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M44U

Mapletree Logistics TrustSGX:M44U Stock Report

Market Cap

S$8.4b

7D

-2.6%

1Y

-3.6%

Updated

03 Dec, 2021

Data

Company Financials +
M44U fundamental analysis
Snowflake Score
Valuation1/6
Future Growth2/6
Past Performance4/6
Financial Health1/6
Dividends4/6

M44U Stock Overview

MLT, the first Asia-focused logistics REIT in Singapore, was listed on the SGX-ST main board on 28 July 2005.

Mapletree Logistics Trust Competitors

Ascendas Real Estate Investment Trust

SGX:A17U

S$12.4b

Mapletree Industrial Trust

SGX:ME8U

S$7.0b

Frasers Logistics & Commercial Trust

SGX:BUOU

S$5.5b

ESR-REIT

SGX:J91U

S$1.9b

Price History & Performance

Summary of all time highs, changes and price drops for Mapletree Logistics Trust
Historical stock prices
Current Share PriceS$1.87
52 Week HighS$2.16
52 Week LowS$1.77
Beta0.58
1 Month Change-6.03%
3 Month Change-10.53%
1 Year Change-3.61%
3 Year Change47.24%
5 Year Change83.33%
Change since IPO111.30%

Recent News & Updates

Shareholder Returns

M44USG REITsSG Market
7D-2.6%-3.2%-3.5%
1Y-3.6%0.7%7.2%

Return vs Industry: M44U underperformed the SG REITs industry which returned 0.7% over the past year.

Return vs Market: M44U underperformed the SG Market which returned 7.2% over the past year.

Price Volatility

Is M44U's price volatile compared to industry and market?
M44U volatility
M44U Average Weekly Movement2.4%
REITs Industry Average Movement2.4%
Market Average Movement4.8%
10% most volatile stocks in SG Market14.5%
10% least volatile stocks in SG Market2.2%

Stable Share Price: M44U is less volatile than 75% of SG stocks over the past 3 months, typically moving +/- 2% a week.

Volatility Over Time: M44U's weekly volatility (2%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
2004n/aKiat Nghttps://www.mapletreelogisticstrust.com

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. 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.

Mapletree Logistics Trust Fundamentals Summary

How do Mapletree Logistics Trust's earnings and revenue compare to its market cap?
M44U fundamental statistics
Market CapS$8.44b
Earnings (TTM)S$477.51m
Revenue (TTM)S$650.05m

17.7x

P/E Ratio

13.0x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
M44U income statement (TTM)
RevenueS$650.05m
Cost of RevenueS$145.65m
Gross ProfitS$504.40m
ExpensesS$26.89m
EarningsS$477.51m

Last Reported Earnings

Sep 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)0.11
Gross Margin77.59%
Net Profit Margin73.46%
Debt/Equity Ratio68.6%

How did M44U perform over the long term?

See historical performance and comparison

Dividends

4.5%

Current Dividend Yield

77%

Payout Ratio

Valuation

Is Mapletree Logistics Trust undervalued compared to its fair value and its price relative to the market?

17.67x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: M44U (SGD1.87) is trading above our estimate of fair value (SGD1.85)

Significantly Below Fair Value: M44U is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: M44U is good value based on its PE Ratio (17.7x) compared to the SG REITs industry average (20.2x).

PE vs Market: M44U is poor value based on its PE Ratio (17.7x) compared to the SG market (12.9x).


Price to Earnings Growth Ratio

PEG Ratio: M44U is poor value based on its PEG Ratio (2.3x)


Price to Book Ratio

PB vs Industry: M44U is overvalued based on its PB Ratio (1.4x) compared to the SG REITs industry average (1x).


Future Growth

How is Mapletree Logistics Trust forecast to perform in the next 1 to 3 years based on estimates from 15 analysts?

7.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: M44U's forecast earnings growth (7.7% per year) is above the savings rate (1.8%).

Earnings vs Market: M44U's earnings (7.7% per year) are forecast to grow slower than the SG market (13.6% per year).

High Growth Earnings: M44U's earnings are forecast to grow, but not significantly.

Revenue vs Market: M44U's revenue (8.4% per year) is forecast to grow faster than the SG market (7.3% per year).

High Growth Revenue: M44U's revenue (8.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: M44U's Return on Equity is forecast to be low in 3 years time (6.6%).


Past Performance

How has Mapletree Logistics Trust performed over the past 5 years?

14.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: M44U has a large one-off gain of SGD179.0M impacting its September 30 2021 financial results.

Growing Profit Margin: M44U's current net profit margins (73.5%) are higher than last year (72.7%).


Past Earnings Growth Analysis

Earnings Trend: M44U's earnings have grown by 14.2% per year over the past 5 years.

Accelerating Growth: M44U's earnings growth over the past year (26.5%) exceeds its 5-year average (14.2% per year).

Earnings vs Industry: M44U earnings growth over the past year (26.5%) exceeded the REITs industry 2.6%.


Return on Equity

High ROE: M44U's Return on Equity (8.1%) is considered low.


Financial Health

How is Mapletree Logistics Trust's financial position?


Financial Position Analysis

Short Term Liabilities: M44U's short term assets (SGD358.1M) do not cover its short term liabilities (SGD521.6M).

Long Term Liabilities: M44U's short term assets (SGD358.1M) do not cover its long term liabilities (SGD4.5B).


Debt to Equity History and Analysis

Debt Level: M44U's net debt to equity ratio (64.1%) is considered high.

Reducing Debt: M44U's debt to equity ratio has increased from 65.8% to 68.6% over the past 5 years.

Debt Coverage: M44U's debt is not well covered by operating cash flow (11.2%).

Interest Coverage: M44U's interest payments on its debt are well covered by EBIT (5.7x coverage).


Balance Sheet


Dividend

What is Mapletree Logistics Trust current dividend yield, its reliability and sustainability?

4.45%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: M44U's dividend (4.45%) is higher than the bottom 25% of dividend payers in the SG market (2.04%).

High Dividend: M44U's dividend (4.45%) is low compared to the top 25% of dividend payers in the SG market (5.48%).


Stability and Growth of Payments

Stable Dividend: M44U's dividends per share have been stable in the past 10 years.

Growing Dividend: M44U's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (77.5%), M44U's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: M44U's dividends in 3 years are not forecast to be well covered by earnings (123% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

10.5yrs

Average management tenure


CEO

Kiat Ng (52 yo)

9.42yrs

Tenure

Ms. Kiat Ng has been the Chief Executive Officer of Mapletree Logistics Trust Management Ltd., Manager of Mapletree Logistics Trust since July 26, 2012. Ms. Ng serves as the Chief Executive Officer of Viet...


Leadership Team

Experienced Management: M44U's management team is seasoned and experienced (10.5 years average tenure).


Board Members

Experienced Board: M44U's board of directors are considered experienced (4.1 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 5.4%.


Top Shareholders

Company Information

Mapletree Logistics Trust's employee growth, exchange listings and data sources


Key Information

  • Name: Mapletree Logistics Trust
  • Ticker: M44U
  • Exchange: SGX
  • Founded: 2004
  • Industry: Industrial REITs
  • Sector: Real Estate
  • Market Cap: S$8.439b
  • Shares outstanding: 4.51b
  • Website: https://www.mapletreelogisticstrust.com

Location

  • Mapletree Logistics Trust
  • No. 10-02 HSBC Building
  • 21 Collyer Quay
  • Singapore
  • 49320
  • Singapore

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/12/03 16:02
End of Day Share Price2021/12/03 00:00
Earnings2021/09/30
Annual Earnings2021/03/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.