0520 GMT - Mapletree Logistics Trust's units are currently undervalued, says Morningstar analyst Xavier Lee in a note. However, he expects weakness in MLT's China portfolio and higher borrowing costs from refinancing low-cost debt maturing over the next few quarters to weigh on its distribution per unit for Fiscal 2026. MLT's 3Q revenue decline was driven by lower contribution from its China portfolio, Lee notes. He notes that MLT's management expects a "modest decline" in the overall portfolio valuation for the upcoming year-end valuation exercise. This is driven by softness in its China portfolio and other factors, Lee adds. Morningstar maintains MLT's fair value estimate of S$1.54. Units are 0.8% lower at S$1.26.(amanda.lee@wsj.com)
(END) Dow Jones Newswires
January 23, 2025 00:20 ET (05:20 GMT)
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