# Mapletree Industrial Trust (M2L.F)

Canonical: https://gigainvestors.com/s/M2L.F

Analysis as of: 2026-10-16T07:33:38.168Z. Financial observations: FY2017–FY2026.

Listing currency: EUR. Reporting currency: SGD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 1.19 per share; close as of 2026-10-15.

Estimated value: low EUR 0.81 per share, central EUR 0.92 per share, high EUR 1.07 per share. Buy at or below the central value EUR 0.92 per share. Valuation as of 2026-10-16T07:33:38.168Z; scenarios are not confidence intervals.

Expected annual return: 8.3% at the stated quote. About 8.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; SG 10-year bond 2.3% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.04×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.67×

- FY2018: 0.68×

- FY2019: 0.68×

- FY2020: 0.69×

- FY2021: 0.74×

- FY2022: 0.74×

- FY2023: 0.74×

- FY2024: 0.69×

- FY2025: 0.68×

- FY2026: 0.68×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 4.9%

- ROIC, second-lowest year: 4.0%

- Typical minus recent gross margin: 2.2 pp

- Typical gross margin (annual median): 66.3%

- Recent gross margin (lower of latest and 3-year median): 64.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.0%

- ROIC including acquisitions, ten-year median: 4.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 5.0%

- FY2018: 4.9%

- FY2019: 4.6%

- FY2020: 4.5%

- FY2021: 4.0%

- FY2022: 4.0%

- FY2023: 5.1%

- FY2024: 4.9%

- FY2025: 5.1%

- FY2026: 4.9%

### economics: pass

- Owner earnings / net income, 5-yr: 0.94×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SGD 1.3B

- Net income, five-year total: SGD 1.4B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: 0.8 pp

- Working capital / revenue, final three-year average: -0.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.98×

- FY2023: 0.97×

- FY2024: 0.83×

- FY2025: 0.94×

- FY2026: 0.91×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 4.9% vs 4.9%

- Per-share earnings: 0.15 to 0.08 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 3.9%

- Market cap gain: SGD 2.2B

- Cumulative retained earnings: SGD 2.7B

- Diluted shares, 5-year annual growth: 3.9%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -9.0%

- Per-share value change: SGD -0.07

- Per-share value, starting three-year median: SGD 0.15

- Per-share value, ending three-year median: SGD 0.08

- Buyback history: 0 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: SGD 2.8B

- ROIC, first three-year median: 4.9%

- ROIC, last three-year median: 4.9%

Chart: Earnings per share; fiscal year observations.

- FY2017: SGD 0.15

- FY2018: SGD 0.16

- FY2019: SGD 0.13

- FY2020: SGD 0.17

- FY2021: SGD 0.07

- FY2022: SGD 0.16

- FY2023: SGD 0.11

- FY2024: SGD 0.04

- FY2025: SGD 0.12

- FY2026: SGD 0.08

### accounting: pass

- Sloan accruals: -2.7%

- Receivables to sales index (DSRI): 0.38×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.96×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 1.0%

- FY2018: 1.3%

- FY2019: 0.6%

- FY2020: 1.5%

- FY2021: -1.1%

- FY2022: -0.7%

- FY2023: -1.8%

- FY2024: -3.6%

- FY2025: -1.6%

- FY2026: -2.7%

## Holders

## Price story

Down 37% since Jul 2022 · sales -5.5%

Story as of 2026-10-16T09:59:56.266Z; price observation 2026-10-15.

Price needs cash profits to grow 4.2% a year for ten years

### Sales · FY2025–2026

sales -5.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: SGD 341M 

- FY2018: SGD 363M 

- FY2019: SGD 376M 

- FY2020: SGD 406M 

- FY2021: SGD 417M 

- FY2022: SGD 554M 

- FY2023: SGD 611M 

- FY2024: SGD 661M 

- FY2025: SGD 681M 

- FY2026: SGD 644M 

### Gross margin · FY2026

gross margin 64.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 75.4% 

- FY2018: 76.4% 

- FY2019: 76.5% 

- FY2020: 78.4% 

- FY2021: 67.4% 

- FY2022: 65.2% 

- FY2023: 62.9% 

- FY2024: 64.0% 

- FY2025: 64.5% 

- FY2026: 64.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Annual sales are SGD 643.9 million.

- Source: https://eodhd.com/api/fundamentals/M2L.F.json#2026-03-31 (filed 2026-10-16T07:33:38.168Z); FY2026: revenue 643852000; grossProfit 412580000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 64% to 64.5% during 2024–26; it earns 4.9% on its capital.

- Source: https://eodhd.com/api/fundamentals/M2L.F.json#2024-03-31 (filed 2026-10-16T07:33:38.168Z); FY2024: grossProfit / revenue = 64%.

- Source: https://eodhd.com/api/fundamentals/M2L.F.json#2025-03-31 (filed 2026-10-16T07:33:38.168Z); FY2025: grossProfit / revenue = 64.5%.

- Source: https://eodhd.com/api/fundamentals/M2L.F.json#2026-03-31 (filed 2026-10-16T07:33:38.168Z); FY2026: grossProfit / revenue = 64.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.168Z); 10-year return on capital observations [[2017,0.04985631238345947],[2018,0.04917113086596798],[2019,0.045623200642971005],[2020,0.044880790983331594],[2021,0.03999791340328837],[2022,0.04000213658662936],[2023,0.051332527698285724],[2024,0.04867766096752766],[2025,0.05128618615631945],[2026,0.04947206325332247]]; median 0.04892439591674782. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/M2L.F.json#2017-03-31 (filed 2026-10-16T07:33:38.168Z); FY2017: growth capex 0; upkeep 2000; owner earnings 270570000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/M2L.F.json#2018-03-31 (filed 2026-10-16T07:33:38.168Z); FY2018: growth capex 0; upkeep 91000; owner earnings 245460000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/M2L.F.json#2019-03-31 (filed 2026-10-16T07:33:38.168Z); FY2019: growth capex 0; upkeep 140000; owner earnings 244808000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/M2L.F.json#2020-03-31 (filed 2026-10-16T07:33:38.168Z); FY2020: growth capex 0; upkeep 37000; owner earnings 362130400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/M2L.F.json#2021-03-31 (filed 2026-10-16T07:33:38.168Z); FY2021: growth capex 4548.304063051721; upkeep 83451.69593694828; owner earnings 159226348.30406305. Growth capex / owner earnings = 0.000028565021502384473.

- Source: https://eodhd.com/api/fundamentals/M2L.F.json#2022-03-31 (filed 2026-10-16T07:33:38.168Z); FY2022: growth capex 0; upkeep 38000; cash acquisitions 0; owner earnings 430740400. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/M2L.F.json#2023-03-31 (filed 2026-10-16T07:33:38.168Z); FY2023: growth capex 0; upkeep 0; owner earnings 282952400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/M2L.F.json#2024-03-31 (filed 2026-10-16T07:33:38.168Z); FY2024: growth capex 0; upkeep 0; owner earnings 100015800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/M2L.F.json#2025-03-31 (filed 2026-10-16T07:33:38.168Z); FY2025: growth capex 0; upkeep 0; owner earnings 324640400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/M2L.F.json#2026-03-31 (filed 2026-10-16T07:33:38.168Z); FY2026: growth capex 0; upkeep 192000; owner earnings 201019400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.168Z); Dividend observations: [[2017,203918000],[2018,212088000],[2019,203959000],[2020,219263000],[2021,275832000],[2022,310825000],[2023,234519000],[2024,383723000],[2025,365177000],[2026,379656000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); M2L.F SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 4.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.168Z); Ten-year compound average after fade. Initial solved rate 0.04691139936162936. Price 1.1948; FX 0.6958119292237442; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 1.09 per share

- 2016-11: EUR 1.03 per share

- 2016-12: EUR 1.04 per share

- 2017-01: EUR 1.05 per share

- 2017-02: EUR 1.06 per share

- 2017-03: EUR 1.15 per share

- 2017-04: EUR 1.12 per share

- 2017-05: EUR 1.13 per share

- 2017-06: EUR 1.18 per share

- 2017-07: EUR 1.17 per share

- 2017-08: EUR 1.11 per share

- 2017-09: EUR 1.11 per share

- 2017-10: EUR 1.17 per share

- 2017-11: EUR 1.18 per share

- 2017-12: EUR 1.24 per share

- 2018-01: EUR 1.26 per share

- 2018-02: EUR 1.17 per share

- 2018-03: EUR 1.24 per share

- 2018-04: EUR 1.23 per share

- 2018-05: EUR 1.23 per share

- 2018-06: EUR 1.18 per share

- 2018-07: EUR 1.23 per share

- 2018-08: EUR 1.22 per share

- 2018-09: EUR 1.21 per share

- 2018-10: EUR 1.15 per share

- 2018-11: EUR 1.19 per share

- 2018-12: EUR 1.17 per share

- 2019-01: EUR 1.27 per share

- 2019-02: EUR 1.31 per share

- 2019-03: EUR 1.34 per share

- 2019-04: EUR 1.32 per share

- 2019-05: EUR 1.33 per share

- 2019-06: EUR 1.42 per share

- 2019-07: EUR 1.43 per share

- 2019-08: EUR 1.45 per share

- 2019-09: EUR 1.58 per share

- 2019-10: EUR 1.62 per share

- 2019-11: EUR 1.68 per share

- 2019-12: EUR 1.70 per share

- 2020-01: EUR 1.82 per share

- 2020-02: EUR 1.64 per share

- 2020-03: EUR 1.49 per share

- 2020-04: EUR 1.66 per share

- 2020-05: EUR 1.66 per share

- 2020-06: EUR 1.81 per share

- 2020-07: EUR 1.95 per share

- 2020-08: EUR 1.83 per share

- 2020-09: EUR 1.95 per share

- 2020-10: EUR 1.87 per share

- 2020-11: EUR 1.79 per share

- 2020-12: EUR 1.74 per share

- 2021-01: EUR 1.71 per share

- 2021-02: EUR 1.61 per share

- 2021-03: EUR 1.70 per share

- 2021-04: EUR 1.74 per share

- 2021-05: EUR 1.77 per share

- 2021-06: EUR 1.74 per share

- 2021-07: EUR 1.83 per share

- 2021-08: EUR 1.81 per share

- 2021-09: EUR 1.72 per share

- 2021-10: EUR 1.74 per share

- 2021-11: EUR 1.68 per share

- 2021-12: EUR 1.74 per share

- 2022-01: EUR 1.62 per share

- 2022-02: EUR 1.65 per share

- 2022-03: EUR 1.75 per share

- 2022-04: EUR 1.77 per share

- 2022-05: EUR 1.66 per share

- 2022-06: EUR 1.77 per share

- 2022-07: EUR 1.89 per share

- 2022-08: EUR 1.77 per share

- 2022-09: EUR 1.61 per share

- 2022-10: EUR 1.54 per share

- 2022-11: EUR 1.53 per share

- 2022-12: EUR 1.52 per share

- 2023-01: EUR 1.65 per share

- 2023-02: EUR 1.60 per share

- 2023-03: EUR 1.58 per share

- 2023-04: EUR 1.58 per share

- 2023-05: EUR 1.52 per share

- 2023-06: EUR 1.52 per share

- 2023-07: EUR 1.53 per share

- 2023-08: EUR 1.51 per share

- 2023-09: EUR 1.53 per share

- 2023-10: EUR 1.45 per share

- 2023-11: EUR 1.60 per share

- 2023-12: EUR 1.71 per share

- 2024-01: EUR 1.67 per share

- 2024-02: EUR 1.52 per share

- 2024-03: EUR 1.58 per share

- 2024-04: EUR 1.50 per share

- 2024-05: EUR 1.44 per share

- 2024-06: EUR 1.43 per share

- 2024-07: EUR 1.52 per share

- 2024-08: EUR 1.62 per share

- 2024-09: EUR 1.66 per share

- 2024-10: EUR 1.63 per share

- 2024-11: EUR 1.59 per share

- 2024-12: EUR 1.50 per share

- 2025-01: EUR 1.53 per share

- 2025-02: EUR 1.37 per share

- 2025-03: EUR 1.48 per share

- 2025-04: EUR 1.28 per share

- 2025-05: EUR 1.36 per share

- 2025-06: EUR 1.42 per share

- 2025-07: EUR 1.32 per share

- 2025-08: EUR 1.33 per share

- 2025-09: EUR 1.44 per share

- 2025-10: EUR 1.40 per share

- 2025-11: EUR 1.32 per share

- 2025-12: EUR 1.31 per share

- 2026-01: EUR 1.34 per share

- 2026-02: EUR 1.31 per share

- 2026-03: EUR 1.26 per share

- 2026-04: EUR 1.25 per share

- 2026-05: EUR 1.25 per share

- 2026-06: EUR 1.25 per share

- 2026-07: EUR 1.26 per share

- 2026-08: EUR 1.27 per share

- 2026-09: EUR 1.24 per share

- 2026-10: EUR 1.20 per share

## Annual estimated value (EUR per share)

- FY2021: low EUR 0.92 per share, central EUR 1.05 per share, high EUR 1.21 per share

- FY2022: low EUR 1.10 per share, central EUR 1.25 per share, high EUR 1.44 per share

- FY2023: low EUR 1.15 per share, central EUR 1.31 per share, high EUR 1.51 per share

- FY2024: low EUR 0.85 per share, central EUR 0.97 per share, high EUR 1.12 per share

- FY2025: low EUR 0.87 per share, central EUR 0.98 per share, high EUR 1.14 per share

- FY2026: low EUR 0.81 per share, central EUR 0.92 per share, high EUR 1.07 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:23.129Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations