On the bright side, weakness in China is offset by positive rental reversion in Singapore and Australia, adds Koh, who has kept his "hold" call.
UOB Kay Hian's Jonathan Koh has trimmed his target price for Mapletree Logistics Trust (SGX:M44U
) from $1.45 to $1.41.
"We remain concerned about MLT’s exposure to China as a high vacancy rate of 21.5% continues to exert downward pressure on rents. Demand could further weaken if the US-China trade conflict resurfaces and intensifies," says Koh in his Jan 3 note.
