OTCPK:MAPI.F

Stock Analysis Report

Mapletree Industrial Trust

Executive Summary

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

Snowflake

Fundamentals

Average dividend payer and fair value.


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: MAPI.F has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0%

MAPI.F

-1.8%

US REITs

0.3%

US Market


1 Year Return

n/a

MAPI.F

13.1%

US REITs

12.5%

US Market

Return vs Industry: Insufficient data to determine how MAPI.F performed against the US REITs industry.

Return vs Market: Insufficient data to determine how MAPI.F performed against the US Market.


Shareholder returns

MAPI.FIndustryMarket
7 Day0%-1.8%0.3%
30 Day5.1%-2.0%4.1%
90 Dayn/a1.3%5.6%
1 Yearn/a17.8%13.1%15.0%12.5%
3 Year60.9%60.9%37.7%20.7%49.1%39.4%
5 Year62.3%62.3%56.5%23.7%62.8%44.7%

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

No news available

Valuation

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

16.75x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: MAPI.F ($1.85) is trading above our estimate of fair value ($1.01)

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


Price To Earnings Ratio

PE vs Industry: MAPI.F is good value based on its PE Ratio (16.8x) compared to the REITs industry average (38.8x).

PE vs Market: MAPI.F is good value based on its PE Ratio (16.8x) compared to the US market (18.3x).


Price to Earnings Growth Ratio

PEG Ratio: MAPI.F is poor value based on its PEG Ratio (2.7x)


Price to Book Ratio

PB vs Industry: MAPI.F is good value based on its PB Ratio (1.6x) compared to the US REITs industry average (2x).


Next Steps

Future Growth

How is Mapletree Industrial Trust forecast to perform in the next 1 to 3 years based on estimates from 12 analysts?

6.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MAPI.F's forecast earnings growth (6.1% per year) is above the savings rate (2.7%).

Earnings vs Market: MAPI.F's earnings (6.1% per year) are forecast to grow slower than the US market (14.2% per year).

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

Revenue vs Market: MAPI.F's revenue (2.5% per year) is forecast to grow slower than the US market (7.2% per year).

High Growth Revenue: MAPI.F's revenue (2.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: MAPI.F's Return on Equity is forecast to be low in 3 years time (8.4%).


Next Steps

Past Performance

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

-4.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: MAPI.F has high quality earnings.

Growing Profit Margin: MAPI.F's current net profit margins (72.4%) are lower than last year (83.9%).


Past Earnings Growth Analysis

Earnings Trend: MAPI.F's earnings have declined by -4.8% per year over the past 5 years.

Accelerating Growth: MAPI.F's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: MAPI.F had negative earnings growth (-7%) over the past year, making it difficult to compare to the REITs industry average (8.3%).


Return on Equity

High ROE: MAPI.F's Return on Equity (8.4%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

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


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

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

Debt Coverage by Assets: MAPI.F's debt is not covered by short term assets (assets are 0.2x debt).


Financial Institutions Analysis

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

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

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

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

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

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


Next Steps

Dividend

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

5.02%

Current Dividend Yield


Dividend Yield vs Market

company5.0%marketbottom25%1.4%markettop25%3.7%industryaverage3.7%forecastin3Years5.4%

Current dividend yield vs market & industry

Notable Dividend: MAPI.F's dividend (5.02%) is higher than the bottom 25% of dividend payers in the US market (1.42%).

High Dividend: MAPI.F's dividend (5.02%) is in the top 25% of dividend payers in the US market (3.67%)


Stability and Growth of Payments

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

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


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (67%), MAPI.F's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: MAPI.F's dividends in 3 years are forecast to be thoroughly covered by earnings (0.05% payout ratio).


Next Steps

Management

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

8.1yrs

Average management tenure


CEO

Kuo Wei Tham (50yo)

0yrs

Tenure

0

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 ...


Management Age and Tenure

8.1yrs

Average Tenure

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


Board Age and Tenure

1.8yrs

Average Tenure

59yo

Average Age

Experienced Board: MAPI.F's board of directors are not considered experienced ( 1.8 years average tenure), which suggests a new board.


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

SellS$1,420,80230 Sep 19
Temasek Holdings (Private) Limited
EntityCompany
Shares800,000
Max PriceS$1.78
BuyS$2,139,33802 Aug 19
Temasek Holdings (Private) Limited
EntityCompany
Shares1,283,500
Max PriceS$1.67
BuyS$5,69910 Jun 19
Kuo Wei Tham
EntityIndividual
Role
Chief Executive Officer
CEO & Executive Director of Mapletree Industrial Trust Management Ltd.
Shares3,844
Max PriceS$1.48
SellS$597,98704 Jun 19
DBS Group Holdings Limited, Asset Management Arm
EntityCompany
Shares393,300
Max PriceS$1.52
BuyS$381,69931 May 19
DBS Group Holdings Limited, Asset Management Arm
EntityCompany
Shares250,000
Max PriceS$1.53
BuyS$1,985,89222 Feb 19
Mapletree Industrial Trust Management Ltd
EntityCompany
Shares1,345,469
Max PriceS$1.48
BuyS$339,62511 Dec 18
Schroder Investment Management Limited
EntityCompany
Shares243,600
Max PriceS$1.39

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 5.1%.


Management Team

  • Kuo Wei Tham (50yo)

    CEO & Executive Director of Mapletree Industrial Trust Management Ltd.

    • Tenure: 0yrs
  • Kwong Weng Wan

    Joint Company Secretary of Mapletree Industrial Trust Management Ltd

    • Tenure: 8.2yrs
  • Lily Ler (47yo)

    Chief Financial Officer

    • Tenure: 8yrs
  • Hui Hui See

    Joint Company Secretary of Mapletree Industrial Trust Management Ltd

    • Tenure: 8.4yrs
  • Peter Tan

    Head of Investment - Mapletree Industrial Trust Management Ltd

    • Tenure: 0yrs
  • Serene Tam

    Head of Asset Management - Mapletree Industrial Trust Management Ltd

    • Tenure: 3.8yrs
  • Melissa Tan

    Vice President

    • Tenure: 0yrs
  • Wee Tan

    Group Chief Development Officer

    • Tenure: 0yrs
  • Siok Khim Chng

    Head of Marketing - Mapletree Industrial Trust Management Ltd

    • Tenure: 0yrs
  • Tzyy Tan

    Head of Property Management - Mapletree Industrial Trust Management Ltd

    • Tenure: 0yrs

Board Members

  • Meng Meng Wong (71yo)

    Non-Executive Chairman of Mapletree Industrial Trust Management Ltd

    • Tenure: 9.2yrs
    • Compensation: S$116.50k
  • Guy Daniel Harvey-Samuel (62yo)

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

    • Tenure: 2.3yrs
    • Compensation: S$71.54k
  • Yoon Khong Hiew (58yo)

    Non-Executive Director of Mapletree Industrial Trust Management Ltd.

    • Tenure: 9.2yrs
  • Kuo Wei Tham (50yo)

    CEO & Executive Director of Mapletree Industrial Trust Management Ltd.

    • Tenure: 0yrs
  • Mary Yeo (60yo)

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

    • Tenure: 0.3yrs
    • Compensation: S$74.00k
  • Mun Hoong Wong (53yo)

    Non-Executive Director of Mapletree Industrial Trust Management Ltd.

    • Tenure: 9.2yrs
  • William Toh

    Independent Non-Executive Director of Mapletree Industrial Trust Management Ltd

    • Tenure: 1.2yrs
    • Compensation: S$33.58k
  • Andrew Chong

    Independent Non-Executive Director of Mapletree Industrial Trust Management Ltd

    • Tenure: 0.9yrs
    • Compensation: S$14.64k
  • Andrew Lee

    Independent Non-Executive Director of Mapletree Industrial Trust Management Ltd

    • Tenure: 0.9yrs
    • Compensation: S$14.64k
  • Soy Yoong Pok

    Independent Non-Executive Director of Mapletree Industrial Trust Management Ltd

    • Tenure: 0.9yrs
    • Compensation: S$14.64k

Company Information

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


Key Information

  • Name: Mapletree Industrial Trust
  • Ticker: MAPI.F
  • Exchange: OTCPK
  • Founded: 2008
  • Industry: Industrial REITs
  • Sector: Real Estate
  • Market Cap: S$5.326b
  • Listing Market Cap: S$3.914b
  • Shares outstanding: 2.20b
  • 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-pro ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/11/12 00:21
End of Day Share Price2019/11/08 00:00
Earnings2019/09/30
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.