Mapletree Industrial Trust

“MIT is a structurally sound but not exceptional business: the data center assets carry genuine moats and a decade of demand tailwind, but the REIT wrapper caps compounding, the external manager's fee incentives misalign with unitholders, gearing near 39% forecloses meaningful reinvestment, and DPU has been eroding for three years with no near-term reversal catalyst. At 1.16x P/NAV and ~6.3% forward yield, the stock is fairly priced for its risk profile — adequate carry but no margin of safety. The thesis is worth tracking for a better entry at closer to NAV parity or after gearing meaningfully declines.”