Singapore's Mapletree Logistics Trust target price raised to 1.65 sgd - CIMB-GK
10/25/2007 3:25:00 PM
SINGAPORE (Thomson Financial) - CIMB-GK Research on Thursday lifted its target price for Mapletree Logistics Trust to 1.65 Singapore dollars from 1.43 dollars after upgrading its distribution per unit (DPU) forecast for the Singapore-based industrial real estate investment trust (REIT).
"In view of higher distributable income expectations for second half 2007 with more completed properties, we have increased our DPU forecasts for 2007-2009 by 10-13 percent," CIMB-GK said in a note to clients.
The REIT will release its third-quarter results after market closes today and CIMB-GK is expecting it to report distributable income of 20 million dollars, up 87 percent from a year earlier, supported by the acquisitions of 32 properties worth 883 million dollars so far this year.
DPU for the quarter should reach 6.4 cents, 10 percent more than the initial estimate of 5.8 cents, said CIMB-GK which is keeping an "outperform" rating on the REIT.
At 3.22 pm, Mapletree was up 1 cent or 0.9 percent at 1.18 Singapore dollars with 1.6 million shares traded.
(1 US dollar = 1.46 Singapore dollars)
yuinmunn.szetoh@thomson.com
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