Broker: DBS Group Research
Date of Report: 24 July 2026
Excerpt from DBS Group Research report.
Report Summary
Stock Focus: Mapletree Industrial Trust (MINT SP)
Action: HOLD
Target Price: SGD 2.05
Share Price (as of 23 July 2026): SGD 1.93
Dividend Yield: 6.6%
- Key Idea: Asset recycling is crucial for a re-rating. MINT aims to divest SGD500mn-600mn of North American assets to reduce leverage and enhance portfolio quality, with reinvestment into growth opportunities.
- Highlights:
- 1QFY27 DPU declined 4.9% y/y to 3.11 Scts but rose 0.6% q/q, forming about 27% of FY27 forecast.
- North American data center vacancies, especially a non-renewal at San Diego by AT&T, weighed on results, while Singapore assets showed positive momentum with higher occupancy and rental reversions.
- Portfolio occupancy slipped to 90.7% (down 0.5ppt q/q), mainly due to North America; Singapore occupancy rose to 94.3%.
- Gearing increased to 37.5% (from 34.0%), but interest costs remain stable at 3.2%.
- Implications: Investors should monitor the execution of the asset recycling plan and progress in rebalancing towards higher-quality tenants (cloud, hyperscale, colocation). Near-term DPU may face headwinds from North American vacancies and interest rate hedge repricing, but successful asset recycling could provide upside catalysts.
Above is an excerpt from a report by DBS Group Research. Clients of DBS Group Research can access the full research report from the broker’s website.
