PhillipCapital is positive on the overall outlook for Mapletree Logistics Trust (MLT) and has kept its “overweight” rating on the MLTSP 4.18% Perp Corp (SGD) with a yield to call of 3.15% and yield to worst of 3.08%.

Meanwhile, it rates “neutral” on the MLTSP 3.65% Perp Corp (SGD) with YTC of 3.31% and YTW of 2.76%.

In its latest 1Q20 results, MLT’s distribution per unit (DPU) increased y 1.0% y-o-y to 2.045 cents, while revenue grew 10.5% y-o-y to $132.4 million, on existing portfolio and new acquisitions, offset by rental rebates to eligible Covid-19 impacted tenants and divested investment properties.

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