Mapletree Industrial Trust (SG:ME8U)
SGX:ME8U
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Mapletree Industrial
(SGX:ME8U)
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Rating:64Neutral
Price Target:
S$2.00
▲(2.56% Upside)
Action:DowngradedDate:02/27/26
The score is primarily driven by solid underlying profitability and manageable leverage, tempered by a major red flag in the sharp TTM revenue decline and softer cash conversion. Technicals are broadly neutral, while valuation is supported by a strong dividend yield but offset by a mid-range P/E.
Positive Factors
High Profitability Margins
Sustained high gross and net margins provide structural cash generation and profitability resilience for a REIT. These margins help cover fixed property costs, support distributions, fund asset enhancements and buffer earnings through leasing cycles, improving long-term payout durability.
Negative Factors
Sharp TTM Revenue Decline
A ~70% TTM revenue drop is a major structural concern for distributable income and long-term cash flow visibility. Such a decline can indicate lease non-renewals, large expiries or tenant downsizing, impairing the trust's ability to sustain distributions until leasing or rental rates recover.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability Margins
Sustained high gross and net margins provide structural cash generation and profitability resilience for a REIT. These margins help cover fixed property costs, support distributions, fund asset enhancements and buffer earnings through leasing cycles, improving long-term payout durability.
Read all positive factors
Mapletree Industrial (ME8U) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$5.71B
Dividend Yield6.51%
Average Volume (3M)6.00M
Price to Earnings (P/E)16.1
Beta (1Y)0.52
Revenue Growth-1.96%
EPS Growth175.59%
CountrySG
Employees186
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)0.03
Shares Outstanding2,854,187,000
10 Day Avg. Volume3,568,700
30 Day Avg. Volume6,004,873
Financial Highlights & Ratios
PEG Ratio-0.91
Price to Book (P/B)1.25
Price to Sales (P/S)9.49
P/FCF Ratio15.30
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$2.14Price Target Upside9.55% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.13
Revenue Forecast (FY)S$666.06M
Mapletree Industrial Business Overview & Revenue Model
Company Description
Mapletree Industrial Trust is a real estate investment trust ("REIT") listed on the Main Board of Singapore Exchange. Its principal investment strategy is to invest in a diversified portfolio of income-producing real estate used primarily for indu...
How the Company Makes Money
Mapletree Industrial generates revenue primarily through the leasing of its industrial properties to tenants across different sectors. The company's revenue model is built on long-term leases, which provide stable and recurring rental income. Key ...
Mapletree Industrial Earnings Call Summary
Earnings Call Date:Oct 29, 2025
(Q2-2026)
| % Change Since: |
Next Earnings Date:Apr 23, 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
74
Positive
Balance Sheet
71
Positive
Cash Flow
66
Positive
| Breakdown | TTM | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 673.78M | 681.06M | 697.33M | 553.70M | 447.20M | 379.13M |
| Gross Profit | 437.57M | 434.22M | 456.61M | 414.69M | 350.25M | 290.70M |
| EBITDA | 454.46M | 480.25M | 306.26M | 408.64M | 309.20M | 282.03M |
| Net Income | 335.25M | 345.16M | 120.51M | 439.22M | 164.50M | 367.14M |
Balance Sheet | ||||||
| Total Assets | 8.12B | 8.80B | 8.66B | 8.48B | 6.39B | 5.19B |
| Cash, Cash Equivalents and Short-Term Investments | 101.04M | 107.63M | 119.90M | 149.64M | 60.46M | 53.44M |
| Total Debt | 3.09B | 3.27B | 3.08B | 2.94B | 2.27B | 1.46B |
| Total Liabilities | 3.30B | 3.61B | 3.38B | 3.20B | 2.50B | 1.63B |
| Stockholders Equity | 4.81B | 5.19B | 5.29B | 5.28B | 3.90B | 3.56B |
Cash Flow | ||||||
| Free Cash Flow | 413.32M | 488.26M | 432.78M | 497.04M | 236.71M | 286.85M |
| Operating Cash Flow | 413.51M | 488.26M | 432.78M | 497.08M | 236.80M | 286.89M |
| Investing Cash Flow | 463.46M | -207.24M | -353.13M | -1.75B | -527.20M | -429.43M |
| Financing Cash Flow | -899.94M | -293.47M | -106.34M | 1.35B | 297.67M | 155.95M |
Mapletree Industrial Technical Analysis
Negative
1.95
Price Trends
2.01
Negative
2.02
Negative
2.01
Negative
Market Momentum
-0.02
Negative
39.07
Neutral
61.11
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 1.95 is below the 20-day moving average (MA) of 1.96, below the 50-day MA of 2.01, and below the 200-day MA of 2.01, indicating a bearish trend. The MACD of -0.02 indicates Negative momentum. The RSI at 39.07 is Neutral, neither overbought nor oversold. The STOCH value of 61.11 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | S$3.51B | 17.46 | 4.77% | 6.04% | 2.01% | 38.17% | |
70 Outperform | S$1.20B | 34.51 | 2.16% | 6.56% | 1.72% | -21.69% | |
67 Neutral | S$12.18B | 6.84 | 7.40% | 5.43% | 2.35% | 365.31% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | S$5.71B | 16.12 | 6.73% | 6.51% | -1.96% | 175.59% | |
54 Neutral | S$6.08B | 41.02 | 2.73% | 5.83% | -1.81% | -18.43% | |
46 Neutral | S$1.91B | ― | -4.88% | 7.91% | 10.51% | -40.93% |
* Real Estate Sector Average
SG:ME8U
Mapletree Industrial
2.00
0.27
15.87%
SG:A17U
CapitaLand Ascendas REIT
2.57
0.30
13.32%
SG:O5RU
AIMS APAC REIT
1.47
0.38
34.86%
SG:9A4U
ESR-REIT
2.37
0.53
28.66%
SG:M44U
Mapletree Logistics
1.19
0.20
20.45%
SG:BUOU
Frasers Logistics & Commercial Trust
0.93
0.19
25.34%
Mapletree Industrial Corporate Events
Mapletree Industrial Trust issues S$300 million 3.25% perpetual securities
Feb 25, 2026
Mapletree Industrial Trust has announced the issuance of S$300 million in 3.25% fixed-rate perpetual securities under its S$2 billion Euro Medium Term Securities Programme, with DBS Bank and Oversea-Chinese Banking Corporation acting as joint lead...
Mapletree Industrial Trust Pays Manager’s Base Fee in New Units Linked to Data Centre Assets
Feb 6, 2026
Mapletree Industrial Trust has issued 821,613 new units at S$2.0432 per unit to its manager as payment of the base management fee for the quarter ended 31 December 2025, tied specifically to its overseas data centre assets. The units compensate th...
Mapletree Industrial Trust Bolsters Board with Appointment of Independent Director Soo Yar Ping
Feb 6, 2026
Mapletree Industrial Trust Management Ltd., the manager of Mapletree Industrial Trust, has appointed private equity veteran Ms Soo Yar Ping as an Independent Non-Executive Director with effect from 9 February 2026, strengthening the board with dee...
Mapletree Industrial Trust Secures AA- Credit Ratings with Stable Outlook from Japanese Agencies
Jan 16, 2026
Mapletree Industrial Trust has been assigned “AA-” long-term issuer credit ratings in both foreign and local currency, with a Stable outlook, by Japan Credit Rating Agency and Rating and Investment Information. The strong ratings under...
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.