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Mapletree Industrial Trust

ME8U: XSES (SGP)

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Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SGD 7.10	Jwryw	Scyhllzdbc

Mapletree Industrial Trust Earnings: Resilient Results but Kallang Way Leasing Progress Disappoints

Oct 26, 2023

Mapletree Industrial Trust posted a commendable set of operating results for second-quarter fiscal 2024 (ending March). The trust achieved a positive 8.8% rental reversions for its Singapore properties despite a slight decline in occupancy rate to 93.4% this quarter from 93.7% in the previous quarter. As for its North American portfolio, average rental rate of USD 2.42 per square feet per month was flattish quarter over quarter, but occupancy rate improved to 92.7% this quarter from 92.4% in the previous quarter. The performance was largely in line with our expectations, and we retained our SGD 2.41 per unit fair value estimate. Based on its last closing price of SGD 2.16, we think the trust is slightly undervalued and trades at an attractive fiscal 2024 dividend yield of 6.1%. We continue to like the trust for its strong sponsor and portfolio of data centers that benefits from the strong secular growth trends, such as cloud computing, artificial intelligence, 5G, and other technological advancements.

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