Brokers' take

Mapletree Industrial Trust I NEUTRAL (downgraded) Jan 24 close: S$2.00 Target price: S$2.03 Phillip Capital, Jan 24

Positives: Quarter-on-quarter higher portfolio occupancy from 86.7 per cent to 88.2 per cent. Portfolio weighted average lease expiry (WALE) remains healthy at 3.7 years (by gross rental income), unchanged quarter on quarter.

Negatives: Fifth consecutive quarter of negative rent reversion. Back-filling of The Strategy has been stagnant. Space vacated by Johnson & Johnson following its pre-termination remains at 41 per cent, unchanged quarter-on-quarter. The Manager cited keen competition in International Business Park as a challenge. Also a two tier market is evolving, with older facilities becoming less competitive.