Mapletree Logistics Trust Earnings: China’s Market Remains Challenging; Fair Value Estimate Intact

Mapletree Logistics Trust’s, or MLT’s, third-quarter fiscal 2024 (ending March) results were in line with our expectations. Net property income rose 1.5% year on year on the back of a 2.1% year-on-year growth in revenue. The growth is largely driven by organic growth of existing properties and contribution of new acquisitions, partly offset by lower contribution from China, divested assets, properties under redevelopment, and the appreciation of the Singapore dollar. With no major surprises, we maintain our fair value estimate of SGD 1.60 per unit. Based on the last closing of SGD 1.63, we think the trust is fairly valued and encourage investors to wait for a better entry price.