Mapletree Industrial Trust: Less bad, but not yet good

Research evidence excerpt

Mapletree Industrial Trust: Less bad, but not yet good

iQprofile SM Mapletree Industrial Trust

Key Income Statement Data (Mar) 2025A 2026A 2027E 2028E 2029E Company Sector

(S$ Millions) Real Estate/Property

Net Property Income 531 500 481 488 502

Less Management Costs (21) (20) (19) (20) (20)

Less Other Costs (106) (102) (94) (95) (99) Company Description Total EBIT 501 471 448 454 467

Net Interest Expenses (104) (84) (82) (93) (97) Mapletree Industrial Trust (MINT) is one of the largest

Outside Equity Interests NA NA NA NA NA industrial landlords in Singapore with a higher proportion of

Net Profit Reported 394 380 356 351 359 assets focused on industrial properties and datacenters. Its

Non tax deductible items 15 129 (18) 1 47 sponsor is Mapletree Investments, a leading real estate

Distribution 391 377 347 342 350

development, investment and capital management

Fully Diluted Shares Outstanding (mn) 2,841 2,853 2,855 2,858 2,860

company that is indirectly wholly owned by Temasek

Key Cash Flow Statement Data Holdings.

Net Cash Provided (Used) by Oper 488 434 419 425 438

Capital Expenditure 0 0 0 0 0

(Acquisition) / Disposal of Investments (239) (65) 18 0 0 Investment Rationale

Other Cash Inflow / (Outflow) 32 559 10 9 9

We like MINT's strategy of repurposing its older industrial Net Cash Provided (Used) by Inv (207) 495 28 9 9

Issue (Purchase) of Equity 0 0 0 0 0 assets, and restructuring its exposure into higher value

Dividends (356) (370) (347) (342) (350) industrial space and datacenters. However, exposure to

Net Cash Prov (Used) by Financing (293) (936) (437) (434) (447) older US datacenters increases vacancy risks in the mid-

Key Balance Sheet Data long term

Cash 108 95 105 105 105

Property 8,080 7,286 7,286 7,287 7,241

Inventory NA NA NA NA NA

Intangibles 0 0 1 1 1