Friday, October 22, 2010

MapletreeLogistics Trust

MapletreeLogistics Trust: 3Q results generally within expectations with DPU rising 4.1% to 1.54c and NPI up 8.1% to $47.6m YoY. Enhanced yield was attributed to acquisitions this yr, where grp bought 10 properties in SG and Asia to grow book value of portfolio by 16% to $3.4 billion vs $2.9 billion YoY, tipping more acquisitions to come……

Occupancy rate for grp’s portfolio remained steady at 98%, up 1% QoQ, with aggregate leverage ratio at 39.9%. Following results, grp will declare a distribution for the period Jul 1 to Oct 14 - which was the day immediately before the date on which its new units were issued and listed and will announce the cumulative DPU for the period later……

DPU for 9mths FY10 currently at 4.54c, on tract to exceed FY09 DPU of 5.91c. We note that at current levels grp currently trades at 1.05x P/B with an annualized yield of 6.7% for FY10. Peers Cambridge Industrial trades at 0.95x P/B and yield of 8.93%, while Ascendas trades at 1.32x P/B with annualized yield of 6.48%

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