Broker Name: CGS International
Date of Report: January 27, 2026
Excerpt from CGS International report.
Report Summary
- Mapletree Logistics Trust (MLT) reported a 3.1% year-on-year drop in 3QFY26 revenue and a 9.3% decline in DPU, mainly due to divestments and weaker forex, but performance remains broadly in line with expectations.
- MLT maintains stable NPI margins and gearing, with rental reversions steady ex-China (+1.7%), and negative China rental reversions moderating; management is optimistic about stabilizing China operations and continues to pursue asset recycling and growth in India, Vietnam, and Singapore.
- MLT’s ESG profile is strong, with robust initiatives focused on green certifications and solar energy, though some improvement is needed in areas like environmental innovation and community engagement.
- The broker reiterates an “Add” rating with a target price of S\$1.68, highlighting potential catalysts such as sustained leasing momentum and asset recycling, while noting macroeconomic risks.
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
