Singapore's Mapletree Industrial Trust Q2 revenue falls 1.9% yr/yr

Overview

• Singapore industrial REIT's fiscal Q2 gross revenue fell 1.9% yr/yr

• Net property income declined 3.5% yr/yr

• Fiscal Q2 earnings per unit dropped 8.7% yr/yr

Outlook

• Company did not provide specific guidance for future quarters or full-year outlook in its press release

Result Drivers

• PROPERTY OPERATING EXPENSES - Property operating expenses increased 2.4% yr/yr, contributing to lower net property income

• INTEREST INCOME DECLINE - Interest income fell 42.3% yr/yr, reducing overall profit for the period

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 3 "strong buy" or "buy", 10 "hold" and 2 "sell" or "strong sell"

• The average consensus recommendation for the commercial reits peer group is "buy."

• Wall Street's median 12-month price target for Mapletree Industrial Trust is S$1.97, about 10.1% above its October 27 closing price of S$1.79

• The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 16 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)