Mapletree Industrial Trust

Mapletree Industrial Trust (MINT): Fitch affirms MINT's BBB+ ratings despite its relatively steep 35.8% debt/assets ratio. This is compared to the industrial REIT average of 31.1%. As of 30 Jun, 83% of MINT's debt consists of fixed rate debt, which protects the trust from the risk of rising interest costs in the next 12-18 months. Further, MINT's outlook remains stable despite rising supply. This is due to the lower than median market rents on MINT's portfolio despite its strong locational advantage. Latest broker ratings as follows: Stanchart has an OUTPERFORM with TP $1.50 UOB KayHian has a BUY with TP $1.61 CS has an OUTPERFORM with TP $1.67 DB has BUY rating with TP $1.54