Mapletree Logistics Trust: Take profit on the relative outperformer- CIMB
- FY16 DPU of 7.38 Scts (-1.6% yoy) was slightly below our expectation at 96% of our full-year estimate. 4Q16 DPU of 1.8 Scts (-2.75 yoy) was 23% of our FY16F.
- Hong Kong remained positive but Singapore was sluggish.
- Renewal rate of 91%, positive rental reversion of 4% in FY16. As at end-FY16, occupancy stood at 96.2%, with a WALE of 4.5 years.
- Risks from KPPC in South Korea.
- Take profit on relative outperformer.
- Downgrade MLT to Hold from Add, lower TP $1.02.
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