Mapletree Industrial Trust

Mapletree Industrial Trust: Management highlighted that it expects rents to be stable near term with longer-term pressure from increasing supply. Ongoing AEIs and build-to-suit projects are progressing well and will drive incremental DPU growth. With the domestic landscape for acquisitions challenging, MINT stated that it is open to offshore opportunities from end-year particularly in markets where the sponsor has an existing presence (China, Japan, and Vietnam), but remaining Singapore-centric. DB has a BUY rating, TP of $1.63;