SINGAPORE (July 22): Mapletree Industrial Trust (MIT) has weathered the brunt of Singapore’s circuit breaker earlier this year and is now riding on digital tailwinds, thanks in part to its “cautious stance” in cash management, say DBS Group Research analysts Derek Tan and Dale Lai in a report today. DBS maintains its “buy” call on the company with a target price of $3.25. 

As 1QFY2021 suffered the full brunt of the circuit breaker during April to May, MIT took a cautious stance and withheld $7.1 million (or a total of $13.7 million since 4QFY2020), from its tax-exempt income to maintain flexibility in cash management, note Tan and Lai. 

“The total amount withheld is expected to be released from 2QFY21 onwards when majority of rebates are expected to be expensed. Overall financial performance was in line with expectations.”

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