Broker: OCBC Group Research
Date of Report: 29 April 2026
Excerpt from OCBC Group Research report.
Report Summary
- Stock: Mapletree Industrial Trust (MINT SP EQUITY)
- Action: Downgraded to HOLD
- Target Price (Fair Value): SGD 2.10 (lowered from SGD 2.34)
- Last Close: SGD 2.06
- Key Issue: 4QFY26 DPU fell 8.0% YoY to 3.09 S cents, slightly missing expectations. Portfolio occupancy edged lower to 91.2% with further pressure expected, especially from non-renewals in North America.
- Financials: FY26 DPU slipped 6.3% to 12.71 S cents. FY27 DPU forecast cut by 5.5% due to weaker occupancy, margin assumptions, and weaker USD/JPY vs SGD. FY27E DPU yield: 5.9%.
- Strategy: MINT plans to selectively divest SGD 500-600m of North America assets over the next 1-2 years, focusing future growth on higher-quality data centres, especially in Europe and Asia Pacific (notably Japan).
- Risks: Persistent macroeconomic uncertainty, potential for higher interest rates, and slow ramp-up in occupancy for redevelopment projects.
above is an excerpt from a report by OCBC Group Research. Clients of OCBC Group Research can be the first to access the full report from the OCBC Group Research website : https://www.ocbc.com
