Mapletree Logistics Trust (M44U.SG) off 2.2% at $0.885 underperforming broader market (STI off 0.1%). Trader at local brokerage, who asked not to be named, says underperformance today could be due to selling after REIT was mistakenly bought yesterday, in confusion with Mapletree Industrial Trust (ME8U.SG), which listed post-lunch Thursday. 

“I think there’s a tendency, when you have too many people trading and punting, they don’t take care to differentiate.” MLT ended +2.3% yesterday, over 10X average volume. 

 

REIT Thursday reported 3Q results; net property income +8.2% at $47.6 million on year, +3.9% on quarter, DPU of 1.54 cent, +4.1% on year, +2.7% on quarter. Citigroup which has Buy call on stock, $0.92 price target says 3Q largely in line, is "encouraged by improved occupancies and rental reversions." Orderbook quotes tip support at $0.875.