Sold 72,400 shares of Mapletree Industrial Trust (MINT) on 4 Aug 2026 at $1.94.
Total profit (including dividend) is $2545.80 (1.6%) for 4 years 8 months.
This is the 2nd stock I had decided to sold off after attending the AGM. The previous was
MM2 which you should know what had happened to the company.
Reason for selling:
Fundamental of MINT North America Data Center assets are rotten + Board & Management doesn't seem to have much experience in Data Center.
North America Data Center assets are 46.5% of whole MINT AUM.
It is super unreasonable to be having PB1.19 (NAV as of 30 Jun 2026 is $1.63)
If I remember correctly, JPMorgan is the first to publish about this potential rotten North America Data Center asset in Feb 2025.
I wanted to sold off MINT after I attended the AGM in 2025. However, since Lily Ler only became the CEO of MINT in July 2024 and I like how straight forward (no sugar coating style) and her attitude in her replies in AGM 2025, I had decided to give her 1 year time frame to see if there is any magic will happens.
Unfortunately, it seem to confirm that the rotten North America Data Center are beyond hope.
What MINT did not tell you is they purchased this Philadelphia Data Centre at USD70M (Based on Annual Report 24/25 pg 45). As such, MINT selling this at 79% loss based on purchase price.
Refresh your memory again that MINT PB is at 1.19 (19% Premium). Going by this simple math, they should sell this Philadelphia Data Centre at USD83.3M instead to breakeven.
This is not the only North America Data Centre asset with such a big loss in valuation. I will let you refer to
Annual Report 25/26 pg 50 to 53 for more horror reading.
Since Oct 2025 till Aug 2026, only 1 North American asset had been sold. And it is sold at 79% loss to purchase price.
Based on Valuation as of Mar 2026 in Annual Report 25/26 pg 53, it is 15% of the whole North America Data Centre asset portfolio.
What will happen to DPU?
Is there even buyer who doesn't low ball their North American asset? If being low ball, it could be as high as 25% of whole North America Data Centre asset portfolio needed to be divested.
Buy high sell low and buy high on Japan/Europe asset?
Beside the North America Data Centre assets, my personal feeling after attending AGM2025 & AGM2026 is it seem to tell me that Board+Management are not even experience in Data Centre. I rather they stick to their core expertise of Hi-Tech & Industrial Buildings.
As such, I do not want to be frog in a slowly boil water as first warning had been surfaced as early as Feb 2025.
MINT is not out of the woods and I am not sure how many years it required to get out of the wood.
Related post:
1) SOLD: MM2
2) MM2 AGM 2019
