Lock Mun Yee, an analyst from CGS International, reiterated the Buy rating on Mapletree Logistics. The associated price target is S$1.48.
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Lock Mun Yee has given his Buy rating due to a combination of factors, including resilient operating metrics and controlled financial risks. Despite a modest year-on-year dip in reported DPU caused mainly by the absence of divestment gains, underlying distributable income actually grew, supported by stable funding costs, disciplined gearing near 40%, and only a marginal portfolio valuation decline tied to divestments, China and HK SAR marks, and forex.
He also highlights improving portfolio quality, with occupancy nearing 97% and solid positive rental reversions outside China, alongside signs that China’s negative rental trends are easing and may be stabilising. In addition, management’s plan to recycle S$100m–150m of assets in China and Hong Kong SAR, deepen exposure in growth markets such as India, and pursue AEI opportunities in Singapore underpins a constructive medium-term outlook, even after slightly trimming FY27–28F DPU forecasts and target price.
In another report released today, DBS also maintained a Buy rating on the stock with a S$1.55 price target.