Mapletree Logistics Trust
In Dividends We Trust
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Mapletree Logistics Trust was listed in SGX in 2005. The business is managed by Mapletree Logistics Trust Management Ltd; a subsidiary of Mapletree Investment Pte Ltd and linked all the way back to Temasek Holdings (Pte) Ltd.
From an initial portfolio of 15 properties used for logistics purposes, the firm has grown to 185 properties.
Locations MLT operating in and number of properties managed are:
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Singapore - 52
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Australia - 13
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China - 43
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Hong Kong SAR - 9
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India - 2
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Japan - 19
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Malaysia - 17
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South Korea - 20
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Vietnam - 10
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$12.8B of assets are under management across 7.9M SQM of gross floor area. Portfolio occupancy is was 97% and weighted average lease expiry was 3.1 years.
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Financial Performance - FY March
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The business generate earning from leasing or rental income as well as from development and flipping of properties for capital gain.
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Gross revenue grew 8% in FYMar2023 to $731M.
Gross margin held relatively stable but operating trended lower from FYMar2022 due to rising borrowing cost.
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Earning drivers are Singapore, Hong Kong SAR from FY-Mar-2019 and China from FY-Mar-2022.
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Dividend had been growing steadily up to FY-Mar-2023.
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Opinion
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In the last two fiscal years, both Hong Kong SAR and China played an important role in supporting earning growth. With China property crisis and slow economic recovery, there may be some headwind to MLT core earning.
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Divestment of some properties could sustain earning to some extend; but could impair future earnings if not invested.
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High interest rate is likely to weigh on short-term performance until FED move towards rate easing in the future.