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Mapletree Logistics Trust

OTCPK:MAPG.F
Snowflake Description

6 star dividend payer and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
MAPG.F
OTCPK
SGD5B
Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

MLT, the first Asia-focused logistics REIT in Singapore, was listed on the SGX-ST main board on 28 July 2005. The last earnings update was 24 days ago. More info.


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MAPG.F Share Price and Events
7 Day Returns
0%
OTCPK:MAPG.F
1.8%
US REITs
-0.7%
US Market
1 Year Returns
-
OTCPK:MAPG.F
16.3%
US REITs
3%
US Market
MAPG.F Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Mapletree Logistics Trust (MAPG.F) 0% -2.8% - - 37.1% 27.3%
US REITs 1.8% 2.4% 3.1% 16.3% 13.8% 26.4%
US Market -0.7% -2% 2.4% 3% 39.2% 42%
1 Year Return vs Industry and Market
  • No trading data on MAPG.F.
  • No trading data on MAPG.F.
Price Volatility
MAPG.F
Industry
5yr Volatility vs Market

Value

 Is Mapletree Logistics 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 Logistics 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 Logistics Trust.

OTCPK:MAPG.F 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 14 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.8%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

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 OTCPK:MAPG.F
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.531 (1 + (1- 17%) (56.56%))
0.853
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.85
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.853 * 5.96%)
7.81%

Discounted Cash Flow Calculation for OTCPK:MAPG.F using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Mapletree Logistics 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 Logistics 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.

OTCPK:MAPG.F DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (SGD, Millions) Source Present Value
Discounted (@ 7.81%)
2019 162.00 Analyst x1 150.26
2020 228.00 Analyst x1 196.15
2021 249.00 Analyst x1 198.70
2022 286.62 Est @ 15.11% 212.14
2023 319.28 Est @ 11.39% 219.19
2024 347.36 Est @ 8.8% 221.19
2025 371.59 Est @ 6.98% 219.47
2026 392.78 Est @ 5.7% 215.17
2027 411.67 Est @ 4.81% 209.18
2028 428.91 Est @ 4.19% 202.15
Present value of next 10 years cash flows SGD2,043.61
OTCPK:MAPG.F DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= SGD428.91 × (1 + 2.73%) ÷ (7.81% – 2.73%)
SGD8,669.12
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SGD8,669.12 ÷ (1 + 7.81%)10
SGD4,085.83
OTCPK:MAPG.F Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SGD2,043.61 + SGD4,085.83
SGD6,129.44
Equity Value per Share
(SGD)
= Total value / Shares Outstanding
= SGD6,129.44 / 3,624.98
SGD1.67
OTCPK:MAPG.F Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in OTCPK:MAPG.F represents 0.71918x of SGX:M44U
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.71918x
Value per Share
(Listing Adjusted, USD)
= Value per Share (SGD) x Listing Adjustment Factor
= SGD 1.67 x 0.71918
$1.20
Value per share (USD) From above. $1.20
Current discount Discount to share price of $1.05
= -1 x ($1.05 - $1.20) / $1.20
12.8%

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

Current Discount
Amount off the current price Mapletree Logistics Trust is available for.
Intrinsic value
13%
Share price is $1.05 vs Future cash flow value of $1.2
Current Discount Checks
For Mapletree Logistics Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Mapletree Logistics Trust's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Mapletree Logistics 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 Logistics Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Mapletree Logistics Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OTCPK:MAPG.F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in SGD SGD0.13
SGX:M44U Share Price ** SGX (2019-05-15) in SGD SGD1.46
United States of America REITs Industry PE Ratio Median Figure of 156 Publicly-Listed REITs Companies 32.79x
United States of America Market PE Ratio Median Figure of 3,088 Publicly-Listed Companies 17.89x

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

** Primary Listing of Mapletree Logistics Trust.

OTCPK:MAPG.F PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:M44U Share Price ÷ EPS (both in SGD)

= 1.46 ÷ 0.13

11.26x

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

  • Mapletree Logistics Trust is good value based on earnings compared to the US REITs industry average.
  • Mapletree Logistics Trust is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Mapletree Logistics Trust's expected growth come at a high price?
Raw Data
OTCPK:MAPG.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 11.26x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 14 Analysts
-16.3%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.4x
United States of America Market PEG Ratio Median Figure of 2,117 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

OTCPK:MAPG.F PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 11.26x ÷ -16.3%

-0.69x

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

  • 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
What value do investors place on Mapletree Logistics Trust's assets?
Raw Data
OTCPK:MAPG.F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in SGD SGD1.29
SGX:M44U Share Price * SGX (2019-05-15) in SGD SGD1.46
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.86x
United States of America Market PB Ratio Median Figure of 5,195 Publicly-Listed Companies 1.83x
OTCPK:MAPG.F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:M44U Share Price ÷ Book Value per Share (both in SGD)

= 1.46 ÷ 1.29

1.13x

* Primary Listing of Mapletree Logistics Trust.

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

  • Mapletree Logistics Trust is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess Mapletree Logistics 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 Logistics Trust has a total score of 3/6, 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 Logistics Trust expected to perform in the next 1 to 3 years based on estimates from 14 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
-16.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Mapletree Logistics Trust expected to grow at an attractive rate?
  • Mapletree Logistics Trust's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Mapletree Logistics Trust's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Mapletree Logistics Trust's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:MAPG.F Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:MAPG.F Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 14 Analysts -16.3%
OTCPK:MAPG.F Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 14 Analysts 5.6%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.7%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*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
OTCPK:MAPG.F Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below
All numbers in SGD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:MAPG.F Future Estimates Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-03-31
2023-03-31
2022-03-31 531 379 285 5
2021-03-31 518 358 307 13
2020-03-31 501 366 272 11
OTCPK:MAPG.F Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2019-03-31 453 354 439
2018-12-31 439 345 460
2018-09-30 417 310 449
2018-06-30 405 276 494
2018-03-31 395 267 449
2017-12-31 384 249 232
2017-09-30 382 273 263
2017-06-30 379 274 200
2017-03-31 373 267 184
2016-12-31 365 251 181
2016-09-30 359 237 153
2016-06-30 354 236 161

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • 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 is expected to grow by 5.6% 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
OTCPK:MAPG.F Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below

All data from Mapletree Logistics Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:MAPG.F Future Estimates Data
Date (Data in SGD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-03-31
2023-03-31
2022-03-31 0.08 0.08 0.07 4.00
2021-03-31 0.09 0.13 0.07 12.00
2020-03-31 0.08 0.08 0.07 5.00
OTCPK:MAPG.F Past Financials Data
Date (Data in SGD Millions) EPS *
2019-03-31 0.13
2018-12-31 0.14
2018-09-30 0.14
2018-06-30 0.17
2018-03-31 0.16
2017-12-31 0.08
2017-09-30 0.09
2017-06-30 0.08
2017-03-31 0.07
2016-12-31 0.07
2016-09-30 0.06
2016-06-30 0.06

*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 Logistics 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 Logistics 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 United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America 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 Logistics Trust has a total score of 0/6, 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 Logistics 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 Logistics 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 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 US REITs industry average.
Earnings and Revenue History
Mapletree Logistics 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 Logistics Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:MAPG.F Past Revenue, Cash Flow and Net Income Data
Date (Data in SGD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 452.72 438.99 1.02
2018-12-31 439.04 460.18 3.05
2018-09-30 416.85 448.97 2.99
2018-06-30 404.58 493.70 2.95
2018-03-31 395.18 449.15 2.91
2017-12-31 384.21 232.33 2.77
2017-09-30 381.51 262.67 2.75
2017-06-30 379.38 200.35 2.74
2017-03-31 373.14 184.27 2.73
2016-12-31 365.10 180.88 2.92
2016-09-30 358.50 152.51 2.93
2016-06-30 354.40 160.65 2.93
2016-03-31 349.91 190.19 2.91
2015-12-31 346.14 234.91 3.08
2015-09-30 340.13 236.17 3.04
2015-06-30 334.18 254.38 3.02
2015-03-31 330.11 240.98 3.00
2014-12-31 325.58 287.48 2.96
2014-09-30 320.76 282.76 2.95
2014-06-30 316.30 280.61 2.95
2014-03-31 310.71 292.69 2.94
2013-12-31 306.36 205.13 2.29
2013-09-30 305.67 220.30 2.24
2013-06-30 306.10 224.95 2.30
2013-03-31 307.79 202.71 2.31
2012-12-31 297.56 292.35 0.61
2012-09-30 292.03 278.78 -0.50
2012-06-30 282.90 246.95 3.58

*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 Logistics Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Mapletree Logistics Trust used its assets more efficiently than the US REITs industry average last year based on Return on Assets.
  • Mapletree Logistics Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Mapletree Logistics 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 Logistics Trust has a total score of 2/6, 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 Logistics 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 Logistics Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • 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.
Balance sheet
This treemap shows a more detailed breakdown of Mapletree Logistics 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 0.1x 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 Logistics Trust Company Filings, last reported 1 month ago.

OTCPK:MAPG.F Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 4,667.19 2,993.67 104.30
2018-12-31 4,475.13 3,007.80 117.87
2018-09-30 4,462.14 2,902.40 125.71
2018-06-30 4,069.13 2,435.84 96.06
2018-03-31 3,811.78 2,511.81 101.22
2017-12-31 3,632.76 2,398.70 110.75
2017-09-30 3,327.25 1,845.89 87.61
2017-06-30 3,149.38 2,201.95 95.80
2017-03-31 3,189.68 2,184.10 92.56
2016-12-31 3,181.99 2,175.35 84.28
2016-09-30 3,110.28 2,047.22 81.62
2016-06-30 3,096.99 1,868.34 109.05
2016-03-31 2,878.46 2,058.32 93.32
2015-12-31 2,892.22 2,009.37 122.01
2015-09-30 2,873.55 1,985.58 111.60
2015-06-30 2,855.17 1,619.74 108.67
2015-03-31 2,888.33 1,631.88 106.86
2014-12-31 2,772.03 1,588.46 119.67
2014-09-30 2,745.13 1,473.07 113.65
2014-06-30 2,735.76 1,475.32 118.98
2014-03-31 2,732.18 1,455.38 114.28
2013-12-31 2,624.82 1,438.57 122.80
2013-09-30 2,616.85 1,478.09 128.70
2013-06-30 2,597.95 1,450.19 133.33
2013-03-31 2,582.25 1,439.10 134.81
2012-12-31 2,541.44 1,516.87 140.01
2012-09-30 2,523.37 1,598.88 147.21
2012-06-30 2,544.04 1,620.45 173.59
  • Mapletree Logistics Trust's level of debt (64.1%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (53.3% vs 64.1% today).
  • Debt is not well covered by operating cash flow (11.8%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5.5x coverage).
X
Financial health checks
We assess Mapletree Logistics 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 Logistics Trust has a total score of 1/6, 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 Logistics 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
5.55%
Current annual income from Mapletree Logistics Trust dividends. Estimated to be 5.67% next year.
If you bought $2,000 of Mapletree Logistics Trust shares you are expected to receive $111 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 Logistics Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
  • Mapletree Logistics Trust's dividend is above the markets top 25% of dividend payers in United States of America (3.69%).
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
OTCPK:MAPG.F 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 14 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2000 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

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

OTCPK:MAPG.F Future Dividends Estimate Data
Date (Data in SGD) Dividend per Share (annual) Avg. No. Analysts
2024-03-31 0.08 1.00
2023-03-31 0.08 1.00
2022-03-31 0.08 6.00
2021-03-31 0.08 16.00
2020-03-31 0.08 13.00
OTCPK:MAPG.F Past Annualized Dividends Data
Date (Data in SGD) Dividend per share (annual) Avg. Yield (%)
2019-04-26 0.081 5.461
2019-01-21 0.080 5.662
2018-04-26 0.076 6.088
2017-06-28 0.074 5.969
2017-04-27 0.074 6.411
2016-06-29 0.074 7.010
2016-04-29 0.074 7.471
2015-06-25 0.075 7.407
2015-04-20 0.075 6.368
2014-07-21 0.076 6.383
2014-05-30 0.076 6.507
2013-07-24 0.069 6.449
2013-04-17 0.069 5.735
2012-07-19 0.068 6.000
2012-07-09 0.068 6.816
2012-04-19 0.068 6.993
2012-01-19 0.068 7.444
2011-10-20 0.068 7.932
2011-10-17 0.068 7.977
2011-07-21 0.064 7.376
2011-04-21 0.062 6.786
2011-03-09 0.062 6.910
2011-01-20 0.062 6.634
2010-10-22 0.062 6.629
2010-01-21 0.059 7.068
2009-07-23 0.059 8.387

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

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Mapletree Logistics Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (3225.8x coverage).
X
Income/ dividend checks
We assess Mapletree Logistics Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - 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 Logistics Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Mapletree Logistics Trust has a total score of 6/6, 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 Logistics 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
Kiat Ng
COMPENSATION SGD0
AGE 48
TENURE AS CEO 6.8 years
CEO Bio

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 Vietnam at Mapletree Investments Pte Ltd. She served as Senior Vice President of Investments (New Markets) at Mapletree Investments Pte Ltd. She served as the Chief Investment Officer of Southeast Asia of the Sponsor, Mapletree Investments Pte Ltd., where she was responsible for managing the acquisitions, development and operations of the Sponsor’s investment portfolio in the region. She joined Mapletree Investments in June 2007. Ms. Ng has over 19 years of experience in real estate and investment. She was employed with Temasek Holdings (Private) Limited for five years, where she managed private equity fund investments. She served as Vice President at the CapitaLand group, where she was responsible for real estate investments and cross-border mergers and acquisitions activities in Southeast Asia and Europe. She started her career in ST Aerospace. She has been an Executive Director of Mapletree Logistics Trust Management Ltd., Manager of Mapletree Logistics Trust since October 2, 2012. She serves as a Director of CIMB-Mapletree Management Sdn. Bhd., Carrymell (M) Sdn. Bhd., Dooil (Korea) Pte. Ltd., Genright Investment Limited, Greatdeal Finance Limited, Guangzhou Mapletree Eastern American Log Limited, Iljuk (Korea) Pte. Ltd., Jungbu Jeil (Korea) Pte. Ltd., Kingston (Korea) Pte. Ltd., Mapletree Emerald (HKSAR) Limited, • Mapletree First Warehouse (Vietnam) Co., Ltd., Mapletree Logistics Park Bac Ninh Phase 1 (Vietnam) Co., Ltd., Mapletree Logistics Park Bac Ninh Phase 2 (Vietnam) Co., Ltd., Mapletree Logistics Park Bac Ninh Phase 3 (Vietnam) Co., Ltd., Mapletree Logistics Park Bac Ninh Phase 4 (Vietnam) Co., Ltd., Mapletree Logistics Park Bac Ninh Phase 5 (Vietnam) Co., Ltd., Mapletree Logistics Park Phase 1 (Vietnam) Co., Ltd., Mapletree Logistics Park Phase 2 (Vietnam) Co., Ltd., Mapletree Logistics Park Phase 3 (Vietnam) Co., Ltd., Mapletree Logistics Park Phase 4 (Vietnam) Co., Ltd., Mapletree Logistics Park Phase 5 (Vietnam) Co., Ltd., Mapletree Logistics Park Phase 6 (Vietnam) Co., Ltd., Mapletree Logistics Warehouse (Xian) Co., Ltd., Mapletree Opal Ltd., Mapletree Shunyi (Beijing) (HKSAR) Limited, Mapletree Shunyi (Beijing) Ltd., Mapletree Tianjin Free Port Development (HKSAR) Limited, Mapletree Tianjin Free Port Development Ltd., Mapletree Topaz Ltd., Mapletree VSIP 1 Warehouse (Cayman) Co. Ltd., Mapletree VSIP 2 Phase 3 (Cayman) Co. Ltd., Mapletree VSIP 2 Phase 4 (Cayman) Co. Ltd., Mapletree VSIP 2 Phase 5 (Cayman) Co. Ltd., Mapletree VSIP 2 Phase 6 (Cayman) Co. Ltd., Mapletree VSIP Bac Ninh Phase 1 (Cayman) Co. Ltd., Mapletree VSIP Bac Ninh Phase 2 (Cayman) Co. Ltd., Mapletree VSIP Bac Ninh Phase 3 (Cayman) Co. Ltd., Mapletree VSIP Bac Ninh Phase 4 (Cayman) Co. Ltd., Mapletree VSIP Bac Ninh Phase 5 (Cayman) Co. Ltd., Mapletree WND (Wuxi) (HKSAR) Limited, MapletreeLog (M) Holdings Sdn. Bhd., MapletreeLog AIP (Guangzhou) (HKSAR) Limited, MapletreeLog AIP (Guangzhou) Ltd., MapletreeLog Dooil Co., Ltd., MapletreeLog First Korea (Yujoo) Co., Ltd., MapletreeLog Greatdeal Ltd., MapletreeLog GTC (HKSAR) Ltd., MapletreeLog Gyoda (Japan) (HKSAR) Limited, MapletreeLog Haisan (Shanghai) Ltd., MapletreeLog Himawari Pte. Ltd., MapletreeLog Iljuk Korea Co., Ltd., MapletreeLog Integrated (Shanghai) (Cayman) Ltd., MapletreeLog Integrated (Shanghai) (HKSAR) Limited, MapletreeLog Integrated (Shanghai) Co., Ltd., MapletreeLog Jinda Warehouse (Shanghai) Co., Ltd., MapletreeLog Jungbu Jeil Co., Ltd., MapletreeLog Kingston Co., Ltd., MapletreeLog Korea (Yongin) Co., Ltd., MapletreeLog Malaysia Holdings Pte. Ltd., MapletreeLog MQ (Korea) Pte. Ltd., MapletreeLog Miyang Co., Ltd., MapletreeLog Northwest (Shanghai) (HKSAR) Limited, MapletreeLog Northwest (Shanghai) Ltd., MapletreeLog Oakline (Korea) Pte. Ltd., MapletreeLog Ouluo (Shanghai) Ltd., MapletreeLog PF (HKSAR) Ltd., MapletreeLog Pyeongtaek Co., Ltd., MapletreeLog Sakura Pte. Ltd., MapletreeLog Seastar (Xian) (HKSAR) Limited, MapletreeLog Seastar (Xian) Ltd., MapletreeLog ST (HKSAR) Ltd., MapletreeLog Treasury Company (HKSAR) Ltd., MapletreeLog Treasury Company Pte. Ltd., MapletreeLog VSIP 1 Warehouse Pte. Ltd., Maypex Ventures Sdn. Bhd., Miyang (Korea) Pte. Ltd., Momiji 1 Ltd., Momiji 2 Ltd., Pancuran Baiduri Sdn. Bhd., Pyeongtaek (Korea) Pte. Ltd., Tianjin Port Haifeng Bonded Logistics Co., Ltd. and Zentraline Sdn. Bhd. She has several years of investment and real estate experience. Ms. Ng holds a Masters in Engineering as well as a Bachelor Degree (First Class Honours) in Aeronautical Engineering from Imperial College of Science & Technology, University of London.

CEO Compensation
  • Insufficient data for Kiat to compare compensation growth.
  • Kiat's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

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

7.4
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.
Management Team

Kiat Ng

TITLE
CEO & Executive Director of Mapletree Logistics Trust Management Ltd.
AGE
48
TENURE
6.8 yrs

Ivan Lim

TITLE
Chief Financial Officer of Mapletree Logistics Trust Management Ltd.
AGE
42
TENURE
2.4 yrs

Lum May

TITLE
Vice President of Investor Relations
TENURE
8.3 yrs

Danny Sim

TITLE
Head of India for Mapletree Logistics Trust Management Ltd

Wee Tan

TITLE
Head of Group Development Management of Mapletree Investments Pte Ltd

Say Foo

TITLE
Head of Group Property Management - Mapletree Investments Pte Ltd

Kwong Weng Wan

TITLE
Joint Company Secretary of Mapletree Logistics Trust Management Ltd

Hui Hui See

TITLE
Joint Company Secretary of Mapletree Logistics Trust Management Ltd
TENURE
7.9 yrs

Shimazu Yuko

TITLE
General Manager of Japan - Mapletree Logistics Trust Management Ltd

Khian Ong

TITLE
General Manager of China - Mapletree Logistics Trust Management Ltd
Board of Directors Tenure

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

5.9
Average Tenure
58.5
Average Age
  • The tenure for the Mapletree Logistics Trust board of directors is about average.
Board of Directors

Chong Kwee Lee

TITLE
Non-Executive Chairman of Mapletree Logistics Trust Management Ltd
COMPENSATION
SGD123K
AGE
61
TENURE
2.8 yrs

Kiat Ng

TITLE
CEO & Executive Director of Mapletree Logistics Trust Management Ltd.
AGE
48
TENURE
6.6 yrs

Penny Goh

TITLE
Lead Independent Non-Executive Director of Mapletree Logistics Trust Management Ltd.
COMPENSATION
SGD93K
AGE
65
TENURE
3.3 yrs

Joo Lim

TITLE
Independent Non-Executive Director of Mapletree Logistics Trust Management Ltd.
COMPENSATION
SGD99K
AGE
64
TENURE
2.3 yrs

Yoon Khong Hiew

TITLE
Non-Executive Director of Mapletree Logistics Trust Management Ltd.
AGE
57
TENURE
14 yrs

Tiow Chye Chua

TITLE
Non-Executive Director of Mapletree Logistics Trust Management Ltd.
AGE
59
TENURE
14.3 yrs

Mun Hoong Wong

TITLE
Non-Executive Director of Mapletree Logistics Trust Management Ltd.
AGE
52
TENURE
12.8 yrs

Siew Kim Wee

TITLE
Independent Non-Executive Director of Mapletree Logistics Trust Management Ltd.
COMPENSATION
SGD83K
AGE
58
TENURE
6.1 yrs

Tarun Kataria

TITLE
Independent Non-Executive Director of Mapletree Logistics Trust Management Ltd.
COMPENSATION
SGD80K
AGE
60
TENURE
5.7 yrs

Wah Yeow Tan

TITLE
Independent Non-Executive Director of Mapletree Logistics Trust Management Ltd.
COMPENSATION
SGD40K
AGE
56
TENURE
1.5 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Mapletree Logistics Trust insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
14. Mar 19 Buy Yoon Khong Hiew Individual 06. Mar 19 06. Mar 19 93,643 $0.97 $90,858
08. Mar 19 Buy DBS Group Holdings Limited, Asset Management Arm Company 01. Mar 19 01. Mar 19 1,690,100 $1.03 $1,744,312
07. Nov 18 Sell Siew Kim Wee Individual 05. Nov 18 05. Nov 18 -80,000 $0.87 $-69,815
07. Nov 18 Buy Siew Kim Wee Individual 02. Nov 18 02. Nov 18 80,000 $0.88 $70,398
03. Oct 18 Buy DBS Group Holdings Limited, Asset Management Arm Company 28. Sep 18 28. Sep 18 1,800,000 $0.89 $1,593,643
03. Oct 18 Buy DBS Group Holdings Limited, Asset Management Arm Company 26. Sep 18 26. Sep 18 500,000 $0.91 $454,229
X
Management checks
We assess Mapletree Logistics 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 Logistics 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

Company Info

Description

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 March 2019, it has a portfolio of 141 logistics assets in Singapore, Hong Kong, Japan, China, Australia, South Korea, Malaysia and Vietnam. The total value of assets under management is S$8.0 billion. MLT is managed by Mapletree Logistics Trust Management Ltd., a wholly-owned subsidiary of Mapletree Investments Pte Ltd.

Details
Name: Mapletree Logistics Trust
MAPG.F
Exchange: OTCPK
Founded: 2004
SGD3,843,121,414
3,624,984,790
Website: http://www.mapletreelogisticstrust.com
Address: Mapletree Logistics 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 M44U Trust Units Singapore Exchange SG SGD 28. Jul 2005
OTCPK MAPG.F Trust Units Pink Sheets LLC US USD 28. Jul 2005
Number of employees
Current staff
Staff numbers
0
Mapletree Logistics Trust employees.
Industry
Industrial REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/20 02:17
End of day share price update: 2019/05/15 00:00
Last estimates confirmation: 2019/05/14
Last earnings filing: 2019/04/26
Last earnings reported: 2019/03/31
Last annual earnings reported: 2019/03/31


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.