Mapletree Logistics Trust

UOBKayhian on 22 Jan 2014

FY14F DPU Yld (%): 6.8
FY15F DPU Yld (%): 7.2

Results in line with expectations. Mapletree Logistics Trust (MLT) reported a 3QFY14
distributable income of S$45.0m (+7.5% yoy, +1.1% qoq) or a DPU of 1.84 S cents
(+7.0% yoy, +1.1% qoq). Excluding divestment gains of 0.02 S cents, adjusted DPU is
1.82 S cents (+5.5% yoy). 9MFY14 DPU of 5.46 S cents is in line with our expectations,
accounting for 76.9% of our full-year DPU estimate of 7.10 S cents.

Maintain BUY and target of S$1.29, based on DDM (required rate of return: 6.9%,
terminal growth: 1.5%).