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
|
BUOU
|
A17U
|
|---|---|---|---|
Price/Earnings (Normalized) | 17.26 | 19.35 | 20.29 |
Price/Book Value | 0.94 | 0.86 | 1.18 |
Price/Sales | 8.80 | 8.77 | 7.76 |
Price/Cash Flow | 15.28 | 15.34 | 16.48 |
|
Metric
|
M44U
|
BUOU
|
A17U
|
|---|---|---|---|
Quick Ratio | 0.46 | 0.28 | 0.20 |
Current Ratio | 0.60 | 0.29 | 0.24 |
Interest Coverage | 5.75 | −0.83 | 1.69 |
|
Metric
|
M44U
|
BUOU
|
A17U
|
|---|---|---|---|
Return on Assets (Normalized) | 3.96% | −1.84% | 1.05% |
Return on Equity (Normalized) | 7.85% | −2.92% | 1.91% |
Return on Invested Capital (Normalized) | 5.13% | −1.21% | 2.31% |
|
Ticker
|
Name
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|
PLD
| Prologis Inc | Glkprjbx | Fmzhx | $100.3 Bil | |
PSA
| Public Storage | Jvqxfzdv | Zzthn | $48.7 Bil | |
EXR
| Extra Space Storage Inc | Wnhbtftyn | Ksxp | $31.5 Bil | |
SEGXF
| Segro PLC | — | Ytcn | $15.1 Bil | |
REXR
| Rexford Industrial Realty Inc | — | Jtdfw | $10.0 Bil | |
CUBE
| CubeSmart | Ntlblph | Njcz | $9.6 Bil | |
ACDSF
| CapitaLand Ascendas REIT Units | — | Tzvst | $8.8 Bil | |
EGP
| EastGroup Properties Inc | — | Ghd | $7.8 Bil | |
COLD
| Americold Realty Trust Inc | Jsjmqszx | Yngpr | $6.9 Bil | |
WDPSF
| Warehouses De Pauw SA | — | Gttkzcp | $6.5 Bil |
