Loading...

Mapletree Industrial Trust

SGX:ME8U
Snowflake Description

Average dividend payer with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ME8U
SGX
SGD4B
Market Cap
  1. Home
  2. SG
  3. Real Estate
Company description

Mapletree Industrial Trust is a real estate investment trust (“REIT”) listed on the Main Board of Singapore Exchange. The last earnings update was 90 days ago. More info.


Add to Portfolio Compare Print
ME8U Share Price and Events
7 Day Returns
-1%
SGX:ME8U
-1.1%
SG REITs
0.3%
SG Market
1 Year Returns
3%
SGX:ME8U
2.4%
SG REITs
-6.2%
SG Market
ME8U Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Mapletree Industrial Trust (ME8U) -1% 0% 5.1% 3% 26.8% 46.5%
SG REITs -1.1% -0.1% 4.9% 2.4% 13.4% 11.6%
SG Market 0.3% 3.1% 3.7% -6.2% 8.5% -3%
1 Year Return vs Industry and Market
  • ME8U outperformed the Market in Singapore which returned -6.2% over the past year.
Price Volatility
ME8U
Industry
5yr Volatility vs Market

Value

 Is Mapletree Industrial Trust undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Mapletree Industrial Trust to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Mapletree Industrial Trust.

SGX:ME8U Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 13 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.1%
Perpetual Growth Rate 10-Year SG Government Bond Rate 2.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SGX:ME8U
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year SG Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.54
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.538 (1 + (1- 17%) (31.84%))
0.786
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (0.8 * 5.96%)
7.07%

Discounted Cash Flow Calculation for SGX:ME8U using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Mapletree Industrial Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Mapletree Industrial Trust is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

SGX:ME8U DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (SGD, Millions) Source Present Value
Discounted (@ 7.07%)
2019 228.00 Analyst x1 212.94
2020 244.00 Analyst x1 212.84
2021 247.00 Analyst x1 201.22
2022 255.56 Est @ 3.46% 194.45
2023 263.52 Est @ 3.12% 187.26
2024 271.09 Est @ 2.87% 179.92
2025 278.41 Est @ 2.7% 172.58
2026 285.60 Est @ 2.58% 165.34
2027 292.74 Est @ 2.5% 158.28
2028 299.88 Est @ 2.44% 151.43
Present value of next 10 years cash flows SGD1,836.27
SGX:ME8U DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= SGD299.88 × (1 + 2.3%) ÷ (7.07% – 2.3%)
SGD6,434.22
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SGD6,434.22 ÷ (1 + 7.07%)10
SGD3,249.21
SGX:ME8U Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SGD1,836.27 + SGD3,249.21
SGD5,085.48
Equity Value per Share
(SGD)
= Total value / Shares Outstanding
= SGD5,085.48 / 2,021.11
SGD2.55
SGX:ME8U Discount to Share Price
Calculation Result
Value per share (SGD) From above. SGD2.55
Current discount Discount to share price of SGD2.08
= -1 x (SGD2.08 - SGD2.55) / SGD2.55
18.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Mapletree Industrial Trust is available for.
Intrinsic value
19%
Share price is SGD2.08 vs Future cash flow value of SGD2.55
Current Discount Checks
For Mapletree Industrial Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Mapletree Industrial Trust's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Mapletree Industrial Trust's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Mapletree Industrial Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Mapletree Industrial Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:ME8U PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in SGD SGD0.16
SGX:ME8U Share Price ** SGX (2019-04-22) in SGD SGD2.08
Singapore REITs Industry PE Ratio Median Figure of 39 Publicly-Listed REITs Companies 13.52x
Singapore Market PE Ratio Median Figure of 328 Publicly-Listed Companies 13.26x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Mapletree Industrial Trust.

SGX:ME8U PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:ME8U Share Price ÷ EPS (both in SGD)

= 2.08 ÷ 0.16

12.71x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Mapletree Industrial Trust is good value based on earnings compared to the SG REITs industry average.
  • Mapletree Industrial Trust is good value based on earnings compared to the Singapore market.
Price based on expected Growth
Does Mapletree Industrial Trust's expected growth come at a high price?
Raw Data
SGX:ME8U PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 12.71x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts
5%per year
Singapore REITs Industry PEG Ratio Median Figure of 37 Publicly-Listed REITs Companies 2.08x
Singapore Market PEG Ratio Median Figure of 119 Publicly-Listed Companies 1.63x

*Line of best fit is calculated by linear regression .

SGX:ME8U PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 12.71x ÷ 5%

2.56x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Mapletree Industrial Trust is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Mapletree Industrial Trust's assets?
Raw Data
SGX:ME8U PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in SGD SGD1.48
SGX:ME8U Share Price * SGX (2019-04-22) in SGD SGD2.08
Singapore REITs Industry PB Ratio Median Figure of 41 Publicly-Listed REITs Companies 0.96x
Singapore Market PB Ratio Median Figure of 432 Publicly-Listed Companies 0.75x
SGX:ME8U PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:ME8U Share Price ÷ Book Value per Share (both in SGD)

= 2.08 ÷ 1.48

1.41x

* Primary Listing of Mapletree Industrial Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Mapletree Industrial Trust is overvalued based on assets compared to the SG REITs industry average.
X
Value checks
We assess Mapletree Industrial Trust's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Mapletree Industrial Trust has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Mapletree Industrial Trust expected to perform in the next 1 to 3 years based on estimates from 13 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Mapletree Industrial Trust expected to grow at an attractive rate?
  • Mapletree Industrial Trust's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Mapletree Industrial Trust's earnings growth is positive but not above the Singapore market average.
  • Mapletree Industrial Trust's revenue growth is expected to exceed the Singapore market average.
Annual Growth Rates Comparison
Raw Data
SGX:ME8U Future Growth Rates Data Sources
Data Point Source Value (per year)
SGX:ME8U Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts 5%
SGX:ME8U Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 13 Analysts 5.9%
Singapore REITs Industry Earnings Growth Rate Market Cap Weighted Average -3.1%
Singapore REITs Industry Revenue Growth Rate Market Cap Weighted Average 3.7%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 5.9%
Singapore Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SGX:ME8U Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
All numbers in SGD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SGX:ME8U Future Estimates Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-03-31
2022-03-31
2021-03-31 418 280 270 9
2020-03-31 404 277 259 13
2019-03-31 373 252 234 13
SGX:ME8U Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2018-12-31 368 236 309
2018-09-30 366 246 307
2018-06-30 366 244 304
2018-03-31 363 246 301
2017-12-31 361 246 284
2017-09-30 354 234 278
2017-06-30 345 231 273
2017-03-31 341 234 271
2016-12-31 337 235 279
2016-09-30 336 225 278
2016-06-30 334 224 276
2016-03-31 332 220 273

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Mapletree Industrial Trust's earnings are expected to grow by 5% yearly, however this is not considered high growth (20% yearly).
  • Mapletree Industrial Trust's revenue is expected to grow by 5.9% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SGX:ME8U Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below

All data from Mapletree Industrial Trust Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:ME8U Future Estimates Data
Date (Data in SGD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-03-31
2022-03-31
2021-03-31 0.14 0.18 0.12 10.00
2020-03-31 0.14 0.19 0.12 11.00
2019-03-31 0.12 0.15 0.07 11.00
SGX:ME8U Past Financials Data
Date (Data in SGD Millions) EPS *
2018-12-31 0.16
2018-09-30 0.16
2018-06-30 0.16
2018-03-31 0.16
2017-12-31 0.16
2017-09-30 0.15
2017-06-30 0.15
2017-03-31 0.15
2016-12-31 0.16
2016-09-30 0.16
2016-06-30 0.15
2016-03-31 0.15

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Mapletree Industrial Trust is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Mapletree Industrial Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Singapore market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Singapore market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Mapletree Industrial Trust has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

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

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Mapletree Industrial Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Mapletree Industrial Trust's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Mapletree Industrial Trust's 1-year earnings growth exceeds its 5-year average (8.8% vs -3.1%)
  • Mapletree Industrial Trust's earnings growth has exceeded the SG REITs industry average in the past year (8.8% vs 5.9%).
Earnings and Revenue History
Mapletree Industrial Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Mapletree Industrial Trust Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:ME8U Past Revenue, Cash Flow and Net Income Data
Date (Data in SGD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 367.67 308.70 2.49
2018-09-30 365.56 306.57 2.37
2018-06-30 365.91 304.49 1.86
2018-03-31 363.23 300.53 1.87
2017-12-31 360.65 283.74 1.96
2017-09-30 353.64 277.58 1.90
2017-06-30 345.29 273.07 1.88
2017-03-31 340.57 270.57 1.86
2016-12-31 336.75 279.28 1.78
2016-09-30 335.54 278.35 1.93
2016-06-30 334.07 276.04 2.13
2016-03-31 331.60 272.58 2.28
2015-12-31 327.01 384.51 2.42
2015-09-30 321.89 381.79 2.35
2015-06-30 317.07 377.92 2.35
2015-03-31 313.87 374.34 2.30
2014-12-31 309.63 323.89 2.28
2014-09-30 307.14 320.33 2.26
2014-06-30 302.60 317.60 2.26
2014-03-31 299.28 314.25 2.25
2013-12-31 296.23 293.41 2.19
2013-09-30 289.82 288.12 2.12
2013-06-30 284.67 283.23 1.99
2013-03-31 276.43 279.27 1.86
2012-12-31 270.60 236.23 1.88
2012-09-30 267.03 233.12 2.12
2012-06-30 258.24 227.60 2.58

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Mapletree Industrial Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Mapletree Industrial Trust used its assets more efficiently than the SG REITs industry average last year based on Return on Assets.
  • Mapletree Industrial Trust's use of capital has not improved over the past 3 years (Return on Capital Employed).
X
Past performance checks
We assess Mapletree Industrial Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Mapletree Industrial Trust has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Mapletree Industrial Trust's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Mapletree Industrial Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Mapletree Industrial Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Mapletree Industrial Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Mapletree Industrial Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Mapletree Industrial Trust Company Filings, last reported 3 months ago.

SGX:ME8U Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 2,809.85 1,319.11 22.26
2018-09-30 2,788.95 1,331.43 20.65
2018-06-30 2,786.15 1,333.26 40.81
2018-03-31 2,780.07 1,219.71 37.42
2017-12-31 2,671.73 1,453.79 47.57
2017-09-30 2,534.55 1,153.13 39.29
2017-06-30 2,531.14 1,145.99 39.07
2017-03-31 2,532.79 1,110.38 37.99
2016-12-31 2,464.62 1,089.68 59.55
2016-09-30 2,459.95 1,071.34 48.96
2016-06-30 2,462.27 1,032.90 43.99
2016-03-31 2,465.22 1,024.48 54.88
2015-12-31 2,368.50 1,034.71 67.39
2015-09-30 2,346.96 1,045.14 70.08
2015-06-30 2,331.70 1,056.14 72.19
2015-03-31 2,312.18 1,074.68 72.60
2014-12-31 2,091.20 1,083.44 68.30
2014-09-30 2,065.50 1,083.97 59.17
2014-06-30 2,049.07 1,103.55 74.48
2014-03-31 2,028.66 1,128.36 95.74
2013-12-31 1,860.26 1,129.02 95.35
2013-09-30 1,843.74 1,124.55 100.62
2013-06-30 1,826.66 1,093.72 85.53
2013-03-31 1,803.69 1,038.81 72.33
2012-12-31 1,655.01 1,051.86 95.46
2012-09-30 1,655.02 1,051.68 96.00
2012-06-30 1,654.65 1,073.08 121.69
  • Mapletree Industrial Trust's level of debt (46.9%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (60.6% vs 46.9% today).
  • Debt is not well covered by operating cash flow (17.9%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 7.7x coverage).
X
Financial health checks
We assess Mapletree Industrial Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Mapletree Industrial Trust has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.65%
Current annual income from Mapletree Industrial Trust dividends. Estimated to be 6.16% next year.
If you bought SGD2,000 of Mapletree Industrial Trust shares you are expected to receive SGD113 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Mapletree Industrial Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.5%).
  • Mapletree Industrial Trust's dividend is above the markets top 25% of dividend payers in Singapore (5.46%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SGX:ME8U Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
Singapore REITs Industry Average Dividend Yield Market Cap Weighted Average of 41 Stocks 5.7%
Singapore Market Average Dividend Yield Market Cap Weighted Average of 278 Stocks 3.9%
Singapore Minimum Threshold Dividend Yield 10th Percentile 1.6%
Singapore Bottom 25% Dividend Yield 25th Percentile 2.5%
Singapore Top 25% Dividend Yield 75th Percentile 5.5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SGX:ME8U Future Dividends Estimate Data
Date (Data in SGD) Dividend per Share (annual) Avg. No. Analysts
2023-03-31 0.13 1.00
2022-03-31 0.13 1.00
2021-03-31 0.13 12.00
2020-03-31 0.13 16.00
2019-03-31 0.12 16.00
SGX:ME8U Past Annualized Dividends Data
Date (Data in SGD) Dividend per share (annual) Avg. Yield (%)
2018-06-28 0.118 5.967
2018-04-23 0.118 5.994
2017-04-24 0.114 5.925
2016-06-29 0.112 6.544
2016-04-25 0.112 6.898
2015-06-25 0.104 6.800
2015-04-21 0.104 6.607
2015-01-20 0.107 6.859
2014-10-21 0.104 6.997
2014-07-22 0.100 7.053
2014-07-01 0.100 7.009
2014-04-22 0.100 6.949
2014-01-21 0.100 7.447
2013-10-22 0.099 7.375
2013-07-25 0.097 7.292
2013-04-23 0.095 6.667
2013-01-22 0.093 6.540
2012-10-23 0.092 6.701
2012-07-24 0.090 6.639
2012-07-09 0.089 7.235
2012-04-24 0.089 7.658
2012-01-26 0.086 7.696
2011-10-25 0.082 7.563
2011-07-26 0.079 6.953
2011-04-26 0.077 6.755
2011-01-25 0.061 5.757

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Mapletree Industrial Trust has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Mapletree Industrial Trust only paid a dividend in the past 8 years.
Current Payout to shareholders
What portion of Mapletree Industrial Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (1851.9x coverage).
X
Income/ dividend checks
We assess Mapletree Industrial Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.6%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Mapletree Industrial Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Mapletree Industrial Trust has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

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

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Kuo Wei Tham
COMPENSATION SGD0
AGE 49
CEO Bio

Mr. Tham Kuo Wei serves as the Chief Executive Officer of Mapletree Industrial Trust Management Ltd. and has been its Executive Director since July 23, 2010. Mr. Tham served as the Chief Investment Officer of Temasek Holdings Pte, Property-investment Joint Venture of CIMB Group Sdn Bhd since March 30, 2005. He served as the Chief Investment Officer at CIMB-Mapletree Management Sdn Bhd in Malaysia since July 2005 and he was responsible for setting up and managing the private equity real estate fund. He served as the Senior Vice President of Asset Management at Mapletree Investments Pte Ltd. He served as the Deputy Chief Executive Officer of Industrial at Mapletree Investments Pte Ltd. since August 2009. He served as the Chief Investment Officer of Industrial Fund at Mapletree Investments Pte Ltd. from April 2008 to August 2009, where he was responsible for structuring, setting up and managing real estate investment platforms in Singapore and the region. He is seconded from Mapletree Investments Pte. Ltd. He joined the Sponsor in June 2002 as a Project Director for its new Business and Financial Centre project at the New Downtown in Singapore. Mr. Tham held various positions in engineering and logistics management in PSA Corporation from 1993 to 2002. Mr. Tham holds a Bachelor of Engineering degree from the National University of Singapore.

CEO Compensation
  • Insufficient data for Kuo Wei to compare compensation growth.
  • Kuo Wei's remuneration is lower than average for companies of similar size in Singapore.
Management Team Tenure

Average tenure of the Mapletree Industrial Trust management team in years:

7.5
Average Tenure
  • The average tenure for the Mapletree Industrial Trust management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Kuo Wei Tham

TITLE
CEO & Executive Director of Mapletree Industrial Trust Management Ltd.
AGE
49

Lily Ler

TITLE
Chief Financial Officer
AGE
46
TENURE
7.4 yrs

Peter Tan

TITLE
Head of Investment - Mapletree Industrial Trust Management Ltd

Melissa Tan

TITLE
Vice President

Siok Khim Chng

TITLE
Head of Marketing - Mapletree Industrial Trust Management Ltd

Serene Tam

TITLE
Head of Asset Management - Mapletree Industrial Trust Management Ltd
TENURE
3.3 yrs

Wee Seng Tan

TITLE
Head of Group Development Management - Mapletree Industrial Trust Management Ltd

Tzyy Woon Tan

TITLE
Head of Property Management - Mapletree Industrial Trust Management Ltd

Kwong Weng Wan

TITLE
Joint Company Secretary of Mapletree Industrial Trust Management Ltd
TENURE
7.6 yrs

Hui Hui See

TITLE
Joint Company Secretary of Mapletree Industrial Trust Management Ltd
TENURE
7.8 yrs
Board of Directors Tenure

Average tenure and age of the Mapletree Industrial Trust board of directors in years:

8.6
Average Tenure
61.5
Average Age
  • The tenure for the Mapletree Industrial Trust board of directors is about average.
Board of Directors

Meng Meng Wong

TITLE
Non-Executive Chairman of Mapletree Industrial Trust Management Ltd
COMPENSATION
SGD115K
AGE
70
TENURE
8.6 yrs

Kuo Wei Tham

TITLE
CEO & Executive Director of Mapletree Industrial Trust Management Ltd.
AGE
49
TENURE
8.8 yrs

Joo Yeow Wee

TITLE
Independent Non-Executive Director of Mapletree Industrial Trust Management Ltd.
COMPENSATION
SGD85K
AGE
70
TENURE
8.6 yrs

Nam Chow Soo

TITLE
Independent Non-Executive Director of Mapletree Industrial Trust Management Ltd.
COMPENSATION
SGD95K
AGE
64
TENURE
8.6 yrs

John Koh

TITLE
Lead Independent Non-Executive Director of Mapletree Industrial Trust Management Ltd.
COMPENSATION
SGD93K
AGE
62
TENURE
3.3 yrs

Mun Hoong Wong

TITLE
Non-Executive Director of Mapletree Industrial Trust Management Ltd.
AGE
52
TENURE
8.6 yrs

Choo Meng Seah

TITLE
Non-Executive Director of Mapletree Industrial Trust Management Ltd.
COMPENSATION
SGD83K
AGE
70
TENURE
8.6 yrs

Yoon Khong Hiew

TITLE
Non-Executive Director of Mapletree Industrial Trust Management Ltd.
AGE
57
TENURE
8.6 yrs

Mary Yeo

TITLE
Independent Non-Executive Director of Mapletree Industrial Trust Management Ltd.
COMPENSATION
SGD73K
AGE
59
TENURE
6.1 yrs

Guy Daniel Harvey-Samuel

TITLE
Independent Non-Executive Director of Mapletree Industrial Trust Management Ltd.
COMPENSATION
SGD39K
AGE
61
TENURE
1.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (SGD) Value (SGD)
22. Feb 19 Buy Mapletree Industrial Trust Management Ltd Company 22. Feb 19 22. Feb 19 1,345,469 SGD1.99 SGD2,683,000
11. Dec 18 Buy Schroder Investment Management Limited Company 07. Dec 18 07. Dec 18 243,600 SGD1.91 SGD465,276
X
Management checks
We assess Mapletree Industrial Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Mapletree Industrial Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

How Much Of Mapletree Industrial Trust (SGX:ME8U) Do Institutions Own?

The big shareholder groups in Mapletree Industrial Trust (SGX:ME8U) have power over the company. … With a market capitalization of S$4.2b, Mapletree Industrial Trust is rather large. … View our latest analysis for Mapletree Industrial Trust

Simply Wall St -

Mapletree Industrial Trust (SGX:ME8U) Delivered A Better ROE Than Its Industry

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … To keep the lesson grounded in practicality, we'll use ROE to better understand Mapletree Industrial Trust (SGX:ME8U). … Mapletree Industrial Trust has a ROE of 11%, based on the last twelve months.

Simply Wall St -

Is Mapletree Industrial Trust (SGX:ME8U) A Healthy REIT?

Mapletree Industrial Trust is a S$3.8b. … View our latest analysis for Mapletree Industrial Trust … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent

Simply Wall St -

What Kind Of Shareholders Own Mapletree Industrial Trust (SGX:ME8U)?

The big shareholder groups in Mapletree Industrial Trust (SGX:ME8U) have power over the company. … Mapletree Industrial Trust isn't enormous, but it's not particularly small either. … Taking a look at the our data on the ownership groups (below), it's seems that.

Simply Wall St -

What You Need To Know Before Investing In Mapletree Industrial Trust (SGX:ME8U)

Mapletree Industrial Trust is a S$3.7b. … real estate investment trust (REIT) based in Singapore, Singapore. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company.

Simply Wall St -

Is Mapletree Industrial Trust (SGX:ME8U) Potentially Underrated?

Mapletree Industrial Trust (SGX:ME8U) is a company with exceptional fundamental characteristics. … Upon building up an investment case for a stock, we should look at various aspects. … In the case of ME8U, it

Simply Wall St -

Is Mapletree Industrial Trust's (SGX:ME8U) ROE Of 10.81% Sustainable?

Mapletree Industrial Trust (SGX:ME8U) delivered an ROE of 10.81% over the past 12 months, which is an impressive feat relative to its industry average of 6.28% during the same period. … Sustainability can be gauged by a company’s financial leverage – the more debt it has, the higher ROE is pumped up in the short term, at the expense of long term interest payment burden. … View our latest analysis for Mapletree Industrial Trust

Simply Wall St -

Will Mapletree Industrial Trust's (SGX:ME8U) Earnings Grow In The Year Ahead?

Based on Mapletree Industrial Trust's (SGX:ME8U) earnings update in March 2018, … as a -17.76% fall in profits is expected in the upcoming year … the past 5-year average growth rate of 2.43%.

Simply Wall St -

What Should You Know About Mapletree Industrial Trust's (SGX:ME8U) Earnings Trend?

Mapletree Industrial Trust's (SGX:ME8U) most recent earnings announcement in March 2018a … revealed

Simply Wall St -

What is Behind Mapletree Industrial Trust's (SGX:ME8U) Superior ROE?

See our latest analysis for Mapletree Industrial Trust Peeling the layers of ROE – trisecting a company’s profitability Return on Equity (ROE) is a measure of Mapletree Industrial Trust’s profit relative to its shareholders’ equity. … Return on Equity = Net Profit ÷ Shareholders Equity ROE is measured against cost of equity in order to determine the efficiency of Mapletree Industrial Trust’s equity capital deployed. … Given a positive discrepancy of 4.19% between return and cost, this indicates that Mapletree Industrial Trust pays less for its capital than what it generates in return, which is a sign of capital efficiency.

Simply Wall St -

Company Info

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 industrial purposes in Singapore and income-producing real estate used primarily as data centres worldwide beyond Singapore, as well as real estate-related assets. MIT’s property portfolio comprises 86 industrial properties in Singapore and 14 data centres in the United States (40% interest through the joint venture with Mapletree Investments Pte Ltd). The properties in Singapore include Hi-Tech Buildings, Flatted Factories, Business Park Buildings, Stack-up/Ramp-up Buildings and Light Industrial Buildings. As at 31 December 2018, MIT’s total assets under management was S$4.4 billion. MIT is managed by Mapletree Industrial Trust Management Ltd. and sponsored by Mapletree Investments Pte Ltd.

Details
Name: Mapletree Industrial Trust
ME8U
Exchange: SGX
Founded: 2008
SGD4,143,278,345
2,021,111,388
Website: http://www.mapletreeindustrialtrust.com
Address: Mapletree Industrial Trust
10 Pasir Panjang Road,
No.13-01, Mapletree Business City,
Singapore,
117438,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX ME8U Units Singapore Exchange SG SGD 21. Oct 2010
OTCPK MAPI.F Units Pink Sheets LLC US USD 21. Oct 2010
DB M2L Units Deutsche Boerse AG DE EUR 21. Oct 2010
Number of employees
Current staff
Staff numbers
170
Mapletree Industrial Trust employees.
Industry
Industrial REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/22 12:54
End of day share price update: 2019/04/22 00:00
Last estimates confirmation: 2019/04/19
Last earnings filing: 2019/01/22
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/03/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.