Broker Name: Maybank Research Pte Ltd
Date of Report: January 27, 2026
Excerpt from Maybank Research Pte Ltd report.
- Report Summary
- Mapletree Logistics Trust (MLT) reported a stable 3Q26 distribution per unit (DPU) of SGD1.816 cents, up 0.1% quarter-on-quarter, but down 9.3% year-on-year, with the decline mainly due to foreign exchange headwinds and loss of income from divested assets.
- Portfolio occupancy improved to 96.4% with positive rental reversions, while debt metrics remained stable and gearing decreased slightly to 40.7%.
- Management remains committed to its portfolio rejuvenation strategy, focusing on selective divestments, asset enhancements, and leveraging a sponsor pipeline in India, Vietnam, Malaysia, and Australia.
- Estimates for FY26 and FY27 DPU were marginally raised due to lower financing expenses and impact from divestments; target price maintained at SGD1.45 with a BUY rating.
- Key risks include slower growth in China, higher vacancy in Japan, FX volatility, and potential interest rate increases.
- MLT’s diversified Asian logistics portfolio and strong sponsor support position it for long-term growth, with ongoing initiatives in sustainability, green funding, and capital recycling.
Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank Research Pte Ltd website : https://www.maybank-keresearch.com
