Mapletree Industrial Trust

Mapletree Industrial Trust: Goldman Sachs starts at neutral with $1.12 TP. Expect SG focused REIT to deliver sector-leading organic DPU CAGR of 9.5% over FY10-12, but says catalyst already reflected in current price. Expect grp to benefit from SG's stable economic growth, with 44% of its income derived from MNC, listed firms & 56% from SMEs, which form backbone of economy. Highlight that portfolio under-rented, at average 21% below market average.