Broker Name: OCBC Group
Date of Report: 30 April 2026

Excerpt from OCBC Group report.

Report Summary
Mapletree Industrial Trust (MINT SP)
Action: Downgrade to HOLD
Target Price: SGD 2.10
Key Idea: MINT faces headwinds due to non-renewals in its North America portfolio, leading to an 8% year-on-year decline in distribution per unit (DPU) for 4QFY26. Portfolio occupancy is expected to come under further pressure as significant data centre leases are not expected to be renewed. Management intends to selectively divest assets in North America, prioritising rebalancing towards growth regions. Financial position is healthy, but average cost of debt is trending higher. The target price is lowered from SGD 2.34 to SGD 2.10 due to a challenging outlook, and the rating is downgraded to HOLD.
Ticker: MINT SP

above is an excerpt from a report by OCBC Group. Clients of OCBC Group can be the first to access the full report from the OCBC Group website : https://www.ocbc.com