"Capital recycling remains a key strategic focus for MLT, as management seeks to balance acquisition opportunities with divestments at a time when its aggregate leverage ratio is slightly above 40%," he adds.
Andy Wong of OCBC Group Research has upgraded his call for Mapletree Logistics Trust to "buy" as he sees value emerging even amid a challenging operating environment.
For one, MTL's significant portfolio in China will need more time to stabilise. "Persistent foreign exchange headwinds and absence of distribution from divestment gains have also weighed on DPU growth," says Wong in his May 5 note.
