MapletreeLogTrust: Slightly better than expected result, 2Q DPU at 1.6c, 2Q rev at $65.8m up 26.6% yoy +5.8% qoq and net profit at $38.8m +25.9% yoy +3.5%qoq. 2Q DPU is up 6.6% yoy 3.2% qoq compared to prev yr 1.5c and prev quarter 1.55c. Rev due to newly acquired 4 new properties acquired but was offset by FX impact of strong S$. Mgmt has also divested 2 properties in this quarter and expects to distribute net gain of approx 9c per unit over nxt 3 quarters.
Current asset leverage is at 41% below targeted 40-50% with room for debt. Co continues to look for overseas properties and is in midst of seeking approval to redev a local property with underutilized plot ratios.
CIMB maintains Outperform on results with TP$1.05. Current annualized 1H DPU of 3.2c translates to approx 6.7% yield. Peer Cache Log Trust trades at expected yield of 7.7%.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment