Mapletree Industrial Trust:1QFY16 results were in line. DPU increased 8.8% to 2.73¢, while distributable income rose 12.8% to $48.2m.
Revenue climbed 4.1% to $81.6m, while NPI expanded 6.2% to $60.2m, from higher occupancies across all property segments except stack-up/ramp-up buildings, higher rental rates, and contributions from Equinix Singapore.
Occupancy stood at 93.5% (3.3ppt q/q) with WALE of 3.2 years. Aggregate leverage stood at 30% with weighted average all-in funding cost of 2.3%.
9.8% of leases by gross income are set to expire for the remainder of FY16. Management sees further pressure in rental rates for conventional industrial space, but is more optimistic towards independent high-specs industrial space, as well as business parks as new supply is expected to be limited.
The Hewlett Packard BTS development is on track for completion in 1H17, and should drive significant DPU upside once it begins contributing.
Mapletree Industrial Trust is currently trading at 6.1% yield and 1.2x P/B.
Latest broker ratings:
Maybank-KE maintains Buy with TP of $1.77
Deutsche Bank maintains Hold with TP of $1.53
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