Broker: CGS International
Date of Report: April 30, 2026
Excerpt from CGS International report.
Report Summary
- Stock: Mapletree Industrial Trust (MINT SP)
- Action: Maintain Add rating (Buy equivalent)
- Target Price: S\$2.22 (lowered from S\$2.54)
- Current Price: S\$1.97
- Key Highlights:
- 4Q/FY26 DPU of 3.09 Scts and FY26 DPU of 12.71 Scts were broadly in line with forecasts.
- Singapore portfolio remains robust with positive rental reversions (+6.2% in 4QFY26).
- US data centre portfolio faces income volatility due to expiring leases; 17.1% of leases expire in FY27F and 20.6% in FY28F.
- MINT exploring S\$500m-600m of opportunistic divestments (mainly in the US) to rebalance portfolio and create headroom for strategic acquisitions in Japan and Europe.
- FY27F/28F DPU forecasts reduced by 9.7%/6.5% to reflect higher debt costs and income voids during re-leasing.
- Attractive projected FY26F dividend yield of ~6%.
- Valuation supported by resilient Singapore metrics; potential re-rating catalyst from better-than-expected rental reversions.
- Main downside risks: Non-renewals of expiring US data centre leases and global economic slowdown impacting rentals and vacancy recovery.
- Ticker: MINT SP
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/
