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Mapletree Logistics Trust (SG:M44U)
:M44U
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Mapletree Logistics
(OTC:M44U)
Rating:59Neutral
Price Target:
S$1.00
▼(-11.50%Downside)
Positive Factors
Attractive Valuation
At current price, MLT remains attractive with a yield in excess of 6.0% and a P/B of 0.95x.
CEO Confidence
CEO Jean Kam acquired shares in the REIT in a day of weakness in a vote of confidence.
E-commerce Exposure
Mapletree Logistics Trust has a unique exposure to Asian E-commerce with a focus on domestic demand, minimizing direct impact from the US-China trade war.
Negative Factors
China Market Weakness
China, which contributes to 20% of revenues, continues to remain weak and is a key market to watch.
Higher Borrowing Costs
Higher borrowing costs could exert downward pressure on distributions.
Trade War Impact
Management cautioned that a protracted trade war could affect demand for warehouse space, thereby reducing occupancy and rental rates.
Mapletree Logistics (M44U) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$5.68B
Dividend Yield5.41%
Average Volume (3M)14.83M
Price to Earnings (P/E)30.7
Beta (1Y)1.16
Revenue Growth-0.97%
EPS Growth-40.20%
CountrySG
Employees345
SectorReal Estate
Sector Strength73
IndustryREIT - Industrial
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding5,075,149,000
10 Day Avg. Volume12,187,590
30 Day Avg. Volume14,825,943
Financial Highlights & Ratios
PEG Ratio-0.41
Price to Book (P/B)1.18
Price to Sales (P/S)0.00
P/FCF Ratio17.57
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$1.31Price Target Upside15.56% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
Mapletree Logistics Business Overview & Revenue Model
Company DescriptionMLT, the first Asia-focused logistics REIT in Singapore, was listed on the SGX-ST main board on 28 July 2005. MLT's principal strategy is to invest in a diversified portfolio of income-producing logistics real estate and real estate-related assets. As at 31 December 2020, it has a portfolio of 156 logistics assets in Singapore, Hong Kong SAR, Japan, China, Australia, Malaysia, South Korea and Vietnam with assets under management of S$10.2 billion. MLT is managed by Mapletree Logistics Trust Management Ltd., a wholly-owned subsidiary of Mapletree Investments Pte Ltd.
How the Company Makes MoneyMapletree Logistics Trust generates revenue primarily through the leasing of its logistics properties to a diversified tenant base across various industries. The trust earns rental income from its tenants, which is its main source of revenue. Additionally, Mapletree Logistics Trust may engage in asset enhancement initiatives to increase property value and rental income over time. The trust also strategically acquires and divests properties to optimize its portfolio and capital structure. Partnerships with key logistics and industrial players can contribute to its growth and expansion, allowing the trust to capture new market opportunities and enhance its revenue streams.
Mapletree Logistics Earnings Call Summary
Earnings Call Date:Apr 23, 2025
(Q4-2025)
| % Change Since: -1.65%|
Next Earnings Date:Jul 29, 2025
Earnings Call Sentiment Negative
The earnings call highlighted the stability and positive rental reversions in the portfolio, particularly in developed markets, and progress in ESG initiatives. However, these positives were overshadowed by significant declines in DPU, higher borrowing costs, and challenges in China, leading to overall negative financial results.Q4-2025 Updates
Positive Updates
Stable Portfolio Performance
70% of MLT's portfolio by AUM and revenue continues to be contributed by developed markets (Singapore, Hong Kong, Japan, Korea, and Australia) with more than 900 customers, providing stability in demand.
Positive Rental Reversions
Rental reversion improved from 3Q to 5.1% in 4Q, with a positive 6.9% excluding China, indicating strong performance in other markets.
ESG Progress
Increased solar capacity to 71-megawatt peak, aiming for carbon neutrality by 2030, and achieved neutralized Scope 2 carbon emissions in China and Hong Kong markets.
Successful Divestments
Completed divestments of 14 properties totaling about SGD 200 million, aiding in financial flexibility and strategic portfolio management.
Negative Updates
Significant Decline in DPU
Overall DPU decreased by 11.6% year-on-year due to lower contributions from China, higher borrowing costs, and FX impact.
Weakening Performance in China
China's lower rental and occupancy led to a net fair value loss of about SGD 62 million on investment properties.
Higher Borrowing Costs
Interest costs increased due to incremental borrowings and the replacement of hedges that rolled off, affecting the overall financial performance.
Slight Decline in Gross Revenue
Gross revenue was 0.9% lower year-on-year, primarily due to lower contribution from China and absence of revenue from divested properties.
Increased Leverage
Aggregate leverage increased to 40.7% from 40.3% last quarter, mainly due to valuation losses and FX translation impacts.
Company Guidance
In the recent call, MLT's management provided guidance on several key metrics for the fourth quarter and full fiscal year ending March 2025. Distributable income (DI) was reported to be 9.1% lower year-on-year, translating to a distribution per unit (DPU) of SGD 0.08053, down from SGD 0.09003 the previous year. Gross revenue decreased by 0.9%, primarily due to reduced contributions from China and divested properties, as well as currency weaknesses. Net property income (NPI) also saw a decline of 1.5%. The aggregate leverage ratio slightly increased to 40.7% from 40.3% in the last quarter, attributed to valuation and foreign exchange (FX) losses. Approximately 81% of MLT's debt is hedged at fixed rates, with a debt maturity of 3.8 years. The company has hedged 75% of its distributable income into Singapore dollars for the upcoming 12 months. During the quarter, MLT completed three Malaysian divestments and announced the divestment of three additional projects. Furthermore, the company highlighted that its interest rate is stable at 2.7%, with an interest coverage ratio of 2.9 times.Mapletree Logistics Financial Statement Overview
Summary
Mapletree Logistics displays financial stability with strong gross margins and a solid asset base. However, declining net income and revenue growth present challenges for future profitability. The balance sheet is healthy with manageable leverage, yet improving earnings is crucial for enhanced shareholder returns. Cash flow generation is robust, supporting operational needs.Income Statement
Mapletree Logistics shows stable gross profit margins, maintaining above 70% in recent years, and net profit margins around 29% in the latest annual report. However, there is a decline in net income from the previous year, indicating potential challenges in maintaining earnings growth. The revenue growth rate is fluctuating, with a slight decline in the latest period, which could point to market saturation or increased competition.65
Positive
Balance Sheet
The company's debt-to-equity ratio remains stable, with a slight increase in total debt, indicating manageable leverage. Return on equity has decreased, reflecting pressure on profitability. The equity ratio is healthy, showcasing a strong asset base relative to liabilities, supporting financial stability.72
Positive
Cash Flow
Operating cash flow is strong, with a high operating cash flow to net income ratio, indicating efficient cash generation from operations. Free cash flow remains positive, but the growth rate has slowed, suggesting potential challenges in improving cash reserves. The cash flow statements reflect a stable financial position with adequate liquidity.70
Positive
| Breakdown | ||||
| Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 714.78M | 733.89M | 735.26M | 680.02M | 567.35M | Gross Profit |
| 520.71M | 543.78M | 538.09M | 504.61M | 435.42M | EBIT |
| 520.57M | 541.95M | 571.75M | 519.05M | 431.73M | EBITDA |
| 429.02M | 536.63M | 533.21M | 502.93M | 434.72M | Net Income Common Stockholders |
| 207.77M | 327.48M | 566.58M | 782.44M | 462.73M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 299.01M | 304.82M | 302.50M | 338.62M | 280.76M | Total Assets |
| 13.89B | 13.81B | 13.42B | 13.69B | 11.20B | Total Debt |
| 5.67B | 5.40B | 5.55B | 5.64B | 4.77B | Net Debt |
| 5.37B | 5.10B | 5.25B | 5.30B | 4.49B | Total Liabilities |
| 6.65B | 6.33B | 6.48B | 6.60B | 5.52B | Stockholders Equity |
| 6.64B | 7.47B | 6.93B | 7.07B | 5.68B |
| Cash Flow | Free Cash Flow | |||
| 536.03M | 573.49M | 467.26M | 390.11M | 352.23M | Operating Cash Flow |
| 536.03M | 573.49M | 470.63M | 385.83M | 352.41M | Investing Cash Flow |
| -243.69M | -844.25M | -235.41M | -1.61B | -1.27B | Financing Cash Flow |
| -286.74M | 280.62M | -245.99M | 1.28B | 1.05B |
Mapletree Logistics Technical Analysis
Neutral
1.13
Price Trends
1.13
Positive
1.18
Negative
1.23
Negative
Market Momentum
>-0.01
Negative
56.84
Neutral
86.11
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:M44U, the sentiment is Neutral. The current price of 1.13 is above the 20-day moving average (MA) of 1.10, above the 50-day MA of 1.13, and below the 200-day MA of 1.23, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 56.84 is Neutral, neither overbought nor oversold. The STOCH value of 86.11 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SG:M44U.
Mapletree Logistics Peers Comparison
Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | S$1.07B | 32.51 | 3.17% | 7.72% | 5.21% | -25.46% | |
61 Neutral | $2.85B | 10.99 | 0.40% | 6.10% | 5.75% | -21.23% | |
59 Neutral | S$5.68B | 30.68 | 2.74% | 5.41% | -0.97% | -40.20% | |
| $1.45B | ― | -6.38% | 0.50% | ― | ― | ||
| $2.58B | 13.71 | 2.80% | 3.65% | ― | ― | ||
| $2.40B | 25.14 | 3.21% | 4.50% | ― | ― | ||
75 Outperform | S$395.18M | 11.60 | 6.78% | 8.28% | -7.68% | -20.20% |
* Real Estate Sector Average
Performance Comparison
SG:M44U
Mapletree Logistics
1.13
-0.12
-9.31%
SG:O5RU
AIMS APAC REIT
1.32
0.14
11.86%
CGIUF
ESR-REIT
1.68
-0.23
-12.04%
FSRPF
Frasers Property
0.66
0.10
17.86%
FRLOF
Frasers Logistics & Commercial Trust
0.67
-0.01
-1.47%
SG:DHLU
Daiwa House Logistics Trust
0.57
0.04
7.55%
Mapletree Logistics Corporate Events
Mapletree Logistics Trust Issues New Units for Fee Payments
May 16, 2025
Mapletree Logistics Trust has announced the issuance of 8,415,976 new units at S$1.3078 per unit as part of the payment for base, property management, and lease management fees for certain properties. This issuance, covering the period from January 1 to March 31, 2025, reflects the trust’s ongoing strategy to manage its financial obligations through equity, potentially impacting its unit holders and market positioning by enhancing its asset management capabilities across its diverse property portfolio.
The most recent analyst rating on (SG:M44U) stock is a Buy with a S$1.58 price target. To see the full list of analyst forecasts on Mapletree Logistics stock, see the SG:M44U Stock Forecast page.
Mapletree Logistics Trust Secures Loan with Key Conditions
Mar 19, 2025
Mapletree Logistics Trust Management Ltd. announced that two of its subsidiaries have entered into a loan agreement with conditions similar to existing debt facilities. These conditions require Mapletree Logistics Trust Management to remain the manager and a subsidiary of Mapletree Investments Pte Ltd. A breach of these conditions could affect debt facilities amounting to approximately S$6,083 million, but no breach has occurred as of the announcement date.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.