Broker Name: OCBC Investment Research
Date of Report: 30 October 2025

Excerpt from OCBC Investment Research report.

Report Summary

• Mapletree Industrial Trust’s (MINT) 2QFY26 distribution per unit (DPU) fell 5.6% year-on-year to 3.18 Singapore cents, in line with expectations, due to loss of income from divestments and weaker North America performance.
• Portfolio occupancy dipped slightly to 91.3%, with positive rental reversions in Singapore and North America; 19.2% of leases by gross rental income are expiring in FY27, including key exposure to AT&T in San Diego.
• Aggregate leverage ratio improved to 37.3% after divestments, but average cost of debt is expected to rise in FY27 as interest rate swaps mature.
• MINT continues to pivot towards data centres, expanding in the US, Canada, and Japan, aligning with digitalisation and data outsourcing trends.
• Management is targeting further acquisitions in Europe and Asia, as well as additional divestments of SGD500-600m to strengthen the balance sheet.
• MINT’s ESG rating was upgraded, reflecting improvements in green building performance and sustainability efforts, with majority independent board governance.
• Potential catalysts include stronger industrial rent recovery and accretive acquisitions; risks involve macroeconomic slowdown, higher interest rates, and slow ramp-up in redeveloped or vacated spaces.
• OCBC maintains a BUY rating with a revised fair value of SGD2.33, expecting MINT’s focus on data centres and sound financial position to help it weather near-term uncertainties.

Above is an excerpt from a report by OCBC Investment Research. Clients of OCBC Investment Research can be the first to access the full report from the OCBC Investment Research website: https://www.ocbc.com/personal-banking/investments/research.html