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Mapletree Industrial Trust

Executive Summary

Mapletree Industrial Trust is a real estate investment trust (“REIT”) listed on the Main Board of Singapore Exchange.


Snowflake Analysis

Mediocre balance sheet with acceptable track record.


Similar Companies

Share Price & News

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


Latest Share Price and Events

Stable Share Price: ME8U's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

1.4%

ME8U

-0.3%

SG REITs

0.3%

SG Market


1 Year Return

28.6%

ME8U

-10.2%

SG REITs

-21.6%

SG Market

Return vs Industry: ME8U exceeded the SG REITs industry which returned -10.2% over the past year.

Return vs Market: ME8U exceeded the SG Market which returned -21.6% over the past year.


Shareholder returns

ME8UIndustryMarket
7 Day1.4%-0.3%0.3%
30 Day10.8%0.03%-1.1%
90 Day22.2%16.6%4.5%
1 Year36.3%28.6%-5.6%-10.2%-17.3%-21.6%
3 Year92.1%60.5%22.8%2.9%-12.3%-22.9%
5 Year162.1%91.0%43.2%4.9%-6.8%-23.7%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

17.1x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: ME8U (SGD2.97) is trading above our estimate of fair value (SGD1.97)

Significantly Below Fair Value: ME8U is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: ME8U is poor value based on its PE Ratio (17.1x) compared to the SG REITs industry average (12.6x).

PE vs Market: ME8U is poor value based on its PE Ratio (17.1x) compared to the SG market (12.4x).


Price to Earnings Growth Ratio

PEG Ratio: ME8U's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: ME8U is overvalued based on its PB Ratio (1.8x) compared to the SG REITs industry average (0.8x).


Next Steps

Future Growth

How is Mapletree Industrial Trust forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?

-4.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ME8U's earnings are forecast to decline over the next 3 years (-4.6% per year).

Earnings vs Market: ME8U's earnings are forecast to decline over the next 3 years (-4.6% per year).

High Growth Earnings: ME8U's earnings are forecast to decline over the next 3 years.

Revenue vs Market: ME8U's revenue (8.1% per year) is forecast to grow faster than the SG market (4.2% per year).

High Growth Revenue: ME8U's revenue (8.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: ME8U's Return on Equity is forecast to be low in 3 years time (8%).


Next Steps

Past Performance

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

-3.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ME8U has a large one-off gain of SGD98.1M impacting its March 31 2020 financial results.

Growing Profit Margin: ME8U's current net profit margins (90.5%) are higher than last year (72.1%).


Past Earnings Growth Analysis

Earnings Trend: ME8U's earnings have declined by -3.2% per year over the past 5 years.

Accelerating Growth: ME8U's earnings growth over the past year (35.4%) exceeds its 5-year average (-3.2% per year).

Earnings vs Industry: ME8U earnings growth over the past year (35.4%) exceeded the REITs industry 1.1%.


Return on Equity

High ROE: ME8U's Return on Equity (10.3%) is considered low.


Next Steps

Financial Health

How is Mapletree Industrial Trust's financial position?


Financial Position Analysis

Short Term Liabilities: ME8U's short term assets (SGD69.6M) do not cover its short term liabilities (SGD101.0M).

Long Term Liabilities: ME8U's short term assets (SGD69.6M) do not cover its long term liabilities (SGD1.5B).


Debt to Equity History and Analysis

Debt Level: ME8U's debt to equity ratio (40.3%) is considered high.

Reducing Debt: ME8U's debt to equity ratio has reduced from 46.5% to 40.3% over the past 5 years.

Debt Coverage: ME8U's debt is well covered by operating cash flow (20%).

Interest Coverage: ME8U's interest payments on its debt are well covered by EBIT (7.1x coverage).


Balance Sheet


Next Steps

Dividend

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

4.12%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: ME8U's dividend (4.12%) is higher than the bottom 25% of dividend payers in the SG market (2.67%).

High Dividend: ME8U's dividend (4.12%) is low compared to the top 25% of dividend payers in the SG market (5.95%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, ME8U has been paying a dividend for less than 10 years.

Growing Dividend: ME8U's dividend payments have increased, but the company has only paid a dividend for 9 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (76.4%), ME8U's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: ME8U's dividends in 3 years are forecast to be thoroughly covered by earnings (0.04% payout ratio).


Next Steps

Management

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

8.8yrs

Average management tenure


CEO

Kuo Wei Tham (51yo)

no data

Tenure

Mr. Kuo Wei Tham 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 ...


Leadership Team

NamePositionTenureCompensationOwnership
Kuo Wei Tham
CEO & Executive Director of Mapletree Industrial Trust Management Ltd.no datano data0.024% SGD1.7m
Lily Ler
Chief Financial Officer - Mapletree Industrial Trust Management Ltd.8.67yrsno datano data
Che Tan
Head of Investment - Mapletree Industrial Trust Management Ltd.no datano datano data
Hwei Leng Tan
Director of Investor Relations - Mapletree Industrial Trust Management Ltd.no datano datano data
Siok Chng
Head of Marketing - Mapletree Industrial Trust Management Ltd.no datano datano data
Wee Tan
Group Chief Development Officer - Mapletree Industrial Trust Management Ltd.no datano datano data
Tzyy Tan
Head of Property Management - Mapletree Industrial Trust Management Ltd.no datano datano data
Kwong Weng Wan
Joint Company Secretary of Mapletree Industrial Trust Management Ltd.8.83yrsno datano data
Hui Hui See
Joint Company Secretary of Mapletree Industrial Trust Management Ltd.9.08yrsno datano data
Miguel Sun
Manager of Treasury - Mapletree Industrial Trust Management Ltd.no datano datano data

8.8yrs

Average Tenure

Experienced Management: ME8U's management team is seasoned and experienced (8.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Kuo Wei Tham
CEO & Executive Director of Mapletree Industrial Trust Management Ltd.no datano data0.024% SGD1.7m
Meng Meng Wong
Non-Executive Chairman of Mapletree Industrial Trust Management Ltd.9.83yrsS$136.50k0.011% SGD795.7k
Guy Daniel Harvey-Samuel
Independent Non-Executive Director of Mapletree Industrial Trust Management Ltd.3yrsS$91.50kno data
Chor Gek Yeo
Lead Independent Non-Executive Director of Mapletree Industrial Trust Management Ltd.0.83yrS$90.25kno data
Tiow Chye Chua
Non Executive Director of Mapletree Industrial Trust Management Ltd.0.58yrno data0.039% SGD2.7m
Mui Ai Koh
Non-Executive Director of Mapletree Industrial Trust Management Ltd.0.58yrno data0.060% SGD4.2m
Thiam Siew Toh
Independent Non-Executive Director of Mapletree Industrial Trust Management Ltd.1.83yrsS$79.00k0.012% SGD819.4k
Yang Hsueh Chong
Independent Non-Executive Director of Mapletree Industrial Trust Management Ltd.1.58yrsS$73.17kno data
Tong Kin Lee
Independent Non-Executive Director of Mapletree Industrial Trust Management Ltd.1.58yrsS$79.00kno data
Soy Yoong Pok
Independent Non-Executive Director of Mapletree Industrial Trust Management Ltd.1.58yrsS$100.25k0.012% SGD809.6k

1.6yrs

Average Tenure

61yo

Average Age

Experienced Board: ME8U's board of directors are not considered experienced ( 1.6 years average tenure), which suggests a new board.


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 16%.


Top Shareholders

Company Information

Mapletree Industrial Trust's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Mapletree Industrial Trust
  • Ticker: ME8U
  • Exchange: SGX
  • Founded: 2008
  • Industry: Industrial REITs
  • Sector: Real Estate
  • Market Cap: S$6.973b
  • Shares outstanding: 2.35b
  • Website: https://www.mapletreeindustrialtrust.com

Number of Employees


Location

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

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ME8USGX (Singapore Exchange)YesUnitsSGSGDOct 2010
M2LDB (Deutsche Boerse AG)YesUnitsDEEUROct 2010
MAPI.FOTCPK (Pink Sheets LLC)YesUnitsUSUSDOct 2010

Biography

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 87 industrial properties in Singapore and 27 data centres in North America (through the joint ventures with Mapletree Investments Pte Ltd). The properties in Singapore include Hi-Tech Buildings, Flatted Factories, Business Park Buildings, Stackup/ Ramp-up Buildings and Light Industrial Buildings. As at 31 March 2020, MIT’s total assets under management was S$5.9 billion. MIT is managed by Mapletree Industrial Trust Management Ltd. and sponsored by 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 Analysis2020/07/12 12:40
End of Day Share Price2020/07/09 00:00
Earnings2020/03/31
Annual Earnings2020/03/31


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.