0412 GMT - Mapletree Logistics Trust's units appear fairly valued, trading at a fiscal 2027 distribution yield of 6.1%, after the real-estate investment trust reported in-line 1Q earnings, says Morningstar's Xavier Lee in a note. The REIT intends to divest of two China logistics properties and a Singapore asset at attractive exit yields and at premiums to their carrying values, which the analyst views as upbeat. However, the trust's portfolio rent growth slowed from the previous quarter. The REIT's management is expecting low-single-digit percentage rent declines in its China portfolio through FY 2027 before returning to break-even the next fiscal year, Lee adds. Morningstar retains its fair-value estimate of 1.34 Singapore dollars. Units are flat at S$1.24.