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.

Snowflake

Fundamentals

Average dividend payer and slightly overvalued.


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


Market Performance


7 Day Return

1.9%

SGX:M44U

1.1%

SG REITs

0.08%

SG Market


1 Year Return

24.6%

SGX:M44U

9.8%

SG REITs

-2.6%

SG Market

M44U outperformed the REITs industry which returned 9.5% over the past year.

M44U outperformed the Market in Singapore which returned -2.7% over the past year.


Share holder returns

M44UIndustryMarket
7 Day1.9%1.1%0.08%
30 Day-2.5%-1.9%-6.3%
90 Day7.5%4.7%-1.4%
1 Year31.8%24.6%17.0%9.8%1.2%-2.6%
3 Year80.0%49.5%40.6%16.4%15.8%3.5%
5 Year83.3%33.1%56.5%13.2%8.2%-9.5%

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 based on future cash flows and its price relative to the stock market?

12.68x

Price to Earnings (PE) ratio


Intrinsic Value Based on Future Cash Flows

Mapletree Logistics Trust's share price is above the future cash flow value, it's not available at a moderate discount (< 20%).

Mapletree Logistics Trust's share price is above the future cash flow value, it's not available at a substantial discount (< 40%).


Price Based on Earnings

Mapletree Logistics Trust is good value based on earnings compared to the SG REITs industry average.

Mapletree Logistics Trust is good value based on earnings compared to the Singapore market.


Price Based on Expected Growth

Mapletree Logistics Trust earnings are not expected to grow next year, we can't assess if its growth is good value.


Price Based on Value of Assets

Mapletree Logistics Trust is overvalued based on assets compared to the SG REITs industry average.


Next Steps

Future Growth

How is Mapletree Logistics Trust expected to perform in the next 1 to 3 years based on estimates from 14 analysts?

-3.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Mapletree Logistics Trust's revenue is expected to grow by 2.8% yearly, however this is not considered high growth (20% yearly).

Mapletree Logistics Trust's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.

Mapletree Logistics Trust's revenue growth is positive but not above the Singapore market average.

Mapletree Logistics Trust's earnings are expected to decrease over the next 1-3 years, this is below the Singapore market average.

Mapletree Logistics Trust's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.3%.


Earnings per Share Growth Estimates


Future Return on Equity

Mapletree Logistics Trust is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).


Next Steps

Past Performance

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

15.4%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Mapletree Logistics Trust's year on year earnings growth rate has been positive over the past 5 years.

Mapletree Logistics Trust's 1-year earnings growth is negative, it can't be compared to the 5-year average.

Mapletree Logistics Trust's 1-year earnings growth is negative, it can't be compared to the SG REITs industry average.


Return on Equity

Mapletree Logistics Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).


Return on Assets

Mapletree Logistics Trust used its assets more efficiently than the SG REITs industry average last year based on Return on Assets.


Return on Capital Employed

Mapletree Logistics Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).


Next Steps

Financial Health

How is Mapletree Logistics Trust's financial position?


Financial Position Analysis

Mapletree Logistics Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.

Mapletree Logistics Trust's long term commitments exceed its cash and other short term assets.


Debt to Equity History and Analysis

Mapletree Logistics Trust's level of debt (61.3%) compared to net worth is high (greater than 40%).

The level of debt compared to net worth has increased over the past 5 years (53.9% vs 61.3% today).

Debt is not well covered by operating cash flow (11.7%, less than 20% of total debt).

Interest payments on debt are well covered by earnings (EBIT is 5.3x coverage).


Balance Sheet

High level of physical assets or inventory.

Debt is not covered by short term assets, assets are 0.1x debt.


Next Steps

Dividend

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

5.23%

Expected Dividend Yield


Dividend Yield and Payments Analysis

Mapletree Logistics Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.64%).

Mapletree Logistics Trust's dividend is below the markets top 25% of dividend payers in Singapore (5.74%).

Dividends per share have been volatile in the past 10 years (annual drop of over 20%).

Dividends per share have increased over the past 10 years.


Current Payout to Shareholders

Dividends paid are covered by earnings (1.7x coverage).


Future Payout to Shareholders

Dividends after 3 years are expected to be thoroughly covered by earnings (3125x coverage).


Next Steps

Management

What is the CEO of Mapletree Logistics Trust's salary, the management and board of directors tenure and is there insider trading?

7.6yrs

Average management tenure


CEO

Kiat Ng (49yo)

7.1yrs

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 ...


CEO Compensation Analysis

Kiat's remuneration is lower than average for companies of similar size in Singapore.

Insufficient data for Kiat to compare compensation growth.


Management Age and Tenure

7.6yrs

Average Tenure

The average tenure for the Mapletree Logistics Trust management team is over 5 years, this suggests they are a seasoned and experienced team.


Board Age and Tenure

6.1yrs

Average Tenure

59.5yo

Average Age

The tenure for the Mapletree Logistics Trust board of directors is about average.


Insider Trading

No 3 month open market individual insider trading information.


Recent Insider Transactions

BuyS$5,255,00215 Aug 19
DBS Group Holdings Limited, Asset Management Arm
EntityCompany
Shares3,500,000
Max PriceS$1.50
BuyS$123,32814 Mar 19
Yoon Khong Hiew
EntityIndividual
Role
Member of the Board of Directors
Non-Executive Director of Mapletree Logistics Trust Management Ltd.
Shares93,643
Max PriceS$1.32
BuyS$2,362,23408 Mar 19
DBS Group Holdings Limited, Asset Management Arm
EntityCompany
Shares1,690,100
Max PriceS$1.40
SellS$96,00007 Nov 18
Siew Kim Wee
EntityIndividual
Role
Member of the Board of Directors
Independent Non-Executive Director of Mapletree Logistics Trust Management Ltd.
Shares80,000
Max PriceS$1.20
BuyS$96,80007 Nov 18
Siew Kim Wee
EntityIndividual
Role
Member of the Board of Directors
Independent Non-Executive Director of Mapletree Logistics Trust Management Ltd.
Shares80,000
Max PriceS$1.21
BuyS$620,00003 Oct 18
DBS Group Holdings Limited, Asset Management Arm
EntityCompany
Shares500,000
Max PriceS$1.24
BuyS$2,177,99903 Oct 18
DBS Group Holdings Limited, Asset Management Arm
EntityCompany
Shares1,800,000
Max PriceS$1.21

Ownership Breakdown


Management Team

  • Kiat Ng (49yo)

    CEO & Executive Director of Mapletree Logistics Trust Management Ltd.

    • Tenure: 7.1yrs
  • Kwong Weng Wan

    Joint Company Secretary of Mapletree Logistics Trust Management Ltd

    • Tenure: 0.0yrs
  • Danny Sim

    Head of India for Mapletree Logistics Trust Management Ltd

    • Tenure: 0.0yrs
  • Lum May

    Vice President of Investor Relations

    • Tenure: 8.6yrs
  • Ivan Lim (43yo)

    Chief Financial Officer of Mapletree Logistics Trust Management Ltd.

    • Tenure: 2.7yrs
  • Hui Hui See

    Joint Company Secretary of Mapletree Logistics Trust Management Ltd

    • Tenure: 8.2yrs
  • Jean Kam

    Head of Asset Management & GM of Singapore - Mapletree Logistics Trust Management Ltd

    • Tenure: 0.0yrs
  • Wee Tan

    Head of Group Development Management of Mapletree Investments Pte Ltd

    • Tenure: 0.0yrs
  • Say Foo

    Head of Group Property Management - Mapletree Investments Pte Ltd

    • Tenure: 0.0yrs
  • Fion Ng

    Head of Investment

    • Tenure: 0.0yrs

Board Members

  • Chong Kwee Lee (62yo)

    Non-Executive Chairman of Mapletree Logistics Trust Management Ltd

    • Tenure: 3.0yrs
    • Compensation: S$116.50k
  • Siew Kim Wee (59yo)

    Independent Non-Executive Director of Mapletree Logistics Trust Management Ltd.

    • Tenure: 6.3yrs
    • Compensation: S$82.50k
  • Yoon Khong Hiew (58yo)

    Non-Executive Director of Mapletree Logistics Trust Management Ltd.

    • Tenure: 14.3yrs
  • Tiow Chye Chua (60yo)

    Non-Executive Director of Mapletree Logistics Trust Management Ltd.

    • Tenure: 14.6yrs
  • Mun Hoong Wong (53yo)

    Non-Executive Director of Mapletree Logistics Trust Management Ltd.

    • Tenure: 13.1yrs
  • Joo Lim (65yo)

    Independent Non-Executive Director of Mapletree Logistics Trust Management Ltd.

    • Tenure: 2.5yrs
    • Compensation: S$93.90k
  • Tarun Kataria (61yo)

    Independent Non-Executive Director of Mapletree Logistics Trust Management Ltd.

    • Tenure: 5.9yrs
    • Compensation: S$73.00k
  • Kiat Ng (49yo)

    CEO & Executive Director of Mapletree Logistics Trust Management Ltd.

    • Tenure: 7.1yrs
  • Penny Goh (66yo)

    Lead Independent Non-Executive Director of Mapletree Logistics Trust Management Ltd.

    • Tenure: 3.6yrs
    • Compensation: S$85.00k
  • Wah Yeow Tan (57yo)

    Independent Non-Executive Director of Mapletree Logistics Trust Management Ltd.

    • Tenure: 1.8yrs
    • Compensation: S$84.00k

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$5.678b
  • Shares outstanding: 3.64b
  • Website: https://www.mapletreelogisticstrust.com

Location

  • Mapletree Logistics Trust
  • 10 Pasir Panjang Road
  • No. 13-01 Mapletree Business City
  • Singapore
  • 117438
  • 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  ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/08/20 12:40
End of Day Share Price2019/08/20 00:00
Earnings2019/06/30
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.