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Mapletree Logistics Trust (MLT SP)

Stable Qtr, Limited Visibility


Results in line, stay at HOLD

MLT’s logistics assets stabilised further in 3Q20 as DPU rose 2.1% YoY on its larger AUM with the addition of seven high-specs assets and a China divestment as of end-2019. However, we see limited near-term demand growth visibility (except for M’sia, Vietnam) on macro uncertainties. We fine-tuned DPU estimates after its Dec-2019 SGD250m equity fundraising, which has bolstered its balance sheet for further deals, and our TP rises to SGD1.75 (COE: 6.7%, LTG: 2.0%). Our top industrial-sector pick remains the business-park-focused AREIT (AREIT SP, BUY, TP SGD3.35), which trades at higher 5.6% yields with stronger DPU growth prospects and the balance sheet for acquisitions. Stay at HOLD.


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Keppel DC REIT

Acquisition growth continuing


■ 4Q/FY19 DPU of 1.83/7.61 Scts (-1.1%/+4.0% yoy) was in line at 23%/97% of our FY19 estimate due to the SGP4 and DC1 acquisitions in 2019.

■ KDCREIT acquired a data centre in Kelsterbach, Germany for €81.8m which would be leased on a triple-net basis until end-2025.

■ Maintain our Hold call with a higher DDM-based TP of S$2.03 as we include its latest acquisitions.


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Mapletree North Asia Commercial Trust

Earlier-than-expected recovery


■ Weaker portfolio performance dragged 3QFY3/20 bottomline.

■ Lesser than our earlier projected drag from FW as at 3QFY3/20.

■ Maintain Add rating with a higher DDM-based TP of S$1.31.


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REITs – Singapore

3QFY20: MLT (In-line), 4Q19: CCT (In-line)


MLT reported healthy growth in DPU of 2.1% yoy. Portfolio occupancy improved 0.2ppt qoq to 97.7%. Rental reversion moderated from 1.8% in 1HFY19 to 1.2% in 3QFY19. CCT reported healthy growth in DPU of 2.7% yoy. It maintained stable portfolio occupancy at 98% while achieving positive rental reversions for Six Battery Road, CapitaGreen and Raffles City Tower. Maintain HOLD on MLT and maintain BUY on CCT (Target: S$2.30). Maintain OVERWEIGHT on the sector.


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings2.260-0.010
Avi-Tech Electronics0.435-0.005
Best World Int.1.360-
China Sunsine0.455-
CNMC GoldMine0.250-0.010
CSE Global0.5700.005
Eagle HTrust USD0.520-0.005
Food Empire0.7750.025
Golden Energy0.170-
GSS Energy0.098-
ISDN Holdings0.199-
JB Foods0.625-
KSH Holdings0.400-
Moya Asia0.079-0.001
Nordic Group0.295-0.005
Oxley Holdings0.345-
REX International0.197-0.003
Sing Holdings0.405-0.005
Straco Corp.0.570-
Sunningdale Tech1.290-
Sunpower Group0.555-0.005
The Trendlines0.131-
Tiong Seng0.200-
Uni-Asia Group0.690-
Yangzijiang Shipbldg1.0500.010

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