MAPGF - Mapletree Logistics Trust: Capital Recycling Strategy To Partly Mitigate Macroeconomic Weakness
Elevator Pitch
I maintain my "Neutral" rating on Singapore-listed logistics REIT Mapletree Logistics Trust (MAPGF) [MLT:SP], as the REIT trades at premium valuations. Mapletree Logistics Trust currently trades at 1.56 times P/B, representing a premium to its historical three-year and five-year average P/B multiples of 1.07 and 1.01 times respectively. The trust also offers a consensus forward FY2020 (YE March) distribution yields of 4.4%.
Mapletree Logistics Trust recently announced new acquisitions in Japan and South Korea in January 2020 as part of its capital recycling strategy. Mapletree Logistics Trust's recent 3QFY2020 results were