Mapletree Log Trust: DPU of 1.69c for 3Q. 3Q Rev at $68.3m +25.4% yoy +3.8% qoq with net profit at $23.7m -29.9% yoy -5.3% qoq partly due to changes in fair value of financial derivatives of $13.0m which were hedges not recognised as rev. Distributable amt at $40.8m was+29.7% yoy +5.3% qoq. Positive rental reversions of 22% High occupancy of 99%. Partial distribution of the net gain from divestment of 9 Tampines St 92 and 39 Tampines St 92 which will be distributed across 3 quarters including this one.
Gearing unchanged at 41% and co has successfully refinanced $281m of debt extending its maturity from 2012 to 2018 with no significant impact on overall borrowing cost.
YTD DPU of 4.84c translates to approx annualized yield of 7.5%.
Deutsche maintains Buy with TP$1.01 citing defensive and well-diversified portfolio with 7.6% yield in FY11 and 7.7% FY12.
CS maintains Outperform with TP$1.10, likes MLT for defensiveness (WALE of 6 yrs) and strong acquisition pipeline.
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