Mapletree Industrial Trust

Mapletree Industrial Trust: 4QFY13 results were slightly better than street expectations; 4Q revenue increased 8.8% to $72.1m, as NPI increased 7.8% to $49.6m. Growth led by higher occupancies of 95.4% and a 4% increase q/q on rents, as well as the full contribution from JTC's Tranche two acquisition, which completed in Aug 2011. DPU increased 10% y/y to 9.24¢, overall gearing remains comfortable at 34.8%, which provides some headrooms for acquisitions/ AEIs. MINT has a forward yield of 5.9%, one of the most attractive in the sector. CS maintains NEUTRAL, TP of $1.70; DB has a BUY, TP of $1.63;