Mapletree Logistics Trust (MLT) reported NPI of S$68.3m and distributable amount of S$46.3m for 4QFY14. This represents a growth of 4.3% and 10.1% YoY, respectively. DPU for the quarter came in at 1.89 S cents, up 9.2% YoY. For FY14, DPU totalled 7.35 S cents (+7.1%), which is largely consistent with our full-year DPU forecast of 7.26 S cents (consensus: 7.2 S cents). We note that portfolio occupancy was stable at 98.3% (98.4% in 3Q), while leases renewed or replaced during the year achieved rents 17% higher than the preceding contracted rates. Management expects the demand for logistics facilities in its markets to remain robust going forward, and will continue to focus on driving both organic and inorganic growth. We will be attending MLT’s analyst briefing later in the morning. For now, we place our S$1.06 fair value and Buy rating under review.

Source: OCBC Research - 22 Apr 2014