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Mapletree Industrial
(SGX:ME8U)
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Rating:59Neutral
Price Target:
S$2.00
▲(4.17% Upside)
Action:Reiterated
Date:07/24/26
The score is driven primarily by resilient underlying financials (healthy margins and good cash conversion) but held back by sharply negative recent revenue growth and uneven profitability. Technical signals are neutral to slightly weak with limited trend strength, while valuation is mixed—supported by a high dividend yield but offset by a relatively high P/E.
Positive Factors
Cash generation quality
Free cash flow roughly equaling net income shows high earnings quality and durable internal funding. That supports steady distributions, funds recurring capex and data‑centre upkeep without heavy reliance on new debt or equity issuance, strengthening financial flexibility over months.
Negative Factors
Negative revenue trend
A negative trailing revenue trend signals top‑line pressure from lease expiries, weaker occupancy or rental rates. Continued revenue decline would erode distributable income, constrain reinvestment and make sustaining dividends or funding new acquisitions more difficult over coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation quality
Free cash flow roughly equaling net income shows high earnings quality and durable internal funding. That supports steady distributions, funds recurring capex and data‑centre upkeep without heavy reliance on new debt or equity issuance, strengthening financial flexibility over months.
Read all positive factors
Mapletree Industrial (ME8U) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$5.51B
Dividend Yield6.54%
Average Volume (3M)6.30M
Price to Earnings (P/E)27.4
Beta (1Y)0.39
Revenue Growth-6.27%
EPS Growth-41.14%
CountrySG
Employees186
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)0.07
Shares Outstanding2,855,828,100
10 Day Avg. Volume6,065,580
30 Day Avg. Volume6,296,573
Financial Highlights & Ratios
PEG Ratio-0.68
Price to Book (P/B)1.19
Price to Sales (P/S)8.15
P/FCF Ratio14.68
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$1.91Price Target Upside-0.52% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)0.12
Revenue Forecast (FY)S$645.19M
Mapletree Industrial Business Overview & Revenue Model
Company Description
Mapletree Industrial Trust (MIT) is a publicly listed Real Estate Investment Trust (REIT) on the Singapore Exchange's Main Board. Its primary objective is to strategically acquire and manage a diverse array of income-generating properties. This in...
How the Company Makes Money
Mapletree Industrial Trust makes money primarily through recurring rental income from leasing its properties to tenants. In Singapore, it leases industrial and business space (e.g., warehouses, factories, and business park facilities) under lease ...
Mapletree Industrial Earnings Call Summary
Earnings Call Date:Oct 29, 2025
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted both improvements in distribution per unit and strong interest rate hedging, but these were offset by challenges such as decreased net property income, increased operating expenses, and potential impacts from interest rate swaps. While there are positive aspects, the challenges seem to balance them out, leading to a mixed overall outlook.Positive Updates
Improved Distribution Per Unit
Distribution per unit increased by 5.6% to $0.0318, despite a decrease in overall distribution to unitholders by 5.3%.
Negative Updates
Decrease in Net Property Income
Net property income decreased due to the divestment of 3 industrial properties in Singapore and nonrenewal of leases in North America.
Read all updates
Q2-2026 Updates
Positive
Negative
Improved Distribution Per Unit
Distribution per unit increased by 5.6% to $0.0318, despite a decrease in overall distribution to unitholders by 5.3%.
Read all positive updates
Company Guidance
During the call, MIT provided detailed financial guidance, highlighting a mixed performance for the second quarter of Fiscal Year 2025-2026. The net property income saw a decline due to the divestment of three industrial properties in Singapore and reduced contributions from the North American portfolio, affected by lease nonrenewals and a weaker U.S. dollar. However, these were partially offset by recent acquisitions and completed fit-out works in Osaka. Borrowing costs decreased slightly, attributed to loan repayments from divestment proceeds and lower interest on unhedged floating rate loans, despite increased costs from the Japan portfolio. Consequently, the distribution to unitholders fell by 5.3% to $90.7 million, while the distribution per unit (DPU) rose by 5.6% to $0.0318. The aggregate leverage ratio improved to 37.3%, offering debt headroom for future growth opportunities. The interest rate hedge ratio increased to nearly 93%, with expectations for borrowing costs to average around 3.1% to 3.2% for the current financial year and 3.3% to 3.4% for the next, factoring in upcoming interest rate swaps. Occupancy rates remained stable at 91.3%, with a slight improvement in the Singapore portfolio. The call also touched upon future divestment plans in North America, targeting $500-600 million, and potential acquisitions in Europe and Asia, considering the favorable yield spread. Overall, the guidance reflects a cautious yet optimistic outlook, emphasizing strategic divestments and acquisitions to navigate current financial challenges.Mapletree Industrial Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
66
Positive
Cash Flow
71
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 666.53M | 679.00M | 681.06M | 697.33M | 611.19M | 553.70M |
| Gross Profit | 439.13M | 447.68M | 434.22M | 456.61M | 443.25M | 414.69M |
| EBITDA | 313.57M | 346.97M | 480.25M | 306.26M | 406.67M | 408.64M |
| Net Income | 208.88M | 221.79M | 345.16M | 120.51M | 291.11M | 439.22M |
Balance Sheet | ||||||
| Total Assets | 7.94B | 7.94B | 8.80B | 8.66B | 8.55B | 8.48B |
| Cash, Cash Equivalents and Short-Term Investments | 95.70M | 95.21M | 107.63M | 119.90M | 146.61M | 149.64M |
| Total Debt | 2.95B | 2.95B | 3.27B | 3.08B | 2.88B | 2.94B |
| Total Liabilities | 3.28B | 3.29B | 3.61B | 3.38B | 3.17B | 3.20B |
| Stockholders Equity | 4.65B | 4.65B | 5.19B | 5.29B | 5.38B | 5.28B |
Cash Flow | ||||||
| Free Cash Flow | 374.01M | 376.88M | 488.26M | 432.78M | 448.06M | 497.04M |
| Operating Cash Flow | 374.01M | 377.07M | 488.26M | 432.78M | 448.06M | 497.08M |
| Investing Cash Flow | 521.00M | 471.77M | -207.24M | -353.13M | -100.61M | -1.75B |
| Financing Cash Flow | -906.47M | -856.78M | -293.47M | -106.34M | -350.46M | 1.35B |
Mapletree Industrial Technical Analysis
Negative
1.92
Price Trends
1.92
Positive
1.92
Positive
1.94
Negative
Market Momentum
<0.01
Positive
47.66
Neutral
41.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:ME8U, the sentiment is Negative. The current price of 1.92 is below the 20-day moving average (MA) of 1.93, above the 50-day MA of 1.92, and below the 200-day MA of 1.94, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 47.66 is Neutral, neither overbought nor oversold. The STOCH value of 41.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:ME8U.
Mapletree Industrial Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | S$11.14B | 14.75 | 7.00% | 6.41% | 6.53% | 0.82% | |
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$1.19B | 13.03 | 7.27% | 6.88% | 1.75% | 226.73% | |
64 Neutral | S$5.86B | 22.47 | 3.97% | 6.43% | -1.83% | 40.50% | |
59 Neutral | S$5.51B | 27.43 | 4.42% | 6.54% | -6.27% | -41.14% |
* Real Estate Sector Average
SG:ME8U
Mapletree Industrial
1.92
-0.09
-4.48%
SG:A17U
CapitaLand Ascendas REIT
2.34
-0.34
-12.59%
SG:O5RU
AIMS APAC REIT
1.44
0.14
10.68%
SG:9A4U
ESR-REIT
2.23
-0.44
-16.51%
SG:M44U
Mapletree Logistics
1.13
-0.06
-5.04%
SG:BUOU
Frasers Logistics & Commercial Trust
0.91
0.01
1.34%
Mapletree Industrial Corporate Events
Mapletree Industrial Trust Flags S$3.03 Billion at Risk Under New Loan Covenants
Jul 1, 2026
Mapletree Industrial Trust has entered into a new loan facility agreement through its subsidiaries, guaranteed by DBS Trustee Limited as trustee of the trust. The facility includes covenant conditions aligned with existing debt arrangements, parti...
Mapletree Industrial Trust Reshapes Board After Independent Director Retirement
Jun 30, 2026
Mapletree Industrial Trust Management Ltd. has announced the retirement of Independent Non-Executive Director Guy Daniel Harvey-Samuel from the board and the Audit and Risk Committee on 13 July 2026, in line with the nine-year tenure limit for ind...
Mapletree Industrial Trust Secures QDS Tax Ruling for S$300m Perpetual Securities
Jun 26, 2026
Mapletree Industrial Trust has secured an advance tax ruling from the Inland Revenue Authority of Singapore confirming that its S$300 million 3.25% Series 006 perpetual securities qualify as debt securities under local tax law. Distributions on th...
Mapletree Industrial Trust Steps Up Capital Recycling as It Deepens Data Centre Focus
Jun 22, 2026
Mapletree Industrial Trust is sharpening its focus on higher-value industrial real estate, with data centres and hi-tech business parks remaining its core growth engines while its general industrial buildings provide a base of stable income. The R...
Mapletree Industrial Trust Deepens Data Centre Focus as Portfolio Quadruples Since IPO
May 22, 2026
Mapletree Industrial Trust continues to pivot its portfolio towards data centres and hi-tech business space, which now account for the majority of its assets and are positioned to capture structural demand from digitalisation and knowledge-intensi...
Mapletree Industrial Trust Issues New Units to Pay Manager’s Base Fee
May 8, 2026
Mapletree Industrial Trust has issued 816,401 new units at S$1.9613 per unit to its manager as payment of the base management fee for the quarter ended 31 March 2026. The issue price was based on the 10-day volume-weighted average traded price of ...
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.