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Mapletree Logistics
(SGX:M44U)
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Rating:64Neutral
Price Target:
S$1.50
▲(27.12% Upside)
Action:Reiterated
Date:07/29/26
The score is driven primarily by solid financial performance—strong profitability and improved recent cash generation with reasonable REIT leverage—partly offset by uneven revenue/earnings stability and modest ROE. Valuation is mixed, with a high dividend yield supporting the stock but a relatively high P/E limiting upside. Technically, the trend is neutral-to-soft, with the price below the 20D/50D and 200D averages, though still above the 100D.
Positive Factors
Strong profitability
Sustained high margins indicate an efficient logistics-property platform with strong recurring profitability. This provides resilience against moderate cost pressure and supports the trust’s ability to maintain distributions over the next several months.
Negative Factors
Uneven revenue growth
The contrast between recent annual declines and the TTM rebound indicates an uneven top-line trajectory rather than dependable organic growth. Continued variability could limit rental-income visibility and make distribution growth less predictable.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability
Sustained high margins indicate an efficient logistics-property platform with strong recurring profitability. This provides resilience against moderate cost pressure and supports the trust’s ability to maintain distributions over the next several months.
Read all positive factors
Mapletree Logistics (M44U) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$5.86B
Dividend Yield6.43%
Average Volume (3M)15.27M
Price to Earnings (P/E)22.5
Beta (1Y)0.81
Revenue Growth-1.83%
EPS Growth40.50%
CountrySG
Employees345
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)0.05
Shares Outstanding5,138,978,000
10 Day Avg. Volume12,097,210
30 Day Avg. Volume15,270,021
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$1.55Price Target Upside31.64% Upside
Rating ConsensusHold
Number of Analyst Covering3
EPS Forecast (FY)0.06
Revenue Forecast (FY)S$718.51M
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 primarily makes money by earning rental and related property income from leasing its logistics and industrial properties to tenants. The core revenue stream is base rent collected under lease agreements, which may be stru...
Mapletree Logistics Earnings Call Summary
Earnings Call Date:Oct 28, 2025
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 27, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted improvements in portfolio occupancy and a strong commitment to sustainability initiatives. However, these positives were overshadowed by declines in revenue, net property income, and distribution per unit, along with ongoing challenges in the China market. The overall sentiment is neutral, balancing between strategic achievements and financial setbacks.Positive Updates
Improved Portfolio Occupancy
Portfolio occupancy increased from 95.7% to 96.1% year-over-year, with several markets such as Australia, Vietnam, India, and Hong Kong achieving 100% occupancy.
Negative Updates
Revenue and Net Property Income Decline
Gross revenue decreased by 3.2% year-on-year to SGD 177 million, and Net Property Income declined by 3.3% due to currency depreciation and divestments.
Read all updates
Q2-2026 Updates
Positive
Negative
Improved Portfolio Occupancy
Portfolio occupancy increased from 95.7% to 96.1% year-over-year, with several markets such as Australia, Vietnam, India, and Hong Kong achieving 100% occupancy.
Read all positive updates
Company Guidance
During the call, significant guidance was provided for Mapletree Logistics Trust's second quarter ended September 2025. Gross revenue decreased by 3.2% year-on-year to SGD 177 million, primarily due to currency depreciation and the absence of contributions from divested assets. The committed occupancy rate at Mapletree Joo Koon Logistics Hub was reported at 82%, contributing to a portfolio occupancy rate of 96.1%, up from 95.7% the previous year. The trust's net property income (NPI) fell by 3.3% year-on-year. Distribution per unit (DPU) saw a year-on-year decline of 10.5% to SGD 0.01815. However, on a quarter-on-quarter basis, the DPU from operations showed a slight positive growth of 0.2%. The portfolio's rental reversion was positive at 0.6%, with China's negative rental reversion narrowing. The weighted average lease expiry (WALE) remained stable at 2.7 years, and aggregate leverage slightly decreased to 41.1%. Borrowing costs decreased due to lower base rates, with approximately 84% of interest rates hedged into fixed rates. The trust's green initiatives include reaching solar capacity targets and securing SGD 300 million in new green financing, bringing the total to SGD 1.5 billion. The management remains cautious about market uncertainties due to global economic conditions and is focused on stabilizing operations while exploring capital recycling and acquisition opportunities, especially in emerging markets like India and Vietnam.Mapletree Logistics Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
64
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 705.15M | 695.41M | 714.78M | 733.89M | 735.26M | 680.02M |
| Gross Profit | 513.92M | 506.51M | 520.71M | 543.78M | 538.09M | 504.61M |
| EBITDA | 516.32M | 533.95M | 429.02M | 536.63M | 533.21M | 502.93M |
| Net Income | 268.35M | 277.11M | 207.77M | 327.48M | 566.58M | 782.44M |
Balance Sheet | ||||||
| Total Assets | 13.76B | 13.69B | 13.89B | 13.81B | 13.42B | 13.69B |
| Cash, Cash Equivalents and Short-Term Investments | 325.67M | 302.27M | 299.01M | 304.82M | 302.50M | 338.62M |
| Total Debt | 5.59B | 5.57B | 5.67B | 5.40B | 5.55B | 5.64B |
| Total Liabilities | 6.69B | 6.62B | 6.65B | 6.33B | 6.48B | 6.60B |
| Stockholders Equity | 7.05B | 7.05B | 6.64B | 7.47B | 6.93B | 7.07B |
Cash Flow | ||||||
| Free Cash Flow | 469.40M | 542.14M | 536.03M | 573.49M | 467.26M | 390.11M |
| Operating Cash Flow | 469.40M | 542.14M | 536.03M | 573.49M | 470.63M | 385.83M |
| Investing Cash Flow | -47.66M | -52.16M | -243.69M | -844.25M | -235.41M | -1.61B |
| Financing Cash Flow | -413.96M | -482.84M | -286.74M | 280.62M | -245.99M | 1.28B |
Mapletree Logistics Technical Analysis
Negative
1.18
Price Trends
1.19
Negative
1.19
Negative
1.21
Negative
Market Momentum
-0.01
Positive
37.48
Neutral
33.33
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 1.16, below the 50-day MA of 1.19, and below the 200-day MA of 1.21, indicating a bearish trend. The MACD of -0.01 indicates Positive momentum. The RSI at 37.48 is Neutral, neither overbought nor oversold. The STOCH value of 33.33 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$3.47B | 16.07 | 5.05% | 6.52% | 0.44% | 57.42% | |
65 Neutral | S$1.79B | 109.31 | 1.71% | 9.95% | 4.85% | ― | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | S$5.86B | 22.47 | 3.97% | 6.43% | -1.83% | 40.50% | |
64 Neutral | S$1.19B | 13.03 | 7.27% | 6.88% | 1.75% | 226.73% | |
60 Neutral | S$280.63M | 7.79 | 7.78% | 9.90% | 1.11% | 18.18% | |
59 Neutral | S$5.51B | 27.43 | 4.42% | 6.54% | -6.27% | -41.14% |
* Real Estate Sector Average
SG:M44U
Mapletree Logistics
1.13
-0.05
-4.24%
SG:O5RU
AIMS APAC REIT
1.44
0.14
10.68%
SG:9A4U
ESR-REIT
2.23
-0.42
-15.94%
SG:ME8U
Mapletree Industrial
1.92
-0.08
-4.05%
SG:BUOU
Frasers Logistics & Commercial Trust
0.91
0.02
2.49%
SG:DHLU
Daiwa House Logistics Trust
0.40
-0.15
-26.85%
Mapletree Logistics Corporate Events
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...
Mapletree Logistics Trust Raises S$75m via New 2033 Notes, Flags Manager-Linked Debt Covenants
Jun 19, 2026
Mapletree Logistics Trust, via its wholly owned subsidiary MapletreeLog Treasury Company, has priced S$75 million of 2.50% unsecured notes due 2033 under its S$3 billion Euro Medium Term Securities Programme, with payment obligations guaranteed by...
Mapletree Logistics Flags Covenants Tying S$5.6 Billion Debt to Sponsor Control
Jun 16, 2026
Mapletree Logistics Trust has disclosed that a subsidiary has entered into a new loan facility containing change-of-control and management continuity conditions similar to those embedded in its existing debt arrangements. These covenants require t...
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.