Mapletree Logistics Trust (SG:M44U)
SGX:M44U
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Mapletree Logistics
(SGX:M44U)
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Rating:54Neutral
Price Target:
S$1.00
â–¼(-21.88% Downside)
Action:ReiteratedDate:02/25/26
The score is driven primarily by stable but weakening financial performance (slowing revenue, lower net income versus prior peaks, higher leverage, and weak cash conversion), reinforced by soft technical momentum (negative MACD and sub-50 RSI). A solid dividend yield helps, but the high P/E limits the valuation score.
Positive Factors
Recurring rental income model
As a logistics REIT, the business earns recurring rental income from long‑term and multi‑tenant leases, which provides predictable cash inflows and stable distributable income. That recurring revenue base supports distribution policy and long‑range planning even during cyclical slowdowns.
Negative Factors
Negative revenue growth trend
A recent decline in top‑line revenue indicates slowing leasing momentum or weaker rent renewals. Sustained negative revenue growth pressures distributable income and reduces margin of safety for distributions, constraining the REIT’s ability to grow or invest without external capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring rental income model
As a logistics REIT, the business earns recurring rental income from long‑term and multi‑tenant leases, which provides predictable cash inflows and stable distributable income. That recurring revenue base supports distribution policy and long‑range planning even during cyclical slowdowns.
Read all positive factors
Mapletree Logistics (M44U) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$5.98B
Dividend Yield5.83%
Average Volume (3M)14.75M
Price to Earnings (P/E)41.0
Beta (1Y)0.97
Revenue Growth-1.81%
EPS Growth-18.43%
CountrySG
Employees345
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)<0.01
Shares Outstanding5,110,906,700
10 Day Avg. Volume13,979,400
30 Day Avg. Volume14,754,155
Financial Highlights & Ratios
PEG Ratio-0.80
Price to Book (P/B)1.01
Price to Sales (P/S)9.34
P/FCF Ratio12.45
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$1.62Price Target Upside26.17% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.06
Revenue Forecast (FY)S$730.33M
Mapletree Logistics Business Overview & Revenue Model
Company Description
MLT, 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...
How the Company Makes Money
Mapletree Logistics Trust makes money primarily by leasing its logistics and industrial properties to tenants and collecting recurring rental income. This rental income (from master leases or multi-tenant leases, depending on the property) is the ...
Mapletree Logistics Earnings Call Summary
Earnings Call Date:Apr 23, 2025
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 23, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted stable portfolio occupancy and some ESG achievements. However, significant challenges remain, particularly with the China market's performance and DPU decline.Positive Updates
Portfolio Occupancy and Rental Reversion
Overall portfolio occupancy remained stable with a slight improvement in rental reversion to 5.1% in 4Q, excluding China, which was at 6.9%.
Negative Updates
Distribution Per Unit (DPU) Decline
Overall DPU declined by 11.6% year-on-year, affected by lower contributions from China, higher borrowing costs, and FX impacts.
Read all updates
Q4-2025 Updates
Positive
Negative
Portfolio Occupancy and Rental Reversion
Overall portfolio occupancy remained stable with a slight improvement in rental reversion to 5.1% in 4Q, excluding China, which was at 6.9%.
Read all positive updates
Company Guidance
In MLT's fourth-quarter and full-year results briefing for the fiscal year ending March 2025, the company reported a decrease in key financial metrics due to various challenges. The distribution per unit (DPU) for the fourth quarter was SGD 0.01955, marking an 11.6% decline compared to the same quarter last year. This decline was attributed to lower contributions from China, higher borrowing costs, and foreign exchange impacts. Gross revenue dropped by 0.8%, while net property income (NPI) fell by 1.6%. The aggregate leverage increased to 40.7% from 40.3% last quarter, influenced by valuation losses and currency translation effects. The company maintained a fixed-rate hedge on 81% of its debt, with a debt maturity of 3.8 years, and hedged 75% of its income into Singapore dollars for the next 12 months. Despite these financial pressures, MLT completed divestments in Malaysia and announced further divestments in Singapore and Malaysia for the upcoming fiscal year. Additionally, the company reported an improvement in rental reversion to 5.1%, with occupancy rates remaining stable across most markets. The company also highlighted its ESG progress, including an increase in solar capacity to 71 megawatts and achieving carbon neutrality for Scope 2 emissions in China and Hong Kong.Mapletree Logistics Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
58
Neutral
Cash Flow
55
Neutral
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 706.81M | 714.78M | 733.89M | 735.26M | 680.02M | 567.35M |
| Gross Profit | 510.67M | 520.71M | 543.78M | 538.09M | 504.61M | 435.42M |
| EBITDA | 386.59M | 429.02M | 536.63M | 533.21M | 502.93M | 434.72M |
| Net Income | 181.13M | 207.77M | 327.48M | 566.58M | 782.44M | 462.73M |
Balance Sheet | ||||||
| Total Assets | 13.59B | 13.89B | 13.81B | 13.42B | 13.69B | 11.20B |
| Cash, Cash Equivalents and Short-Term Investments | 309.89M | 299.01M | 304.82M | 302.50M | 338.62M | 280.76M |
| Total Debt | 6.12B | 5.67B | 5.40B | 5.55B | 5.64B | 4.77B |
| Total Liabilities | 7.11B | 6.65B | 6.33B | 6.48B | 6.60B | 5.52B |
| Stockholders Equity | 6.46B | 6.64B | 7.47B | 6.93B | 7.07B | 5.68B |
Cash Flow | ||||||
| Free Cash Flow | 470.86M | 536.03M | 573.49M | 467.26M | 390.11M | 352.23M |
| Operating Cash Flow | 470.86M | 536.03M | 573.49M | 470.63M | 385.83M | 352.41M |
| Investing Cash Flow | -34.90M | -243.69M | -844.25M | -235.41M | -1.61B | -1.27B |
| Financing Cash Flow | -467.85M | -286.74M | 280.62M | -245.99M | 1.28B | 1.05B |
Mapletree Logistics Technical Analysis
Negative
1.28
Price Trends
1.25
Negative
1.27
Negative
1.23
Negative
Market Momentum
-0.03
Negative
34.98
Neutral
47.78
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 1.28 is above the 20-day moving average (MA) of 1.19, above the 50-day MA of 1.25, and above the 200-day MA of 1.23, indicating a bearish trend. The MACD of -0.03 indicates Negative momentum. The RSI at 34.98 is Neutral, neither overbought nor oversold. The STOCH value of 47.78 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | S$3.40B | 17.46 | 4.77% | 6.04% | 2.01% | 38.17% | |
70 Outperform | S$1.17B | 33.57 | 2.16% | 6.56% | 1.72% | -21.69% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | S$5.57B | 16.12 | 6.73% | 6.51% | -1.96% | 175.59% | |
60 Neutral | S$350.37M | 11.08 | 7.30% | 8.04% | -5.80% | -27.16% | |
54 Neutral | S$5.98B | 41.02 | 2.73% | 5.83% | -1.81% | -18.43% | |
46 Neutral | S$1.86B | 68.78 | -4.88% | 7.91% | 10.51% | -40.93% |
* Real Estate Sector Average
SG:M44U
Mapletree Logistics
1.17
0.09
8.03%
SG:O5RU
AIMS APAC REIT
1.43
0.31
27.91%
SG:9A4U
ESR-REIT
2.31
0.28
14.02%
SG:ME8U
Mapletree Industrial
1.95
0.14
7.68%
SG:BUOU
Frasers Logistics & Commercial Trust
0.90
0.11
14.74%
SG:DHLU
Daiwa House Logistics Trust
0.50
>-0.01
-0.60%
Mapletree Logistics Corporate Events
Mapletree Logistics Trust Books Provision Amid RM28 Million Malaysia Tax Dispute
Mar 10, 2026
Mapletree Logistics Trust has disclosed a tax dispute involving its junior medium-term note investments in two Malaysian special purpose vehicles, Semangkuk Berhad and Semangkuk 2 Berhad. The Inland Revenue Board of Malaysia has issued notificatio...
Mapletree Logistics Trust Issues New Units to Pay Management and Lease Fees
Feb 12, 2026
Mapletree Logistics Trust has issued 8,319,937 new units at S$1.2965 per unit on 12 February 2026 to satisfy part of the fees payable for managing its logistics properties across multiple Asia-Pacific markets. The issuance covers a portion of the ...
Mapletree Logistics Trust refreshes board and audit leadership with new independent directors
Jan 22, 2026
Mapletree Logistics Trust Management has announced a series of board and committee changes, including the appointment of Ms Ong Siew Koon and Mr Lee Wai Fai as Independent Non-Executive Directors with effect from 25 January 2026. Ms Ong will also ...
Mapletree Logistics Trust Flags Covenants Tied to Management and Sponsor Control on S$5.67 Billion Debt
Jan 22, 2026
Mapletree Logistics Trust has disclosed that one of its subsidiaries has entered into a new loan facility that includes change-of-control and management-related conditions similar to those embedded in its existing debt arrangements. These covenant...
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.