Is Mapletree Logistics Trust A Good Buy In 2025? [Fundamental Analysis]

Daniel Lee
Jul 3
3 min read

In this article, we'll conduct a fundamental analysis and review of Mapletree Logistic Trust and its suitability to achieve the following investment objective: To deliver a stable dividend yield of 5% to 6% per year while having high capital preservation ability.

Information Is Accurate Up To July 2025

Business Description

Mapletree Logistics Trust (MLT) is an Asia-focused industrial REIT focusing on logistics real estate.

What I Like About :

Management has displayed competency in managing their property portfolio in a manner that ensures a consistent level of the underlying land lease while mitigating the impact of lease decay. (Figure 10)
Tenants are well diversified across the region and industries. The overall portfolio occupancy rate has also had a resilient record. (Figure 9)

What I Do Not Like About

Highly exposed to FX risk (Over 70% of revenue), which is inevitable. That being said, the management has been consistent in managing their FX risks via hedging (75% of income is hedged over the next 12 months).
Current portfolio allocation may not be optimised for how the future global supply chain would be. From the recent actions of the management, it doesn’t seem like they are going to reduce their China and HK exposure anytime soon. (Figure 9)
The health of the REIT has deteriorated to a cautionary zone with a total leverage ratio (inclusive of perp) of around 44% (Figure 4).

Updates From Recent Performance (FY 2024/5)

General Comments:

DPU from operations decreased by 9.24%, largely driven by higher borrowing costs and foreign exchange losses. Top line performances remained relatively resilient with gross revenue and net property income experiencing a slight dip of 0.9% to 1.5% respectively.
In FY2024, MLT executed $226m of acquisition mainly in Malaysia and Vietnam and $209m of divestment across Singapore, Malaysia, Japan and China as part of their portfolio rejuvenation.
Excluding China, the occupancy stood at 97.4% and rental reversion came in at 4.9%. Including China, the occupancy is 96.2% and the rental reversion was 2.1%.
With approximately 85% of their tenant revenue derived from tenants focused on local consumption, the direct exposure to US-bound trade flow is limited.

Positive Headwinds:

Realignment of supply chain and resilience building are expected to intensify, which may further support intra-Asia trade and reinforce demand for warehouse space within the region.

Negative Headwinds:

The leasing market in China is expected to remain soft as a result of subdued domestic consumption, rising trade tension and an elevated supply of warehouse space. The management’s focus is to preserve and improve occupancy with a higher tolerance to negative rental reversion.

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