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Pan-Asian logistics and warehouse REIT owning industrial properties across Singapore, China, Japan and Australia.
Pan-Asian logistics and warehouse REIT owning industrial properties across Singapore, China, Japan and Australia.
Collects rent on warehouses, mostly under multi-year leases to logistics operators and manufacturers, and passes most of it to unit holders, as a REIT (a property trust) must. Growth comes from buying and redeveloping properties funded by debt and new units. The manager belongs to the Mapletree group, which Singapore's state investor Temasek owns.
In one line: A pan-Asian logistics/warehouse REIT.
Moat: narrow (installed base, scale). Large diversified pan-Asian logistics property portfolio with established tenant relationships.
Headquarters: Singapore · Founded: 2004 · Employees: 280
Size Mapletree Logistics Trust (M44U.SI) is a Singapore Real Estate company (Real Estate Investment Trusts) with a market value of $4.47B, the 27th largest of 186 Singapore companies the cockpit tracks. Shares closed at S$1.11 on 6 Nov 2026.
Performance Over six months the shares fell 5.9%, against -1.0% for the median peer and -1.2% for the Singapore market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue fell 0.7% over the last twelve months (peer median +0.5%); the operating margin is 56.9% (peer median 39.7%).
Valuation It trades at 0.87× book value against a peer median of 1.21× (7th cheapest of 21).
Price implies The share price implies a return on equity of about 5.7%; Mapletree Logistics Trust delivers 3.3%, so the price asks more than the business earns today.
Next results Next results expected around 27 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | S$715M | S$711M | S$730M | S$737M | S$735M |
| Revenue growth | — | -3% | -1% | 0% | — |
| Gross profit | S$519M | S$514M | S$528M | S$532M | S$538M |
| EBITDA | S$407M | S$471M | S$489M | S$547M | S$576M |
| Net income | S$217M | S$254M | S$184M | S$303M | S$545M |
| Free cash flow | S$396M | S$380M | S$368M | S$420M | S$471M |
| Capital expenditure | S$1.41M | S$0 | S$0 | S$0 | S$0 |
| Total debt | S$6.18B | S$6.15B | S$6.25B | S$5.99B | S$5.55B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Mapletree Logistics Trust M44U.SI | $4.47B | -6% | -1% | 3% | 0.87× | 5.7% |
| Mapletree Industrial Trust ME8U.SI | $3.89B | -10% | -5% | 4% | 1.07× | 5.0% |
| Prologis PLD | $123B | -11% | +7% | 8% | 2.16× | 20.9% |
| Esr-reit 9A4U.SI | $1.33B | -14% | +5% | 1% | 0.84× | 5.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | M44U.SI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.9% | +3.9% | 5th lowest of 21 |
| 6-month return | -5.9% | -1.0% | 8th lowest of 21 |
| Return on equity | 3.4% | 6.3% | 6th lowest of 21 |
| Price / book | 0.87× | 1.21× | 7th cheapest of 21 |
| Trailing P/E | 26.2× | 21.0× | 4th most expensive of 19 |
| ROE the price implies | 5.7% | 8.7% | 5th least demanding of 21 |
| ROE delivered | 3.3% | 6.0% | 6th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Mapletree Logistics Trust M44U.SI | Singapore | $4.47B | -6% | -1% | 3% | 0.87× | 5.7% | 3.3% |
| Starwood Property Trust STWD | United States | $4.46B | -32% | +11% | 3% | 0.69× | 8.0% | 3.4% |
| Apple Hospitality REIT APLE | United States | $4.46B | +34% | +1% | 6% | 1.42× | 12.2% | 5.5% |
| Tanger SKT | United States | $4.45B | +6% | +11% | 19% | 6.60× | 51.9% | 19.3% |
| Dexus DXS.AX | Australia | $4.44B | 0% | -28% | 5% | 0.65× | 8.0% | 4.9% |
| RioCan Real Estate Investment Trust REI-UN.TO | Canada | $4.41B | -3% | -13% | 7% | 0.86× | 7.7% | 6.9% |
| EPR Properties EPR | United States | $4.56B | +2% | +7% | 13% | 1.95× | 16.8% | 12.7% |
| Nippon Prologis REIT 3283.T | Japan | $4.37B | -8% | +9% | 6% | 1.39× | 6.6% | 6.0% |
| Americold Realty Trust COLD | United States | $4.57B | +8% | 0% | -16% | 1.89× | 15.5% | -16.5% |
| Keppel DC REIT AJBU.SI | Singapore | $4.67B | -6% | +30% | 11% | 1.26× | 6.8% | 11.4% |
| General de Galerias Comerciales GGC.MC | Spain | $4.70B | 0% | +3% | 18% | 3.99× | 13.5% | n/a |
| Kilroy Realty KRC | United States | $4.21B | +3% | -4% | 1% | 0.80× | 9.3% | 0.5% |
| Cousins Properties CUZ | United States | $4.87B | +11% | +8% | 0% | 1.10× | 11.4% | 0.3% |
| Japan Metropolitan Fund Investment 8953.T | Japan | $4.87B | -8% | 0% | 7% | 1.17× | 4.8% | 7.1% |
| Mapletree Pan Asia Commercial Trust N2IU.SI | Singapore | $4.89B | -7% | -5% | 3% | 0.68× | 5.0% | 2.8% |
| Japan Real Estate Investment 8952.T | Japan | $4.98B | -10% | -1% | 7% | 1.41× | 6.1% | 6.7% |
| Glp J-reit 3281.T | Japan | $4.00B | -2% | -6% | 7% | 1.43× | 5.4% | 6.8% |
| Kite Realty Group Trust KRG | United States | $5.04B | -4% | -7% | 12% | 1.84× | 14.6% | 11.5% |
| Shaftesbury Capital SHC.L | United Kingdom | $3.91B | +16% | +9% | 10% | 0.71× | 10.2% | 9.7% |
| Mapletree Industrial Trust ME8U.SI | Singapore | $3.89B | -10% | -5% | 4% | 1.07× | 5.0% | 4.1% |
| SL Green Realty SLG | United States | $3.88B | +11% | +9% | -3% | 1.12× | 14.6% | -3.1% |