Mapletree Logistics Trust

Mapletree Logistics Trust: Announced on 28 Aug that it will acquire Hyundai Logistics Centre in Gyeonggi-do, South Korea for a consideration of $24.6m. Separately, MLT entered into an agreement to divest 30 Woodlands Loop in Singapore for $15.5m. The sale proceeds will be redeployed to partially fund the acquisition in South Korea. OCBC view both transactions positively as it clearly reflects MLT’s capability to optimize portfolio returns through proactive asset management. House tweak forecasts to accommodate the two transactions. FY13-14F DPUs are raised by 0.3-0.7%, but there is no change to our fair value of $1.19. Maintain BUY.