Mapletree Logistics Trust

Mapletree Logistics Trust: Off 2.8% at $0.855 as investors offload on DPU dilution concerns, after Reit’s $304.8m fund raising exercise to finance acquisitions. CIMB maintains Outperfom but reduces target to $0.96 from $1.01 to reflect dilution. Expect equity raising to shave 3-6% off 2010-2012 DPU estimates and gearing to drop to 38% from 46%. Near term support at recent Sept low of $0.83.