Mapletree Logistics Trust share price lost its way
Lifetime Membership As we approach the end of the year, its time to review the performance of Mapletree Logistics Trust share price. And the diagnosis doesn’t look good. The latest financial result – 2QFY24/25 – confirmed my suspicion that the new CEO has her work cut out as distribution per unit (DPU) plunged 10.6% year-on-year to 2.027 cents.
For background, Mapletree Logistics Trust is an S-REIT that invests in a diversified portfolio of logistics real estate in Asia Pacific with the aim of providing its unitholders with a stable distribution stream. As at 30 September 2024, it has a portfolio of 186 properties in Singapore, Australia, China, Hong Kong SAR, India, Japan, Malaysia, South Korea and Vietnam with assets under management of $13.4 billion.
The latest DPU is the lowest since 2QFY19/20, underscoring the magnitude of the fallout from the China economic struggles, high interest rates and depreciation of regional currencies against the Singapore dollar. Gross revenue for the latest quarter dropped by 1.8% year-on-year to $183.3 million, and net property income fell by 2.1% y-o-y to $158.6 million.
On the basis of the latest financial performance, it seems that Mapletree Logistics Trust share price is destined for another bout of turbulence.
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