The pedestrian results led to JP Morgan maintaining its underweight recommendation on MINT with a June 2027 price target of $1.85 versus its end March NAV of $1.63 (-4.7% y-o-y).
The challenges to Mapletree Industrial Trust’s (MINT) US portfolio have not lifted. The valuation of the US portfolio declined by 3.4% y-o-y as of end-March to US$3 billion from US$3.11 billion as of March 31, 2025. Its FY2026 (for the 12 months to Mar 31) net property income (NPI) fell by 5.9% y-o-y to $531 millon, distributable income fell by 6.1% to $362.6 million, and distributions per unit (DPU) fell by 6.3% to 12.71 cents in the absence of income from the portfolio divestment of three industrial properties in Singapore, the non-renewal of leases within the North American Portfolio and the depreciation of USD against SGD.
Cash distribution from the joint venture data centre portfolio in North America fell by 18.4% y-o-y to $22.4 million due mainly to higher borrowing costs from the repricing of matured interest rate swaps.
