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Jefferies keeps 'buy' on MLT with slightly higher target price of $2

The Edge Singapore
The Edge Singapore5/3/2022 4:50 PM GMT+08  • 2 min read
Jefferies keeps 'buy' on MLT with slightly higher target price of $2
MLT managed to achieve a rent reversion of 2.9% across its portfolio. / Photo by Samuel Isaac Chua
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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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