Mapletree Industrial Trust

Mapletree Industrial Trust: UBS downgrades MINT from Neutral to Sell, rationalizing that valuations after the 12% rally since Oct2014 have become lofty. Stock is trading at 1.3x P/BV, more than 2SD above its historical mean, and forward yield is coming under pressure (~6.7%) at a time when the industrial sector is softening. As such, continuous growth in the short-term is challenging. DCF-derived TP is $1.43 (up from $1.36).