Mapletree Logistics Trust may be hurt by its exposure to China as high vacancy rates there continue to put downward pressure on rents, UOB Kay Hian's Jonathan Koh says.
The management expects double-digit rental decreases to continue for another two quarters before moderating to single-digit declines, the analyst says in a research report.
Also, demand for logistics space may weaken further if the U.S.-China trade conflict re-emerges and intensifies.
The brokerage trims its distribution-per-unit forecast for the REIT by 3% each for FY 2025 and FY 2026.It lowers the unit's target price to S$1.41 from S$1.45 and keeps a hold rating.
Units down 1.5% at S$1.29.
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