Mapletree Ind Trust: UBS initiate at Buy, with TP $1.36. Note that SG industrial 1H11 rentals +12%, industrial property sector is the only commercial segment where rentals have exceeded 2008 peak, recovering stronger than office and retail.
Add that MIT offers exposure to this compelling segment, as 85% of its NLA is multiple-user factories. Forecast FY12 DPU of 7.79¢ and a FY12-15 DPU CAGR of 5.4%, the highest among industrial S-REITs. Expect MIT to raise S$200m in equity to partly fund its JTC Tranche 2 acquisition, which will be accretive from FY15.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment