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Mapletree Industrial
(SGX:ME8U)
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Rating:61Neutral
Price Target:
S$2.00
▲(4.17% Upside)
Action:Reiterated
Date:10/29/26
The score is driven primarily by steady but slowing fundamentals (strong margins and manageable leverage, offset by sharp TTM revenue weakness and moderated earnings). Technicals are a notable headwind with the price below key moving averages and negative MACD, despite near-oversold oscillators. Valuation is balanced: attractive yield, but a higher P/E. Earnings call commentary reinforced near-term pressure from higher borrowing costs, weaker North American occupancy, and DPU/NPI declines, partially offset by Singapore leasing resilience and planned divestments.
Positive Factors
Strong profitability and cash conversion
High margins provide a meaningful buffer against operating volatility, while free cash flow broadly matching net income indicates that reported profitability is converting into cash. Together, these characteristics support recurring distributions and preserve funding capacity for portfolio investment.
Negative Factors
Material revenue and earnings contraction
The sharp deterioration in revenue and lower net income indicate that the trust’s earnings base is under pressure despite strong margins. If the weaker trajectory persists, it can reduce distribution capacity and limit internally generated funds for reinvestment or debt reduction.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability and cash conversion
High margins provide a meaningful buffer against operating volatility, while free cash flow broadly matching net income indicates that reported profitability is converting into cash. Together, these characteristics support recurring distributions and preserve funding capacity for portfolio investment.
Read all positive factors
Mapletree Industrial (ME8U) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$4.94B
Dividend Yield7.25%
Average Volume (3M)9.27M
Price to Earnings (P/E)25.7
Beta (1Y)0.35
Revenue Growth-5.23%
EPS Growth-42.13%
CountrySG
Employees186
SectorGeneral
Sector StrengthN/A
IndustryREIT - Industrial
Share Statistics
EPS (TTM)0.07
Shares Outstanding2,855,828,100
10 Day Avg. Volume10,769,590
30 Day Avg. Volume9,267,213
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$1.76Price Target Upside-8.33% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering3
EPS Forecast (FY)0.12
Revenue Forecast (FY)S$643.85M
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 primarily makes money by renting out space in its industrial property portfolio and collecting recurring lease income from tenants. This rental income is generated through leases across different asset types (e.g., busin...
Mapletree Industrial Earnings Call Summary
Earnings Call Date:Oct 27, 2026
(Q2-2027)
| % Change Since: |
Next Earnings Date:Jan 28, 2027
Earnings Call Sentiment Neutral
The call presented a mixed outlook. Singapore operations, leasing execution, capital structure, hedging and strategic growth initiatives were positive, while lower NPI and DPU, weaker North American occupancy, reduced rents on new U.S. leases, higher borrowing costs, vacant assets and uncertainty around the timing and pricing of divestments remained material challenges. Management was proactive and confident in its plans, but near-term financial pressure and execution risks were clearly acknowledged.Positive Updates
Strong Capital Position and Debt Headroom
Aggregate leverage remained around 37.7%, which management said provides ample debt headroom to capture growth opportunities. Weighted average debt duration remained healthy at 3.5 years.
Negative Updates
Year-on-Year NPI Decline
Net property income decreased 3.5% year-on-year to $119.8 million. Management cited nonrenewal of leases in the North American portfolio and the August 2025 divestment of three Singapore industrial properties, partially offset by Singapore renewals and new leases.
Read all updates
Q2-2027 Updates
Positive
Negative
Strong Capital Position and Debt Headroom
Aggregate leverage remained around 37.7%, which management said provides ample debt headroom to capture growth opportunities. Weighted average debt duration remained healthy at 3.5 years.
Read all positive updates
Company Guidance
Management expects average borrowing cost to increase to about 3.5% to 3.6% for FY '26-'27 and to about 3.94% level, below 4%, for FY '27-'28, or average about 3.6%, FY '27-'28, if identified properties are divested and loans are repaid; it is targeting $500 million to $600 million of divestments before the end of the FY, with a target of executing a good amount by the end of the FY and working in 31st March timeframe, while Singapore reversions are expected to remain in the mid-single digits for the next half of the year, Kallang Way is tracking confidently towards 75% by the end of the FY, and the North American data center portfolio has a run rate of about 2% to 3% of GRI from renewals; Alpharetta and San Jose leases include about a 9-month rent-free period and about a 3-month rent-free period, respectively, with low single-digit escalations and rents between 10% to 30% lower than previous existing leases.Mapletree Industrial Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
67
Positive
Cash Flow
72
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 663.38M | 679.00M | 681.06M | 697.33M | 611.19M | 553.70M |
| Gross Profit | 435.76M | 447.68M | 434.22M | 456.61M | 443.25M | 414.69M |
| EBITDA | 315.75M | 346.97M | 480.25M | 306.26M | 428.11M | 513.73M |
| Net Income | 203.70M | 221.79M | 345.16M | 120.51M | 291.11M | 439.22M |
Balance Sheet | ||||||
| Total Assets | 7.97B | 7.94B | 8.80B | 8.66B | 8.55B | 8.48B |
| Cash, Cash Equivalents and Short-Term Investments | 128.69M | 95.21M | 107.63M | 119.90M | 146.61M | 149.64M |
| Total Debt | 2.97B | 2.95B | 3.27B | 3.08B | 2.88B | 2.94B |
| Total Liabilities | 3.33B | 3.29B | 3.61B | 3.38B | 3.17B | 3.20B |
| Stockholders Equity | 4.63B | 4.65B | 5.19B | 5.29B | 5.38B | 5.28B |
Cash Flow | ||||||
| Free Cash Flow | 378.97M | 376.88M | 488.26M | 432.78M | 448.06M | 497.04M |
| Operating Cash Flow | 378.97M | 377.07M | 488.26M | 432.78M | 448.06M | 497.08M |
| Investing Cash Flow | 4.79M | 471.77M | -207.24M | -353.13M | -100.61M | -1.75B |
| Financing Cash Flow | -355.82M | -856.78M | -293.47M | -106.34M | -350.46M | 1.35B |
Mapletree Industrial Technical Analysis
Negative
1.92
Price Trends
1.86
Negative
1.89
Negative
1.92
Negative
Market Momentum
-0.03
Positive
28.98
Positive
36.06
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 above the 20-day moving average (MA) of 1.80, above the 50-day MA of 1.86, and above the 200-day MA of 1.92, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 28.98 is Positive, neither overbought nor oversold. The STOCH value of 36.06 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 (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | S$10.88B | 13.75 | 7.00% | 6.89% | 6.53% | 0.82% | |
68 Neutral | S$1.11B | 9.65 | 8.96% | 7.49% | 6.07% | 225.82% | |
68 Neutral | S$3.39B | 15.81 | 5.05% | 6.63% | 0.44% | 57.42% | |
63 Neutral | S$5.50B | 25.24 | 3.48% | 6.79% | -0.67% | 1.92% | |
61 Neutral | S$4.94B | 25.71 | 4.35% | 7.25% | -5.23% | -42.13% | |
61 Neutral | S$1.51B | 91.18 | 1.71% | 11.93% | 4.85% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
SG:ME8U
Mapletree Industrial
1.73
-0.27
-13.54%
SG:A17U
CapitaLand Ascendas REIT
2.21
-0.45
-16.85%
SG:O5RU
AIMS APAC REIT
1.37
0.10
8.04%
SG:9A4U
ESR-REIT
1.98
-0.65
-24.57%
SG:M44U
Mapletree Logistics
1.10
-0.16
-13.04%
SG:BUOU
Frasers Logistics & Commercial Trust
0.90
>-0.01
-0.22%
Mapletree Industrial Corporate Events
Mapletree Industrial Trust Secures Sustainability-Linked Loan with Governance-Linked Covenants
Sep 21, 2026
Mapletree Industrial Trust has entered into a new sustainability-linked loan facility that aligns with existing debt arrangements and embeds conditions tied to its management and sponsorship structure. If the manager is changed outside the trust d...
Mapletree Industrial Trust Cautions Investors Amid Possible U.S. Data Centre Divestment
Aug 31, 2026
Mapletree Industrial Trust, a Singapore-listed industrial REIT managed by Mapletree Industrial Trust Management Ltd., owns and operates assets such as data centres across Singapore and North America. The trust seeks to deliver stable returns to un...
Mapletree Industrial Trust Names Anand Chandran as New CEO
Aug 21, 2026
Mapletree Industrial Trust Management Ltd. announced a leadership transition with the appointment of Anand Tze Ming Chandran as Chief Executive Officer and Executive Director, effective 1 October 2026, subject to regulatory approval. Chandran curr...
Mapletree Industrial Trust Flags Near-Term Data Centre Headwinds at AGM
Aug 19, 2026
At its 16th annual general meeting in Singapore, Mapletree Industrial Trust briefed unitholders on the FY25/26 performance and addressed concerns over its North American data centre portfolio. Management acknowledged a five-year decline in net ass...
Mapletree Industrial Trust Accelerates Pivot to Global Data Centres
Aug 12, 2026
Mapletree Industrial Trust is sharpening its portfolio toward data centres and hi-tech business space as its key growth engines, aiming to capture structural demand from high value-add and knowledge-intensive activities. General industrial buildin...
Mapletree Industrial Trust Issues New Units to Pay Manager’s Base Fee
Aug 3, 2026
Mapletree Industrial Trust has issued 824,584 new units at S$1.9397 per unit to its manager as payment of the base management fee for the quarter ended 30 June 2026. The units were priced based on the 10-day volume-weighted average traded price pr...
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.