Broker Name: UOB Kay Hian
Date of Report: 28 January 2026
Excerpt from UOB Kay Hian report.
Report Summary
- Mapletree Logistics Trust (MLT) reported 3QFY26 DPU of 1.816 S cents, down 9.3% year-on-year, mainly due to the cessation of divestment gains and currency weaknesses.
- Gross revenue and NPI declined due to weaker regional currencies and loss of income from divested properties, though occupancy improved to 96.4% with stability in most markets.
- Negative rental reversion in China has moderated, and MLT may reduce China exposure by divesting properties to a new renminbi-denominated private fund.
- MLT maintains prudent capital management with aggregate leverage at 40.7% and has hedged 84% of its debt into fixed rates.
- Outlook is impacted by the strong Singapore dollar and cautious consumer sentiment in China, but MLT continues to focus on redevelopment projects and domestic consumption-driven tenants.
- The analyst maintains a HOLD rating with a target price of S\$1.38, expecting DPU to stabilise and potential upside from redevelopment and portfolio repositioning.
Above is an excerpt from a report by UOB Kay Hian. Clients of UOB Kay Hian can be the first to access the full report from the UOB Kay Hian website: https://www.uobkayhian.com
