Mapletree Industrial holds steady despite headwinds

SINGAPORE (Oct 27): OCBC and CIMB are maintaining their “hold” and “add” calls on Mapletree Industrial Trust (MIT), keeping their target prices unchanged at $1.67 and $1.90 respectively. This comes after MIT declared a 2Q17 DPU of 2.83 cents, 1.4% higher than a year ago.

(See also: Mapletree Industrial announces 1.4% rise in 2Q DPU to 2.83 cents, aided by lower expenses)

In a Tuesday report, OCBC lead analyst Andy Wong says MIT’s 2Q average portfolio passing rent, which remained unchanged q-o-q at $1.92psf per month, has bucked the trend of 11 consecutive quarters of q-o-q growth. But this is still a “commendable level” given declining market rents and subdued economic conditions.

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