Stock M44U MAPLETREE LOGISTICS TRUST
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Financials Mapletree Logistics Trust

Equities

M44U

SG1S03926213

Commercial REITs

Market Closed - Singapore S.E.
Other stock markets
 05:06:01 2024-06-03 am EDT 		5-day change 1st Jan Change
1.34 SGD +0.75% Intraday chart for Mapletree Logistics Trust -1.47% -22.99%
May. 20 Mapletree Logistics Trust Manager Says Mapletree Investments Unit Completes Sale of Malaysia Property MT
May. 16 Mapletree Logistics Issues Nearly 7.5 Million Shares as Payment of Base Fee; Shares Up 5% MT

Valuation

Fiscal Period: March 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 6,004 8,267 8,848 8,235 7,291 6,652 - -
Enterprise Value (EV) 1 9,398 12,212 13,467 12,810 7,291 12,276 12,479 12,848
P/E ratio 15.5 x 17.3 x 10.7 x 15.1 x 23.9 x 19.8 x 19.1 x 18.2 x
Yield 5.15% 4.31% 4.75% 5.27% - 6.31% 6.32% 6.53%
Capitalization / Revenue 12.2 x 14.7 x 13 x 11.3 x 9.93 x 8.69 x 8.41 x 8.2 x
EV / Revenue 19.2 x 21.8 x 19.8 x 17.5 x 9.93 x 16 x 15.8 x 15.8 x
EV / EBITDA 24.9 x 27.6 x 26.4 x 24.6 x 14.1 x 22 x 21.4 x 21.3 x
EV / FCF 25.5 x -241 x -35.8 x 36.6 x - 34.8 x 24.8 x 21.9 x
FCF Yield 3.93% -0.42% -2.79% 2.73% - 2.87% 4.03% 4.57%
Price to Book 1.31 x 1.45 x 1.25 x 1.19 x - 0.97 x 0.98 x 0.99 x
Nbr of stocks (in thousands) 3,800,274 4,283,206 4,782,707 4,816,004 4,993,959 5,001,449 - -
Reference price 2 1.580 1.930 1.850 1.710 1.460 1.330 1.330 1.330
Announcement Date 4/23/20 4/21/21 4/28/22 5/1/23 4/29/24 - - -
1SGD in Million2SGD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2020 2021 2022 2023 2024 2025 2026 2027
Net sales 1 490.8 561.1 678.6 730.6 733.9 765.9 790.7 811.7
EBITDA 1 377.5 442.3 511 521.6 518.9 558.6 582 602.9
EBIT 1 377.5 439.3 507.4 517.5 513.9 560.3 583.1 602.8
Operating Margin 76.91% 78.28% 74.77% 70.83% 70.03% 73.15% 73.74% 74.27%
Earnings before Tax (EBT) 1 446.5 565.7 993.7 657.4 393.1 400.9 408.1 414.9
Net income 1 377.2 445.7 762.9 545.1 303.1 350.5 375.1 387.5
Net margin 76.85% 79.43% 112.44% 74.6% 41.31% 45.76% 47.44% 47.74%
EPS 2 0.1019 0.1118 0.1723 0.1136 0.0611 0.0673 0.0698 0.0729
Free Cash Flow 1 369.3 -50.77 -376 350.1 - 352.7 502.3 587.5
FCF margin 75.24% -9.05% -55.41% 47.92% - 46.05% 63.53% 72.38%
FCF Conversion (EBITDA) 97.82% - - 67.11% - 63.14% 86.31% 97.45%
FCF Conversion (Net income) 97.9% - - 64.23% - 100.63% 133.9% 151.6%
Dividend per Share 2 0.0814 0.0833 0.0879 0.0901 - 0.0839 0.0841 0.0869
Announcement Date 4/23/20 4/21/21 4/28/22 5/1/23 4/29/24 - - -
1SGD in Million2SGD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4
Net sales 1 166.9 182.9 187.7 183.9 180.2 178.9 182.2 186.7 184 181 193.5 193.5 193.5 193.5
EBITDA - - - - - - - - - - - - - -
EBIT 1 122.4 132.9 131.8 135.1 122.6 133.2 138.1 120.9 132.2 122.8 143.4 143.4 143.4 143.4
Operating Margin 73.34% 72.66% 70.22% 73.46% 68.01% 74.46% 75.79% 64.75% 71.82% 67.87% 74.11% 74.11% 74.11% 74.11%
Earnings before Tax (EBT) - - - - - - - - - - - - - -
Net income - - - - - - - - - - - - - -
Net margin - - - - - - - - - - - - - -
EPS - - - - - - - - - - - - - -
Dividend per Share - - 0.0227 0.0225 - - 0.0227 0.0227 - - - - - -
Announcement Date 1/28/22 4/28/22 7/21/22 10/25/22 1/19/23 5/1/23 7/25/23 10/24/23 1/24/24 4/29/24 - - - -
1SGD in Million
Estimates

Balance Sheet Analysis

Fiscal Period: March 2020 2021 2022 2023 2024 2025 2026 2027
Net Debt 1 3,394 3,945 4,619 4,575 - 5,624 5,827 6,196
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 8.991 x 8.921 x 9.04 x 8.77 x - 10.07 x 10.01 x 10.28 x
Free Cash Flow 1 369 -50.8 -376 350 - 353 502 588
ROE (net income / shareholders' equity) 9.23% 8.02% 11.1% 7.19% - 5.08% 5.26% 5.5%
ROA (Net income/ Total Assets) 5.21% 4.4% 6.13% 4.02% - 2.42% 2.76% 2.88%
Assets 1 7,235 10,128 12,447 13,556 - 14,474 13,587 13,445
Book Value Per Share 2 1.210 1.330 1.480 1.440 - 1.370 1.360 1.350
Cash Flow per Share 2 0.1000 0.1100 0.1100 0.1300 - 0.1000 0.1100 0.1200
Capex 1 653 497 870 43.5 - 58.4 58.4 22.5
Capex / Sales 132.98% 88.49% 128.2% 5.95% - 7.63% 7.38% 2.78%
Announcement Date 4/23/20 4/21/21 4/28/22 5/1/23 4/29/24 - - -
1SGD in Million2SGD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Mapletree Logistics Trust

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
13
Last Close Price
1.33 SGD
Average target price
1.624 SGD
Spread / Average Target
+22.09%
Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Industrial REITs

1st Jan change Capi.
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Industrial REITs
  1. Stock Market
  2. Equities
  3. M44U Stock
  4. Financials Mapletree Logistics Trust