Broker: Lim & Tan Securities
Date of Report: 29 April 2026

Excerpt from Lim & Tan Securities report.

Report Summary

• Mapletree Industrial Trust (MIT) (Ticker: Not specified)
  Action: HOLD
  Target Price: S\$2.18 (6% upside)
  Key Insights:
  • FY25/26 Distribution to Unitholders: S\$362.6 million; DPU: 12.71 cents, both down about 6% year-on-year due to divestments and currency depreciation.
  • Portfolio repositioning: S\$550.6 million of divestments, proactive leasing, and successful S\$300 million perpetual securities issuance to strengthen balance sheet.
  • Portfolio occupancy: Slight dip overall (91.2%), but Singapore improved to 93.4% with positive rental reversions (+6.2%).
  • Manager will continue selective North America divestments (S\$500–600 million) for further financial flexibility.
  • Valuation: MIT trades at 1.1x book with a 6% yield, and consensus target price offers 6% upside. Recommendation is to HOLD.
• Hongkong Land (HK Land) (Ticker: Not specified)
  Action: ACCUMULATE
  Target Price: US\$10.07 (27.6% upside)
  Key Insights:
  • HK Land’s new strategic direction aims to double profit and dividends, recycle up to US\$10 billion capital, and grow AUM to US\$100 billion by 2035.
  • Recent purchase: Acquired 10.8% stake in Suntec REIT at S\$1.70/unit (16% discount to NAV). Potential to add value to Suntec REIT portfolio and possibly take a managerial role to drive re-rating.
  • Valuation: Trades at 0.55x PB and 3.2% dividend yield with significant upside. Positive on synergy potential and foray into fund management.
• Suntec REIT (Ticker: Not specified)
  Action: ACCUMULATE
  Key Insights:
  • Potential value from HK Land’s investment and possible strategic changes to unlock asset value.
  • Valuation: Trades at 0.7x PB, 5.3% dividend yield, and 20.7x forward PE.

Above is an excerpt from a report by Lim & Tan Securities. Clients of Lim & Tan Securities can be the first to access the full report from the Lim & Tan Securities website: www.limtan.com.sg