Broker: CGS International
Date of Report: May 4, 2026
Excerpt from CGS International report.
Report Summary
- Stock: Mapletree Logistics Trust (MLT)
Ticker: MLT SP / MAPL.SI
- Action: Add (Buy equivalent)
- Target Price: S\$1.48 (down from S\$1.68)
- Current Price: S\$1.22
- Upside: 21.0%
- Key Idea: MLT’s 4QFY3/26 DPU was stable quarter-on-quarter, with rental reversions positive outside China (+4.2%) and negative reversion in China moderating. Portfolio occupancy improved to 96.9%. MLT is considering recycling S\$100m-150m in assets, mainly in China and HK SAR, to rejuvenate its portfolio. Management is also keen to increase exposure to India and explore more asset enhancement in Singapore.
- Outlook: Rental reversions expected to remain flattish in FY27. DPU estimates for FY27-28 were trimmed by 1.79-2.13% on slower rental growth assumptions.
- Implication: The recommendation remains Add due to stabilizing China performance and ongoing asset recycling, with catalysts from sustained leasing and further divestments. Downside risk is a weaker macroeconomic outlook that could dampen rental growth.
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
