Stock Name: MapletreeLog
Company Name: MAPLETREE LOGISTICS TRUST
CIMB in a July 21 research report says: "At 25% of our full-year forecast, MLT's 2Q11 DPU of 1.60 cents (+6.6% y-o-y) met our and consensus estimates. 1H11 DPU of 3.15 cents works out to 48% of our full-year estimate.
"The positives were occupancy improvements and upward rental reversions, which offset higher operating costs stemming from repairs in Japan and property conversion in Singapore. Management is actively looking for acquisition and redevelopment opportunities and has identified a local property with redevelopment potential.
"We incorporate the change in year-end in FY3/12 but keep our $500 million acquisition assumption, DPU estimates and DDM-based target price of $1.05 (8.6% discount rate) pending the analyst briefing. MLT continues to offer an attractive yield of 7%. MAINTAIN OUTPERFORM."
Company Name: MAPLETREE LOGISTICS TRUST
| Research House: CIMB | Price Call: BUY | Target Price: 1.05 |
CIMB in a July 21 research report says: "At 25% of our full-year forecast, MLT's 2Q11 DPU of 1.60 cents (+6.6% y-o-y) met our and consensus estimates. 1H11 DPU of 3.15 cents works out to 48% of our full-year estimate.
"The positives were occupancy improvements and upward rental reversions, which offset higher operating costs stemming from repairs in Japan and property conversion in Singapore. Management is actively looking for acquisition and redevelopment opportunities and has identified a local property with redevelopment potential.
"We incorporate the change in year-end in FY3/12 but keep our $500 million acquisition assumption, DPU estimates and DDM-based target price of $1.05 (8.6% discount rate) pending the analyst briefing. MLT continues to offer an attractive yield of 7%. MAINTAIN OUTPERFORM."
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