million, up 6.2 per cent from S$73.3 million.

Net property income for the quarter rose 9.3 per cent to S$114.7 million, up from S$105 million. Gross revenue was up 5.5 per cent at S$128.1 million, from S$121.4 million.

The improved performance was driven mainly by higher revenue from existing properties and contributions from accretive acquisitions in Malaysia, Vietnam, South Korea and Japan, said MLT.

In MLT's top three core markets, all tenants are fully operational in Hong Kong and Japan; in Singapore, about 5 per cent of its tenants have been affected by Covid-19 measures.

Tenants from the hardest-hit sectors of retail, hospitality and travel account for about 10 per cent of MLT's revenue. Tenants serving essential needs such as food and beverage products, consumer staples and healthcare account for more than 30 per cent of the reit's revenue.

As at March 31, MLT's assets under management totalled S$8.9 billion, up S$959 million from a year ago. The gain was due mainly to about S$806 million in acquisitions and capital expenditure, and another S$117 million net appreciation in investment properties, attributable mainly to properties in Hong Kong. With this, net asset value per unit rose 3.4 per cent to S$1.21.

MLT's portfolio occupancy rose marginally to 98 per cent from 97.7 per cent in the previous quarter, with higher occupancy in Hong Kong and China. The weighted average lease expiry (by net lettable area) is 4.3 years.

The fourth-quarter distribution will be paid out on June 12, with a record date of May 4. This brings total DPU for the year to 8.142 Singapore cents, up from 7.941 Singapore cents the previous year.

With the latest quarter's figures, full-year net property income was up 12.6 per cent at S$438.5 million; the full-year gross revenue rose 8 per cent to S$490.8 million.

Source: Business Times

https://www.businesstimes.com.sg/compan ... 0#cxrecs_s

[winston]

not vested

Mapletree Logistics Trust (MLT SP)

Share Price: SGD1.73
Target Price: SGD1.85
Recommendation: Hold
Stable Qtr, Slower Visibility

MLT’s 4Q20 DPU rose 1.2% YoY with higher rental income and acquisitions offsetting its divestments.

Management stays cautious on lower demand visibility with heightened government-led measures and sees a slower acquisition growth profile in FY21.

Source: Kim Eng

https://factsetpdf.maybank-ke.com/PDF/1 ... 72a3ba.pdf

We see low downside risk on its diversified AUM and well-sited logistics assets, but limited DPU upside to its 5.0% div yield and SGD1.85 TP.

Our sector pick remains the business-park-focused AREIT with stronger DPU growth and balance sheet for deals.

Source:

[winston]

not vested

Resilience from diversity

4Q/FY20 DPU of 2.048/8.14 Scts was in line at 25%/99% of our FY3/20 forecast.

MLT achieved a high portfolio occupancy of 98% as at end-FY3/20, thanks to higher e-commerce activity.

Maintain Hold with a slightly higher DDM-based TP of S$1.70.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... A70096F77A

[winston]

not vested

What’s New

COVID-19 the catalyst to drive the acceleration of ecommerce sales in the region

Well placed to ride the trend with 75% of its revenues from consumer-related sectors; 25-30% in the ecommerce space

Entering the virtuous cycle of accretive inorganic growth

BUY maintained, TP revised to S$2.05

Source: DBS

https://researchwise.dbsvresearch.com/R ... =feicjkhea

[winston]

not vested

Mapletree Logistics Trust (MLT SP) - Stability amid uncertainties

Mapletree Logistics Trust (MLT) reported an in-line set of 1QFY21 results, with DPU growing 1.0% YoY to 2.045 S cents.

Its operating metrics pointed to another quarter of resiliency despite the Covid-19 pandemic.

Portfolio occupancy softened slightly from 98.0% (as at 31 Mar 2020) to 97.2%, but still at a healthy level, in our view.

On the rental front, MLT achieved positive rental reversions of 1.9% in 1QFY21.

Besides MLT’s resilient operating metrics, its financial position also remains firm.

After factoring recent acquisitions by MLT in our model, we raise our FY21F and FY22F DPU forecasts by 1.5% and 3.5%, respectively.

We also lower our cost of equity assumption by 50 bps to 6.0% on account of positive structural trends that would benefit MLT and its relative stability within the S-REITs sector.

Consequently, our fair value is lifted from S$1.79 to S$2.07. HOLD.

Source: OCBC

[winston]

not vested

Mapletree Logistics Trust - Steady Delivery (MLT SP, CP SGD2.04, BUY, TP SGD2.25, REITs)

MLT delivered a stable 1Q21 as DPU rose 1.0% YoY with higher rental income and earlier acquisitions offsetting its divestments and provisions for rental relief.

We raised FY21 DPUs (by 2%) and expect its occupancies to remain resilient on steady demand growth.

MLT’s growing APAC-focused AUM is well-placed in capturing the sector’s multiple structural growth themes – rising e-commerce demand and supply chain diversification - which have been accelerated by the COVID-19 pandemic.

Source: Kim Eng

[behappyalways]

Mapletree Logistics Trust to raise $650.0 mil through equity fund
https://www.theedgesingapore.com/news/r ... quity-fund

[behappyalways]

Mapletree Logistics Trust's private placement to raise $644.1 mil; issue price fixed at $2.027 per new unit
https://www.theedgesingapore.com/news/r ... d-2027-new


Mapletree Logistics Trust acquires Brisbane distribution centre for $109.8 mil
https://www.theedgesingapore.com/news/r ... e-1098-mil

[winston]

not vested

What’s New

Surprise significant acquisition to make deeper inroads within Asia’s logistics sector

‘Follow your tenant’ strategy to result in sticky relationships with more than 40% of tenants having a presence in various locations

Factored potential acquisitions of S$400m in FY21 and S$500m in FY22 into our estimates

BUY, TP raised to S$2.35

Source: DBS

https://researchwise.dbsvresearch.com/R ... =fifcikhaa