Broker: CGS International
Date of Report: July 29, 2026
Excerpt from CGS International report.
Report Summary
Stock Focus: Mapletree Logistics Trust (MLT SP)
Action: Maintain Add
Target Price: S$1.48
Current Price: S$1.20
Upside: 23.0%
Key Highlights & Actionable Insights:
- Stable Performance: 1QFY27 DPU of 1.816 Scts was stable year-on-year (+0.2%) and met 25% of FY27F estimate, in line with expectations.
- Positive Rental Reversions (ex-China): Portfolio rental reversion was +0.9% overall and +2.3% excluding China. The negative drag from China is moderating.
- Occupancy: Healthy at 96.4%, with minor decline due to temporary leasing downtime.
- Capital Recycling: Management executed S\$155m in divestments year-to-date, mainly in China and Singapore, supporting balance sheet stability. Aggregate leverage remains stable at 40.5%.
- Estimates & Outlook: No change to FY26-28F DPU estimates. The China portfolio may be bottoming, with further upside potential from sustained leasing and accelerated asset recycling.
- Risks: Downside includes weaker-than-expected rental growth, renewed China portfolio deterioration, and macro headwinds.
Ticker: MLT SP
Above is an excerpt from a report by CGS International. Clients of CGS International can access the full research report from the broker’s website.
