Mapletree Logistics Trust (MAPL.SI): 1QFY27 in line: Weaker operating metrics but progress on divestments; Neutral

研报英文原文证据摘录

Mapletree Logistics Trust (MAPL.SI): 1QFY27 in line: Weaker operating metrics but progress on divestments; Neutral

Equity Research

28 July 2026 | 8:48PM SGT

Mapletree Logistics Trust (MAPL.SI): 1QFY27 in line: Weaker operating

metrics but progress on divestments; Neutral

MLT’s 1QFY27 DPU is +0.2% YoY and -0.2% QoQ, in line at 25%/26% of GSe/IBES Xuan Tan, CFA

+65-6889-2485 | xuan.tan@gs.com

consensus full-year forecasts. Operating metrics were muted with occupancy -50bps Goldman Sachs (Singapore) Pte

QoQ to 96.4% and rent reversion at +0.9%. Mainland China reversion was flattish Hesper He

QoQ at -1.8% but occupancy was -40bps QoQ to 93.8%. MLT made progress on +65-6889-2184Goldman Sachs (Singapore)| hesper.he@gs.comPte

S$155m of divestment across three assets (two in Mainland China) at an above-book

valuation and c.4% exit yield. Looking ahead, management expects reversion for

Mainland China to hover around the current -2% level for rest of FY27, and hopefully

narrow to 0% by FY28. There is no change to the divestment target of S$200-300m

for FY27, including the announced S$155m and the balance from Japan, Australia

and Greater China. As for acquisitions, management remains on the lookout in

Vietnam, Malaysia and India, and opportunistic on Singapore. Maintain Neutral

rating with target price of S$1.31 (previously S$1.32).

n 1QFY27 results in-line: 1QFY27 DPU of S¢1.816, +0.2% YoY and -0.2% QoQ, in

line at 25%/26% of GSe/IBES full-year consensus forecasts. 1QFY27 revenue and

NPI were +0.8%/+2.0% YoY respectively on the earlier India acquisition, a

full-quarter contribution from the Joo Koon Logistics Hub and a higher

contribution from Singapore and South Korea, which more than offset a weaker

contribution from Mainland China, divestment and FX. Gearing improved 10bps