Broker Name: Maybank Research Pte Ltd
Date of Report: October 31, 2025
Excerpt from Maybank Research Pte Ltd report.
Report Summary
- Mapletree Industrial Trust (MINT) is downgraded to HOLD with a new target price of SGD2.10 due to limited upside, driven by ongoing portfolio rebalancing and potential non-renewals in its US data centre (DC) segment, despite a supportive low interest rate environment.
- 2Q DPU fell 2.8% QoQ and 5.6% YoY, mainly from asset divestments, FX headwinds, and higher expenses; management plans further divestments (SGD500-600m) but ongoing frictional vacancies and mixed operating trends are expected to keep distributions under pressure in FY26/27.
- MINT maintains prudent capital management with lower gearing (37.3%) and cost of debt (3.0%), and has a strong balance sheet and resilient, diversified portfolio, though risks remain from higher interest rates, lower occupancies, and increased operating costs.
- Management continues to focus on accretive acquisitions, tenant diversification, and sustainability initiatives, but DPU is forecast to decline to SGD12.22c and SGD12.16c for FY26/27, from SGD13.58c in FY25.
- Key risks highlighted include prolonged economic slowdown, higher borrowing costs, and termination of long-term leases, which could further impact occupancy and earnings.
Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank Research website : www.maybank.com/investment-banking
