UOBKayhian on 23 Jan 2014
FY14F DPU Yld (%): 7.3
FY15F DPU Yld (%): 7.4
Results in line with expectations. Mapletree Industrial Trust (MIT) reported a 3QFY14 distributable income of S$42m (+12.0% yoy, +1.6% qoq) and a DPU of 2.51 cents (+8.2% yoy, +1.6% qoq). 9MFY14 DPU of 7.41 cents is in line with our expectations, accounting for 76.4% of our full-year estimate of 9.7 cents. Maintain BUY and target price of S$1.64, based on DDM (required rate of return: 7.1%, terminal growth: 1.8%).
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