Friday, October 15, 2010

* Mapletree Industrial Trust *

Mapletree Industrial Trust: retail IPO application closes at 8am, Monday, Oct 18.
The Spore-based Reit owns 70 properties, comprising mainly flatted factories and industrial buildings, with total GFA of 1.5m sqm valued at $2.1bn…

Valuation and yields are attractive for the quality and size of its portfolio. At the IPO price, MIT is valued at 1.1x P/B and 7.6% yield, vs closest peer Ascendas Reit at 1.4x P/B and 6.5% yield. Pegging MIT to Ascendas’ valuation, we arrive at a fair value of $1.09.

More details can be found in our note on MIT.
http://kimengresearch.com/Companies/MIT.pdf

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