Mapletree Industrial Trust (MINT)

Ascendas REIT remains best proxy to the burgeoning S-REIT space: Maybank

SINGAPORE (April 4): Maybank Kim Eng is remaining “positive” on the Singapore REIT (S-REITs) sector on expectations of continued outperformance, while highlighting Ascendas REIT (A-REIT) as the best proxy to overall recovery across S-REITs.  

The research house has adjusted its FY19-21 distribution per unit (DPU) estimates by between -2% and +4%. It is also raising its target prices by 2-9% after adjusting for interest rate assumptions, although operating estimates remain mostly unchanged ahead of S-REITs’ results reporting over the coming weeks.

5 recommendations by Maybank as the S-REIT space eases into recovery mode

SINGAPORE (Feb 28): Maybank Kim Eng is remaining “positive” on the Singapore REIT space as it believes sector valuations will remain supported by recovering distributions per unit (DPUs), especially for hospitality; increased traction of capital recycling initiatives and acquisition momentum; and a backdrop of a slower rate hike cycle.

Mapletree Industrial Trust kept at ‘buy’ by Maybank on hi-tech ambitions

SINGAPORE (Jan 31): Maybank Kim Eng says Mapletree Industrial Trust’s (MINT) fundamentals are intact.

Its DPUs are backed by improving leasing demand, there is growth visibility from its completed Kallang AEI, and it has a more resilient portfolio following its hi-tech asset investments and US diversification.

Meanwhile, MINT’s low gearing, high debt headroom and clear acquisition growth potential could provide upside to its DPU CAGR forecast, adds the research house.

Too early to call sustained turnaround for Mapletree Industrial Trust: analysts

SINGAPORE (Jan 23): DBS Group Research says it is still “too early to call a sustained turnaround” for Mapletree Industrial Trust (MINT), even as a general improvement in occupancy rates across most of its industrial sub-segments is a positive sign.

“This… should allay concerns that occupancy rates will dip further given the uncertain macro climate,” DBS says in a flash note led by analyst Derek Tan on Wednesday.

The way Tan sees it, this implies that the manager’s strategy of maintaining occupancies amid competition is the right one – and could be starting to bear fruit.

Mapletree Group of REITs are gaining strong investor interest

SINGAPORE (Oct 1): “Nimble and decisive in executing their growth strategy and supported by a Sponsor with strong firepower, the Mapletree Group of REITs have been one of the more active S-REITs over the past 12 months, acquiring close to $3.1 billion in assets in Singapore, Hong Kong, China, Japan and the US,” say DBS analysts Derek Tan, Mervin Song and Carmen Tay in a Monday report.

Industrial S-REITs kept at 'equal weight' as occupancy stabilises and rent declines slow

SINGAPORE (May 21): Phillip Securities Research is keeping the industrial S-REITs at “equal weight" unless it sees a broad based improvement in occupancy in the sub-sector.

Tailwind for the sector is the tapering of supply of industrial space in 2018.

“We believe rents to find a bottom by the end of the year; and negative reversions persisting, in view of the higher Rental Index from three years ago,” says analyst Richard Leow in a Monday report.

Growth trajectory of Mapletree Industrial Trust intact with portfolio of stability and diversification

SINGAPORE (Apr 25): Mapletree Industrial Trust (MINT) ended FY18 well, setting the stage for a strong FY19 and is projected to deliver a steady growth profile on the back of well-timed contribution from projects over FY18-19.

For 4Q18, MINT reported DPU grew 2.4% y-o-y, driven by contribution from the build-to-suit (BTS) for HP as well as contribution from its 40% stake in 14 data centres in the US.

Ascendas REIT is best proxy for bombed-out Singapore industrial REIT sector

SINGAPORE (Apr 18): Maybank Kim Eng is staying positive on industrial REITs despite the recent pullback in share prices against a rising interest rate environment.

"We see positive earnings momentum led by the large cap names from improving supply and demand, with near-term catalysts rising occupancies and stable/positive rental reversions," says analyst Chua Su Tye.

Chua sees limited risks from higher interest rates given the sector’s well-cushioned balance sheets, with potential acquisition growth upside not priced in.

Maybank remains 'positive' on S-REITs as industrials are bottoming out

SINGAPORE (Apr 16): Maybank Kim Eng is remaining “positive” on Singapore REITs (S-REITs), despite the recent pull-back in share prices against a rising interest rate regime.

In a Monday report, analyst Chua Su Tye says, “We see positive earnings momentum led by the large cap names from improving supply and demand, with near-term catalysts rising occupancies and stable/positive rental reversions.”

The analyst sees limited risks from higher interest rates given the sector’s well-cushioned balance sheets, with potential acquisition growth upside not priced in.

Mapletree Industrial counting on US data centres to mitigate domestic headwinds

SINGAPORE (Jan 25): Mapletree Industrial Trust (MINT) reported 1.8% higher 3Q18 DPU of 2.88 cents compared to a year ago on 8.3% higher revenue and 11% higher NPI.

See: Mapletree Industrial Trust posts 1.8% increase in 3Q DPU to 2.88 cents

The performance was largely driven by HP’s build-to-suit (BTS) contribution, as revenue and NPI for its hi-tech buildings segment jumped 53.3% and 67.6% y-o-y.

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