Mapletree Logistics Trust’s fiscal 2024 (ending March) results aligned with our expectations. The trust’s full-year distribution per unit was down 0.1% year on year as higher contributions from existing properties and acquired properties were offset by currency headwinds, weakness in its China-based operations, and a higher borrowing cost.
MLT has a strong sponsor with a large pipeline of logistics assets for acquisition.
Landlords of logistics properties have low pricing power, given the limited barriers to entry in constructing such properties.
|
Metric
|
M44U
|
A17U
|
BUOU
|
|---|---|---|---|
Price/Earnings (Normalized) | 17.78 | 19.83 | 17.75 |
Price/Book Value | 0.97 | 1.15 | 0.85 |
Price/Sales | 9.07 | 7.58 | 8.85 |
Price/Cash Flow | 15.75 | 16.11 | 14.82 |
|
Metric
|
M44U
|
A17U
|
BUOU
|
|---|---|---|---|
Quick Ratio | 0.46 | 0.20 | 0.30 |
Current Ratio | 0.60 | 0.24 | 0.34 |
Interest Coverage | 5.75 | 1.69 | −0.80 |
|
Metric
|
M44U
|
A17U
|
BUOU
|
|---|---|---|---|
Return on Assets (Normalized) | 3.96% | 1.05% | −1.50% |
Return on Equity (Normalized) | 7.85% | 1.91% | −2.32% |
Return on Invested Capital (Normalized) | 5.13% | 2.31% | −1.00% |
|
Ticker
|
Name
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|
PLD
| Prologis Inc | Gymhptzj | Twv | $94.2 Bil | |
PSA
| Public Storage | Hhgkjshvz | Gzmlh | $45.7 Bil | |
EXR
| Extra Space Storage Inc | Dtxlcfqt | Tpfc | $28.4 Bil | |
SEGXF
| Segro PLC | — | Sbzzc | $14.4 Bil | |
REXR
| Rexford Industrial Realty Inc | — | Hnc | $9.3 Bil | |
CUBE
| CubeSmart | Fvmqbdsz | Xhgn | $9.2 Bil | |
ACDSF
| CapitaLand Ascendas REIT Units | — | Vdgm | $8.7 Bil | |
EGP
| EastGroup Properties Inc | — | Sqxcql | $7.5 Bil | |
STAG
| Stag Industrial Inc | — | Mgfs | $6.3 Bil | |
COLD
| Americold Realty Trust Inc | Rtbnvmm | Vyy | $6.2 Bil |
