MAPGF - Mapletree Logistics Trust: Acquisitions And Geographical Diversification Help To Counter Macro Headwinds
Elevator Pitch
I like Singapore-listed logistics REIT Mapletree Logistics Trust (MAPGF) [MLT:SP] for its ability to counter macroeconomic headwinds with its geographically-diversified portfolio and inorganic growth strategy. However, most of these positives have been priced in. Mapletree Logistics Trust trades at 1.44 times P/B, representing a significant premium to the stock's historical five-year average P/B of approximately 1.1 times. It offers a forward FY2021 (YE March) distribution yield of 4.9% versus the stock's historical five-year average distribution yield of 6.7%. Further yield compression or positive re-rating of Mapletree Logistics Trust's valuation will be