Broker Name: Maybank Research Pte Ltd
Date of Report: May 3, 2026
Excerpt from Maybank Research report.
Report Summary
- Stock: Mapletree Logistics Trust (MLT SP)
- Action: BUY
- Target Price: SGD 1.45
- Current Price: SGD 1.22
- Key Idea: MLT delivered stable performance with steady operating metrics, supported by portfolio diversification and occupancy gains, particularly in Singapore. Distributions from operations remained stable, though headline DPU was impacted by absence of top-ups. FY26 DPU was 7.262c, down 9.8% YoY, with guidance for flat to positive rental reversion outside China.
- Portfolio Focus: Planned divestments in China are likely delayed to FY27. Acquisition focus remains on India, Malaysia, and Vietnam, with growth potential from portfolio rebalancing and sponsor projects.
- Valuation: Fair valuation (1.0x P/BV, 5.9% yield) and stabilisation of distribution underpin the BUY call.
- Risks: Slower China growth, higher vacancy in Japan, trade tensions, capital recycling pace, interest rates, FX losses.
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 website : https://www.maybank.com/investment-banking
