Excerpts from CGSCIMB report Mapletree Logistics Trust (SGX: M44U)

• 3QFY24 DPU of 2.253 Scts is broadly in line at 26.2% of our FY24F forecast.
• MLT expects China rent reversions to remain negative; meanwhile, it continues to execute on its asset recycling strategy to rejuvenate its portfolio.

Reiterate Add rating with an unchanged TP of S$1.88. 3QFY3/24 results highlights Mapletree Logistics Trust (MLT) reported a 2.1% yoy rise in 3Q revenue to S$184m while NPI grew 1.5% yoy to S$159.5m. The better performance was underpinned by higher contributions from Singapore assets and income from recent acquisitions. 3QFY24 DPU of 2.253 Scts was broadly in line at 26.2% of our FY24F forecast. 9MFY24 was 79.1% of our forecast. Slight dip in portfolio occupancy, challenging environment in China MLT’s portfolio occupancy dipped 1% pt qoq to 95.9% at end-3QFY24, due to a decline in Singapore, HK SAR and Malaysia occupancies. Overall rental reversion of +3.8% was achieved in 3Q, with rental reversions ranging from 5.1%...