Stock Name: MapletreeLog
Company Name: MAPLETREE LOGISTICS TRUST
OCBC Investment Research in a Mar 13 research report says: "Mapletree Logistics Trust (MLT) announced that it will be acquiring a portfolio of seven dry warehouse facilities in Japan from Goodman Japan Limited for a total consideration of JPY17.5 billion (~$292 million).
"According to management, the acquisition is expected to be DPU-accretive, generating a stabilized weighted average NPI yield of ~6.2%. We understand that management intends to fund the investment through a combination of debt and proceeds raised from the issuance of its $350 million perpetual securities.
"We factor in the impact from the perpetual securities issuance and acquisitions into our FY2012-2013 forecasts. This raises our RNAV-based fair value from $1.18 to $1.20. MAINTAIN BUY."
Company Name: MAPLETREE LOGISTICS TRUST
| Research House: OCBC | Price Call: BUY | Target Price: 1.20 |
OCBC Investment Research in a Mar 13 research report says: "Mapletree Logistics Trust (MLT) announced that it will be acquiring a portfolio of seven dry warehouse facilities in Japan from Goodman Japan Limited for a total consideration of JPY17.5 billion (~$292 million).
"According to management, the acquisition is expected to be DPU-accretive, generating a stabilized weighted average NPI yield of ~6.2%. We understand that management intends to fund the investment through a combination of debt and proceeds raised from the issuance of its $350 million perpetual securities.
"We factor in the impact from the perpetual securities issuance and acquisitions into our FY2012-2013 forecasts. This raises our RNAV-based fair value from $1.18 to $1.20. MAINTAIN BUY."
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