Buying opportunity after pull-back; DPU fine-tuned
MINT's shares have pulled back along with the broader market and in partial response to rising interest rates. Still, we believe fundamentals are intact, backed by stronger leasing demand and a more resilient portfolio following its hi-tech asset investments and US diversification in 4Q 2017. We also believe low gearing, debt headroom of SGD700m and clear acquisition-growth potential can provide upside to our 3-year 6.3% DPU CAGR forecast. Following the release of its annual report, we adjust our DPU for the latest asset-level details and revenue updates. We also incorporate the finalisation of MINT's 7 Tai Seng Drive acquisition on 27 Jun. Our DDM-based TP remains at SGD2.25 (WACC 7.2%, LTG 1.5%). BUY.