$MAPLETREE INDUSTRIAL TRUST(ME8U.SI)$has retraced to the $2.62 support mentioned in my previous post. It reported distribution per unit (DPU) of 3.49 cents for its 4QFY2021 ended March, bringing its full year dividend distribution to 13.8 cents. This is 10% higher than the full year dividend paid out in FY2020.

Meanwhile, DBS has lowered its target price to S$3.05 from S$3.35 after cutting its earnings estimates on higher cost assumptions but maintains a buy call. 

Utility costs – which DBS expects to rise 2 to 3 times when contracts are due – are estimated to be 1 per cent of MIT's revenue. As such, DBS has cut its FY2023 estimates to account for the hike in utilities costs. 

Nevertheless,  I am optimistic that MIT will be able to pass on utility costs to tenants and contine with its acquisition strategy. At 13.8c dividend, the yield is a respectable 5.26% at $2.62. I will continue to buy on dips.