Mapletree Industrial Trust Ltd.: Risk Reward Update

Research evidence excerpt

Mapletree Industrial Trust Ltd.: Risk Reward Update

UpdateM

RiskRisk RewardReward– Mapletree- MapletreeIndustrial TrustIndustrialLtd. (MAPI.SI) Trust Ltd. (MAPI.SI)

Fully Valued Unless New Growth Avenues Appear

PRICE TARGET S$2.00 EQUAL-WEIGHT THESIS

exposure to data centres: MIT hasBase case, 50/50 weight of dividend yield and price to book. Our target dividend yield of ▪Positive

6.0% is 25bp lower than our industry-wide forecast, reflecting higher than average liquidity. steadily increased its data centre exposure

Our target P/B on F26 trailing NAV is 1.3x, 0.5 S.D below its five-year historical average, to (>50% of overall AUM), an asset class that

reflect obsolescence risks associated with MINT's ageing DC portfolio. has so far enjoyed resilient tenant demand

as well as institutional investor interest. S$2.04

the ageing DC portfolio in the ▪However,Consensus Price Target Distribution S$1.82 S$2.22 US poses potential obsolescence risk, which MS PT

could be a future headwind to dividendsSource: Refinitiv, Morgan Stanley Research Mean Morgan Stanley Estimates

should tenants decide to vacate the assets.

RISK REWARD CHART Consensus Rating Distribution

13% Overweight

SGD 73% Equal-weight

S$2.50S$2.50(+28.87%)S$2.50(+28.87%)(+28.87%) 13% Underweight

MS Rating

2.4

Source: Refinitiv, Morgan Stanley Research

S$1.94S$1.94S$1.94 S$2.00S$2.00(+3.09%)S$2.00(+3.09%)(+3.09%)

1.8

Risk Reward Themes

S$1.70S$1.70(-12.37%)S$1.70(-12.37%)(-12.37%) Disruption: Positive

1.2 Self-help: Positive

View descriptions of Risk Rewards Themes here

0.6

JUL '25 JAN '26 JUL '26 JUL '27

Key: Historical Stock Performance Current Stock Price Price Target

BULL CASE S$2.50 BASE CASE S$2.00 BEAR CASE S$1.70

Dividend Yield: 4.5%, P/B: 1.42x Dividend Yield: 6.0%, P/B: 1.28x Dividend Yield: 7.5%, P/B: 1.14x