Stock Name: MapletreeInd
Company Name: MAPLETREE INDUSTRIAL TRUST
Research House: DBS Vickers
Expects occupancy to rise to 92.7% by end-FY12 from 90.9% currently. Says current 38% gearing allows MIT to take on another $265 million of debt to fund expansion before reaching optimal 45% gearing level; “apart from relying on its sponsor for growth, we believe there are other (acquisition) opportunities given that 73.6% of the aggregate single- and multi-user flatted factories and business parks in Singapore are owned by fragmented private owners, owner-occupiers or individual investors.”
Company Name: MAPLETREE INDUSTRIAL TRUST
Research House: DBS Vickers
DBS Vickers starts Mapletree Industrial Trust (ME8U.SG) at Buy with $1.16 target price. Forecasts 10% DPU CAGR over FY11-13 for Singapore-focused industrial REIT, underpinned by potential for higher rents, occupancy, as current portfolio "under-rented", with average rents 18%-36% below market rates due to existing rental caps which expire June 2011.
Expects occupancy to rise to 92.7% by end-FY12 from 90.9% currently. Says current 38% gearing allows MIT to take on another $265 million of debt to fund expansion before reaching optimal 45% gearing level; “apart from relying on its sponsor for growth, we believe there are other (acquisition) opportunities given that 73.6% of the aggregate single- and multi-user flatted factories and business parks in Singapore are owned by fragmented private owners, owner-occupiers or individual investors.”
REIT flat at S$1.06.
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