Broker: DBS Group Research
Date of Report: 24 July 2026
Excerpt from DBS Group Research report.
Report Summary
Stock: Mapletree Industrial Trust (MINT SP)
Action: HOLD
Target Price: SGD 2.05
Share Price (as of 23/07/2026): SGD 1.93
Dividend Yield: 6.6%
- Key Idea: Portfolio optimisation is underway with a focus on asset recycling. MINT plans a SGD 500-600mn asset-recycling programme, targeting the divestment of North American assets to reduce leverage and improve portfolio quality.
- Recent Performance: 1QFY27 DPU declined 4.9% y/y but improved 0.6% q/q to 3.11 Singapore cents, despite North American vacancy drag. Singapore assets delivered positive leasing momentum with occupancy rising, while North American occupancy fell due to a well-flagged non-renewal at a San Diego data center.
- Balance Sheet: Gearing increased to 37.5% (from 34.0%), but interest rates remained stable at 3.2%, below guidance.
- Outlook & Implications: Investors should monitor execution of the asset recycling strategy, which is key for a potential re-rating. Near-term DPU may remain constrained by North American vacancies and interest-rate hedge repricing. Maintain HOLD.
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