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Mapletree Industrial Trust ME8U

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Stock XSES Rating as of
SGD 2.19 −0.04 (1.79%)
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Company Report

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Mapletree Industrial Trust's Portfolio of Data Centers Benefit From Strong Secular Demand

Xinfu Lee

Mapletree Industrial Trust, or MIT, invests in income-producing properties used for the purpose of industrial and data center activities in Singapore and the United States. Its portfolio comprises data centers, high-tech buildings, business parks, and general industrial buildings. Since its IPO, the trust’s manager has grown the trust’s assets under management and distribution per unit by using a mixture of active lease management, asset enhancement initiatives, and acquisitions.

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Price vs Fair Value

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ME8U is trading at a 9% discount.
Price
SGD 2.19
Fair Value
SGD 8.72
Uncertainty
Low
1-Star Price
SGD 7.34
5-Star Price
SGD 9.44
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Mapletree Industrial Trust has a strong sponsor with a pipeline of data center assets for acquisition.

Bears

Landlords of industrial and business park properties have low pricing power, given the limited barriers to entry in constructing such properties.

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Trading Information

Previous Close Price
SGD 2.23
Day Range
SGD 2.17–2.23
52-Week Range
SGD 2.10–2.53
Bid/Ask
SGD 2.18 / SGD 2.19
Market Cap
SGD 6.21 Bil
Volume/Avg
15.7 Mil / 5.8 Mil

Key Statistics

Price/Earnings (Normalized)
17.31
Price/Sales
9.63
Dividend Yield (Trailing)
4.60%
Dividend Yield (Forward)
4.60%
Total Yield
4.48%

Company Profile

Mapletree Industrial Trust is a real estate investment trust focusing on industrial properties and data centers. Its property portfolio consists of 85 properties in Singapore, 56 properties in North America (including 13 data centers held through a joint venture with its sponsor, Mapletree Investments Private Limited) and one property in Osaka. Types of property owned includes data centers, high-tech buildings, business parks, and general industrial. The trust is externally managed by Mapletree Industrial Trust Management Limited, a subsidiary of its sponsor, which owns around 31% stake in the trust.
Sector
Real Estate
Industry
REIT - Industrial
Stock Style Box
Large Value
Total Number of Employees
186
Website
https://www.mapletreeindustrialtrust.com

Competitors

Valuation

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Metric
ME8U
AJBU
A17U
Price/Earnings (Normalized)
 17.3118.7219.76
Price/Book Value
 1.211.221.15
Price/Sales
 9.6310.037.56
Price/Cash Flow
 18.8415.8816.04
Price/Earnings
ME8U
AJBU
A17U

Financial Strength

Metric
ME8U
AJBU
A17U
Quick Ratio
 1.181.390.20
Current Ratio
 1.201.410.24
Interest Coverage
 3.462.951.69
Quick Ratio
ME8U
AJBU
A17U

Profitability

Metric
ME8U
AJBU
A17U
Return on Assets (Normalized)
 3.12%2.76%1.05%
Return on Equity (Normalized)
 5.31%4.72%1.91%
Return on Invested Capital (Normalized)
 4.52%4.12%2.31%
Return on Assets
ME8U
AJBU
A17U
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