Mapletree Logistics Trust's China Segment Likely Bottoming
Dow Jones15:54
0754 GMT - Mapletree Logistics Trust's China segment is likely bottoming, say Jefferies' Wilson Ng and Geraldine Wong in a note. The segment's rental rates for new leases declined 1.7% in fiscal 2Q, an improvement of 10 bps on quarter, the analysts say. Occupancy for the China portfolio rose to 94%, an improvement of 60 bps and reaching a level that the real-estate investment trust expects to be maintained. This provides scope for selective rental rate increases, the analysts say, as they expect capital recycling into accretive acquisitions to be a key rerating catalyst for Mapletree Logistics' units. Jefferies maintains its buy rating and 1.40 Singapore dollar target price. Units rise 0.9% to S$1.08.
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