Mapletree Logistics Trust’s DPU rose 6.7% YoY to 1.60 S cents

DPU for the period rose 6.7% YoY and 3.2% QoQ to 1.60 S cents (payable on 29 Aug 2011), which translates into an annualised yield of 6.8%. For 1H11, gross revenue increased 23.9% YoY to S$128.1m, forming 45.1% of our FY11 revenue forecast. DPU of 3.15 S cents was 5.0% higher than a year ago and made up 46.8% of our full-year estimate.

Occupancy rate for MLT's portfolio of properties was 98.9% in 2Q11, comparable to the 98.3% achieved in 1Q11. Average occupancy rateis expected to remain stable moving forward. The group experienced positiverental reversions across countries during the quarter with the greatest contribution coming from Hong Kong.

MLT also announced that it would be distributing the net gain of S$2.1m (0.09 S cent on a per unit basis) from the divestments of 9 Tampines Street 92 and 39 Tampines Street 92 (completed on 7 Jul 2011) over the next three quarters beginning from 3Q11. Maintain BUY and RNAV-derived fair value estimate of S$1.01.