Mapletree Industrial Trust

ME8U: XSES (SGP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SGD 1.20	Xcsy	Lvrnqxnb

Mapletree Industrial Trust Earnings: Industrial Occupancy Rates Slipped; Limited Impact From Cyxtera

Xinfu Lee

Jul 27, 2023

Mapletree Industrial Trust's, or MIT's, first-quarter fiscal 2024's (ending March) portfolio statistics revealed signs of a slowing industrial leasing market as occupancies slipped across its different types of industrial properties. In the near term, we expect the industrial leasing environment to remain challenging as the outlook for manufacturing and wholesale sectors weakens. We retain our fair value estimate of SGD 2.41 given that the performance is broadly in line with our expectations. Based on the last closing price of SGD 2.29, we think the trust is slightly undervalued, trading at a fiscal 2024 dividend yield of 5.8%

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