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RBS says Mapletree Logistics Trust (M44U.SG) had “a solid 2010” with FY10 distributable income growth of 10.3% on-year in line with expectations.
“The growth is driven by contributions from new acquisitions made during the year (MLT expanded its portfolio by acquiring 14 assets worth about $500 million, increasing its portfolio size to $3.46 billion). We expect MLT to utilise its ample debt headroom ($470 million based on a gearing of 45%) to acquire accretively in 2011.”
“The growth is driven by contributions from new acquisitions made during the year (MLT expanded its portfolio by acquiring 14 assets worth about $500 million, increasing its portfolio size to $3.46 billion). We expect MLT to utilise its ample debt headroom ($470 million based on a gearing of 45%) to acquire accretively in 2011.”
The house keeps a Buy recommendation, with a $1.11 target price. It says, MLT is currently trading at 17% premium to its book value compared to the industrial REIT average of 23.5%.
It adds, “we are positive on the industrial REIT sector on the back of the stellar growth of the Singapore economy.”
Shares are up 1.0% at $0.99.
