Mapletree Industrial Trust (MIT) reported 3QFY16 revenue of S$83.3m, representing an increase of 6.6% YoY. DPU rose 5.6% to 2.82 S cents, and was in-line with our expectations. For 9MFY16, MIT’s gross revenue grew 5.6% to S$247.6m, and this constituted 74.9% of our FY16 forecasts; DPU rose 7.2% to 8.34 S cents and formed 77.0% of our full-year estimate. During the quarter, MIT’s overall portfolio occupancy improved from 93.8% in 2QFY16 to 94.7%. Positive rental reversions were recorded across all its sub-segments for its renewal leases. We will provide more details after the analyst conference call. Maintain HOLD and S$1.36 fair value estimate on MIT.

Source: OCBC Research - 27 Jan 2016