UOBKyahian on 23 Oct 2014
FY14 DPU (S$ cent): 9.9
FY15F DPU (S$ cent): 10.1
Organic growth drivers are intact as the impact of Toa Payoh AEI and rental reversions
in flatted factories continued to drive top-line growth despite weakness in business park
space. Expect further upside with the completion of the equinix development by 1Q15.
Maintain BUY and DDM-based target price of S$1.66.
Sponsor Mapletree Investment’s plan to build a S$250m industrial facility in Tai Seng,
linked to the Tai Seng MRT station, on a S$120m GLS white site will form a ROFR
pipeline asset for MIT when completed in 1H16.
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