Maybank Kim Eng analyst Chua Su Tye has kept his "buy" call on Mapletree Logistics Trust, but with an upgraded target price of $2.35 from $2.25 following its “strong” earnings for 1QFY22 ended June 30.

On July 19, thanks to higher rental income and contribution from recent acquisitions worth $1.6 billion, MLT reported a distribution per unit of 2.161 cents, up 5.7% y-o-y, which was ahead of consensus estimates.

“We expect occupancies to stay resilient on the back of steady demand growth, and raised DPUs by 4% on stronger rental assumptions,” writes Chua in his July 20 note.

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