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Mapletree Logistics Trust (SG:M44U)
:M44U
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Mapletree Logistics
(OTC:M44U)
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Rating:61Neutral
Price Target:
S$1.00
▼(-19.35% Downside)
Mapletree Logistics' overall stock score is primarily influenced by its solid financial health and attractive dividend yield. However, challenges such as declining net profit margins, high P/E ratio, and negative earnings call sentiment due to higher borrowing costs and China-related issues weigh on the score. Technical indicators suggest a neutral short-term outlook.
Positive Factors
Negative Factors
Mapletree Logistics (M44U) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$6.32B
Dividend Yield6.29%
Average Volume (3M)16.15M
Price to Earnings (P/E)34.6
Beta (1Y)1.10
Revenue Growth-1.47%
EPS Growth-39.12%
CountrySG
Employees345
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)0.01
Shares Outstanding5,093,930,000
10 Day Avg. Volume14,810,377
30 Day Avg. Volume16,146,382
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$1.44Price Target Upside16.46% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
Mapletree Logistics Business Overview & Revenue Model
Company DescriptionMLT, 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. As at 31 December 2020, it has a portfolio of 156 logistics assets in Singapore, Hong Kong SAR, Japan, China, Australia, Malaysia, South Korea and Vietnam with assets under management of S$10.2 billion. MLT is managed by Mapletree Logistics Trust Management Ltd., a wholly-owned subsidiary of Mapletree Investments Pte Ltd.
How the Company Makes MoneyMapletree Logistics Trust generates revenue primarily through leasing its logistics properties to tenants. The company earns rental income from a diverse tenant base, which includes multinational corporations and local enterprises involved in industries such as e-commerce, consumer goods, and third-party logistics. The trust seeks to maximize occupancy rates and rental yields through proactive leasing strategies and maintaining strong tenant relationships. Additionally, Mapletree Logistics Trust may engage in strategic acquisitions and asset enhancement initiatives to expand and upgrade its portfolio, further boosting rental income and capital growth. The trust's performance is also supported by its partnerships with various stakeholders, including real estate developers and financial institutions, which can provide opportunities for growth and expansion.
Mapletree Logistics Earnings Call Summary
Earnings Call Date:Jul 23, 2025
(Q4-2025)
| % Change Since: |
Next Earnings Date:Oct 28, 2025
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.Q4-2025 Updates
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%.
Pre-commitment at 5A Joo Koon
The 5A Joo Koon project is due for completion next month with a pre-committed occupancy of 46%.
ESG Progress
The company has increased its solar capacity to about 71-megawatt peak and neutralized Scope 2 carbon emissions in China and Hong Kong.
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.
China Market Challenges
China experienced a net fair value loss of SGD 62 million due to lower rental and occupancy rates, with increased cap rates in northern China.
Increased Aggregate Leverage
Aggregate leverage increased to 40.7% from 40.3% last quarter, mainly due to valuation losses and FX translation.
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
Mapletree Logistics demonstrates solid financial health with stable margins and effective cash management. However, declining net profit margins and revenue growth pose challenges. The balance sheet reflects a balanced leverage strategy, but improving return on equity should be a focus to enhance investor confidence.Income Statement
Mapletree Logistics shows a stable gross profit margin around 73%, indicating efficient cost management. However, the net profit margin has decreased significantly from previous years, reflecting potential challenges in maintaining profitability. Revenue growth has been negative recently, suggesting a need for strategic initiatives to boost sales.65
Positive
Balance Sheet
The company's debt-to-equity ratio is moderate at approximately 0.80, indicating a balanced approach to leveraging. However, the return on equity has declined over the years, which may concern investors looking for strong returns. The equity ratio remains stable, reflecting a solid asset base.70
Positive
Cash Flow
Operating cash flow is robust, with a healthy free cash flow to net income ratio of 1.0, indicating strong cash generation relative to earnings. Free cash flow growth is positive, suggesting effective cash management. However, the operating cash flow to net income ratio has room for improvement.75
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 714.04M | 714.78M | 733.89M | 735.26M | 680.02M | 567.35M |
| Gross Profit | 521.83M | 520.71M | 543.78M | 538.09M | 504.61M | 435.42M |
| EBITDA | 425.00M | 429.02M | 536.63M | 533.21M | 502.93M | 434.72M |
| Net Income | 204.66M | 207.77M | 327.48M | 566.58M | 782.44M | 462.73M |
Balance Sheet | ||||||
| Total Assets | 13.62B | 13.89B | 13.81B | 13.42B | 13.69B | 11.20B |
| Cash, Cash Equivalents and Short-Term Investments | 315.05M | 299.01M | 304.82M | 302.50M | 338.62M | 280.76M |
| Total Debt | 5.62B | 5.67B | 5.40B | 5.55B | 5.64B | 4.77B |
| Total Liabilities | 6.60B | 6.65B | 6.33B | 6.48B | 6.60B | 5.52B |
| Stockholders Equity | 6.99B | 6.64B | 7.47B | 6.93B | 7.07B | 5.68B |
Cash Flow | ||||||
| Free Cash Flow | 542.51M | 536.03M | 573.49M | 467.26M | 390.11M | 352.23M |
| Operating Cash Flow | 542.51M | 536.03M | 573.49M | 470.63M | 385.83M | 352.41M |
| Investing Cash Flow | -61.57M | -243.69M | -844.25M | -235.41M | -1.61B | -1.27B |
| Financing Cash Flow | -463.76M | -286.74M | 280.62M | -245.99M | 1.28B | 1.05B |
Mapletree Logistics Technical Analysis
Neutral
1.24
Price Trends
1.20
Positive
1.16
Positive
1.17
Positive
Market Momentum
0.01
Positive
53.72
Neutral
30.56
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:M44U, the sentiment is Neutral. The current price of 1.24 is below the 20-day moving average (MA) of 1.25, above the 50-day MA of 1.20, and above the 200-day MA of 1.17, indicating a neutral trend. The MACD of 0.01 indicates Positive momentum. The RSI at 53.72 is Neutral, neither overbought nor oversold. The STOCH value of 30.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | S$402.43M | 13.40 | 6.55% | 7.97% | -5.80% | -27.16% | |
70 Outperform | S$3.57B | 26.47 | 3.46% | 7.68% | 11.98% | ― | |
68 Neutral | S$4.00B | 15.22 | 2.08% | 4.41% | 19.82% | ― | |
64 Neutral | S$1.10B | 33.50 | 3.56% | 7.12% | 5.21% | -25.46% | |
61 Neutral | S$6.32B | 34.64 | 2.72% | 6.29% | -1.47% | -39.12% | |
56 Neutral | S$2.24B | -19.62 | -4.88% | 6.71% | 10.51% | -40.93% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
* Real Estate Sector Average
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Mapletree Logistics Corporate Events
Mapletree Logistics Trust Issues New Units for Fee Payments
Aug 15, 2025
Mapletree Logistics Trust has announced the issuance of 18,781,513 new units as part of its fee payment structure for certain properties. This issuance, effective from 15 August 2025, includes units allocated for base fees, performance fees, and property and lease management fees, reflecting the trust’s ongoing strategy to manage its financial obligations and maintain its operational efficiency across its diverse property portfolio.
The most recent analyst rating on (SG:M44U) stock is a Buy with a S$1.56 price target. To see the full list of analyst forecasts on Mapletree Logistics stock, see the SG:M44U Stock Forecast page.
Mapletree Logistics Trust Renews Property Management Contract
Jul 25, 2025
Mapletree Logistics Trust has renewed the appointment of Mapletree Property Management Pte. Ltd. as its property manager for another five years, from July 2025 to July 2030. This renewal, under the same terms and conditions as the existing agreements, is expected to maintain stability in the trust’s property management operations, potentially benefiting stakeholders by ensuring consistent management practices.
The most recent analyst rating on (SG:M44U) stock is a Buy with a S$1.56 price target. To see the full list of analyst forecasts on Mapletree Logistics stock, see the SG:M44U Stock Forecast page.
Mapletree Logistics Trust Secures New Loan Agreement with Key Conditions
Jun 30, 2025
Mapletree Logistics Trust Management Ltd. announced that one of its subsidiaries has entered into a loan agreement with conditions similar to existing debt facilities. These conditions require MLTM to remain as the manager of MLT and for the manager to remain a subsidiary of Mapletree Investments Pte Ltd. A breach of these conditions could affect debt facilities amounting to approximately S$5,646 million. As of the announcement date, no conditions have been breached.
The most recent analyst rating on (SG:M44U) stock is a Buy with a S$1.35 price target. To see the full list of analyst forecasts on Mapletree Logistics stock, see the SG:M44U Stock Forecast page.
Mapletree Logistics Trust Issues New Units for Fee Payments
May 16, 2025
Mapletree Logistics Trust has announced the issuance of 8,415,976 new units at S$1.3078 per unit as part of the payment for base, property management, and lease management fees for certain properties. This issuance, covering the period from January 1 to March 31, 2025, reflects the trust’s ongoing strategy to manage its financial obligations through equity, potentially impacting its unit holders and market positioning by enhancing its asset management capabilities across its diverse property portfolio.
The most recent analyst rating on (SG:M44U) stock is a Buy with a S$1.58 price target. To see the full list of analyst forecasts on Mapletree Logistics stock, see the SG:M44U Stock Forecast page.
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.