Mapletree Industrial Trust (ME8U) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Mapletree Industrial Trust S$1.41, price S$1.83, upside -23.0%, quality 65 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Mapletree Industrial Trust is a real estate investment trust (REIT) listed on the Main Board of Singapore Exchange.
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Mapletree Industrial Trust is a real estate investment trust (REIT) listed on the Main Board of Singapore Exchange. Its principal investment strategy is to invest in a diversified portfolio of income-producing real estate used primarily for industrial purposes in Singapore and income producing real estate used primarily as data centres worldwide beyond Singapore, as well as real estate-related assets. As at 31 March 2026, MIT's total assets under management was S8.3 billion dollar, which comprised 55 properties in North America (including 13 data centres held through the joint venture with Mapletree Investments Pte Ltd), 79 properties in Singapore and two properties in Japan. MIT's property portfolio includes Data Centres, Hi-Tech Buildings and Business Space and General Industrial Buildings. MIT is managed by Mapletree Industrial Trust Management Ltd. and sponsored by Mapletree Investments Pte Ltd. Mapletree Industrial Trust was incorporated in 2008 in Singapore.
Stock analysis
Mapletree Industrial Trust (ME8U) currently trades at 1.83 SGD, while our model-based Fair Value estimate is 1.41 SGD, 23.0% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 2.45 SGD per share, and 6 of the 13 models we run sit above the 1.83 SGD price.
Bear case: the Asset-Based group reads lowest at 1.23 SGD, and 7 of the 13 models stay below the price. Evidence for this calculation is high.
Scenario range: 1.33 SGD (bear) to 1.84 SGD (bull), the price of 1.83 SGD sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 65/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Mapletree Industrial Trust reported revenue of 644M SGD in FY2026 versus 554M SGD in FY2022, a compound +3.8%/yr. Reported net income was 221M SGD in FY2026, compounding −15.7%/yr from FY2022.
Key figures
Market cap 5.2B SGD (≈ $4.1B) · P/E ratio 26.1 · P/S ratio 8.99 · EPS (TTM) 0.0700 SGD · Dividend yield 7.1% · Net margin 34.4% · Return on equity 4.2% · Return on assets (EBIT) 5.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 12% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 27% fair-value upside, at −23%, ME8U screens richer than that median.
Fair Value models
Bear 1.33 SGDFair Value 1.41 SGDBull 1.84 SGD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.74/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−5.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.6%
Start year 2021 (pandemic). Over 10 years: +6.9% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.6%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−6.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−13.9%
Dividend (yield on the price)7.1%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−13.9% vs −6.4%, slowing
Profit margin 2020 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.59% → 68%
Start year 2021 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+3.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+1.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (Singapore: IMF forecast 2.0% a year to 2030, 1.7% from 2016 to 2025) that is about +1.0% a year for the price and −0.4% for the forecasts.
Compare Mapletree Industrial Trust with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Industrial · 53 stocks
Beats the industry median on 7/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score66 · Top 25%
Fair Value upside−23.0% · Below median
Profitability
Return on equity (TTM)4.2% · Below median
Return on assets3.2% · Above median
Net margin (TTM)32.1% · Below median
Operating margin (TTM)67.2% · Above median
Growth and dividend
Revenue growth−8.3% · Bottom 25%
Dividend yield (TTM)7.1% · Above median
Balance sheet
Debt / equity0.36× · Below median
Valuation Multiplesvs REIT - Industrial median · lower = cheaper
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Is Mapletree Industrial Trust (ME8U) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of 1.41 SGD versus a price of 1.83 SGD, about −23% upside (overvalued).
What is the fair value of ME8U?
Our model-based fair value for Mapletree Industrial Trust is 1.41 SGD (as of Sep 27, 2026), built from audited fundamentals. The current price: 1.83 SGD.
What is the quality score of ME8U?
Mapletree Industrial Trust has a Quality Score of 65/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Mapletree Industrial Trust (ME8U)?
Our model-based price target is the fair value of 1.41 SGD (as of Sep 27, 2026) from 13 valuation models. Cautious scenario 1.33 SGD, optimistic scenario 1.84 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the Mapletree Industrial Trust stock forecast for 2026?
Our models put fair value at 1.41 SGD, about −23% upside versus a price of 1.83 SGD (overvalued). Cautious scenario 1.33 SGD, optimistic scenario 1.84 SGD. The calculation is refreshed regularly with new filings.
What is the revenue of Mapletree Industrial Trust (ME8U)?
Mapletree Industrial Trust reported trailing-twelve-month revenue of about 658M SGD (latest available figure, as of Sep 27, 2026).
Does Mapletree Industrial Trust pay a dividend?
Mapletree Industrial Trust currently shows a dividend yield of about 7.09% relative to its recent price (as of Sep 27, 2026).
What growth is priced into Mapletree Industrial Trust (ME8U)?
For today's price to be fair in a discounted-cash-flow model, Mapletree Industrial Trust would have to grow free cash flow by +3.0 % per year for five years (discount rate 8.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.6 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of ME8U use?
Our models discount Mapletree Industrial Trust at 8.3 %: a base by market capitalisation (mid), damped by beta 0.36, country premium for Singapore. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Mapletree Industrial Trust that is +3.0 % per year a year over ten years, using the same discount rate (8.3 %) and the same formula as our fair value.
How much growth has Mapletree Industrial Trust (ME8U) delivered so far?
Over the past 5 years revenue at Mapletree Industrial Trust grew +7.6 % a year. The price currently implies +3.0 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Mapletree Industrial Trust (ME8U) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Mapletree Industrial Trust (+3.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Mapletree Industrial Trust (ME8U)?
The free-cash-flow yield on the price is 8.30 %: that much free cash flow Mapletree Industrial Trust produces per unit of market value. When it exceeds the discount rate of our models (8.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Mapletree Industrial Trust (ME8U)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Mapletree Industrial Trust it is 1.41 SGD per share (as of Sep 27, 2026), against a price of 1.83 SGD. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Mapletree Industrial Trust stock overvalued or undervalued in 2026?
As of Sep 27, 2026, ME8U trades above its calculated fair value: price 1.83 SGD, fair value 1.41 SGD, a gap of about −23% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ME8U?
No. The price is what the market pays today (1.83 SGD); the fair value is what the company's own numbers justify (1.41 SGD). For Mapletree Industrial Trust the two are 0.4200 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is Mapletree Industrial Trust worth?
The market values Mapletree Industrial Trust at about 5.2B SGD (market capitalisation, as of Sep 27, 2026). Per share that is 1.83 SGD; our models calculate a fair value of 1.41 SGD per share.
What do the bullish and bearish scenarios say about ME8U?
Our models span a range for Mapletree Industrial Trust: cautious scenario 1.33 SGD, base 1.41 SGD, optimistic 1.84 SGD per share (as of Sep 27, 2026, price 1.83 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ME8U?
Mapletree Industrial Trust trades at a price-to-earnings ratio of 26.1 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 1.41 SGD is built from several models across several years. Other multiples: PEG 1.1, P/B 1.0, P/S 7.9, EV/EBITDA 16.3.
What is the PEG ratio of ME8U?
The PEG ratio of Mapletree Industrial Trust is 1.13 (P/E divided by earnings growth, as of Sep 27, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Mapletree Industrial Trust (ME8U)?
Balance-sheet figures for Mapletree Industrial Trust (as of Sep 27, 2026): return on equity 4.2%, debt of 0.36 per unit of equity. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is ME8U from its 52-week high?
Mapletree Industrial Trust trades at 1.83 SGD, about 12% below its 52-week high of 2.09 SGD and at the low of 1.83 SGD (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of 1.41 SGD is for.
Which stocks are comparable to Mapletree Industrial Trust?
From the same area (Real Estate) we also value Public Storage, a member of the S&P 500,, Prologis, Inc, Extra Space Storage Inc, EastGroup Properties, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Mapletree Industrial Trust stock attractive at the current price?
The data as of Sep 27, 2026: price 1.83 SGD, calculated fair value 1.41 SGD (−23%), Quality Score 65/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ME8U calculated?
We run Mapletree Industrial Trust through 13 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 1.41 SGD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Mapletree Industrial Trust itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Mapletree Industrial Trust (ME8U)?
The closing price on Oct 2, 2026 was 1.83 SGD. Our model-based fair value is 1.41 SGD, about −23% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Mapletree Industrial Trust right now?
Solid but not exceptional quality (65/100) and above fair value, neither a clear bargain nor a standout compounder. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Mapletree Industrial Trust
How large is the market capitalisation of Mapletree Industrial Trust (ME8U)?
The market capitalisation of Mapletree Industrial Trust is 5.2B SGD (≈ $4.1B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Mapletree Industrial Trust (ME8U)?
The price-to-sales ratio of Mapletree Industrial Trust is 8.99 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Mapletree Industrial Trust (ME8U)?
Earnings per share at Mapletree Industrial Trust are 0.0700 SGD (price ÷ EPS = P/E 26.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Mapletree Industrial Trust (ME8U)?
The dividend yield of Mapletree Industrial Trust is 7.1% (payout 185%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Mapletree Industrial Trust (ME8U)?
The net margin of Mapletree Industrial Trust is 34.4% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Mapletree Industrial Trust (ME8U)?
The return on equity (ROE) of Mapletree Industrial Trust is 4.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Mapletree Industrial Trust (ME8U)?
On an EBIT basis the return on assets of Mapletree Industrial Trust is 5.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Mapletree Industrial Trust (ME8U)?
The operating margin of Mapletree Industrial Trust is 67.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Mapletree Industrial Trust (ME8U)?
Revenue at Mapletree Industrial Trust is growing −8.3% versus a year earlier (3y avg +1.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Mapletree Industrial Trust (ME8U)?
Earnings per share at Mapletree Industrial Trust are growing −11.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Mapletree Industrial Trust (ME8U) carry?
The net debt of Mapletree Industrial Trust is 2.2B SGD (fiscal year 2026, ≈ 5.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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