Mapletree Logistics Trust (MLT SP) BUY
3QFY22: Switching Focus To Redevelopment Projects
- MLT’s 3QFY22 results were within our expectations with portfolio occupancy stable at 97.8% and positive rental reversion of +2.5%.
- MLT completed three acquisitions worth S$612.9m in 9MFY22 and another 17 properties in Malaysia (1), China (13) and Vietnam (3) worth S$1,144.8m in 4QFY22. MLT will pursue acquisitions of logistics properties that have not stabilised and redevelopment projects.
- Upgrade to BUY as FY23 distribution yield has hit 5.1% after the recent correction. Target price: S$2.08.