MINT reported a 0.8% y-o-y decline in revenue for the 2QFY2023/2024 to $174.1 million due to weakening of the US dollar and loss of income from non-renewal of leases. While distribution to unitholders grew by 3.5% y-o-y to $94.1 million, the quarter’s distribution per unit (DPU) of 3.32 cents was 1.2% lower y-o-y due to an expanded unit base following MINT’s private placement exercise in June 2023.
Analysts at DBS Group Research, UOB Kay Hian (UOBKH) and CGS-CIMB Research are keeping their “buy” and “add” calls on Mapletree Industrial Trust (SGX:ME8U
) (MINT), following the REIT’s 2QFY2023/2024 ended Sept 30 results.
Both DBS and CGS-CIMB have unchanged target prices of $2.60 and $2.61 respectively, while UOBKH and Maybank Securities have lowered their target prices to $2.69 from $2.74 and from $2.30 to $2.15. Meanwhile, Citi Research analysts have maintained their “neutral” call with a target price of $2.36.
