Broker Name: Maybank Research Pte Ltd
Date of Report: January 27, 2026
Excerpt from Maybank Research Pte Ltd report.
- Mapletree Logistics Trust (MLT) delivered a stable 3Q FY26 performance with a slight quarterly increase in distribution per unit (DPU), but a year-on-year decline primarily due to forex headwinds and divestments.
- Portfolio occupancy improved, debt metrics remained solid, and management reiterated its portfolio rejuvenation strategy; the report maintains a BUY rating with an unchanged target price of SGD1.45.
Report Summary:
- MLT’s 3Q DPU was SGD1.816c, up 0.1% QoQ but down 9.3% YoY, impacted by FX weakness and asset divestments.
- Portfolio occupancy improved to 96.4%, and rental reversion trends stabilized, especially in China.
- Debt metrics were stable; gearing lowered to 40.7%, and cost of debt remained at 2.6%.
- Management continues to focus on portfolio rejuvenation, with selective divestments and an active acquisition pipeline, notably in India, Vietnam, Malaysia, and Australia.
- FY26/27 DPU estimates were slightly raised due to lower financing expenses and ongoing divestments; target price held at SGD1.45 with a BUY rating.
- Risks include slower China growth, higher vacancies in Japan, trade tensions, FX volatility, and interest rate hikes.
- MLT maintains strong ESG credentials, including green funding, energy reduction targets, and diversity initiatives.
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: https://www.maybank-keresearch.com
