SINGAPORE (Oct 20): OCBC is maintaining its “hold” recommendation on Mapletree Logistics Trust but cuts its fair value estimate to $1.04 from $1.13, citing a muted industry outlook.

OCBC notes that Mapletree Logistics reported a 7.3% on-year rise in gross revenue in its fiscal third quarter, but distribution per unit fell 1.1% to 1.86 cents due to lower margins and higher borrowing costs.

OCBC rates the earnings to be “in line” with its expectations.

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