Mapletree Industrial Trust

ME8U: XSES (SGP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SGD 4.90	Ztb	Jhgklhzfb

Mapletree Industrial Trust Earnings: Resilient Performance Underpinned by Data Center Acquisition

Xinfu Lee

Jan 26, 2024

Mapletree Industrial Trust’s third-quarter fiscal 2024 results (ending March) were in line with our expectations. Revenue and net property income rose 2.0% and 0.8% year on year, respectively, due to contributions from the newly acquired data center in Osaka and new leases from Mapletree Hi-Tech Park at Kallang Way. However, distribution per unit fell 0.9% year on year to SGD 0.0336 due to an enlarged unit base. There are no major surprises, so we maintain our fair value estimate of SGD 2.41 per unit. We think the units are fairly valued currently and encourage unitholders to wait for a better entry price.

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