Education
About Us
Working with TipRanks
Follow Us
Mapletree Logistics Trust (SG:M44U)
SGX:M44U
Top Page
Mapletree Logistics
(SGX:M44U)
Select Model
Select Model
Rating:59Neutral
Price Target:
S$1.50
â–²(11.94% Upside)
Mapletree Logistics Trust's overall score is driven by solid financial performance and a strong dividend yield, but is tempered by bearish technical indicators and a high P/E ratio. The neutral sentiment from the earnings call, due to revenue and income declines, further impacts the score.
Positive Factors
Strong Portfolio Occupancy
High occupancy rates indicate strong demand for logistics space, enhancing revenue stability and demonstrating effective asset management.
Commitment to Sustainability
Sustainability initiatives improve operational efficiency and appeal to environmentally conscious tenants, supporting long-term growth.
Stable Cost of Debt
Stable and low borrowing costs enhance financial flexibility and reduce risk, supporting future investment and expansion opportunities.
Negative Factors
Revenue Decline
Declining revenue due to currency depreciation and divestments may hinder growth and affect the company's ability to fund new projects.
Drop in Distribution Per Unit
A decrease in DPU can reduce investor returns and may signal challenges in maintaining profitability, impacting investor confidence.
Negative Rent Reversion in China
Negative rent reversion in China suggests challenges in maintaining rental income, potentially affecting overall revenue growth.
Mapletree Logistics (M44U) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$6.94B
Dividend Yield5.83%
Average Volume (3M)14.75M
Price to Earnings (P/E)32.7
Beta (1Y)0.99
Revenue Growth-1.81%
EPS Growth-18.43%
CountrySG
Employees345
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)0.02
Shares Outstanding5,102,587,000
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$1.51Price Target Upside12.69% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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 generates revenue primarily through rental income from its portfolio of logistics properties. The company enters into long-term leases with tenants, which include prominent players in retail, e-commerce, and logistics sectors. Additionally, Mapletree Logistics benefits from rental escalations and property appreciation over time. The company's revenue model is further enhanced by its strategic partnerships with major logistics firms and its ability to optimize its asset management practices, which contribute to strong occupancy rates and favorable lease terms. Furthermore, the trust also explores development opportunities and asset enhancement initiatives to increase its earnings potential.
Mapletree Logistics Earnings Call Summary
Earnings Call Date:Apr 23, 2025
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jan 26, 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.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 profitability and operational efficiency, with strong margins and a balanced capital structure. However, recent declines in revenue and free cash flow growth highlight potential challenges in sustaining growth.Income Statement
Mapletree Logistics shows strong profitability with a consistent gross profit margin around 73% and a net profit margin of 28.66% in the TTM. However, revenue growth has been negative recently, indicating potential challenges in expanding sales. EBIT and EBITDA margins remain robust, reflecting efficient operations.65
Positive
Balance Sheet
The company's debt-to-equity ratio is moderate at 0.80, indicating a balanced approach to leveraging. Return on equity is relatively low at 2.89% in the TTM, suggesting limited returns on shareholder investments. The equity ratio is stable, showing a solid capital structure.70
Positive
Cash Flow
Operating cash flow is strong, covering net income adequately with a ratio of 0.75. However, free cash flow growth has been negative recently, which could impact future investments. The free cash flow to net income ratio is stable at 1.0, indicating efficient cash management.60
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 708.82M | 714.78M | 733.89M | 735.26M | 680.02M | 567.35M |
| Gross Profit | 513.61M | 520.71M | 543.78M | 538.09M | 504.61M | 435.42M |
| EBITDA | 442.81M | 429.02M | 536.63M | 533.21M | 502.93M | 434.72M |
| Net Income | 228.23M | 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 | 296.02M | 299.01M | 304.82M | 302.50M | 338.62M | 280.76M |
| Total Debt | 6.19B | 5.67B | 5.40B | 5.55B | 5.64B | 4.77B |
| Total Liabilities | 7.15B | 6.65B | 6.33B | 6.48B | 6.60B | 5.52B |
| Stockholders Equity | 6.44B | 6.64B | 7.47B | 6.93B | 7.07B | 5.68B |
Cash Flow | ||||||
| Free Cash Flow | 492.10M | 536.03M | 573.49M | 467.26M | 390.11M | 352.23M |
| Operating Cash Flow | 492.10M | 536.03M | 573.49M | 470.63M | 385.83M | 352.41M |
| Investing Cash Flow | -70.31M | -243.69M | -844.25M | -235.41M | -1.61B | -1.27B |
| Financing Cash Flow | -448.94M | -286.74M | 280.62M | -245.99M | 1.28B | 1.05B |
Mapletree Logistics Technical Analysis
Positive
1.34
Price Trends
1.31
Positive
1.28
Positive
1.20
Positive
Market Momentum
0.02
Negative
70.66
Negative
93.33
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:M44U, the sentiment is Positive. The current price of 1.34 is above the 20-day moving average (MA) of 1.32, above the 50-day MA of 1.31, and above the 200-day MA of 1.20, indicating a bullish trend. The MACD of 0.02 indicates Negative momentum. The RSI at 70.66 is Negative, neither overbought nor oversold. The STOCH value of 93.33 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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$395.69M | 13.17 | 5.87% | 8.04% | -5.80% | -27.16% | |
71 Outperform | S$3.90B | 18.93 | 4.77% | 6.04% | 2.01% | 38.17% | |
70 Outperform | S$1.25B | 35.92 | 3.38% | 6.56% | 1.72% | -21.69% | |
67 Neutral | S$4.67B | 20.31 | 2.37% | 4.02% | -18.20% | 40.87% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
59 Neutral | S$6.94B | 32.69 | 3.18% | 5.83% | -1.81% | -18.43% | |
56 Neutral | S$2.25B | -19.69 | -4.88% | 7.91% | 10.51% | -40.93% |
* Real Estate Sector Average
SG:M44U
Mapletree Logistics
1.36
0.16
13.14%
SG:O5RU
AIMS APAC REIT
1.53
0.34
28.57%
SG:9A4U
ESR-REIT
2.80
0.33
13.45%
SG:TQ5
Frasers Property
1.19
0.29
32.37%
SG:BUOU
Frasers Logistics & Commercial Trust
1.03
0.20
23.95%
SG:DHLU
Daiwa House Logistics Trust
0.57
0.02
3.67%
Mapletree Logistics Corporate Events
Mapletree Logistics Trust Issues New Units for Fee Payments
Nov 17, 2025
Mapletree Logistics Trust has announced the issuance of 8,656,478 new units at S$1.2484 per unit on November 17, 2025. This issuance serves as payment for part of the base fee, property management fee, and lease management fee for certain properties for the term from July 1, 2025, to September 30, 2025, under agreements with HSBC Institutional Trust Services and Mapletree Property Management.
The most recent analyst rating on (SG:M44U) stock is a Buy with a S$1.68 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 S$75 Million Notes for Corporate Refinancing
Nov 13, 2025
Mapletree Logistics Trust announced the issuance of S$75 million in Series 013 Notes under its S$3 billion Euro Medium Term Securities Programme. The proceeds from these notes, which are guaranteed by HSBC Institutional Trust Services, will be used for general corporate purposes, including refinancing existing borrowings, potentially impacting the company’s financial strategy and stakeholder interests.
The most recent analyst rating on (SG:M44U) stock is a Buy with a S$1.68 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.