Brokers' take

Mapletree Industrial Trust | Buy Target price: S$2.75 Sept 25 close: S$2.49 DBS Equity Research, Sept 25

We are firm believers of Mapletree Industrial Trust's (MINT) inorganic growth strategy, especially in the US, coupled with a focus on redevelopments in Singapore. The manager's well-timed acquisitions and completions/initiation of new development projects underpin a steady growth profile.

Most importantly, the constant upgrading and refreshing of the portfolio will enable MINT to be more resistant to business cycle fluctuations. Over time, with a pipeline of data centres from the sponsor, we estimate that about 82 per cent (versus 71 per cent currently) of its portfolio will be derived from high-specification/business parks and data centres.