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Mapletree Logistics
(SGX:M44U)
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Rating:63Neutral
Price Target:
S$1.00
▼(-15.25% Downside)
Action:Reiterated
Date:10/29/26
The score is driven primarily by solid financial performance (strong margins, improved TTM revenue momentum, and good cash generation) and a constructive earnings update (healthy occupancy and capital recycling), partially offset by weak technical momentum (below key moving averages with negative MACD) and a valuation that is supported by a high yield but constrained by a higher P/E.
Positive Factors
Occupancy and Rental Growth
High occupancy and positive rental reversions support recurring rental income and demonstrate continued tenant demand across much of the portfolio. The diversified logistics footprint, especially outside China, provides a durable base for maintaining cash flows and funding distributions over coming quarters.
Negative Factors
Rising Borrowing Costs
Higher borrowing costs can reduce distributable income and weaken the benefit of rental growth, particularly for a leveraged REIT that regularly refinances debt and funds acquisitions or redevelopment. The expected increase therefore creates a continuing margin and distribution headwind.
Read all positive and negative factors
Positive Factors
Negative Factors
Occupancy and Rental Growth
High occupancy and positive rental reversions support recurring rental income and demonstrate continued tenant demand across much of the portfolio. The diversified logistics footprint, especially outside China, provides a durable base for maintaining cash flows and funding distributions over coming quarters.
Read all positive factors
Mapletree Logistics (M44U) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$5.65B
Dividend Yield6.61%
Average Volume (3M)13.89M
Price to Earnings (P/E)25.9
Beta (1Y)0.76
Revenue Growth-0.67%
EPS Growth1.92%
CountrySG
Employees345
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)0.04
Shares Outstanding5,138,978,000
10 Day Avg. Volume8,776,920
30 Day Avg. Volume13,890,018
Financial Highlights & Ratios
PEG Ratio0.63
Price to Book (P/B)0.83
Price to Sales (P/S)8.43
P/FCF Ratio10.81
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$1.25Price Target Upside5.51% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.06
Revenue Forecast (FY)S$723.39M
Mapletree Logistics Business Overview & Revenue Model
Company Description
Mapletree Logistics Trust (MLT), Singapore's inaugural Asia-centric logistics real estate investment trust, commenced trading on the SGX-ST main board on July 28, 2005. Its primary objective is to acquire a diverse collection of income-generating ...
How the Company Makes Money
Mapletree Logistics Trust makes money primarily through rental and related property income generated from leasing its logistics properties (e.g., warehouses and distribution facilities) to tenants under lease agreements. This rental income is typi...
Mapletree Logistics Earnings Call Summary
Earnings Call Date:Oct 28, 2026
(Q2-2027)
| % Change Since: |
Next Earnings Date:Jan 27, 2027
Earnings Call Sentiment Positive
The call was predominantly positive, with resilient year-on-year revenue, NPI and DPU performance, healthy 96.4% occupancy, positive portfolio rental reversion, successful $243 million of divestments, strong liquidity and a clearly defined redevelopment and capital-recycling pipeline. The main challenges were negative China rental reversions, higher borrowing costs, temporary India occupancy weakness, selected regional market pressures and broader macroeconomic uncertainty. Highlights significantly outweighed the lowlights.Positive Updates
Year-on-Year Revenue, NPI and DPU Growth
Second-quarter gross revenue increased 1.4% year-on-year and NPI increased 1%, driven mainly by contributions from the Singapore AEI, the India acquisition completed at the end of the last financial year and organic growth, partly offset by the absence of contributions from divestments. DPU increased slightly to $0.01816 from $0.01815.
Negative Updates
Higher Property Expenses and Sequential NPI Decline
Quarter-on-quarter property expenses increased because of higher property taxes and the absence of a one-time utilities adjustment recorded in 1Q. As a result, 2Q NPI declined to $155 million from $156 million in 1Q. Management said the property-expense movements were one-offs and did not reflect a specific change in margins.
Read all updates
Q2-2027 Updates
Positive
Negative
Year-on-Year Revenue, NPI and DPU Growth
Second-quarter gross revenue increased 1.4% year-on-year and NPI increased 1%, driven mainly by contributions from the Singapore AEI, the India acquisition completed at the end of the last financial year and organic growth, partly offset by the absence of contributions from divestments. DPU increased slightly to $0.01816 from $0.01815.
Read all positive updates
Company Guidance
Management expects borrowing costs to increase to about 2.8% by the end of the financial year and is looking at 2.9% to 3% for next year, FY '27, '28. Singapore rental reversions are expected to be in the range of 3% to 5%, while Malaysia, Vietnam and India are expected to see positive reversions between 3% to 5%; China is “still trending around” the “Minus 1%, minus 1.6% next few quarters” range, with better visibility closer to the end of the financial year. China occupancy is expected to remain around 94% and portfolio occupancy around 96%. Changi South is expected to generate 6% to 6.5% returns or 6% to 6.5% yield on cost, with construction expected to commence in 1Q '27 and complete in 2Q '29; its NPI impact is expected to be less than 1%, and targeted rents are about between 2.3 to 2.5. The Prima opportunity is expected to be more a medium-term matter, closer towards 2028 or 2029, while divestments continue beyond the $200 million to $300 million target, with the potential to be more than the $300 million now.Mapletree Logistics Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
67
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 707.68M | 695.41M | 714.78M | 733.89M | 735.26M | 680.02M |
| Gross Profit | 515.15M | 506.51M | 520.71M | 543.78M | 538.09M | 504.61M |
| EBITDA | 471.69M | 533.95M | 429.02M | 536.63M | 533.21M | 1.10B |
| Net Income | 236.08M | 277.11M | 207.77M | 327.48M | 566.58M | 782.44M |
Balance Sheet | ||||||
| Total Assets | 13.84B | 13.69B | 13.89B | 13.81B | 13.42B | 13.69B |
| Cash, Cash Equivalents and Short-Term Investments | 312.70M | 302.27M | 299.01M | 304.82M | 302.50M | 338.62M |
| Total Debt | 6.18B | 5.57B | 5.67B | 5.40B | 5.55B | 5.64B |
| Total Liabilities | 7.29B | 6.62B | 6.65B | 6.33B | 6.48B | 6.60B |
| Stockholders Equity | 6.52B | 7.05B | 6.64B | 7.47B | 6.93B | 7.07B |
Cash Flow | ||||||
| Free Cash Flow | 477.77M | 542.14M | 536.03M | 573.49M | 467.26M | 390.11M |
| Operating Cash Flow | 479.19M | 542.14M | 536.03M | 573.49M | 470.63M | 385.83M |
| Investing Cash Flow | -53.57M | -52.16M | -243.69M | -844.25M | -235.41M | -1.61B |
| Financing Cash Flow | -414.77M | -482.84M | -286.74M | 280.62M | -245.99M | 1.28B |
Mapletree Logistics Technical Analysis
Negative
1.18
Price Trends
1.11
Negative
1.15
Negative
1.18
Negative
Market Momentum
>-0.01
Negative
41.64
Neutral
26.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:M44U, the sentiment is Negative. The current price of 1.18 is above the 20-day moving average (MA) of 1.08, above the 50-day MA of 1.11, and below the 200-day MA of 1.18, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 41.64 is Neutral, neither overbought nor oversold. The STOCH value of 26.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:M44U.
Mapletree Logistics Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | S$1.13B | 9.87 | 8.96% | 7.33% | 6.07% | 225.82% | |
68 Neutral | S$3.41B | 15.90 | 5.05% | 6.59% | 0.44% | 57.42% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | S$5.65B | 25.94 | 3.48% | 6.61% | -0.67% | 1.92% | |
61 Neutral | S$1.60B | 97.06 | 1.71% | 11.20% | 4.85% | ― | |
61 Neutral | S$4.94B | 25.71 | 4.35% | 7.25% | -5.23% | -42.13% | |
58 Neutral | S$287.65M | 8.09 | 7.78% | 9.54% | 1.11% | 18.18% |
* Real Estate Sector Average
SG:M44U
Mapletree Logistics
1.10
-0.16
-13.04%
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Mapletree Logistics Corporate Events
Mapletree Logistics Trust to Build Grade A Changi Hub in Singapore
Oct 28, 2026
Mapletree Logistics Trust is intensifying its presence in its core Singapore market with plans to redevelop two adjacent warehouses at 9 and 15 Changi South Street 2 into a five-storey, Grade A ramp-up logistics facility. The project, located in t...
Mapletree Logistics Trust refreshes board as independent director retires
Oct 20, 2026
Mapletree Logistics Trust Management Ltd. announced that Independent Non-Executive Director and Audit and Risk Committee member Mr Tan Wah Yeow will retire on 31 October 2026, in line with the nine-year tenure limit for independent directors in Si...
Mapletree Logistics Extends Prima Lease at Keppel Road Amid Waterfront Redevelopment Plans
Sep 21, 2026
Mapletree Logistics Trust has agreed to further extend Prima Limited’s leases and licences for the property at 201 Keppel Road, Singapore, by nine months from 30 April 2027 to 31 January 2028, subject to regulatory approvals. The extension m...
Mapletree Logistics Trust Prices CNY500 Million Note to Refinance Debt
Sep 8, 2026
Mapletree Logistics Trust, through its wholly owned subsidiary MapletreeLog Treasury Company Pte. Ltd., has priced a CNY500 million 2.10% unsecured note issue due 2029 under its S$3 billion Euro Medium Term Securities Programme. The notes, guarant...
Mapletree Logistics Trust Launches Inaugural CNY500 Million Offshore Renminbi Bond
Sep 8, 2026
Mapletree Logistics Trust, a Singapore-listed Asia Pacific logistics REIT with a diversified portfolio of 175 income-generating properties across nine markets and S$13.1 billion in assets under management, focuses on logistics real estate to provi...
Mapletree Logistics Trust Accelerates Portfolio Rejuvenation With Premium Divestments
Sep 3, 2026
Mapletree Logistics Trust outlined its strategy to build a leading Asia-Pacific logistics REIT by scaling its portfolio from S$0.4 billion at listing in 2005 to S$13.1 billion by FY25/26, while maintaining portfolio occupancy above 95% through mar...
Mapletree Logistics Trust Defends China Strategy and Fee Structure at AGM
Aug 20, 2026
At its 17th annual general meeting, Mapletree Logistics Trust’s management outlined how macroeconomic fundamentals, property-level attributes and interest rates shape investment decisions, with China assets still generating positive cash flo...
Mapletree Logistics Trust Accelerates Portfolio Rejuvenation With Asia-Pacific Divestments and Redeployments
Aug 13, 2026
Mapletree Logistics Trust is sharpening its position as a leading Asia-Pacific logistics REIT through disciplined portfolio growth and diversification across nine markets, with a focus on high quality warehouses in key logistics corridors. The tru...
Mapletree Logistics Trust Issues New Units to Pay Management and Performance Fees
Aug 12, 2026
Mapletree Logistics Trust has issued 19,081,125 new units on 12 August 2026 to pay portions of the base, performance, property management and lease management fees related to certain logistics properties across its Asian portfolio. The units, pric...
Mapletree Logistics Trust Launches S$400 Million Perpetual to Refinance Debt
Aug 4, 2026
Mapletree Logistics Trust is a Singapore logistics-focused REIT that owns and manages industrial and warehousing properties across Asia. Its units are traded on the SGX-ST, offering investors exposure to supply-chain infrastructure, though unit va...
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.