MAPGF - Mapletree Logistics Trust: Resilience Priced In
Elevator Pitch
I maintain my "Neutral" rating on Singapore-listed logistics REIT Mapletree Logistics Trust (OTC:MAPGF) [MLT:SP].
The coronavirus pandemic has had a limited negative impact on Mapletree Logistics Trust, due to the REIT's diversified tenant base, long WALE (Weighted Average Lease Expiry), and increased demand from e-commerce and stockpiling activities.
But Mapletree Logistics Trust's resilience has been priced in, considering the REIT's valuations remain high both on an absolute (P/B above 1 and distribution yield below 5%) and relative (compared with historical averages) basis. Also, further upside for Mapletree Logistics Trust could be