Wednesday, April 4, 2012

Mapletree Logistics Trust - Acquisition growth on track

Stock Name: MapletreeLog
Company Name: MAPLETREE LOGISTICS TRUST
Research House: CIMBPrice Call: BUYTarget Price: 1.00



Target S$1.00

MLT has acquired 11 assets in 1Q12, expanding its asset base to 109 propertieswith a book value of S$4.1bn. We are confident that growth in Asia's logisticssector will drive demand for MLT's portfolio in the medium term. MLT is ourpreferred pick in the industrial REIT space. We factor in MLT's recentacquisitions funded using perpetual securities and also increase our acquisitionassumptions for 2012, raising our DPU estimates in tandem. Our DDM targetprice (discount rate 9%) rises accordingly to S$1.00 (from S$0.92). Outperform maintained.

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