SGX:M44U

Stock Analysis Report

Mapletree Logistics Trust

Executive Summary

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

Rewards

Revenue is forecast to grow 5.73% per year

Earnings grew by 5.9% over the past year

Pays a high and reliable dividend of 4.05%

Risk Analysis

Large one-off items impacting financial results

Shareholders have been diluted in the past year



Snowflake Analysis

Established dividend payer with questionable track record.


Similar Companies

Share Price & News

How has Mapletree Logistics Trust's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: M44U has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

1.5%

M44U

1.2%

SG REITs

-0.1%

SG Market


1 Year Return

46.4%

M44U

14.8%

SG REITs

-2.7%

SG Market

Return vs Industry: M44U exceeded the SG REITs industry which returned 14.8% over the past year.

Return vs Market: M44U exceeded the SG Market which returned -2.7% over the past year.


Shareholder returns

M44UIndustryMarket
7 Day1.5%1.2%-0.1%
30 Day11.0%0.4%-2.8%
90 Day22.4%5.5%0.07%
1 Year53.9%46.4%21.6%14.8%1.2%-2.7%
3 Year124.6%88.8%51.6%25.8%9.4%-2.2%
5 Year123.8%63.6%59.6%15.2%8.9%-9.4%

Price Volatility Vs. Market

How volatile is Mapletree Logistics Trust's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

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

15.13x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: M44U (SGD2.02) is trading above our estimate of fair value (SGD1.78)

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


Price To Earnings Ratio

PE vs Industry: M44U is poor value based on its PE Ratio (15.1x) compared to the REITs industry average (14.9x).

PE vs Market: M44U is poor value based on its PE Ratio (15.1x) compared to the SG market (13.4x).


Price to Earnings Growth Ratio

PEG Ratio: M44U is poor value based on its PEG Ratio (18x)


Price to Book Ratio

PB vs Industry: M44U is overvalued based on its PB Ratio (1.6x) compared to the SG REITs industry average (1x).


Next Steps

Future Growth

How is Mapletree Logistics Trust forecast to perform in the next 1 to 3 years based on estimates from 11 analysts?

0.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: M44U's forecast earnings growth (0.8% per year) is below the savings rate (1.8%).

Earnings vs Market: M44U's earnings (0.8% per year) are forecast to grow slower than the SG market (5.8% per year).

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

Revenue vs Market: M44U's revenue (5.7% per year) is forecast to grow faster than the SG market (5.1% per year).

High Growth Revenue: M44U's revenue (5.7% 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 (6.8%).


Next Steps

Past Performance

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

19.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: M44U has a large one-off gain of SGD261.3M impacting its December 31 2019 financial results.

Growing Profit Margin: M44U's current net profit margins are lower than last year .


Past Earnings Growth Analysis

Earnings Trend: M44U's earnings have grown by 19.9% per year over the past 5 years.

Accelerating Growth: M44U's earnings growth over the past year (5.9%) is below its 5-year average (19.9% per year).

Earnings vs Industry: M44U earnings growth over the past year (5.9%) exceeded the REITs industry 4.2%.


Return on Equity

High ROE: M44U's Return on Equity (10.3%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Mapletree Logistics Trust's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: M44U has a high level of physical assets or inventory.

Debt Coverage by Assets: M44U's debt is not covered by short term assets (assets are 0.1x debt).


Financial Institutions Analysis

Asset Level: M44U's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if M44U has a sufficient allowance for bad loans.

Low Risk Liabilities: M44U reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if M44U has an acceptable proportion of non-loan assets held.

Low Risk Deposits: M44U has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if M44U has an appropriate level of bad loans.


Next Steps

Dividend

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

4.05%

Current Dividend Yield


Dividend Yield vs Market

company4.0%marketbottom25%2.5%markettop25%5.7%industryaverage5.2%forecastin3Years4.1%

Current dividend yield vs market & industry

Notable Dividend: M44U's dividend (4.05%) is higher than the bottom 25% of dividend payers in the SG market (2.54%).

High Dividend: M44U's dividend (4.05%) is low compared to the top 25% of dividend payers in the SG market (5.72%).


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 (75.9%), M44U's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: M44U's dividends in 3 years are forecast to be thoroughly covered by earnings (0.03% payout ratio).


Next Steps

Management

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

8.1yrs

Average management tenure


CEO

Kiat Ng (49yo)

7.6yrs

Tenure

0

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

NamePositionTenureCompensationOwnership
Kiat Ng
CEO & Executive Director of Mapletree Logistics Trust Management Ltd.7.6yrsno data0.0036% SGD273.8k
Ming Lim
Chief Financial Officer of Mapletree Logistics Trust Management Ltd.3.2yrsno datano data
Seok Ng
Head of Investment0yrsno datano data
Lum Yuen May
Vice President of Investor Relations9.1yrsno datano data
Danny Sim
Head of India for Mapletree Logistics Trust Management Ltd0yrsno datano data
Jean Kam
Head of Asset Management & GM of Singapore - Mapletree Logistics Trust Management Ltd0yrsno datano data
Wee Tan
Head of Group Development Management of Mapletree Investments Pte Ltd0yrsno datano data
Say Foo
Head of Group Property Management - Mapletree Investments Pte Ltd0yrsno datano data
Kwong Weng Wan
Joint Company Secretary of Mapletree Logistics Trust Management Ltd0yrsno datano data
Hui Hui See
Joint Company Secretary of Mapletree Logistics Trust Management Ltd8.7yrsno datano data

8.1yrs

Average Tenure

Experienced Management: M44U's management team is seasoned and experienced (8.1 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Kiat Ng
CEO & Executive Director of Mapletree Logistics Trust Management Ltd.7.6yrsno data0.0036% SGD273.8k
Chong Kwee Lee
Non-Executive Chairman of Mapletree Logistics Trust Management Ltd3.5yrsS$116.50k0.0016% SGD124.0k
Siew Kim Wee
Independent Non-Executive Director of Mapletree Logistics Trust Management Ltd.6.8yrsS$82.50kno data
Mun Hoong Wong
Non-Executive Director of Mapletree Logistics Trust Management Ltd.13.6yrsno datano data
Joo Boon Lim
Independent Non-Executive Director of Mapletree Logistics Trust Management Ltd.3yrsS$93.90k0.0026% SGD198.9k
Tarun Bhagwandass Kataria
Independent Non-Executive Director of Mapletree Logistics Trust Management Ltd.6.4yrsS$73.00k0.0087% SGD656.4k
Penny Goh
Lead Independent Non-Executive Director of Mapletree Logistics Trust Management Ltd.4.1yrsS$85.00k0.0053% SGD404.6k
Mui Ai Koh
Non-Executive Director of Mapletree Logistics Trust Management Ltd.0yrsno data0.0031% SGD233.7k
Wah Yeow Tan
Independent Non-Executive Director of Mapletree Logistics Trust Management Ltd.2.3yrsS$84.00kno data
Shai Weng Loh
Independent Non-Executive Director of Mapletree Logistics Trust Management Ltd.1.4yrsS$82.29kno data

4.1yrs

Average Tenure

61yo

Average Age

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 12.3%.


Top Shareholders

Company Information

Mapletree Logistics Trust's company bio, 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$7.563b
  • Shares outstanding: 3.80b
  • Website: https://www.mapletreelogisticstrust.com

Location

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

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
M44USGX (Singapore Exchange)YesTrust UnitsSGSGDJul 2005
MAPG.FOTCPK (Pink Sheets LLC)YesTrust UnitsUSUSDJul 2005

Biography

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. It has a portfolio of 143 logistics assets in Singapore, Hong Kong SAR, Japan, Australia, China, Malaysia, South Korea and Vietnam with assets under management of S$8.3 billion. MLT is managed by Mapletree Logistics Trust Management Ltd., a wholly-owned subsidiary of Mapletree Investments Pte Ltd. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/20 12:58
End of Day Share Price2020/02/20 00:00
Earnings2019/12/31
Annual Earnings2019/03/31


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.