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MIT & MPACT also hor
Delvyss ( Date: 15-May-2026 14:56) Posted:
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Xi-Trump summit live: Trump leaves China after ' very successful' visit to ' old friend' Xi
https://www.scmp.com/news/china/diplomacy/article/3353622/xi-trump-talks-live-leaders-set-meet-again-over-tea-and-working-lunch
https://www.scmp.com/news/china/diplomacy/article/3353622/xi-trump-talks-live-leaders-set-meet-again-over-tea-and-working-lunch
Plus ... it' s grossly oversold ...
PiRPiR ( Date: 06-May-2026 20:47) Posted:
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Analysts still positive on Mapletree Logistics Trust despite forex, rental headwinds
OCBC upgrades MLT to 'buy' but cuts fair value estimate CGSI trims target price but maintains 'add' call
Biz times 6 may 7 am
[SINGAPORE] Analysts were mixed on Mapletree Logistics Trust (MLT) , citing divergent forecasts after it posted a lower fourth-quarter distribution per unit (DPU) last week. OCBC Group Research on Tuesday (May 5) upgraded MLT to a ?buy? rating, but lowered its fair value estimate to S$1.36 from S$1.40.On Monday, CGS International (CGSI) maintained its ?add? call on the stock but lowered its target price to S$1.48 from S$1.68, while DBS reiterated its ?buy? and maintained its S$1.55 target price.
OCBC Group Research analyst Andy Wong said that ?value has re-emerged? for MLT, with the counter trading at an estimated FY2027 distribution yield of 5.9 per cent based on its closing price on May 4. This is 0.3 standard deviation above its 10-year average of 5.7 per cent, he added.Despite the positive outlook, OCBC has trimmed its FY2027 DPU estimates for MLT by 4.5 per cent, partly due to updated foreign exchange assumptions.
?Persistent foreign exchange headwinds and absence of distribution from divestment gains have also weighed on DPU growth,? Wong said.
MLT on Apr 30 posted a 7 per cent decline in Q4 DPU to S$0.01819, with revenue and net property income down 1.7 per cent and 0.9 per cent, respectively, which the manager attributed to the absence of contributions from divested properties and weaker regional currencies.Similarly, CGSI shaved its FY2027 to FY2028 DPU estimates by around 1.8 to 2.1 per cent due to ?slower rental growth assumptions?.Citing management?s guidance, CGSI analysts Lock Mun Yee and Li Jialin highlighted that rental reversions are expected to remain ?relatively flattish? for FY2027 on an overall portfolio perspective.
Conversely, DBS Group Research predicts an ?overall upside? for the real estate investment trust?s (Reit) DPU in the medium term, anchored by ongoing asset recycling activities and development strategies.Its analyst, Derek Tan, noted that continued asset recycling will be a ?key strategic lever? to drive higher returns for MLT, as the Reit eyes S$200 million to S$300 million in divestments for its upcoming financial year.Moreover, he added that MLT?s DPU declines were largely due to the absence of divestment gains and the foreign exchange impact, with its overall underlying performance remaining stable. With the Reit offering an ?attractive yield? in excess of 6 per cent and trading at a price-to-book ratio of less than one time, Tan believes it is ?well placed to deliver attractive total returns?.?In the event of a turn in interest rates, we expect allocations in Singapore-listed Reits to accelerate going forward, with increased positioning into sectors resilient to economic downturns,? he said.Delayed China recovery not a major setbackCGSI maintained its ?add? call as it thinks that MLT?s China logistics warehouse portfolio could be ?stabilising as deterioration in rental reversion is slowing?.that the later-than-expected recovery of MLT?s China portfolio ? which has been postponed to H2 2027 onwards ? could disappoint investors. However, he does not view this as a major setback.?Overall organic growth remains on an uptrend with other markets (such as) Singapore, Japan and Hong Kong (remaining) strong, and will pull overall performance higher,? said Tan.Limited impact from US-China tariff war, Middle East conflictMLT is not likely to be directly impacted by the recent US-China trade war, as a substantial portion of its portfolio?s revenue, around 85 per cent, is domestically focused, said DBS? Tan.Similarly, OCBC Group Research?s Wong noted that the Reit ?has not seen significant impact from the Middle East conflict?. Leasing demand remains stable and net electricity costs, which form less than 2 per cent of property expenses, are ?manageable?, he said.could exert cost pressures on tenants and weigh on overall leasing sentiment,? Wong said.
OCBC upgrades MLT to 'buy' but cuts fair value estimate CGSI trims target price but maintains 'add' call
Biz times 6 may 7 am
[SINGAPORE] Analysts were mixed on Mapletree Logistics Trust (MLT) , citing divergent forecasts after it posted a lower fourth-quarter distribution per unit (DPU) last week. OCBC Group Research on Tuesday (May 5) upgraded MLT to a ?buy? rating, but lowered its fair value estimate to S$1.36 from S$1.40.On Monday, CGS International (CGSI) maintained its ?add? call on the stock but lowered its target price to S$1.48 from S$1.68, while DBS reiterated its ?buy? and maintained its S$1.55 target price.
OCBC Group Research analyst Andy Wong said that ?value has re-emerged? for MLT, with the counter trading at an estimated FY2027 distribution yield of 5.9 per cent based on its closing price on May 4. This is 0.3 standard deviation above its 10-year average of 5.7 per cent, he added.Despite the positive outlook, OCBC has trimmed its FY2027 DPU estimates for MLT by 4.5 per cent, partly due to updated foreign exchange assumptions.
?Persistent foreign exchange headwinds and absence of distribution from divestment gains have also weighed on DPU growth,? Wong said.
MLT on Apr 30 posted a 7 per cent decline in Q4 DPU to S$0.01819, with revenue and net property income down 1.7 per cent and 0.9 per cent, respectively, which the manager attributed to the absence of contributions from divested properties and weaker regional currencies.Similarly, CGSI shaved its FY2027 to FY2028 DPU estimates by around 1.8 to 2.1 per cent due to ?slower rental growth assumptions?.Citing management?s guidance, CGSI analysts Lock Mun Yee and Li Jialin highlighted that rental reversions are expected to remain ?relatively flattish? for FY2027 on an overall portfolio perspective.
Conversely, DBS Group Research predicts an ?overall upside? for the real estate investment trust?s (Reit) DPU in the medium term, anchored by ongoing asset recycling activities and development strategies.Its analyst, Derek Tan, noted that continued asset recycling will be a ?key strategic lever? to drive higher returns for MLT, as the Reit eyes S$200 million to S$300 million in divestments for its upcoming financial year.Moreover, he added that MLT?s DPU declines were largely due to the absence of divestment gains and the foreign exchange impact, with its overall underlying performance remaining stable. With the Reit offering an ?attractive yield? in excess of 6 per cent and trading at a price-to-book ratio of less than one time, Tan believes it is ?well placed to deliver attractive total returns?.?In the event of a turn in interest rates, we expect allocations in Singapore-listed Reits to accelerate going forward, with increased positioning into sectors resilient to economic downturns,? he said.Delayed China recovery not a major setbackCGSI maintained its ?add? call as it thinks that MLT?s China logistics warehouse portfolio could be ?stabilising as deterioration in rental reversion is slowing?.that the later-than-expected recovery of MLT?s China portfolio ? which has been postponed to H2 2027 onwards ? could disappoint investors. However, he does not view this as a major setback.?Overall organic growth remains on an uptrend with other markets (such as) Singapore, Japan and Hong Kong (remaining) strong, and will pull overall performance higher,? said Tan.Limited impact from US-China tariff war, Middle East conflictMLT is not likely to be directly impacted by the recent US-China trade war, as a substantial portion of its portfolio?s revenue, around 85 per cent, is domestically focused, said DBS? Tan.Similarly, OCBC Group Research?s Wong noted that the Reit ?has not seen significant impact from the Middle East conflict?. Leasing demand remains stable and net electricity costs, which form less than 2 per cent of property expenses, are ?manageable?, he said.could exert cost pressures on tenants and weigh on overall leasing sentiment,? Wong said.
OCBC, CGSI lower respective target prices for MLT awaits stabilisation in China portfolio
Andy Wong of OCBC Group Research has upgraded his call for Mapletree Logistics Trust to " buy" as he sees value emerging even amid a challenging operating environment.
For one, MTL' s significant portfolio in China will need more time to stabilise. " Persistent foreign exchange headwinds and absence of distribution from divestment gains have also weighed on DPU growth," says Wong in his May 5 note.
" Capital recycling remains a key strategic focus for MLT, as management seeks to balance acquisition opportunities with divestments at a time when its aggregate leverage ratio is slightly above 40%," he adds.
In its most recent 4QFY2026 ended March, MLT reported in line results with DPU down 7% y-o-y to 1.819 cents, in the absence of divestment gains distribution.
Excluding this, DPU from operations was up 0.9% y-o-y, bringing full year payout to 7.262 cents, down 9.8% y-o-y, or down -3.4% excluding divestment gains.
MLT' s portfolio occupancy rose 0.5ppt q-o-q to 96.9% while rental reversions improved sequentially to 3.3% in 4QFY2026.
While China has shown signs of stabilising and bottoming out, it could still take possibly another three to four quarters for negative rental reversions to level off, says Wong.
Meanwhile, rental outlook in Hong Kong remains sluggish, but brighter prospects are expected in Singapore, Japan and South Korea.
Thus far, MLT has not seen significant impact from the Middle East conflict, with leasing demand remaining stable. Net electricity costs are manageable, forming less than 2% of property expenses.
" However, a prolonged conflict could exert cost pressures on tenants and weigh on overall leasing sentiment," warns Wong.
Upon taking into account recent acquisitions etc, Wong has trimmed his FY2027 DPU forecast by 4.5%, partly due to updated forex assumptions.
After rolling forward his valuations. Wong' s fair value estimate is lowered from $1.40 to $1.36.
Yet, with MLT trading at FY2027 distribution yield of 5.9%, which is 0.3 sd above its ten-year average of 5.7%, Wong perceives that " value" has re-emerged and thus the upgraded call.
Lock Mun Yee of CGS International has similarly lowered her target price for MLT from $1.68 to $1.48.
For the current FY2027 and FY2028, Lock has lowered her DPU estimates by 1.79-2.13% on slower rental growth assumptions.
She is keeping her " add" call as she believes that MLT&rsquo s China logistics warehouse portfolio could be stabilising as deterioration in rental reversion is slowing.
For Lock, potential re-rating catalysts include sustained leasing momentum amid positive rental renewals and accelerated asset recycling activities.
On the other hand, downside risks include softer macroeconomic outlook that could dampen its rental growth outlook.
Mapletree Logistic Trust units, as at 10.56 am is down 0.81% to trade at $1.22.
Analysts still positive on Mapletree Logistics Trust amid forex and rental headwinds, asset recycling tailwinds
OCBC upgrades MLT to &lsquo buy&rsquo but cuts fair value estimate CGSI trims target price but maintains &lsquo add&rsquo call
[SINGAPORE] Analysts were mixed on Mapletree Logistics Trust (MLT) : M44U 0%, citing divergent forecasts after it posted a lower fourth-quarter distribution per unit (DPU) last week.
OCBC Group Research on Tuesday (May 5) upgraded MLT to a &ldquo buy&rdquo rating, but lowered its fair value estimate to S$1.36 from S$1.40.
On Monday, CGS International (CGSI) maintained its &ldquo add&rdquo call on the stock but lowered its target price to S$1.48 from S$1.68, while DBS reiterated its &ldquo buy&rdquo and maintained its S$1.55 target price.
OCBC Group Research analyst Andy Wong said that &ldquo value has re-emerged&rdquo for MLT, with the counter trading at an estimated FY2027 distribution yield of 5.9 per cent based on its closing price on May 4. This is 0.3 standard deviation above its 10-year average of 5.7 per cent, he added.
Despite the positive outlook, OCBC has trimmed its FY2027 DPU estimates for MLT by 4.5 per cent, partly due to updated foreign exchange assumptions.
&ldquo Persistent foreign exchange headwinds and absence of distribution from divestment gains have also weighed on DPU growth,&rdquo Wong said.
MLT on Apr 30 posted a 7 per cent decline in Q4 DPU to S$0.01819, with revenue and net property income down 1.7 per cent and 0.9 per cent, respectively, which the manager attributed to the absence of contributions from divested properties and weaker regional currencies.
Similarly, CGSI shaved its FY2027 to FY2028 DPU estimates by around 1.8 to 2.1 per cent due to &ldquo slower rental growth assumptions&rdquo .
Citing management&rsquo s guidance, CGSI analyst Lock Mun Yee and Li Jialin highlighted that rental reversions are expected to remain &ldquo relatively flattish&rdquo for FY2027 on an overall portfolio perspective.
Conversely, DBS Group Research predicts an &ldquo overall upside&rdquo for the real estate investment trust&rsquo s (Reit) DPU in the medium term, anchored by ongoing asset recycling activities and development strategies.
Its analyst, Derek Tan, noted that continued asset recycling will be a &ldquo key strategic lever&rdquo to drive higher returns for MLT, as the Reit eyes S$200 million to S$300 million in divestments for its upcoming financial year.
Moreover, he added that MLT&rsquo s DPU declines were largely due to the absence of divestment gains and the foreign exchange impact, with its overall underlying performance remaining stable.
With the Reit offering an &ldquo attractive yield&rdquo in excess of 6 per cent and trading at a price-to-book ratio of less than one time, Tan believes it is &ldquo well placed to deliver attractive total returns&rdquo .
&ldquo In the event of a turn in interest rates, we expect allocations in Singapore-listed Reits to accelerate going forward, with increased positioning into sectors resilient to economic downturns,&rdquo he said.
Delayed China recovery not a major setback
CGSI maintained its &ldquo add&rdquo call as it thinks that MLT&rsquo s China logistics warehouse portfolio could be &ldquo stabilising as deterioration in rental reversion is slowing&rdquo .
DBS Group Research&rsquo s Tan noted that the later-than-expected recovery of MLT&rsquo s China portfolio &ndash which has been postponed to H2 2027 onwards &ndash could disappoint investors. However, he does not view this as a major setback.
&ldquo Overall organic growth remains on an uptrend with other markets (such as) Singapore, Japan and Hong Kong (remaining) strong, and will pull overall performance higher,&rdquo said Tan.
Limited impact from US-China tariff war, Middle East conflict
MLT is not likely to be directly impacted by the recent US-China trade war, as a substantial portion of its portfolio&rsquo s revenue, around 85 per cent, is domestically focused, said DBS&rsquo Tan.
Similarly, OCBC Group Research&rsquo s Wong noted that the Reit &ldquo has not seen significant impact from the Middle East conflict&rdquo .
Leasing demand remains stable and net electricity costs, which form less than 2 per cent of property expenses, are &ldquo manageable&rdquo , he said.
&ldquo However, a prolonged conflict could exert cost pressures on tenants and weigh on overall leasing sentiment,&rdquo Wong said.
The non-capitaland / mapletree managed REITs are where the better potential return opportunities are
hopeless. might fall below $1
used to trade above $2++
used to trade above $2++
PiRPiR ( Date: 04-May-2026 09:22) Posted:
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Mapletree Logistics Trust (MLT): Its distribution
per unit (DPU) for the fourth quarter ended March fell 7 per cent on the year to S$0.01819, said the manager on Thursday. Total DPU for FY2026 declined 9.8 per cent to S$0.07262, with Q4's distribution to be paid on Jun 23. The declines came amid an absence of contributions from divested properties and weaker regional currencies. Units of MLT ended 0.8 per cent or S$0.01 lower at S$1.22 before the release of the
results.
per unit (DPU) for the fourth quarter ended March fell 7 per cent on the year to S$0.01819, said the manager on Thursday. Total DPU for FY2026 declined 9.8 per cent to S$0.07262, with Q4's distribution to be paid on Jun 23. The declines came amid an absence of contributions from divested properties and weaker regional currencies. Units of MLT ended 0.8 per cent or S$0.01 lower at S$1.22 before the release of the
results.
Mapletree Logistics Trust posts 7% fall in Q4 DPU to S$0.01819
Distributable income down 6.1% at S$93 million from S$99.1 million
[SINGAPORE] The manager of Mapletree Logistics Trust (MLT) on Thursday (Apr 30) posted a distribution per unit (DPU) of S$0.01819 for the fourth quarter ended March, down 7 per cent from S$0.01955 in the year-ago period.
This brings total DPU for FY2026 to S$0.07262, down 9.8 per cent year on year. Distribution for Q4 will be paid on Jun 23.
Distributable income fell 6.1 per cent to S$93 million for Q4, from S$99.1 million in the same period the year before, amid an enlarged unit base.
Revenue was down 1.7 per cent on year at S$176.6 million and net property income (NPI) fell 0.9 per cent to S$151.4 million in Q4. The declines were primarily due to an absence of contributions from divested properties and weaker regional currencies, said the manager.
In FY2026, MLT divested six properties at an average premium to valuation of about 20 per cent. The properties sold include 1 Genting Lane, 8 Tuas View Square and Mapletree Logistics Centre-Yeoju in South Korea.
Excluding the impact of divestments and currency volatility, MLT would have registered growth in revenue and NPI of S$3.6 million and S$4.1 million, respectively.
This would have come amid higher contributions from the existing portfolio and contribution from the newly completed redevelopment project in Singapore, said the manager.
For the full-year, revenue was down 2.6 per cent at S$708.3 million in FY2026, from S$727 million the year before. NPI fell 2.4 per cent to S$610.2 million in FY2026, from S$625.3 million.
Distributable income for FY2026 was S$370.1 million, down 8.9 per cent from the previous year&rsquo s S$406.4 million.
&ldquo In light of the ongoing Middle East conflict and broader supply chain uncertainties, we remain vigilant and focused on execution,&rdquo said Jean Kam, chief executive officer of MLT&rsquo s manager.
&ldquo Our immediate priorities are to preserve portfolio stability through tenant retention, prudent cost management and active lease management, while continuing our portfolio rejuvenation strategy to unlock value and position MLT for sustainable long-term growth,&rdquo she added.
Units of MLT ended Thursday 0.8 per cent or S$0.01 lower at S$1.22, before the release of the results.
Mapletree Logistics Trust Reports Resilient 4Q FY25/26 DPU at 1.819 cents, with FY25/26 DPU at 7.262 cents
https://links.sgx.com/1.0.0/corporate-announcements/TXH8JYF5PSXPHTKX/887077_20260430-MLT_4Q25%20press%20release_final.pdf
MLT will announce its financial results for the Fourth Quarter and Full Financial Year 2025/2026 ended 31 March 2026 after trading hours on 30 April 2026.
Whoa ! The 3 Musketeers is formidable ...
A prompt in tandem recovery by the trio.
Delvyss ( Date: 22-Jan-2026 09:48) Posted:
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11:59 PM EDT, 03/29/2026 (MT Newswires) -- Mapletree Logistics Trust (SGX:M44U) completed the acquisition of a logistics asset based in India, according to a Sunday filing with the Singapore Exchange.
Shares of the logistics trust were down nearly 2% in Monday trading.
Following the acquisition, the trust's portfolio now includes 175 properties across Singapore, Australia, China, Hong Kong, India, Japan, Malaysia, South Korea and Vietnam.
Assets under management of the trust are valued at SG$13 billion as of Dec. 31, 2025.
Shares of the logistics trust were down nearly 2% in Monday trading.
Following the acquisition, the trust's portfolio now includes 175 properties across Singapore, Australia, China, Hong Kong, India, Japan, Malaysia, South Korea and Vietnam.
Assets under management of the trust are valued at SG$13 billion as of Dec. 31, 2025.
Mapletree Logistics Trust strengthens presence in India with accretive acquisition of INR3,888 million Grade A warehouse
Freehold, newly built Grade A warehouse with high-quality and green building specifications
Fully leased to two leading listed online food and grocery delivery companies for 3.9 years with built-in annual rent escalations
Strategically located in Bhiwandi, a prime logistics market with excellent connectivity to Mumbai
https://links.sgx.com/1.0.0/corporate-announcements/TL00O2ZZJSLJSVEY/879029_20260321-MLT-PR_Proposed%20Acquisition-India.pdf
Mapletree Logistics Trust reported that substantial unitholder Temasek Holdings (Private) Limited acquired 1,910,000 units, with consideration of S$2,378,714.00 paid.
Singapore core inflation eases to 1% in January, better than expected
https://www.businesstimes.com.sg/singapore/economy-policy/singapore-core-inflation-eases-1-january-better-expected
Mapletree Logistics Trust Q3 DPU falls 9.3% to S$0.01816
Amount distributable to unitholders declines 8.5% year on year to S$92.7 million in Q3
[SINGAPORE] Mapletree Logistics Trust (MLT) posted a distribution per unit (DPU) of S$0.01816 for the third quarter ended Dec 31.
This was a 9.3 per cent decline from the DPU of S$0.02003 in the corresponding year-ago period.
In a bourse filing on Monday (Jan 26), MLT&rsquo s manager reported a 3.1 per cent fall in revenue to S$176.8 million in Q3, from S$182.4 million in the year-ago period.
The decline in revenue came amid income loss from four divested properties and reduced contribution from China, mitigated by stronger performance from Singapore, the manager said.
Jean Kam, chief executive officer of MLT&rsquo s manager, said: &ldquo In Q3, we maintained a stable DPU quarter on quarter, underpinned by our geographically diversified portfolio. Despite ongoing macroeconomic and tariff-related uncertainties, the logistics sector in the region remains resilient, with structural trends that support long-term growth.
&ldquo We will continue to execute our portfolio rejuvenation strategy and grow our regional footprint to capture the growing demand for well-located, modern logistics space.&rdquo
The amount distributable to unitholders declined 8.5 per cent to S$92.7 million in Q3, from S$101.3 million the year before.
Net property income (NPI) fell 3.3 per cent to S$152 million from S$157.2 million, while property expenses declined 1.5 per cent to S$24.8 million from S$25.2 million.
On a constant currency basis, revenue and NPI would have recorded smaller declines of 1.2 per cent and 1.5 per cent, respectively, largely due to the loss of contributions from 12 divested properties and a lower contribution from China, offset in part by higher contributions from MLT&rsquo s existing portfolio.
Lower debt, better rental reversions
Borrowing costs fell 4.3 per cent year on year to S$38.2 million, from S$39.9 million. Total debt outstanding decreased to S$5.46 billion due to repayment of loans during the quarter with divestment proceeds.
Portfolio occupancy stood at 96.4 per cent at the end of Q3, improving from 96.1 per cent in the second quarter. MLT&rsquo s portfolio had a weighted average lease expiry of 2.6 years.
For leases renewed or replaced in the third quarter, the average rental reversion achieved was 1.7 per cent excluding China. China&rsquo s rental reversion improved from minus 3 per cent in the previous quarter to minus 2.2 per cent in Q3, MLT&rsquo s manager said.
The global economy has shown resilience and is projected to expand at a modest rate in 2026, although the outlook remains tempered by geopolitical uncertainties, MLT&rsquo s manager said.
&ldquo The logistics space sector remains resilient, supported by structural trends like e-commerce expansion and global supply chain diversification into the region. Foreign currency volatility will likely continue to weigh on distributable income, while upward pressure on borrowing costs has abated to some extent.&rdquo
DBS Group Research analyst Derek Tan said: &ldquo MLT&rsquo s distributions were higher than our estimate but in line with consensus estimates. China remain on track of a basing out in terms of reversions, but overall diversified portfolio drives stability to overall returns.&rdquo
The DPU of S$0.01816 will be paid on Mar 18.
Mapletree Logistics Trust (M44U) said on Jan, 22 2026 that it will refresh its board and Audit and Risk Committee in the coming weeks.
The trust manager will appoint Ms Ong Siew
Koon and Mr Lee Wai Fai as Independent Non-Executive Directors on Jan, 25 2026. Ms Ong will also become a member of the Audit and Risk Committee on the same date.
Mr Lim Joo Boon will retire as Independent Non-Executive Director and Chairman of the Audit and Risk Committee on Feb, 19 2026 after reaching the nine-year tenure limit for independent directors.
With effect from Feb, 20 2026, existing
committee member Mr Ching Wei Hong will assume the role of Audit and Risk Committee Chairman
Mapletree Logistics Trust provided detailed post-change compositions for its board and committees, effective Jan, 25 2026 and Feb, 20 2026 respectively, and thanked Mr Lim for his service.
The trust manager will appoint Ms Ong Siew
Koon and Mr Lee Wai Fai as Independent Non-Executive Directors on Jan, 25 2026. Ms Ong will also become a member of the Audit and Risk Committee on the same date.
Mr Lim Joo Boon will retire as Independent Non-Executive Director and Chairman of the Audit and Risk Committee on Feb, 19 2026 after reaching the nine-year tenure limit for independent directors.
With effect from Feb, 20 2026, existing
committee member Mr Ching Wei Hong will assume the role of Audit and Risk Committee Chairman
Mapletree Logistics Trust provided detailed post-change compositions for its board and committees, effective Jan, 25 2026 and Feb, 20 2026 respectively, and thanked Mr Lim for his service.