Mapletree Logistics

Mapletree Logistics: Morgan Stanley starts at Equalweight with $0.90 target. Says Reit fully valued at 1.0X P/B, 7.1% DPU yield, and that the positive organic growth outlook is largely in the price. While Mapletree has indicated that it would embark on built-to-suit development opportunities to bolster its organic growth pipeline going forward, its gearing at 44% (vs 45% gearing target) suggests that future acquisition growth could be capped.