Mapletree Industrial Trust First Take: DPU still on a downtrend

Research evidence excerpt

Mapletree Industrial Trust First Take: DPU still on a downtrend

J P M O R G A N Asia Pacific Equity Research

23 July 2026

Mapletree Industrial Trust Underweight

MAPI.SI, MINT SP

First Take: DPU still on a downtrend Price (23 Jul 26):S$1.93

Price Target (Jun-27):S$1.85

Our First Take: 1QFY27 results were broadly in line with our and street

expectations. 1Q27 DPU came in at 3.11 Scts, down 4.9% YoY but up 0.6% QoQ.

The main YoY drags were the absence of income from prior Singapore

divestments, North America lease non-renewals and FX headwinds. The QoQ

improvement was due to higher Singapore contribution from new and renewal

leases as well as lower property maintenance costs.

Singapore/ASEAN Property and

REITs

Key Positives Mervin Song, CFA AC

(65) 6882-7829

Singapore and North America delivered positive rental reversions of 5.3% (4Q25: mervin.song@jpmorgan.com

+6.2%) and 2.2% (4Q25: +5.3%) respectively. Within the Singapore portfolio, hi-

Terence M Khi

tech buildings & business space as well as general industrial buildings achieved (65) 6882-1518

+3.0% (4Q25: +5.2%) and 6.4% (4Q25: +6.2%) over the quarter. Meanwhile, terence.ml.khi@jpmorgan.com

portfolio WALE increased to 4.5 years from 4.4 years following the backfilling of J.P. Morgan Securities Singapore Private Limited/

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Hawthorne Data Centre and lease extension at Sunnyvale. MIT also completed the Morgan Broking (Hong Kong) Limited

sale of the Philadelphia Data Centre at a 4.3% premium to valuation, supporting

its portfolio rejuvenation strategy.

Style Exposure

Key Negatives/Question Marks

Overall portfolio occupancy moderated 0.5pts QoQ to 90.7%, reflecting continued

vacancy pressure in the North American portfolio (1Q27: 82.5% versus 4Q25: