MapleTree Log Trust: Daiwa reaffirms O/p, and increases TP to $1.02 from $0.98. Note that. Goodman Group management in Sydney, Australia, on 14 March, divested 7 warehouse facilities in Japan worth ¥17.5bn (S$292m) to MLT with a yield cost of up to 7.75%.
After incorporating the Goodman Japan warehouse portfolio into forecasts, as well as the two warehouse-storage properties worth RM60m in Msia, the issue of S$350m of 5.375% perpetual equity securities, and the change of MLT’s financial year-end to March from 2012, revised up DPU forecasts slightly.
Still see some attractiveness in industrial-property S-REITs with high exposures to single-tenanted properties and low exposures to the business park and high-tech industrial segments, still prefer the large-cap office SREITs such as CapitaCom Trust and Suntec REIT, believe they have more attractive risk-reward ratios.
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