Jefferies analyst Krishna Guha has maintained his “buy” call on Mapletree Logistics Trust, following its 4QFY2022 earnings on April 28.
In his May 3 note, Guha acknowledges that there are concerns that the REIT’s properties in China might suffer from the broader economic slowdown. He also notes that half of MLT’s revenue is exposed to currencies that are depreciating: Japanese yen, Australian dollar and RMB.
Furthermore, valuation remains demanding, yielding 5% now – some 40 to 60 basis points lower than industrial peers.
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