MapletreeLog - Mapletree Logistics started at Equalweight by Morgan Stanley

Stock Name: MapletreeLog
Company Name: MAPLETREE LOGISTICS TRUST
Research House: Morgan Stanly

Morgan Stanley has started Mapletree Logistics Trust (M44U.SG) at Equalweight with $0.90 target price, according to Dow Jones.



Morgan Stanley says REIT fully valued at 1.0x P/B, 7.1% DPU yield; “the positive organic growth outlook is largely in the price.”



Research house thinks recent purchase of $200 million worth of properties in Japan positive, but expects future acquisition growth to be capped with gearing at 44%, just below MLT’s 45% gearing target.

Still, fundamentals sound given portfolio of 86 properties in seven countries across Asia; “establishing a broader regional presence opens up built-to-suit development opportunities, which MLT announced it will embark on, bolstering its inorganic growth pipeline.”



Stock flat at $0.865.