Broker: Maybank Research Pte Ltd
Date of Report: July 29, 2026
Excerpt from Maybank Research Pte Ltd report.
Report Summary
Stock: Mapletree Logistics Trust (MLT SP)
Action: BUY
12m Price Target: SGD 1.45 (+25%)
Current Price: SGD 1.20
Key Highlights & Actionable Insights:
- Recommendation: Maintain BUY on Mapletree Logistics Trust (MLT) with a target price of SGD 1.45, reflecting a 25% upside.
- Quarterly Performance: 1QFY26/27 DPU was SGD1.816 cents, stable year-on-year and in line with expectations. Occupancy remains high at 96.4% with positive rent reversions (+0.9% overall; +2.3% ex-China).
- Portfolio Moves: Progress in asset recycling with SGD422m divestments completed or announced (42% of SGD1bn target). Recent divestments include two China assets and one Singapore asset at a 4.0% exit yield.
- Financial Metrics: Gearing is stable at 40.5%; cost of debt unchanged at 2.6%. The REIT remains well-capitalized for further portfolio rebalancing and potential expansion outside Asia Pacific.
- Valuation Drivers: Fair valuation at 0.9x PB and 6% yield. Distribution is stabilizing, with growth potential from continued portfolio rebalancing. No deterioration in China operating metrics is a positive sign.
- Risks: Watch for slower growth in China, higher Japanese vacancies, delays in capital recycling, and FX/interest rate risks.
Implications:
- MLT’s steady performance, proactive portfolio management, and disciplined capital recycling support the investment case. The stable distribution yield and further rebalancing opportunities provide potential upside for unitholders.
Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can access the full research report from the broker’s website.
