Mapletree Logistics:- CIMB recommends to take profit on relative outperformer. Downgrades MLT to Hold from Add, with a lower TP of $1.02.
- 4Q16 DPU of 1.8¢ (-2.75 yoy) in line.
- FY16, Hong Kong remained positive, driven by acquisitions, and stronger HKD, but Singapore was sluggish, due to ongoing MTB reversions, absence of contributions from 5B Toh Guan Road East, and 76 Pioneer Road, as well as divestment of two assets in the year.
- Lease 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.
- Management sees headwinds in Singapore, amid conversions of master tenant to multi-tenanted buildings amid a rising supply of warehouse space. There are risks that KPPC (in Korea) will not renew lease.
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