Mapletree Logistics Trust (MLT): The units of MLT, which have fallen by 18% YTD, have underperformed the FSTREI (12% YTD) and other large market-cap industrial REITs.
For a REIT with relatively resilient DPUs, Daiwa sees little reason for MLT to trade at these levels.
House upgraded its rating to Outperform (TP: $1.12) from Hold on valuations and the resiliency of MLT’s DPUs. Over the longer term, Daiwa believes the pull-back in exchange rates and growth rates in some of the regional economies could be a blessing in disguise for MLT’s ability to make accretive acquisitions.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment