Broker: Maybank Research Pte Ltd
Date of Report: July 24, 2026
Excerpt from Maybank Research Pte Ltd report.
Report Summary
Stock: Mapletree Industrial Trust (MINT SP)
Action / Call: HOLD
Target Price: SGD 1.90
Last Close: SGD 1.93
Key Highlights:
- 1Q DPU: SGD 3.11 cents (+0.6% QoQ, -4.9% YoY); lower than previous year due to weaker US occupancy, prior divestments, and higher hedging costs.
- Portfolio occupancy: 90.7%, down from 91.2%, mainly due to US non-renewals but somewhat offset by gains in Singapore.
- Singapore portfolio: Continued mid-single digit positive rental reversions (+5%).
- Debt metrics: Gearing stable at 37.5%; cost of debt at 3.2% but guided to rise to 3.5% with hedge repricing. Planned divestments of SGD 500-600m in North America to strengthen portfolio and balance sheet.
- Financial forecasts: FY27E and FY28E DPU unchanged at SGD 11.8c and 12.2c, with downside risk from higher borrowing costs and US non-renewals.
- Valuation: 3-stage DDM model; HOLD rating maintained due to ongoing portfolio reconstitution and interest rate risks.
- Key risks: Higher interest rates, further US occupancy declines, and margin pressure from operating costs.
Implications:
- Investors should note the ongoing pressure on distributions due to US data centre non-renewals and rising debt costs. Portfolio rebalancing and North American divestments are in focus, but near-term upside is limited. Maintain HOLD; monitor for improvements in US leasing or successful divestments before a more positive stance.
Ticker: MINT SP
Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can access the full research report from the broker’s website: Maybank Research Pte Ltd research website
