Mapletree Logistics Trust

M44U: XSES (SGP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Mapletree Logistics Trust Earnings: China Headwinds Continue to Drag Performance

Xavier Lee

Oct 23, 2024

We maintain our fair value estimate of SGD 1.54 per unit for Mapletree Logistics Trust, following in-line second-quarter fiscal 2025 (ending March) results. We think MLT is slightly undervalued, trading at an attractive fiscal 2025 distribution yield of 5.8%. While we expect the weakness in China’s business to continue to weigh on the trust’s performance, we think that MLT’s active asset management and capital recycling efforts will help it turn around and deliver positive distribution per unit growth in fiscal 2026.

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