Stock Name: MapletreeInd
Company Name: MAPLETREE INDUSTRIAL TRUST
CIMB in a Jan 27 research report says: "3Q/9M12 DPU meets consensus and our expectations, at 27%/ 78% of our estimates. 3Q DPU shrank 9.2% y-o-y due to new units issued in Aug 11.
"Q-o-q growth was a positive 5.4%, led by improved portfolio occupancy (95.1%; +0.6% pt) and positive rental reversions for Flatted Factories (+26.8%), Stack-Up/Ramp-Up Buildings (27.5%) and Warehouses (31.5%) over the last renewal period, typically three years ago. In contrast, reversions in Business Parks fell 9.6%. New leases contracted here averaged $3.92, 5.1% below renewal rates, hinting at more weakness to come.
"Management announced AEI plans for Toa Payoh North Cluster 1 and Woodlands Central Cluster. We keep our estimates and DDM-based target price of $1.24 (disc rate: 8.6%). MAINTAIN OUTPERFORM."
Company Name: MAPLETREE INDUSTRIAL TRUST
| Research House: CIMB | Price Call: BUY | Target Price: 1.24 |
CIMB in a Jan 27 research report says: "3Q/9M12 DPU meets consensus and our expectations, at 27%/ 78% of our estimates. 3Q DPU shrank 9.2% y-o-y due to new units issued in Aug 11.
"Q-o-q growth was a positive 5.4%, led by improved portfolio occupancy (95.1%; +0.6% pt) and positive rental reversions for Flatted Factories (+26.8%), Stack-Up/Ramp-Up Buildings (27.5%) and Warehouses (31.5%) over the last renewal period, typically three years ago. In contrast, reversions in Business Parks fell 9.6%. New leases contracted here averaged $3.92, 5.1% below renewal rates, hinting at more weakness to come.
"Management announced AEI plans for Toa Payoh North Cluster 1 and Woodlands Central Cluster. We keep our estimates and DDM-based target price of $1.24 (disc rate: 8.6%). MAINTAIN OUTPERFORM."
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