Broker Name: CGS International
Date of Report: October 30, 2025
Excerpt from CGS International report.
Report Summary
- Mapletree Industrial Trust (MINT) reported 2Q/1HFY3/26 results in line with expectations. DPU (Distribution Per Unit) declined year-on-year mainly due to higher interest costs and the absence of divestment gains, but core operational metrics remain resilient.
- Singapore portfolio saw strong rental reversions (+6.2%), with overall occupancy stable. Gearing improved to 37.3% after asset divestments, providing debt headroom for potential acquisitions, especially in the US, Europe, and Japan.
- Management is focused on exploring opportunistic divestments and rebalancing its US data centre portfolio, while maintaining a projected FY26 dividend yield of 5.8%.
- MINT maintains a strong ESG (Environmental, Social, Governance) profile, exceeding several sustainability targets, such as solar energy capacity and reductions in building electricity and emissions intensity.
- The report reiterates an “Add” rating with an unchanged target price of S\$2.54, citing resilient Singapore performance and attractive yield, but notes risks from potential non-renewals or a global slowdown.
Above is an excerpt from a report by CGS International. Clients of CGS International can be the first to access the full report from the CGS International website : https://www.cgs-cimb.com
