Broker Name: CGS International
Date of Report: January 27, 2026
Excerpt from CGS International report.
- Report Summary
- Mapletree Logistics Trust’s (MLT) 3Q/9MFY26 DPU was broadly in line with expectations, with rental reversions staying positive outside China and negative trends in China showing signs of stabilising.
- Portfolio occupancy improved to 96.4%, with strong take-up in Singapore, Japan, and South Korea; MLT is exploring asset recycling, targeting divestments in China and Hong Kong SAR and potential portfolio growth in India and Vietnam.
- Financial metrics remain stable: gearing at 40.7%, interest cost at 2.6%, and NPI margin at 86%; FY26-28 DPU forecasts and target price (S\$1.68) are unchanged, with an Add rating reiterated.
- MLT is making ESG progress, aiming for carbon neutrality by 2030, expanding green-certified space and solar energy capacity, and has a B+ overall ESG score; however, some areas like environmental innovation and community engagement are rated lower.
- Main downside risk cited is a weak macroeconomic outlook potentially affecting rental growth, while positive leasing momentum and accelerated asset recycling could serve as catalysts for re-rating.
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.cgsi.com
